编者按：2024年，中国白酒行业步入深度调整期，市场竞争愈发激烈，行业人事变动频繁，风起云涌。面 对复杂多变的行业形势和消费市场的新需求，白酒企业纷纷将"改革"视为关键动力，积极探索新的增长 点，以应对挑战、拥抱机遇。 搜狐酒业特别推出"十大酒企董事长"栏目，聚焦贵州茅台、五粮液、山西汾酒、洋河股份等具有行业影响 力的酒企，深入剖析这些企业掌舵人的管理理念、战略调整以及背后的市场考量，为行业提供参考与借 鉴。 第三期关注的是华润啤酒董事会主席侯孝海。 作者丨饶婷 编辑丨李文贤 出品丨搜狐酒业发展研究院 这位扎根华润啤酒24年的老将，曾以"勇闯天涯"战略带领雪花啤酒登顶全国销量第一，更在2017年主导启 动高端化转型的"3+3+3"战略。 近年来，随着华润啤酒斥资百亿元接连收购景芝白酒、金种子酒业和金沙酒业，侯孝海成为白酒新世界的 操盘者。 然而并购扩张正面临业绩考验。据悉，目前，华润啤酒的白酒业务规模约为40多亿元。 在"3+3+3"战略收官之年，侯孝海再度宣示白酒营收超百亿、利润20亿的雄心，其构建的"啤白双赋能"格 局亟待实质性突破。 从"勇闯天涯"到高端化转型的啤酒变革 5月，华润啤酒披露的2则权益变动 ...

简介：引领行业转折点 到2016年，中国的啤酒行业已经达到了一个转折点。经过多年的快速增长，产量在2013年达到了5000万 千升的峰值。随着年轻消费者，尤其是Z世代，转向高端、体验式和精酿啤酒，市场动态发生了显著变 化。与此同时，百威英博和喜力等全球啤酒巨头正在积极扩大其在中国的高端投资组合，从而加剧了竞 争。 资料来源：中国国家统计局 坚实基础：组织与文化重塑 对于中国销量最大的啤酒酿造商华润啤酒来说，不断变化的市场动态不仅是一个挑战，而且是一个生存 的威胁。它的旗舰品牌"雪花"，通过规模扩张和积极的价格策略，已经成为中国最畅销的啤酒，但这种 方法已经变得不可持续。在内部，该公司努力应对运营效率低下、在高端领域份额薄弱以及员工老龄 化、高成本的问题。新任命的首席执行官侯孝海称之为"三座大山"。 侯孝海明白在这种情形下，变革是必要的，他相信： "变革是为了适应新的消费者趋势、行业周期和社会转变。要想取得成功，公司必须与不断变化的消费 者偏好和当下的经济现实保持一致。" 这一见解最终演变成为华润啤酒雄心勃勃的"3+3+3"战略，该战略于2017年在侯孝海的领导下启动。该 战略设计为分阶段转型，旨在系统地解决公 ...

每经记者｜刘明涛 每经编辑｜肖芮冬 点评：汾酒此次冠名并非简单的"跨界营销"，而是品牌价值体系的系统性升级。当前，白酒行业要积极 拓宽视野，创新营销与合作模式，实现跨界共赢。汾酒此次通过与航天事业的跨界合作，成功赋予品牌 独特的科技属性，打破了白酒行业传统营销模式的局限，极大提升了汾酒的国际影响力和市场辨识度， 将助力其品牌高端化、国际化战略布局。 点评：啤酒高端化已进入"产品—场景—文化"立体竞争阶段。华润需构建"内容营销+场景绑定"的护城 河，而不仅是依赖渠道铺货。喜力20%的增速不仅是渠道突破，更是品牌年轻化战略的成果。喜力这种 品牌溢价能力在国产啤酒中稀缺，但也需要警惕竞品的"狙击"。白酒方面，华润选择"缩规模、控费 用"而非盲目扩张，则体现了出公司管理层对行业深度调整期的清醒认知。 NO.2 香港地区调低高端烈酒税率有助于鼓励贸易 5月21日，香港特别行政区商务及经济发展局局长丘应桦书面答复议员提问时表示，在调低高端烈酒税 率后至今年4月底的六个半月，进口并已完税的烈酒数量和其价值与调低烈酒税前六个半月比较，均有 上升。其中，烈酒进口数量上升逾一成半，而价值则大幅上升近六成，引进的双层税制有效鼓励高 ...

近日，华润啤酒参加了麦格理亚洲会议。公司基本面表现符合业绩指引，但投资者更关注侯总裁于5月7 日以每股28.04港元的均价出售约63%的华润啤酒股份一事。管理层表示，这是侯先生的个人财务规 划，与公司基本面无关。 啤酒业务表现优于行业同行。继2025年前两个月销量个位数增长后，公司4月销量从3月的放缓中恢复增 长势头。喜力(Heineken)仍是关键驱动力，实现20%的增长，且公司成功打入头部live house渠道之一。 Super X啤酒在去年因重新包装导致销量下滑后，销量增速恢复至10%。由于产品组合调整合理，其均 价仍可实现低个位数增长。 公司维持2025年目标：销量和均价低个位数增长，毛利率提升约1%，成本节约，预计实现两位数利润 增长。 渠道持续向非即饮渠道转移。即饮渠道占啤酒总销量的38%，其中高端啤酒占比超60%。另一方面，非 即饮渠道占总销量的62%，高端化仍处于早期阶段，贡献仅40%，但高端产品销量以高个位数增长，这 将成为集团高端化的重要驱动力。 | Year end 31 Dec | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | ...

Group 1 - The Hang Seng Index opened down 0.23%, and the Hang Seng Tech Index fell 0.29% [1] - China Resources Beer dropped over 6%, while Li Auto fell over 2%. In contrast, UBTECH Robotics rose over 14% following a comprehensive cooperation agreement with Huawei [1] Group 2 - Cathay Securities noted that historical trends show that economic conditions, liquidity, and technical factors are crucial for the rise of Hong Kong stocks. They expect substantial progress in US-China trade negotiations and a decline in tariff risks, alongside the implementation of various incremental policies, which may lead to a stable macroeconomic recovery [2] - Domestic monetary easing measures have been implemented, maintaining liquidity, which could result in continued inflows of southbound funds into the Hong Kong stock market. Current valuations of Hong Kong stocks are at historically low levels, indicating high medium to long-term investment value [2] - China Galaxy Securities' chief strategist Yang Chao suggested focusing on consumer and technology sectors, as well as sectors with low trade dependency and high dividend yields in the short term [2] Group 3 - Citigroup's report anticipates moderate government stimulus to boost the domestic economy, particularly benefiting the consumer, internet, resources, and technology sectors. They believe that both mainland and Hong Kong stock markets appear undervalued, slightly below historical averages, maintaining a constructive outlook [3] - Citigroup upgraded the consumer sector to "overweight" and prefers domestic stocks, while downgrading the transportation sector to "neutral" due to rising US trade tariffs. They also favor large internet stocks and technology stocks supported by government policies [3] - Huatai Securities remains optimistic about the relative performance of Hong Kong stocks, suggesting a shift towards a more aggressive stance due to improved policy environments and low valuations in technology and consumer sectors [3] Group 4 - According to China Securities Journal, significant net inflows of southbound funds are expected from 2025 onwards, with strong inflows into ETFs indicating individual investors' interest in Hong Kong stocks. Estimates suggest a net inflow of HKD 80 billion to 100 billion for the year [4] - Huatai Securities' chief macroeconomist noted that overseas liquidity is likely to remain loose in the short term, which may not negatively impact Hong Kong stocks. Recent strong purchases of Japanese bonds and stocks by overseas investors suggest a global search for alternatives to US assets [4] - The Hong Kong dollar has strengthened recently, and while the interest rate differential with the US has narrowed, the strong Hong Kong dollar indicates potential global fund reallocation demand for Hong Kong stocks [4]

Investment Rating - The investment rating for China Resources Beer is "Outperform the Market" [6][12]. Core Views - In 2024, the company's revenue is projected to be 38.64 billion yuan, a decrease of 0.8% year-on-year, with a net profit of 4.74 billion yuan, down 8.0% year-on-year. Beer sales are under pressure, with a 2.5% decline in volume due to weak consumer demand and adverse weather conditions [1][9]. - The company continues to improve its product mix, with high-end product sales growing over 9%, and the average selling price of beer increasing by 1.5% year-on-year [1][10]. - The company is optimistic about its future outlook, expecting a recovery in sales in 2025, driven by ongoing cost control measures and a focus on high-end products [3][11]. Summary by Sections Financial Performance - In 2024, the beer business revenue decreased by 1.0%, while the white liquor business revenue increased by 4.0%. The overall revenue for 2024 is 38.64 billion yuan, with a net profit of 4.74 billion yuan [1][9]. - The company's core EBITDA increased by 3.0% year-on-year, indicating strengthened internal profitability despite a decline in apparent profits due to reduced government subsidies and increased tax rates [2][10]. Future Projections - For 2025-2027, the company is expected to achieve total revenue of 39.48 billion, 40.37 billion, and 41.33 billion yuan, respectively, with year-on-year growth rates of 2.2%, 2.3%, and 2.4% [3][12]. - The projected net profit for the same period is 5.20 billion, 5.54 billion, and 5.87 billion yuan, reflecting growth rates of 9.6%, 6.7%, and 5.9% [3][12]. Market Position - The company maintains a strong position in the high-end beer market, with brands like Heineken showing nearly 20% growth and other premium products experiencing significant increases [1][9]. - The current valuation is considered low, with price-to-earnings ratios of 17, 15, and 15 for 2025, 2026, and 2027, respectively, supporting the "Outperform the Market" rating [3][12].

Core Viewpoint - The article emphasizes the importance of domestic barley production in China's beer industry, highlighting the "National Barley Revitalization" strategy initiated by China Resources Beer to reduce reliance on imported barley and enhance local agricultural practices [1][3][5]. Group 1: Industry Overview - China is the largest beer market globally, with nearly 90% of its barley imported. In 2022, China imported 14.24 million tons of barley, a year-on-year increase of 25.8% [3][5]. - The "National Barley Revitalization" strategy aims to transform the barley supply chain from breeding to standardized planting, ensuring quality and cost control [3][4]. Group 2: Company Initiatives - China Resources Beer has established a standardized barley planting pilot base in Inner Mongolia, covering 3,000 acres in 2023, with plans to expand to 12,000 acres in 2024 [3][4]. - The company has developed a collaborative model involving enterprises, research institutions, and farmers, enhancing integration across the barley production chain [4]. Group 3: Future Prospects - Despite the decrease in imported barley prices, China Resources Beer plans to continue purchasing around 100,000 tons of domestic barley for beer production, indicating a commitment to the "National Barley Revitalization" strategy [5][6]. - The company aims to cultivate high-yield and high-quality barley varieties, with the "Yangnong Beer 14" variety achieving a record yield of 767.5 kg per acre in Jiangsu Province [6].

Core Viewpoint - China Resources Beer reported a decline in revenue and profit for 2024, while showing significant improvement in cash flow from operating activities [1][2]. Financial Performance - The turnover for 2024 was RMB 38.635 billion, a decrease of 0.76% from RMB 38.932 billion in 2023 [1][2]. - Profit attributable to shareholders was RMB 4.739 billion, down 8.03% from RMB 5.153 billion in the previous year [1][2]. - Basic earnings per share decreased to RMB 1.46 from RMB 1.59 in 2023 [2]. - The group’s gross margin increased by 1.2 percentage points to 42.6% [2]. - Earnings before interest and taxes rose by 2.9% to RMB 6.344 billion [2]. - Operating cash flow increased significantly by 67.0% to RMB 6.928 billion [1]. Dividends - The interim dividend per share was RMB 0.373, up from RMB 0.287 in 2023, while the final dividend was RMB 0.387 compared to RMB 0.349 in the previous year [2]. ESG Performance - The Sichuan Liangshan and Anhui Bengbu factories achieved carbon neutrality certification, and six factories were recognized as national "green factories" [3]. - The ESG rating improved from BBB to A, placing the company among the leading firms in the Chinese beverage industry [3]. Regulatory Issues - The company faced administrative penalties for construction without approval, totaling over RMB 2 million, which were not disclosed in the annual report or ESG report [3]. - Specific penalties included RMB 2.2945 million for unauthorized construction activities and RMB 30,000 for safety management failures [3].

Core Viewpoint - The Chinese beer industry is facing multiple challenges in 2024, including consumption segmentation, cost pressures, and localized competition from international brands, leading to a trend of "volume decline and price increase" [2] Industry Overview - The overall revenue of the beer industry in 2024 has decreased by 5.7% year-on-year, making it the only category in the food and beverage sector to experience negative growth [2] - The performance of the six major listed beer companies—Budweiser APAC, China Resources Beer, Tsingtao Brewery, Yanjing Beer, Chongqing Beer, and Zhujiang Beer—has shown further differentiation [2][3] Company Performance - Budweiser APAC reported a revenue of 62.46 billion RMB, down 8.90%, and a net profit of 7.26 billion RMB, down 14.79% [9] - China Resources Beer achieved revenue of 38.635 billion RMB, a slight decline of 0.76%, with net profit down 8.03% to 4.739 billion RMB [9] - Tsingtao Brewery's revenue was 32.138 billion RMB, down 5.30%, but net profit increased by 1.81% to 4.345 billion RMB [9] - Chongqing Beer reported revenue of 14.645 billion RMB, down 1.15%, and net profit of 1.115 billion RMB, down 16.61% [9] - Zhujiang Beer and Yanjing Beer were the exceptions, with Zhujiang Beer achieving revenue growth of 6.56% to 5.731 billion RMB and net profit growth of 29.95% to 810 million RMB [11] - Yanjing Beer also saw revenue growth of 3.20% to 14.667 billion RMB and net profit growth of 63.74% to 1.055 billion RMB [11] Market Trends - The market is experiencing a shift towards high-end products, with Zhujiang Beer and Yanjing Beer benefiting from product structure adjustments and capturing high-end consumption scenarios [3][12] - Analysts suggest that the beer industry must continue to pursue high-end strategies and expand online channels to find new growth opportunities [3][15] - The competition in the high-end market is intensifying, prompting companies to innovate and refine operations to discover new growth points [15] Strategic Adjustments - Companies are adjusting their product structures towards high-end offerings, with Zhujiang Beer reporting that 90% of its revenue comes from mid-to-high-end products [14] - Yanjing Beer has successfully launched its flagship product, Yanjing U8, achieving a sales volume of 696,000 kiloliters, a year-on-year increase of 31.40% [14] - Budweiser APAC, despite being a high-end market leader, has seen a significant decline in sales, down 11.8%, attributed to weak consumer spending [14] - China Resources Beer reported that mid-range and above products accounted for over 50% of its sales for the first time, indicating a commitment to high-end strategies [14]

Core Insights - In 2024, China Resources Beer reported total revenue of 40.569 billion yuan, a year-on-year decrease of 2.44% [1] - The net profit attributable to shareholders was 4.739 billion yuan, down 8.03% year-on-year [1] - The company generated a net cash flow from operating activities of 6.928 billion yuan, an increase of 66.98% compared to the previous year [1] Financial Performance - Basic earnings per share were 1.46 yuan, with a weighted average return on equity of 15.13%, a decrease of 2.72 percentage points from the previous year [1] - The company declared a dividend of 0.387 yuan per share for 2024 [1] - As of April 17, the price-to-earnings ratio was approximately 17.69 times, the price-to-book ratio (TTM) was about 2.64 times, and the price-to-sales ratio (TTM) was around 2.17 times [1] Cash Flow and Asset Changes - Cash flow from financing activities decreased by 7.421 billion yuan year-on-year [1] - Cash flow from investing activities improved from -9.687 billion yuan in the previous year to -2.135 billion yuan in 2024 [1] - As of the end of 2024, fixed assets increased by 11.23%, while cash and cash equivalents decreased by 30.4% [1] Liability Changes - Long-term borrowings decreased by 83.71% compared to the previous period [1] - Accounts payable and notes payable increased by 8.03% [1] - Deferred tax liabilities decreased by 32%, and taxes payable decreased by 61.78% [1] Liquidity Ratios - The current ratio for 2024 was 0.60, and the quick ratio was 0.23 [1]