出品丨搜狐财经 作者丨闫思羽 编辑丨李文贤 2024年，中国啤酒行业在消费分级、成本压力及国际品牌本土化竞争的多重挑战下，整体呈现出"量缩价增"趋势。 随着六大啤酒上市公司——百威亚太、华润啤酒、青岛啤酒、燕京啤酒、重庆啤酒和珠江啤酒的年报陆续披露，啤酒行业格局 进一步分化。 国家统计局数据显示，2024年啤酒行业营业收入同比下滑5.7%，成为食品饮料行业中唯一负增长的品类。 营收来看，以华润啤酒和青岛啤酒为代表的龙头略有下滑，珠江、燕京啤酒逆势增长，百威亚太在华业务持续承压。 搜狐财经发现，六大啤酒上市公司中，百威亚太、华润啤酒、青岛啤酒、重庆啤酒四家公司，去年的销量出现下滑。 搜狐酒业发展研究院专家肖竹青认为，珠江啤酒和燕京啤酒在产品结构调整方面收获了红利，同时在高端啤酒消费场景的抢占 方面取得了先机。 随着高端市场逐渐拥挤，酒类分析师蔡学飞认为，啤酒必然要持续进行高端化战略，并拓展线上渠道，布局直销等新模式，开 发小酒馆等体验式营销新模式，这样才有增量机遇。 业绩分化，百威、华润、重庆啤酒营收、净利双降 在六大啤酒上市公司中，业绩呈现出显著的分化态势。 以百威亚太、华润啤酒和青岛啤酒为代表的行业龙头，虽 ...

【华润啤酒 2024 年财报出炉】2024 年，华润啤酒营业总收入 405.69 亿元，同比下降 2.44%；归母净利 润 47.39 亿元，同比下降 8.03%。 经营活动产生的现金流量净额为 69.28 亿元，同比增长 66.98%。 基 本每股收益为 1.46 元，加权平均净资产收益率为 15.13%，公司 2024 年每股派息 0.387 元。 以 4 月 17 日收盘价计算，其市盈率约 17.69 倍，市净率（TTM）约 2.64 倍，市销率（TTM）约 2.17 倍。 公司是 一家主要从事啤酒业务的香港投资控股公司，业务包括啤酒产品的生产、销售及分销，主要在中国内地 及中国香港运营。 2024 年公司加权平均净资产收益率较上年同期下降 2.72 个百分点。 经营活动现金流 净额同比增长 66.98%；筹资活动现金流净额同比减少 74.21 亿元；投资活动现金流净额上年同期 为-96.87 亿元，2024 年为-21.35 亿元。 资产重大变化方面，截至 2024 年末，固定资产较上期末增加 11.23%，货币资金减少 30.4%，递延所得税资产减少 41.17%，商誉不变。 负债重大变化方面，长期 ...

2024年，啤酒巨头华润啤酒（00291.HK）出现营收、净利双降的情况。 华润啤酒3月18日发布的财报显示，报告期内，公司实现综合营业额386.35亿元，同比微降0.76%，股东 应占溢利47.39亿元，同比下降8.03%。透过年报，公司啤酒业务收入364.86亿元，同比下降1%；实现销 量约1087.4万千升，同比减少2.5%。 虽然营收、净利双降，但华润啤酒财报仍有看点——公司毛利率在2024年同比上升1.2个百分点至 42.6%，创下近年来的新高，财报中将此表现的原因归结为受益于啤酒和白酒业务高端化战略的持续发 展。此外，报告期内，华润啤酒经营活动现金流入净额同比增长67%至69.28亿元，创下近5年新高。 高端化策略带动毛利上升 对于业绩波动的原因，华润啤酒执行董事及董事会主席侯孝海在业绩会上表示，一方面是消费市场低 迷，特别是餐饮市场消费场景的缺失给啤酒消费带来影响；另一方面是天气原因，2024年6至8月的啤酒 旺季遇到雨水季，造成了渠道链条的压力。 在啤酒业务中，华润啤酒因高端化策略所收获的显著增益，依旧发挥着积极影响。 2024年，华润啤酒的高档及以上啤酒销量较去年同期有超过9%的增长，其中" ...

於香港註冊成立的有限公司 Incorporated in Hong Kong with limited liability 股份代號 Stock Codes : 00291; 80291 Embracing a New World 三十而立of Excellence 我們更美好 Celebrating Thirty Years 年 報 2024 ANNUAL REPORT Embracing a New World 三十而立of Excellence Celebrating Thirty Years 我們更美好 二零二四年是華潤啤酒發展歷程中極具里程碑 意義的一年，本公司迎來了「三十而立」的重 要時刻。在這三十年的歲月，華潤啤酒始終 秉 持 著 創 新 精 神 ， 從 瀋 陽「 打 起 背 包 出 發 」 走向全國，成功在啤酒行業中突圍而出， 近年更進入中國白酒市場，構建「啤酒+白 酒」雙賦能的獨特商業模式，致力實現「做 啤酒新世界的領導者」和「做白酒新世界的探索者」的企業願景。 在二零二四年這承前啟後的關鍵之年，華潤啤酒圓滿舉辦了三十 週年系列慶典活動。本年報以全新落成的雪花大廈及啤酒小鎮 為背景，展現了一 ...

Core Viewpoint - The performance of China Resources Beer in 2024 was mixed, with record-high gross margins but declining revenue and net profit, particularly in its white liquor business, which faced significant challenges [1][2][9]. Financial Performance - In 2024, China Resources Beer reported a total revenue of 38.635 billion yuan, a slight decrease of 0.76% year-on-year, and a net profit attributable to shareholders of 4.739 billion yuan, down 8.03% [2]. - This marked the first revenue decline in five years, with net profit falling below 5 billion yuan [2]. Gross Margin and Profitability - Despite the revenue and profit decline, the company's overall gross margin increased by 1.2 percentage points to 42.6%, the highest in five years [3]. - The gross margin for the beer segment reached 41.1%, up 0.9 percentage points, while the white liquor segment saw a significant increase of 5.6 percentage points to 68.5% [3]. Strategic Developments - The high-end strategy has shown positive results, with sales of premium products in the beer segment growing over 9%, and the sales of the "Li" brand increasing by 35% [3][5]. - The company has also seen a notable increase in online sales channels, with GMV growing over 30% [5]. Challenges in White Liquor Business - The white liquor segment faced challenges, including high inventory levels and price discrepancies, particularly with core assets like Jinsha Liquor [4][6]. - Despite a 4% revenue growth in the white liquor segment to 2.149 billion yuan, the overall performance was hindered by these issues [4]. Management and Strategic Execution - Frequent changes in management, particularly at Jinsha Liquor, have raised concerns about stability and strategic execution [7][8]. - The aggressive growth targets set for the white liquor business have not been met, leading to increased pressure on management [7]. Industry Context - The report reflects the broader challenges faced by traditional giants in transitioning through cross-industry acquisitions, highlighting the difficulties in adapting to new market dynamics [9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [4][9]. Core Views - The company has shown significant results in premiumization, achieving a strong start in 2025. Despite a challenging environment, the high-end product sales have grown over 9%, with Heineken sales increasing nearly 20% [6]. - The beer business revenue for 2024 is projected at 36.49 billion, a slight decline of 1% year-on-year, while the average selling price has increased by 1.5% to 3,355 yuan per thousand liters [6]. - The company is expected to achieve steady growth in 2025-2027, with revenue forecasts of 40.02 billion, 41.33 billion, and 42.42 billion respectively, and net profits of 5.39 billion, 5.89 billion, and 6.28 billion [6]. Financial Performance Summary - For 2024, the company reported an operating revenue of 38.635 billion, a decrease of 4% from the previous year, with a net profit of 4.739 billion, down 8% year-on-year [4][6]. - The EBITDA for 2024, excluding special items, is expected to be 8.694 billion, reflecting a 3% increase year-on-year [6]. - The beer business gross margin improved by 0.9 percentage points to 41.1% in 2024, driven by strong performance in high-end products [6]. Earnings Forecast - The earnings per share (EPS) for 2025 is projected at 1.66 yuan, with a corresponding price-to-earnings (P/E) ratio of 15.6 [4][6]. - The report anticipates a gradual increase in net profit margins, with the net profit margin for 2024 expected to be 12.3% [6]. - The company’s cash flow from operating activities is projected to be 6.291 billion in 2025, indicating a positive cash flow trend [8].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company is focusing on high-end products, with a steady improvement in profit margins due to cost optimization and a favorable product mix [2][3] - The company's revenue for 2024 is projected to be 38.635 billion RMB, with a slight year-on-year decrease of 0.76% [3] - The report anticipates that the company's earnings per share (EPS) will grow from 1.46 RMB in 2024 to 2.20 RMB by 2027, indicating a positive growth trajectory [3] Financial Performance Summary - In 2024, the company achieved a gross margin of 42.64%, an increase of 1.2 percentage points year-on-year, primarily due to improved raw material costs [2] - The net profit attributable to shareholders for 2024 is expected to be 4.739 billion RMB, reflecting a year-on-year decline of 8.03% [3] - The company's operating cash flow for 2024 is projected to increase by 67% to 6.846 billion RMB, providing a solid foundation for future dividend increases [2][3] Revenue and Profit Forecast - The company is expected to see revenue growth in the coming years, with projections of 42.523 billion RMB in 2025 and 44.721 billion RMB in 2026, representing growth rates of 4.82% and 5.17% respectively [3] - The report indicates that the company's EBITDA is expected to grow to 9.537 billion RMB by 2025, with a corresponding EBITDA margin improvement [4] Market Position and Strategy - The company is making strides in high-end product sales, with a notable 35% increase in sales of its flagship product "Zhai Fu" in the white liquor segment [2] - The report emphasizes the company's strategic focus on optimizing production capacity and enhancing operational efficiency, which is expected to contribute positively to profitability [2][3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report emphasizes that the company's high-end strategy is yielding results, with a focus on improving profit margins through cost management and operational efficiency [2][3] - The company achieved a revenue of 38.635 billion RMB in 2024, a slight decrease of 0.76% year-on-year, while the net profit attributable to shareholders was 4.739 billion RMB, down 8.03% year-on-year [3][4] - The gross margin improved to 42.64%, an increase of 1.2 percentage points year-on-year, primarily due to better raw material costs [2][3] Financial Performance Summary - In 2024, the company reported a revenue of 38.635 billion RMB, with a year-on-year growth rate of -0.76% [3] - The net profit attributable to shareholders for 2024 was 4.739 billion RMB, reflecting a year-on-year decrease of 8.03% [3] - The gross margin for 2024 was 42.64%, up from 41.36% in 2023 [3] - The company expects EPS to grow from 1.46 RMB in 2024 to 2.20 RMB by 2027, indicating a positive outlook for earnings growth [3][4] - The report forecasts a steady increase in revenue, projecting 42.523 billion RMB in 2025, 44.721 billion RMB in 2026, and 47.595 billion RMB in 2027 [3][4] Operational Insights - The company is focusing on high-end product offerings, with a notable increase in sales of premium beers and a 35% year-on-year growth in its high-end liquor product "Zhai Fu" [2][3] - The operational efficiency is highlighted by a significant improvement in cash flow, with net cash inflow from operating activities increasing by 67% year-on-year to 6.928 billion RMB in 2024 [2][3] Future Outlook - The report anticipates that the company's profit growth may exceed market expectations due to the gradual recovery of on-premise consumption channels and further cost optimization in 2025 [2][3] - The company is expected to maintain a strong cash position, which will support an increase in dividend payouts in the future [2][3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company is focusing on high-end products, with a steady improvement in profit margins due to cost optimization and a favorable product mix [2][3] - The company's revenue for 2024 is projected to be 38.635 billion RMB, with a slight year-on-year decrease of 0.76% [3] - The report anticipates that the company's earnings per share (EPS) will grow from 1.46 RMB in 2024 to 2.20 RMB by 2027, indicating a positive growth trajectory [3] Financial Performance Summary - In 2024, the company achieved a gross margin of 42.64%, an increase of 1.2 percentage points year-on-year, primarily due to improved raw material costs [2] - The net profit attributable to shareholders for 2024 is expected to be 4.739 billion RMB, reflecting an 8.03% decline compared to the previous year [3] - The company's operating cash flow for 2024 is projected to increase by 67% to 6.846 billion RMB, providing a solid foundation for future dividend increases [2][3] Revenue and Profit Forecast - The company is expected to see revenue growth rates of 4.82%, 5.17%, and 6.43% for the years 2025, 2026, and 2027 respectively [3] - The report projects that the company's EBITDA will increase from 8.571 billion RMB in 2025 to 11.668 billion RMB by 2027 [4] - The report indicates that the company's return on equity (ROE) will improve from 14.95% in 2024 to 19.33% in 2027 [4]

Investment Rating - The report assigns a rating of "Buy" for the company, expecting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [19][18]. Core Views - The company's beer business is steadily progressing towards high-end products, while the white liquor segment is experiencing counter-cyclical growth [1][10]. - The company achieved total revenue of 38.635 billion yuan in 2024, a year-on-year decrease of 0.8%, and a net profit of 4.739 billion yuan, down 8% year-on-year [3][9]. - The high-end beer sales grew by over 9% year-on-year, with Heineken seeing close to 20% growth, and the overall product structure is upgrading with mid-range and above beer sales exceeding 50% for the first time [4][5]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 38.635 billion yuan and a net profit of 4.739 billion yuan, with EBIT at 4.567 billion yuan, reflecting a slight increase of 0.2% year-on-year [3][9]. - The overall gross margin improved to 42.6%, up 1.3 percentage points year-on-year, with the beer segment's gross margin at 41.1% [6][9]. Sales and Growth - The beer sales volume in 2024 was 10.874 million tons, with a price of 3,355 yuan per ton, showing a decrease of 2.5% in volume but an increase of 1.5% in price year-on-year [4][5]. - The white liquor business generated revenue of 2.149 billion yuan, up 4% year-on-year, with a gross margin increase of 5.6 percentage points to 68.5% [5][6]. Future Projections - Revenue growth is projected at 6% for 2025, 5% for 2026, and 4% for 2027, with net profit growth expected at 9% for 2025 and 8% for the following years [9][12]. - The estimated earnings per share (EPS) are projected to be 1.59 yuan for 2025, 1.72 yuan for 2026, and 1.86 yuan for 2027 [9][12].