Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The beer industry landscape is clear and stable, with the company expected to continue benefiting from its base markets in Shandong and North China, despite short-term pressure on prices due to macroeconomic challenges [3] - The company reported a revenue of 20.068 billion yuan in the first half of 2024, a year-on-year decrease of 7.1%, while the net profit attributable to the parent company was 3.641 billion yuan, an increase of 6.3% year-on-year [1][2] - The company’s Q2 revenue slightly declined by 8.9% year-on-year to 9.918 billion yuan, with sales volume down by 8.0% to 2.45 million kiloliters [1] Summary by Sections Revenue and Profitability - In H1 2024, the company achieved a revenue of 20.068 billion yuan, down 7.1% year-on-year, and a net profit of 3.641 billion yuan, up 6.3% year-on-year [1] - The Q2 revenue was 9.918 billion yuan, reflecting an 8.9% decline year-on-year, with a sales volume of 2.45 million kiloliters, down 8.0% [1] - The average revenue per kiloliter was 4,055 yuan, a slight decrease of 0.9% year-on-year [1] Regional Performance - Revenue contributions from various regions in H1 2024 were as follows: Shandong (12.911 billion yuan, -4% YoY), North China (3.739 billion yuan, -8% YoY), East China (1.357 billion yuan, -17% YoY), South China (1.465 billion yuan, -10% YoY), Southeast (356 million yuan, -30% YoY), and other overseas regions (236 million yuan, -33% YoY) [1] - Shandong and North China showed profit growth of 19% and 11% year-on-year, respectively, while profits in East China and South China declined by 53% and 6% year-on-year [1] Cost and Margin Analysis - The company’s net profit margin improved to 20.6% in Q2 2024, up 2.5 percentage points year-on-year, with a gross margin of 42.8%, an increase of 2.7 percentage points year-on-year [2] - The cost per kiloliter decreased by 5.4% year-on-year, contributing to the improvement in gross margin [2] Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 3.29 yuan, 3.54 yuan, and 3.89 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 18, 17, and 15 [3]

青岛啤酒股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------------------|-----------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动类别 | 特定对象调研 \n媒体采访 \n新闻发布会 现场参观 | 分析师会议 \n业绩说明会 \n路演活动 \n其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 境内外投资者 | | | 时间 | 202 4 年 8 月 30 | 日 15:00-16:00 | | 地点及会议召开方式 | 全景网"投资者关系互动平台"（ 网络文字互动 | https://ir.p5 ...

Investment Rating - The investment rating for Qingdao Beer is "Accumulate" (maintained) [2] Core Views - The company is experiencing pressure on sales and structure, awaiting industry recovery [1] - Revenue for H1 2024 is reported at 20.07 billion, a year-on-year decline of 7.1%, while net profit attributable to shareholders is projected to be 4.591 billion for 2024, reflecting a growth of 7.6% [6][10] - The report highlights that the beer sales volume has decreased by 7.8% in H1 2024, with a slight increase in ton price by 0.9% [7] - The company anticipates profit growth in H2 2024 due to lower base effects and decreasing raw material costs [9] Summary by Sections Financial Performance - H1 2024 revenue is 20.07 billion, down 7.1% year-on-year; net profit attributable to shareholders is 4.591 billion, up 7.6% [6][10] - Q2 2024 revenue is 9.92 billion, down 8.9% year-on-year, with net profit attributable to shareholders at 2.04 billion, up 3.6% [6] - The company has adjusted its net profit forecasts for 2024-2026 to 4.591 billion, 5.041 billion, and 5.365 billion respectively [6] Sales and Market Dynamics - Beer sales volume in H1 2024 decreased by 7.8%, with a ton price increase of 0.9% [7] - The main and sub-brands saw sales declines of 7.2% and 8.6% respectively, while mid-to-high-end beer sales fell by 4.0% [7] - The report indicates that the demand for high-end beers priced above 10 yuan is weak, while the 7-10 yuan segment performs relatively better [7] Cost and Profitability - Q2 2024 net profit margin increased by 2.18 percentage points, with gross margin up by 2.71 percentage points due to lower costs of barley and packaging materials [8] - The report notes that the decrease in raw material costs is expected to positively impact profitability in H2 2024 [9] Future Outlook - The company is expected to maintain profit growth in H2 2024, supported by a lower base and decreasing costs [9] - The overall beer market is facing challenges due to adverse weather and declining dining demand, but the company is actively promoting its products [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock price will outperform the benchmark index by more than 20% over the next 6-12 months [4][9]. Core Views - The company reported a revenue of 20.07 billion RMB for the first half of 2024, a decrease of 7.1% year-on-year, while the net profit attributable to the parent company was 3.64 billion RMB, an increase of 6.3% year-on-year [4][6]. - The main brand's performance was subdued, with a decline in sales volume and pressure on unit prices in the second quarter of 2024 [4][6]. - Cost benefits are accelerating, leading to improved profitability despite revenue declines, with a focus on high-quality development and inventory management [4][6]. Summary by Sections Financial Performance - In 1H24, the company achieved a revenue of 20.07 billion RMB, down 7.1% year-on-year, with a net profit of 3.64 billion RMB, up 6.3% year-on-year [4][6]. - The average selling price per ton in 1H24 was 4,335 RMB, with sales volume decreasing by 7.8% to 463 million hectoliters [4][6]. - The gross margin improved to 41.6%, up 2.4 percentage points year-on-year, due to a significant reduction in unit costs [4][6]. Cost and Expenses - The unit cost in 2Q24 decreased by 5.4% year-on-year, contributing to a 3.1% reduction in unit costs for 1H24 [4][6]. - Selling expenses were managed prudently, with a slight decrease in the selling expense ratio [4][6]. Future Outlook - Short-term revenue growth may face challenges due to weak consumer demand, but the company expects double-digit growth in net profit for 2024 due to cost benefits [4][6]. - The company is committed to high-quality development and has been enhancing inventory management, which is expected to support stable operations in the future [4][6]. Valuation - The adjusted earnings per share (EPS) estimates for 2024-2026 are 3.45 RMB, 3.73 RMB, and 3.99 RMB, representing year-on-year growth rates of 10.1%, 8.3%, and 7.0% respectively [5][6]. - The price-to-earnings (P/E) ratios for the same period are projected at 17.3, 15.9, and 14.9 times [5][6].

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer [5] Core Views - The company reported a decline in revenue for H1 2024, with a total of 20.07 billion yuan, down 7.1% year-on-year, while net profit increased by 6.3% to 3.64 billion yuan [2] - The report indicates that the company is facing pressure on both volume and price due to weak demand, but cost relief is improving profitability [2][3] - New product launches in the high-end segment are expected to gradually alleviate the pressure from high base effects, leading to improved performance in the second half of the year [3] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 20.07 billion yuan, a decrease of 7.1% year-on-year, while net profit reached 3.64 billion yuan, an increase of 6.3% [2] - In Q2 2024, revenue was 9.92 billion yuan, down 8.9% year-on-year, with net profit at 2.04 billion yuan, up 3.5% [2] - Sales volume for H1 2024 was 4.63 million kiloliters, down 7.8% year-on-year, with a sales price of 4,334 yuan per kiloliter, up 0.8% [2] Cost and Profitability - The gross margin for H1 2024 was 41.6%, an increase of 2.4 percentage points year-on-year, attributed to a decline in raw material prices [2] - The net profit margin for H1 2024 reached 18.54%, up 2.42 percentage points year-on-year [2] Future Outlook - The report forecasts a gradual easing of base pressure, with expectations for improved performance in the second half of 2024 due to ongoing cost benefits and new product introductions [3] - The projected net profit for 2024-2026 has been adjusted to 4.61 billion, 4.95 billion, and 5.25 billion yuan respectively, reflecting a downward revision of 8%, 14%, and 17% [3]

Investment Rating - The investment rating for Qingdao Beer (600600) is "Buy" (maintained) [7][11]. Core Views - The report indicates that due to weak consumption recovery, the company's revenue for 2024-2026 is projected to be 33.393 billion, 34.715 billion, and 36.064 billion yuan, reflecting year-on-year changes of -1.60%, +3.96%, and +3.89% respectively. The net profit attributable to the parent company is expected to be 4.629 billion, 4.986 billion, and 5.321 billion yuan, with year-on-year growth rates of 8.45%, 7.72%, and 6.71% respectively. The corresponding three-year CAGR is 7.63%, with PE valuations of 18, 16, and 15X for 2024-2026 [3][11]. Summary by Sections Financial Performance - In H1 2024, Qingdao Beer achieved revenue of 20.068 billion yuan, a decrease of 7.06% year-on-year, and a net profit of 3.642 billion yuan, an increase of 6.31% year-on-year. The Q2 2024 revenue was 9.918 billion yuan, down 8.89% year-on-year, with a net profit of 2.044 billion yuan, up 3.55% year-on-year [11][12]. Sales and Pricing - The company sold 4.63 million kiloliters in H1 2024, a decrease of 7.82% year-on-year. The average price per ton was 4,334.41 yuan, an increase of 0.83% year-on-year, while the cost per ton was 2,531.15 yuan, a decrease of 3.14% year-on-year. In Q2 2024, the sales volume was 2.446 million kiloliters, down 8.05% year-on-year, with an average price of 4,054.90 yuan, down 0.91% year-on-year [11][12]. Profitability - The gross margin for Q2 2024 was 42.79%, an increase of 2.71 percentage points year-on-year, attributed to cost improvements. The net profit margin was 20.61%, up 2.47 percentage points year-on-year [11][12]. Future Outlook - The report anticipates that the cost benefits will continue, supporting the "Buy" rating. The company is positioned as a leader in the high-end domestic beer market, with room for price increases in the future [3][11].

Investment Rating - The investment rating for the company is "Add" [2][9] Core Views - The company reported a revenue of 20.068 billion yuan for the first half of 2024, a year-on-year decrease of 7.06%, while the net profit attributable to shareholders was 3.642 billion yuan, an increase of 6.31% [6] - The second quarter of 2024 saw revenue of 9.918 billion yuan, down 8.89% year-on-year, but net profit attributable to shareholders increased by 3.55% to 2.044 billion yuan [6][9] - Despite weak consumer demand and inventory reduction at the factory level impacting sales, the company maintained a resilient upgrade capability with a total sales volume of 4.63 million tons, a year-on-year increase of 7.82% [7][9] Summary by Sections Market Data - Closing price as of August 29, 2024, was 57.90 yuan, with a total share capital of 1,364.20 million shares and a net asset value of 28,393.99 million yuan [3] Financial Performance - For 2024, the company expects revenues of 33.059 billion yuan, 33.551 billion yuan, and 34.025 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 4.741 billion yuan, 5.333 billion yuan, and 5.897 billion yuan [10] - The gross profit margin is projected to improve from 38.7% in 2023 to 44.5% in 2026 [10] Profitability and Cost Management - The net profit margin for Q2 2024 increased by 2.70 percentage points to 21.15%, with a gross margin of 42.79% [8] - The company is expected to benefit from cost elasticity due to declining raw material costs, which will support profit growth in the upcoming quarters [9] Long-term Outlook - The company is positioned as a quality investment with both offensive and defensive characteristics, supported by resilient upgrades and expected increases in dividend yield [9]

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer (600600.SH) [2][3] Core Views - The company achieved revenue of 20.07 billion yuan in H1 2024, a year-on-year decrease of 7.1%, while net profit attributable to shareholders was 3.64 billion yuan, an increase of 6.3% year-on-year [1] - The company’s beer sales volume in Q2 2024 was 2.45 million kiloliters, down 8.0% year-on-year, with the Qingdao brand experiencing a decline of 8.7% [1] - The report highlights that the company’s cost per ton decreased by 5.4% in Q2 2024, contributing to a gross margin increase of 2.7 percentage points to 42.8% [1] - Despite short-term sales pressure, the profit side is expected to maintain stable performance, with a proposed increase in dividend payout to enhance shareholder returns [1] Summary by Sections Financial Performance - H1 2024 revenue was 20.07 billion yuan, down 7.1% year-on-year; net profit was 3.64 billion yuan, up 6.3% year-on-year [1] - Q2 2024 revenue was 9.92 billion yuan, down 8.9% year-on-year; net profit was 2.04 billion yuan, up 3.5% year-on-year [1] - The company’s beer sales volume in Q2 2024 was 2.45 million kiloliters, down 8.0% year-on-year [1] Cost and Profitability - The cost per ton decreased by 5.4% in Q2 2024, mainly due to lower raw material and packaging costs [1] - Gross margin increased by 2.7 percentage points to 42.8% in Q2 2024 [1] - Net profit margin increased by 2.7 percentage points to 21.1% in Q2 2024 [1] Future Outlook - The report anticipates that the company will achieve net profits of 4.86 billion yuan, 5.50 billion yuan, and 6.13 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 13.8%, 13.2%, and 11.4% [2] - The company plans to steadily increase its dividend payout ratio, which was 63.93% in 2023, to enhance shareholder returns [1]

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]

Financial Performance - Revenue for the first half of 2024 was RMB 20,068,307,930, a decrease of 7.06% compared to the same period last year[11] - Net profit attributable to shareholders of the listed company was RMB 3,641,652,772, an increase of 6.31% year-on-year[11] - Net cash flow from operating activities increased by 24.20% to RMB 5,713,872,510[11] - Basic earnings per share (EPS) for the reporting period was RMB 2.672, up 6.20% compared to the same period last year[12] - Total assets as of the end of the reporting period were RMB 52,805,909,965, an increase of 7.21% compared to the end of the previous year[11] - The weighted average return on equity (ROE) was 12.44%, a slight decrease of 0.14 percentage points compared to the same period last year[12] - The company's net assets attributable to shareholders of the listed company increased by 3.44% to RMB 28,393,988,614[11] - Domestic beer market consumption recovery was weak in the first half of 2024, with industry-wide production reaching 19.088 million kiloliters, a year-on-year increase of 0.1%[16] - The company achieved product sales of 4.63 million kiloliters, with revenue of RMB 20.07 billion and net profit attributable to shareholders of RMB 3.64 billion, a year-on-year increase of 6.31%[16] - The company's main brand achieved sales of 2.61 million kiloliters, with mid-to-high-end products accounting for 1.896 million kiloliters, driving a 1.0% year-on-year increase in revenue per kiloliter[17] - The company's R&D expenses increased by 32.70% year-on-year, driven by increased investment in new product development[18] - The company's operating cash flow increased by 24.20% year-on-year, mainly due to reduced raw material costs and tax payments[19] - The company's monetary funds increased by 26.89% year-on-year, accounting for 46.33% of total assets[21] - The company's inventory decreased by 37.49% year-on-year, reflecting improved inventory management[21] - The company's other non-current financial assets increased by 74.84% year-on-year, indicating strategic financial investments[21] - The company's monetary funds increased by 26.89% compared to the beginning of the period, primarily due to net cash inflows from operating activities[22] - Trading financial assets increased by 46.18% compared to the beginning of the period, mainly due to an increase in structured deposits and other debt instruments[22] - Accounts receivable increased by 39.16% compared to the beginning of the period, driven by an increase in receivables from subsidiaries[22] - Inventory decreased by 37.49% compared to the beginning of the period, as some subsidiaries entered the peak sales season[22] - Other non-current financial assets increased by 74.84% compared to the beginning of the period, due to the purchase of bank-issued bonds by a subsidiary[22] - Construction in progress increased by 59.42% compared to the beginning of the period, due to relocation and expansion projects by some subsidiaries[22] - Other non-current assets increased by 129.05% compared to the beginning of the period, due to prepayments for engineering and equipment procurement by subsidiaries[22] - The company's debt-to-capital ratio was 0% as of June 30, 2024, unchanged from December 31, 2023[23] - The company invested approximately 1.045 billion yuan in capital projects during the first half of 2024, including new construction, relocation, and expansion projects[24] - The fair value of the company's financial assets, including structured deposits, bonds, and funds, totaled 5.335 billion yuan as of the end of the reporting period[25] - Total investment in funds amounted to 3,371,461 units, with a net value of 2,277,041 units, showing a decrease of 71,501 units[28] - The company held 2,802,545 units of trading financial assets, with a total value of 595,997 units[28] - Total assets increased to RMB 52.805 billion as of June 30, 2024, up from RMB 49.256 billion at the end of 2023[78] - Cash and cash equivalents rose to RMB 24.467 billion, a 26.9% increase compared to RMB 19.282 billion at the end of 2023[78] - Trade receivables grew to RMB 139.7 million, a 39.2% increase from RMB 100.4 million at the end of 2023[78] - Inventory decreased to RMB 2.213 billion, down 37.5% from RMB 3.540 billion at the end of 2023[78] - Total liabilities increased to RMB 23.590 billion, up 12.3% from RMB 21.001 billion at the end of 2023[79] - Contract liabilities decreased to RMB 5.560 billion, down 27.7% from RMB 7.691 billion at the end of 2023[79] - Shareholders' equity increased to RMB 29.216 billion, up 3.4% from RMB 28.255 billion at the end of 2023[79] - Retained earnings grew to RMB 21.247 billion, a 4.5% increase from RMB 20.334 billion at the end of 2023[79] - Fixed assets decreased to RMB 10.820 billion, down 2.9% from RMB 11.146 billion at the end of 2023[78] - Construction in progress increased to RMB 794.9 million, up 59.4% from RMB 498.6 million at the end of 2023[78] - Revenue for the first half of 2024 was RMB 20,068,307,930, a decrease of 7.1% compared to RMB 21,591,789,633 in the same period of 2023[81] - Net profit attributable to shareholders of the parent company was RMB 3,641,652,772, an increase of 6.3% compared to RMB 3,425,652,286 in the first half of 2023[81] - Basic earnings per share (EPS) for the first half of 2024 was RMB 2.672, up 6.2% from RMB 2.516 in the same period of 2023[81] - Operating profit for the first half of 2024 was RMB 4,912,043,695, an increase of 6.7% compared to RMB 4,602,276,999 in the first half of 2023[81] - Total comprehensive income for the first half of 2024 was RMB 3,721,343,256, up 6.7% from RMB 3,487,105,492 in the same period of 2023[81] - R&D expenses increased by 32.7% to RMB 29,405,848 in the first half of 2024 compared to RMB 22,160,455 in the same period of 2023[81] - Interest income rose by 33.4% to RMB 315,777,423 in the first half of 2024 from RMB 236,690,677 in the same period of 2023[81] - Other income increased by 68.6% to RMB 286,034,209 in the first half of 2024 compared to RMB 169,697,462 in the same period of 2023[81] - Income tax expense for the first half of 2024 was RMB 1,188,505,811, up 5.8% from RMB 1,122,838,779 in the same period of 2023[81] - Sales expenses decreased by 9.1% to RMB 2,169,269,528 in the first half of 2024 compared to RMB 2,387,993,047 in the same period of 2023[81] - Sales revenue from goods and services received in cash for the first half of 2024 was RMB 20,708,991,798, a slight decrease from RMB 21,163,135,135 in the same period of 2023[83] - Net cash flow from operating activities for the first half of 2024 increased to RMB 5,713,872,510, up from RMB 4,600,493,439 in the same period of 2023[83] - Net cash flow from investing activities for the first half of 2024 was negative RMB 6,951,897,440, compared to negative RMB 3,727,732,890 in the same period of 2023[83] - Total comprehensive income for the first half of 2024 was RMB 3,721,343,256, with a significant portion attributed to the parent company's shareholders[85] - The company's total equity as of June 30, 2024, was RMB 29,215,608,926, up from RMB 28,254,747,175 at the beginning of the year[85] - Cash received from tax refunds in the first half of 2024 was RMB 18,723,526, a significant increase from RMB 2,971,662 in the same period of 2023[83] - Cash paid for the construction of fixed assets, intangible assets, and other long-term assets in the first half of 2024 was RMB 1,045,436,663, up from RMB 640,345,509 in the same period of 2023[83] - The company's undistributed profits as of June 30, 2024, were RMB 21,247,324,492, up from RMB 20,334,065,296 at the beginning of the year[85] - Cash received from other operating activities in the first half of 2024 was RMB 735,366,385, compared to RMB 527,646,468 in the same period of 2023[83] - The company's cash and cash equivalents at the end of June 2024 were RMB 7,959,172,830, down from RMB 9,292,085,271 at the beginning of the year[83] - Share capital remained stable at 1,364,232,790 RMB in 2023, with a slight decrease to 1,364,196,788 RMB in 2024 due to share repurchases[86][88] - Capital reserve increased by 62,926,564 RMB (1.5%) in 2023 and 22,346,243 RMB (0.4%) in 2024, reaching 4,217,003,541 RMB and 5,293,375,615 RMB respectively[86][88] - Treasury stock decreased by 17,697,593 RMB (10.3%) in 2023 and 10,359,615 RMB (13.3%) in 2024, totaling 154,157,067 RMB and 67,284,191 RMB respectively[86][88] - Comprehensive income for 2023 was 7,174,606 RMB, contributing to a total comprehensive income of 3,425,652,286 RMB for the year[86] - Retained earnings grew by 970,033,264 RMB (5.2%) in 2023 but decreased by 386,826,735 RMB (4.4%) in 2024, ending at 19,498,424,119 RMB and 8,444,582,131 RMB respectively[86][88] - Total equity increased from 16,597,457,346 RMB to 16,304,000,733 RMB in 2023, and decreased slightly to 16,348,128,723 RMB in 2024[89][88] - The company repurchased and canceled 36,002 shares in 2023, reducing total shares to 1,364,196,788[91] - Profit distribution to shareholders amounted to 2,455,619,022 RMB in 2023 and 2,728,393,576 RMB in 2024[86][88] - Share-based compensation contributed 62,637,798 RMB to capital reserve in 2023 and 22,343,836 RMB in 2024[86][88] Market and Operations - The company operates 57 wholly-owned and controlled beer production enterprises across 20 provinces, municipalities, and autonomous regions in China[15] - Tsingtao Beer is sold in over 120 countries and regions worldwide, making it one of the most internationally recognized Chinese brands[15] - The company's products are sold in over 120 countries and regions, with rapid growth in Eastern Europe, the Middle East, and the South Pacific[17] - The company launched new products such as "Nika White Beer, Whole Wheat Augustiner A6 and A3, and Alcohol-Free White Beer" to meet diverse consumer demands[17] Environmental and Sustainability - Qingdao Beer Factory's COD emission concentration is 980 mg/L, with a total emission of 341.3 tons, and a permitted annual emission of 6763.75 tons[38] - Qingdao Beer Second Factory's COD emission concentration is 1300 mg/L, with a total emission of 814.7 tons, and a permitted annual emission of 2625.0 tons[38] - Qingdao Beer Third Factory's COD emission concentration is 1680 mg/L, with a total emission of 1069.914402 tons, and a permitted annual emission of 12724.7 tons[38] - Qingdao Beer Fourth Factory's COD emission concentration is 1310 mg/L, with a total emission of 284.3 tons, and a permitted annual emission of 675 tons[38] - Qingdao Beer Fifth Factory's COD emission concentration is 911 mg/L, with a total emission of 223.6778 tons, and a permitted annual emission of 4278.63 tons[38] - Qingdao Beer (Shouguang) Co., Ltd.'s COD emission concentration is 1200 mg/L, with a total emission of 180.7 tons, and a permitted annual emission of 1481.69 tons[38] - All factories' emissions are within the permitted limits, with no超标排放情况 reported[38] - Wastewater treatment compliance across all Qingdao Beer subsidiaries with no超标排放 reported[39] - COD levels in treated wastewater range from 2.814092 to 352.6 mg/L across different subsidiaries[39] - Ammonia nitrogen levels in treated wastewater range from 0.098874 to 9.02 mg/L across different subsidiaries[39] - Total phosphorus levels in treated wastewater range from 0.018012 to 0.6071 mg/L across different subsidiaries[39] - Total nitrogen levels in treated wastewater range from 0.359127 to 6.37 mg/L across different subsidiaries[39] - COD discharge limits range from 509.10 to 1754.46 mg/L across different subsidiaries[39] - Ammonia nitrogen discharge limits range from 16.45 to 126.00 mg/L across different subsidiaries[39] - Total phosphorus discharge limits range from 3.29 to 24.44 mg/L across different subsidiaries[39] - Total nitrogen discharge limits range from 20.61 to 213.82 mg/L across different subsidiaries[39] - All subsidiaries adhere to the Beer Industrial Pollutant Discharge Standard (GB 19821-2005) and the Water Quality Standard for Sewage Discharged into Urban Sewer (GB/T 31962-2015)[39] - Wastewater treatment at Qingdao Beer (Suizhou) Co., Ltd. shows COD levels at 1690, ammonia nitrogen at 16.8, total phosphorus at 4.13, and total nitrogen at 25.3, all within acceptable limits[40] - Qingdao Beer (Huangshi) Co., Ltd. reports COD levels at 117, ammonia nitrogen at 29.6, total phosphorus at 0.86, and total nitrogen at 33.7, compliant with discharge standards[40] - Qingdao Beer (Ma'anshan) Co., Ltd. achieves COD levels at 333, ammonia nitrogen at 18.3, total phosphorus at 0.59, and total nitrogen at 22, meeting regulatory requirements[40] - Qingdao Beer Shanghai Songjiang Manufacturing Co., Ltd. maintains COD levels at 78, ammonia nitrogen at 7.69, total phosphorus at 0.39, and total nitrogen at 17.3, within permissible limits[40] - Qingdao Beer (Yangzhou) Co., Ltd. records COD levels at 855, ammonia nitrogen at 16.8, total phosphorus at 1.75, and total nitrogen at 43.4, all within acceptable ranges[40] - Qingdao Beer (Xuzhou) Pengcheng Co., Ltd. shows COD levels at 2090, ammonia nitrogen at 16.1, total phosphorus at 2.88, and total nitrogen at 32, compliant with discharge standards[40] - Qingdao Beer (Xuzhou) Co., Ltd. reports COD levels at 453, ammonia nitrogen at 16.2, total phosphorus at 4.30, and total nitrogen at 19.3, within permissible limits[40] - Qingdao Beer (Suqian) Co., Ltd. maintains COD levels at 142, ammonia nitrogen at 6.81, total phosphorus at 0.37, and total nitrogen at 10, meeting regulatory requirements[40] - Qingdao Beer (Kunshan) Co., Ltd. achieves COD levels at 167, ammonia nitrogen at 10.5, total phosphorus at 2.66, and total nitrogen at 38.2, all within acceptable ranges[40] - Qingdao Beer Shanghai Minhang Co., Ltd. records COD levels at 35, ammonia nitrogen at 0.922, total phosphorus at 0.29, and total nitrogen at 5.68, compliant with discharge standards[40] - COD emissions from Qingdao Beer (Fuzhou) Co., Ltd. were 133, with a reduction to 24.31785 after treatment, achieving a reduction rate of 81.7%[41] - Ammonia nitrogen emissions from Qingdao Beer (Jiujiang) Co., Ltd. were 5.11, reduced to 0.7022 after treatment, achieving a reduction rate of 86.3%[41] - Total phosphorus emissions from Qingdao Beer (Zhuhai) Co., Ltd. were 2.4, reduced to 0.439 after treatment, achieving a reduction rate of 81.7%[41] - COD emissions from Shenzhen Qingdao Beer Asahi Co., Ltd. were 1780, reduced to 358.9781 after treatment,