【SynBioCon】 获 悉，2025年4月19-20日，中国（海南）自由贸易试验区、国家全面深化改革开放试验区、国家生态文明试验区的重要城市三亚迎 来了一场盛会——生物经济50人论坛（三亚）。这场由深圳市华谷致远生物科技与产业研究院（下称"华谷研究院"）主办，招商三亚深海科技城开发有 限公司承办的论坛，在崖州湾科技城盛大开幕。 本次论坛以"海洋生物制造：重塑未来产业格局"为主题，不仅汇聚了国内200多位顶尖的"产、学、研、投、用"各界领导和专家，更搭建了为产业创新 发展提供战略思路与实践方案的高端平台。相信必将有力推动我国生物经济再上新台阶。 4月19日下午，论坛的预热会议——生物制造产业联盟第三次理事会率先召开，包括理事长单位、副理事长单位、理事单位以及特邀嘉宾在内共计50多 位代表参加。 会上重点围绕工信部国家生物制造业创新中心的建设问题展开讨论 ；会议期间还全面总结2024年联盟工作，并就 生物经济的形势、相 关政策、企业关注的重大问题 等进行深入探讨。 论坛的重要议程之一是 华谷研究院正式发布 2024生物制造产业蓝皮书 。这是华谷研究院联合国内相关机构，专门针对生物制造产业编撰的系统性报 告。该 ...

Group 1 - The report highlights that in 2024, the total demand in the food and beverage industry is under pressure, with a year-on-year growth of 3.5% in social retail consumption, reflecting a significant slowdown compared to previous years [3][12] - The report anticipates that the food and beverage sector will see steady progress in 2025, supported by three main factors: increased consumer subsidies, potential valuation recovery, and accelerated industry innovation [3][4] - The report emphasizes that the food and beverage industry is expected to benefit from a combination of internal and external factors, leading to a more resilient market outlook [3][36] Group 2 - The report identifies that the performance of the food and beverage sector has been mixed, with essential goods showing resilience while discretionary spending remains volatile [12][30] - It notes that the liquor segment may see a strategic shift, with a focus on demand cultivation as the key to future growth [4][31] - The report suggests that the condiment sector could benefit from the recovery of the restaurant industry and the acceleration of chain operations, leading to increased market concentration [4][31] Group 3 - The report indicates that the dairy sector is poised for growth driven by strong domestic demand and a focus on product upgrades, presenting opportunities for domestic replacements and demand expansion [4][31] - It highlights that the snack food market remains fragmented, with supply chain advantages becoming more pronounced, and emphasizes the importance of revenue growth following scale expansion [4][31] - The beer segment is noted for its stable production but faces pressure on sales volume and pricing, with a focus on innovation and structural upgrades [4][31] Group 4 - The report discusses the overall market performance, indicating that the food and beverage sector experienced a cumulative decline of 8% in 2024, ranking it among the lowest in the industry [23][30] - It mentions that the food and beverage sector's revenue growth has been primarily driven by supply-side optimization, with demand remaining weak [30][31] - The report provides insights into the performance of various sub-sectors, with soft drinks and snacks showing double-digit growth, while liquor and processed foods faced declines [30][31]

Core Viewpoint - The beer industry in China is experiencing a decline in sales volume, with major players facing challenges, while some smaller brands are showing growth in both sales and profitability [1][2][4]. Sales Performance - In 2024, major beer companies in China reported sales volume changes: Budweiser APAC down 11.8%, Qingdao Beer down 5.86%, China Resources Beer down 2.5%, Chongqing Beer down 0.75%, Yanjing Beer up 1.6%, and Zhujiang Beer up 2.62% [2][4]. - The overall beer production in China decreased by 0.6% in 2024, indicating a decline in consumer sentiment towards daily fast-moving consumer goods [2]. Market Dynamics - The gap in market share among major players has narrowed, with leading companies like China Resources, Qingdao, and Budweiser all experiencing declines in revenue and sales, while Yanjing and Zhujiang have continued to grow beyond industry levels [4]. - Zhujiang Beer saw a nearly 37% increase in net profit, while Yanjing Beer’s net profit surged by over 50% [4]. Premiumization Trends - Yanjing Beer achieved total sales exceeding 4 million kiloliters in 2024, with its flagship product Yanjing U8 selling close to 700,000 kiloliters, marking a growth rate of over 30% for two consecutive years [5]. - Zhujiang Beer reported a nearly 14% increase in sales of high-end beer products in 2024 [5]. Challenges for Leading Brands - Budweiser APAC faced a 1.4% decline in revenue per hectoliter in China, while Qingdao Beer’s sales of mid-to-high-end products dropped by 2.65% [6]. - Despite overall revenue and sales declines, leading beer companies emphasize that their premium products continue to grow, with China Resources Beer reporting that mid-range and above beer sales exceeded 50% of total sales for the first time [7]. Pricing and Profitability - The ton price for major brands in 2024 was as follows: China Resources Beer over 3,300 yuan, Qingdao Beer over 4,200 yuan, Budweiser APAC over 5,300 yuan, Chongqing Beer over 5,200 yuan, while Yanjing and Zhujiang Beer were around 3,100 yuan and 3,800 yuan respectively [9]. - Despite slight revenue declines, China Resources and Qingdao Beer still reported revenues exceeding 36 billion yuan and 32 billion yuan respectively, indicating a significant lead over smaller competitors [11]. Future Outlook - The beer industry, while facing volume declines, still has potential for slow growth if price increases can outpace volume decreases [11].

Financial Performance - The total operating revenue for 2024 was RMB 32,137,830,111, a decrease of 5.3% compared to RMB 33,936,522,741 in 2023[7] - The net profit for 2024 reached RMB 4,491,776,686, representing an increase of 3.3% from RMB 4,348,198,924 in 2023[8] - The company's main business revenue for 2024 was RMB 31,578,857,295, a decrease of approximately 5.5% from RMB 33,405,795,047 in 2023[24] - Total operating income for 2024 was RMB 32,137,830,111, down from RMB 33,936,522,741 in 2023, reflecting a decline of about 5.3%[24] - The company reported a total profit of RMB 5,881,493,000 for 2024, compared to RMB 5,746,407,302 in 2023, indicating a growth of about 2.3%[26] Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 51,420,385,832, up from RMB 49,256,011,349 in 2023, indicating a growth of 4.4%[5] - The total liabilities increased to RMB 21,560,843,821 in 2024, compared to RMB 21,001,264,174 in 2023, reflecting a rise of 2.7%[6] - The total equity attributable to shareholders of the parent company rose to RMB 29,060,384,527 in 2024 from RMB 27,449,478,216 in 2023, an increase of 5.9%[6] - The total accounts receivable as of December 31, 2024, was RMB 269,289,669, a decrease of 3.2% from RMB 277,721,354 on December 31, 2023[14] - The total accounts payable increased to RMB 3,053,514,829 as of December 31, 2024, up from RMB 2,952,827,066 in 2023, representing an increase of approximately 3.4%[20] Earnings and Dividends - The basic earnings per share for 2024 was RMB 3.191, up from RMB 3.139 in 2023, marking an increase of 1.7%[8] - The company proposed a cash dividend of RMB 2.20 per share for 2024, totaling RMB 3,001,232,934, pending shareholder approval[23] - Diluted earnings per share for 2024 rose to 3.187 compared to 3.132 in 2023, reflecting an increase of 1.76%[2] Research and Development - Research and development expenses for 2024 were RMB 102,766,675, slightly higher than RMB 100,637,006 in 2023, indicating a focus on innovation[7] - The company has established a national key laboratory for beer fermentation, enhancing its R&D capabilities and maintaining a technological lead in the domestic beer market[42] Market Presence and Product Development - The company plans to continue expanding its market presence and investing in new product development to drive future growth[4] - The company launched new products including the "Aogute A Series, Nikashi White Beer, and Alcohol-Free Beer Series" to meet diverse consumer demands[40] - The company reported a 21% year-on-year increase in online product sales, continuing a 12-year growth streak[39] - Tsingtao Beer has launched a series of new products, including "Legend of a Lifetime," "Centennial Journey," and "Amber Lager," enhancing brand image and meeting market demand[42] Challenges and Future Outlook - The company faces challenges such as intense market competition and fluctuating raw material prices, which may impact future sales and profitability[49] - The beer industry in China is entering a stable development phase, with increasing market concentration and opportunities for high-end product growth[44] - The company aims to drive high-quality development through innovation, focusing on personalized and differentiated consumer demands[46] Corporate Governance and Structure - The chairman and CEO roles are held by the same individual, which deviates from the corporate governance code, but the board believes there is adequate oversight[53] - The company plans to expedite the re-election and appointment of the board of directors and supervisory board to ensure continuity and stability[52] - The company has no new significant litigation or arbitration matters during the reporting period[64] Investments and Acquisitions - The company has invested approximately RMB 66.665 million in the new Qingdao Brewery Phase II project, which commenced construction in March 2024[59] - The registered capital of the financial company was increased from RMB 1 billion to RMB 2 billion, with approval received on July 12, 2024[61] - The company acquired 46% equity in Beijing Qingdao Beer Sanhuan Co., Ltd. for RMB 101.2 million, increasing its ownership to 75%[62] - A new subsidiary, Qingdao Jiuyuan Technology Co., Ltd., was established with a registered capital of RMB 50 million on November 5, 2024[63] Operational Efficiency and Digital Transformation - The company plans to accelerate digital transformation and enhance operational efficiency through technology[48] - The company is expanding its high-end product supply capacity through digital and intelligent upgrades in its factories[60]

Investment Rating - The report does not explicitly state an investment rating for the beer industry, but it discusses the high-end market growth and potential investment opportunities in this segment. Core Insights - The high-end beer market in China has entered a mid-stage of development, with significant growth in large single products and an expanding premium price segment [3][9]. - The report predicts a slowdown in the high-end trend from 2023 to 2024, with an optimistic CAGR of 7.33% for beer prices in China from 2022 to 2027 [4][6]. - The overall beer market has stabilized, with low-price competition failing to generate growth, making high-end upgrades the long-term driver for price increases in the industry [5][9]. Summary by Sections Industry Price and Volume Review - The beer industry in China has undergone three phases: growth (2000-2012), contraction (2013-2017), and a decline in production (2018-2023) [11][24]. - During the growth phase, revenue increased from 446 billion to 1612 billion CNY, with a CAGR of 11.3% driven by volume growth [11]. - The contraction phase saw a slight decline in revenue, with a CAGR of -0.7%, as low-end price wars failed to yield significant market share [11][24]. - The current phase (2018-2023) is characterized by a focus on high-end products, with revenue growth returning to 1863 billion CNY, reflecting a CAGR of 4.8% [11][24]. High-End Market Review - The high-end market has expanded significantly, with major domestic manufacturers developing large single products that have reached scales exceeding 400,000 tons [3][9]. - The competition in the high-end segment remains dynamic, with the potential for major shifts in market share as brands establish their flagship products [3][9]. - The report emphasizes that the high-end market's growth is supported by an increase in middle-income consumers and urbanization, which enhances purchasing power [35][36]. Price Forecasting - The report forecasts that the average price of beer in China will grow at a CAGR of approximately 7.33% from 2022 to 2027, aligning with historical trends observed in the U.S. beer market [4][6][73]. - The price increase is attributed to structural upgrades in product offerings and the ability of manufacturers to implement price increases effectively [70][71]. Competitive Landscape - The competitive landscape has shifted from volume-based competition to brand strength and product differentiation, particularly in the high-end segment [80]. - The report notes that the high-end beer market is increasingly dominated by younger consumers who prioritize quality over price, indicating a shift in consumer preferences [38][43]. Long-Term Drivers - The core consumer demographic (ages 20-50) is identified as a long-term driver of beer consumption, with changes in consumer preferences and income levels influencing demand [19][22]. - The report highlights that the growth of the middle class and urbanization are critical factors supporting the transition to premium beer consumption [35][36].

Investment Rating - The report assigns a "Hold" rating to Tsingtao Brewery-H (168 HK) with a target price of HK$56.20 [2][4] - The target price represents a 7% upside from the current price of HK$52.55 [3] - The rating was downgraded from "Buy" to "Hold" due to a weaker macro environment and lower growth expectations [4][10] Core Views - Tsingtao Brewery's sales decline is expected to narrow in 4Q24, with a projected year-on-year drop of 2.7%, compared to a 5.1% drop in 3Q24 [8] - The company's gross margin is expected to benefit from lower raw material costs, with a 1.6% year-on-year decline in cost per ton [8] - Adjusted net loss is expected to narrow slightly to RMB 625 million in 4Q24 from RMB 714 million in 4Q23, driven by better gross margins and operating expense control [8] - The new chairman is expected to continue the current strategy, focusing on efficiency improvement and margin expansion [9] - Revenue and net profit are expected to grow at a single-digit rate in 2025, with free cash flow increasing from RMB 1.2 billion in 2023 to RMB 2.6 billion in 2024, providing room for shareholder returns [9] Financial Performance and Forecasts - Revenue for 2024E is projected at RMB 29.527 billion, a 6.4% decline from 2023A, while 2025E revenue is expected to grow by 3.0% to RMB 30.418 billion [12] - Adjusted EPS for 2024E is forecasted at RMB 3.16, a 3% decline from the previous estimate of RMB 3.25 [4] - Adjusted net profit for 2025E is expected to grow by 7.7% to RMB 4.662 billion, with free cash flow increasing significantly [9] - Gross margin is expected to improve to 35.9% in 2024E and 36.2% in 2025E, driven by stable raw material prices [15] Valuation and Peer Comparison - The target price of HK$56.20 is based on a 7.6x 2025E EV/EBITDA multiple, in line with global peers [10] - Tsingtao Brewery-H's 2025E P/E ratio of 14.3x is comparable to its domestic peers, such as China Resources Beer (12.2x) and Budweiser APAC (13.9x) [16] - The company's 2025E EV/EBITDA multiple of 6.9x is slightly lower than the global peer average of 7.6x [16] Market and Industry Outlook - The domestic beer market is expected to stabilize, with Tsingtao Brewery's sales volume projected to grow by 1.0% in 2025, while the average price per ton is expected to increase by 2.0% [9] - The government is expected to continue introducing consumption stimulus plans to aid market recovery [9] - Competition in the high-end beer market may ease, potentially benefiting Tsingtao Brewery's revenue growth [23] Key Adjustments - Revenue forecasts for 2024E/2025E/2026E were lowered by 1.8%/3.1%/3.1% due to weaker-than-expected domestic consumption recovery [14] - Adjusted EPS forecasts for 2024E/2025E/2026E were revised down by 2.8%/7.1%/6.9% [15] - Gross margin forecasts for 2025E/2026E were reduced by 1.0/0.9 percentage points, reflecting lower-than-expected price growth [14]

Investment Rating - The investment rating for Qingdao Beer Co., Ltd. is "Buy" (maintained) [6] Core Views - Qingdao Beer, as a leading beer company in China, is expected to see revenue exceed expectations due to multiple catalysts including policy-driven consumption recovery, inventory destocking in 2024, potential management changes, and the recovery of the dining sector [2][3] - The recovery of the dining chain is highly certain, with expectations for volume and price to rise from a low base in 2025 [2] - The company is anticipated to benefit from a management change, which may bring more positive initiatives and goals [3] Summary by Sections Sales and Price Drivers - Volume: The recovery of the dining chain driven by consumption vouchers is expected to lead to sales exceeding expectations, particularly in the 6-10 RMB price range [3] - Price: The upgrade in the 6-10 RMB price range is expected to continue, with room for further price increases as Qingdao Beer has positioned its classic products at the 8 RMB price point [3] Financial Forecasts - Revenue growth rates are projected at 6.05% for 2024, 3.18% for 2025, and 3.22% for 2026 [4] - Net profit growth rates are expected to be 1.27% for 2024, 11.26% for 2025, and 9.77% for 2026 [4] - Earnings per share (EPS) are forecasted to be 3.17, 3.52, and 3.87 RMB for 2024, 2025, and 2026 respectively [4] Valuation and Price Target - The target valuation for Qingdao Beer H shares is based on a 70% discount to the A-share valuation of 25x, with the current discount at approximately 63.7%, indicating high elasticity [4] - The report maintains that the current valuation offers good value for investment [4]

Financial Performance - The company's operating revenue for the third quarter was RMB 8,890,980,567, a decrease of 5.28% compared to the same period last year[3] - Net profit attributable to shareholders was RMB 1,348,236,830, down 9.03% year-on-year[3] - The revenue from high-end products increased by 0.49%, contributing to a total revenue of RMB 28.96 billion for the first three quarters, which is a 1.67% increase year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 4,686,182,141, reflecting a year-on-year increase of 1.96%[4] - The company reported a net cash flow from operating activities of RMB 6,230,708,571, an increase of 22.55% year-on-year[3] Sales and Market Strategy - The cumulative product sales for the first three quarters reached 6.785 million kiloliters, with the main brand "Tsingtao Beer" accounting for 3.835 million kiloliters[4] - The company has increased its market sales expenses and promotional efforts to actively explore new markets amid a sluggish domestic beer market[4] Assets and Equity - The company's total assets at the end of the reporting period were RMB 50,371,239,687, an increase of 2.26% from the previous year[3] - The total equity attributable to shareholders increased by 8.55% to RMB 29,797,280,806 compared to the previous year[3] Shareholder Information - The largest shareholder, Hong Kong Central Clearing (Agent) Limited, holds 614,001,319 shares, representing 45.01% of total shares[7] - Qingdao Beer Group Limited holds 443,467,655 shares, accounting for 32.51% of total shares, with no restricted shares[7] - The top ten shareholders collectively hold significant stakes, with the smallest among them, China Construction Bank, holding 5,456,400 shares, or 0.40%[8] - The total number of unrestricted circulating shares held by the top ten unrestricted shareholders is 614,001,319 shares[8] - Qingdao Beer Group's holdings include 405,132,055 shares of RMB ordinary shares and 38,335,600 shares of overseas listed foreign shares[9] - The company has not disclosed any known relationships or concerted actions among the top ten shareholders[9] Governance and Compliance - The company’s board of directors includes several key executives, ensuring governance and oversight[12] - As of September 30, 2024, the company has not audited its balance sheet, income statement, and cash flow statement, which are available on the Shanghai Stock Exchange website[12] - The report indicates no participation in margin financing and securities lending by Qingdao Beer Group during the reporting period[9] - China Construction Bank and China Industrial Bank have exited the securities lending business, resulting in zero shares lent out at the end of the reporting period[10] Performance Metrics - The weighted average return on net assets decreased by 0.79 percentage points to 4.63%[3]

Financial Position - As of June 30, 2024, total assets reached RMB 52.81 billion, an increase from RMB 49.26 billion as of December 31, 2023, representing a growth of approximately 5.2%[2] - Current assets totaled RMB 31.80 billion, up from RMB 29.61 billion, indicating a growth of about 7.4%[2] - Total liabilities amounted to RMB 23.59 billion, compared to RMB 21.00 billion, marking an increase of around 12.3%[4] - The equity attributable to shareholders of the parent company rose to RMB 28.39 billion from RMB 27.45 billion, showing an increase of about 3.4%[4] - As of June 30, 2024, total shareholders' equity amounted to RMB 16,348,128,723, a decrease from RMB 16,702,249,600 at the beginning of the year[14] Revenue and Profitability - Total operating revenue for the first half of 2024 was RMB 20,068,307,930, a decrease of 7.06% compared to RMB 21,591,789,633 in the same period of 2023[5] - Net profit attributable to shareholders of the parent company increased to RMB 3,641,652,772, up 6.31% from RMB 3,425,652,286 in the first half of 2023[5] - The company reported a total profit of RMB 4,909,634,563, which is an increase of 6.63% from RMB 4,604,120,036 in the same period last year[5] - Total comprehensive income for the first half of 2024 was RMB 3,721,343,256, an increase from RMB 3,487,105,492 in the same period last year[6] Cash Flow - Total cash inflow from operating activities for the first half of 2024 was RMB 21,463,081,709, a slight decrease of 1.06% compared to RMB 21,693,753,265 in the same period of 2023[7] - Net cash flow from operating activities increased to RMB 5,713,872,510, up 24.2% from RMB 4,600,493,439 year-on-year[7] - Cash outflow from investing activities totaled RMB 12,020,320,545, an increase of 24.0% compared to RMB 9,673,707,119 in the first half of 2023[9] - The ending cash and cash equivalents balance as of June 30, 2024, was RMB 7,959,172,830, down from RMB 13,366,555,181 at the end of June 2023[9] Expenses - Research and development expenses rose to RMB 29,405,848, an increase of 32.83% compared to RMB 22,160,455 in the first half of 2023[5] - Financial expenses increased to RMB (290,996,043), compared to RMB (223,129,607) in the first half of 2023, indicating a rise in interest expenses[5] - The company’s sales expenses decreased to RMB 2,169,269,528, down 9.15% from RMB 2,387,993,047 in the first half of 2023[5] Inventory and Receivables - Inventory decreased to RMB 2.21 billion from RMB 3.54 billion, a reduction of approximately 37.5%[2] - Accounts receivable totaled RMB 317,493,819 as of June 30, 2024, representing a 14.3% increase from RMB 277,721,354 on December 31, 2023[115] - The company has recognized a bad debt provision of RMB 177,789,186, which is 55.8% of the total accounts receivable as of June 30, 2024[116] Investments and Assets - The total amount of non-current financial assets increased to RMB 2,492,382,750 as of June 30, 2024, compared to RMB 1,425,485,550 at the end of 2023[138] - Long-term equity investments in Hebei Jiahe Brewery amounted to RMB 220,762,244 as of June 30, 2024, with an investment loss recognized under the equity method of RMB 3,696,494[136] - The total value of right-of-use assets is RMB 266,109,014, an increase from RMB 129,355,155 as of December 31, 2023[161] Taxation - The corporate income tax rate applicable to most subsidiaries in mainland China is 25%, while the Hong Kong subsidiary is subject to a rate of 16.5%[106] - The company reported a total tax payable of RMB 1,030,681,162 as of June 30, 2024, significantly up from RMB 343,503,981 on December 31, 2023[181] - The total amount of unrecognized deductible losses due to uncertainty in future taxable income was RMB 318,951,000 as of June 30, 2024, compared to RMB 296,357,000 as of December 31, 2023, reflecting an increase of about 7.5%[171] Employee Benefits - The present value of the defined benefit plan obligations as of June 30, 2024, is RMB 663,939,329, showing a slight increase from RMB 663,935,553 at the beginning of the period[192] - The total service cost for the current period is RMB 3,830,499, while the net interest amount is RMB 8,969,000[192] - The defined benefit plan net liability as of June 30, 2024, is RMB 663,939,329, compared to RMB 667,048,477 as of June 30, 2023, indicating a decrease in net liability[194] Compliance and Governance - The financial statements were prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance and accuracy[17] - The company has maintained its continuous operation capability without significant doubts regarding its ability to continue as a going concern[18] - The company’s accounting period aligns with the calendar year, running from January 1 to December 31[24]

Financial Performance - For the six months ended June 30, 2024, the company's operating revenue was RMB 21.59 billion, an increase of 7.6% compared to RMB 20.07 billion for the same period in 2023[4] - The net profit attributable to shareholders for the same period was RMB 3.43 billion, a decrease of 5.9% from RMB 3.64 billion in the previous year[4] - Total revenue for the six months ended June 30, 2024, was RMB 20,068,307,930, a decrease of 7.05% compared to RMB 21,591,789,633 for the same period in 2023[9] - Net profit attributable to shareholders for the six months ended June 30, 2024, was RMB 3,641,652,772, compared to RMB 3,425,652,286 for the same period in 2023, representing an increase of 6.32%[15] - Basic earnings per share for the six months ended June 30, 2024, was RMB 2.672, up from RMB 2.516 for the same period in 2023, indicating a growth of 6.19%[15] Assets and Liabilities - The total assets as of June 30, 2024, amounted to RMB 52.81 billion, up from RMB 49.26 billion as of December 31, 2023, reflecting a growth of 7.1%[3] - The total liabilities increased to RMB 23.59 billion as of June 30, 2024, compared to RMB 21.00 billion at the end of 2023, marking an increase of 12.3%[3] - Accounts receivable as of June 30, 2024, amounted to RMB 4,332,956,446, an increase from RMB 2,939,758,192 as of December 31, 2023[8] - The total liabilities of the company stood at CNY 24.99 billion, with significant liabilities in the Shandong region at CNY 14.03 billion[20] Cash Flow and Investments - The company's cash and cash equivalents increased to RMB 24.47 billion from RMB 19.28 billion, representing a growth of 27.2%[1] - The company’s cash flow from operating activities showed a positive trend, with significant cash reserves available for future investments and expansions[6] - Non-current asset additions amounted to CNY 539.12 million, indicating ongoing investment in asset growth[20] Market and Product Development - The company plans to continue its market expansion strategies and invest in new product development to enhance its competitive position in the industry[6] - The company has expanded its international market presence, with products now sold in over 120 countries and regions, and has seen rapid growth in Eastern Europe, the Middle East, and the South Pacific[24] - New product launches in the first half of 2024 included "Nika Xi White Beer," "Whole Wheat August A6 and A3," and "Non-Alcoholic White Beer," enhancing the product portfolio to meet diverse consumer demands[24] - The company is accelerating its digital transformation, investing in smart manufacturing, big data analysis, and IoT to enhance production capabilities and efficiency[25] Corporate Governance - The company is listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, adhering to the corporate governance codes applicable in both regions[29] - The term of the current board of directors and supervisory board will expire on June 28, 2024, with the re-election and appointment process being delayed to ensure continuity and stability[29] - The company is committed to maintaining a high level of corporate governance and has complied with the relevant codes, except for deviation from code B.2.2[29] - The board consists of four executive directors and four independent non-executive directors, ensuring a balanced governance structure[29] Dividends - The company declared a cash dividend of RMB 2.00 per share for the fiscal year 2023, totaling RMB 2,728,393,576 based on 1,364,196,788 shares issued[9] - The company has not declared an interim dividend for the six months ended June 30, 2024, compared to no interim dividend declared for the same period in 2023[9] - The company will not distribute interim dividends for the six months ended June 30, 2024[23] Tax and Expenses - The company reported a total tax expense of RMB 1,188,505,811 for the six months ended June 30, 2024, compared to RMB 1,122,838,779 for the same period in 2023, an increase of 5.85%[11] - Main business costs for the same period were RMB 11,719,203,916, down from RMB 13,126,371,443, reflecting a decrease of 10.73%[9] - The company recorded a total of CNY 1.12 billion in income tax expenses for the period[20]