华润啤酒（0291. HK）/饮料 制造 证券研究报告/公司点评 啤酒高端化趋势不改，白酒拖累整体业绩 2024 年 8 月 19 日 评级：买入（维持）公司盈利预测及估值 | --- | --- | --- | --- | --- | |--------------------------------------------|--------------|------------------------------------|---------------|----------------| | 市场价格：23.90 港元 | 才忘 行 | | 2022A | 2023A | | 分析师：热欣慰执业证书编号：S0740519080002 | ½ 长 车 yoy% | 蓉业妆入（百万元）沖利河（百万元） | 36,4286%4,344 | 40,06410%5,153 | | 电话：021-20315733 | 婚长年 yoy% | | -5% | 19% | | | | | | | 16.4执业证书编号：S0740517030001P/E13.813.111.710.7 2.62.32.01.71.5P/ ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 (於香港註冊成立的有限公司) (股份代號: 291 (港幣櫃台)及 80291(人民幣櫃台)) 截至二零二四年六月三十日止六個月之中期業績 ⚫ 本集團於二零二四年上半年的未經審計之綜合營業額為人民幣 23,744,000,000 元， 受益於啤酒和白酒業務高端化戰略的持續發展。本集團於二零二四年上半年的股 東應佔溢利為人民幣 4,705,000,000 元，較去年同期上升 1.2%。本集團於回顧期內 經營活動之現金流入淨額同比增長 25.6%，反映本集團穩健的現金創造能力。 ⚫ 啤酒業務方面，整體實現啤酒銷量約 6,348,000 千升，同比下降 3.4%，優於部分具 規模的啤酒企業。本集團啤酒高端產品持續發力。二零二四年上半年，中檔及以 上啤酒銷量佔比首次於上半年超過 50%。次高檔及以上啤酒銷量較去年同期實現 單位數增長，其中通過電商渠道的銷量較去年同期錄得約 60%增長。高檔及以上 啤酒銷量較去年 ...

华润啤酒(00291.HK) 2024 年 06 月 27 日 投资评级:增持(首次) | 日期 | 2024/6/26 | |-------------------------|---------------| | 当前股价 ( 港元 ) | 28.150 | | 一年最高最低 ( 港元 ) | 52.650/27.050 | | 总市值 ( 亿港元 ) | 913.24 | | 流通市值 ( 亿港元 ) | 913.24 | | 总股本 ( 亿股 ) | 32.44 | | 流通港股 ( 亿股 ) | 32.44 | | 近 3 个月换手率 (%) | 19.89 | | 股价走势图 | | 华润啤酒 恒生指数 -48% -32% -16% 0% 16% 2023-06 2023-10 2024-02 数据来源:聚源 聚击高端,拾级而上 ——港股公司首次覆盖报告 | 张宇光(分析师) | 方勇(分析师) | |--------------------------|--------------------------| | zhangyuguang@kysec.cn | fangyong@kysec.cn ...

浦银国际研究 公司研究 | 消费行业 华润啤酒（291.HK）：市场情绪开始恢 林闻嘉 复，预计 30 日之内股价大幅反弹 首席消费分析师 浦 银 richard_lin@spdbi.com 国 华润啤酒的股价在过去 40 日内大幅下滑 25%左右。较弱的市场情绪 (852) 2808 6433 际 主要是由于市场担心（1）疲软的餐饮渠道和全国多雨的天气可能令啤 桑若楠，CFA 酒销量承压，（2）茅台近期批价大幅下滑加大了华润白酒业务发展前 消费分析师 景的不确定性。然而，根据我们的研究显示，华润啤酒销量在高基数 serena_sang@spdbi.com 下基本维持稳健、产品结构持续提升、管理层对全年业绩展望保持乐 (852) 2808 6439 公 观态度。这些都让我们相信公司短期股价明显超跌。华润目前股价仅 2024年6月19日 司 交易在不到 15x 2024年 P/E 及不到 10x 2024 EV/EBITDA，处于历史底 研 部，估值性价比较高。随着旺季的开始、基数的回落以及全国大部分 究 地区天气的放晴转热，我们预计市场情绪将在短期内改善，助力华润 评级 ...

华润啤酒20240510_智能速览 2024年05月10日 22:35 关键词 啤酒 价格 白酒 经销商 高端餐饮 参会者 渠道库存 消费者 便利店 餐饮渠道 低端 市场 销量 月份 季度 费 用率 需提问 提问电话 客户群 新产品 全文摘要 销售计划方面的具体举措。尽管预计销量在短期内会有所下滑，公司计划通过举办体育赛事等促销活动 来刺激销量增长，并期望在下半年迎来销售旺季时实现增长。面对原材料成本上升的挑战，公司打算采 取有效措施控制费用，并优化运营以保持竞争力。在白酒业务方面，公司已经取得快速成长，但同时也 正在调整营销策略以应对即将到来的销售高峰期。总体来说，公司展现出灵活应对市场和竞争态势的能 力，并致力于通过精细化管理和创新来提升业绩。 本次对话的核心集中在企业如何平衡产品升级、市 场定位和价格策略。企业表示没有新品推出计划或提价计划，将继续维持现有的稳定策略，并重视已有 核心产品的销售，同时设立明确的年度目标。此外，企业提到了在线市场的投资和对市场反馈的积极响 应，展示出在疫情期间对业务调整和市场预期管理的有效策略，包括控制库存、处理价格纪律问题以及 利用节假日促销活动来提升销量。 两家白酒公司 ...

那今天的话呢我们是很荣幸邀请到公司的这个投资者关系负责人梁总Kevin那也非常感谢Kevin本人出生抽出时间给我们做一个更新吧或者说交友我这边是华人消费以及水平饮料组的这个首席政经一起主持的还有我们的同事那考虑到公司呢其实最近已经发布了这个年报的一个业绩所以今天的话我们大家也就就后续的这个发展逻辑 做一个定向的沟通那包括看公司在那个年报的一个表现其实四高端这块包括我们这个努力提升这块还是表现非常的一枝独秀的那要不开始的时候还是这个把时间先交给凯文总要不辛苦您就结合我们这个年报吧要不给我们稍微整理一下或者说做一个这个心情提示几分钟的一个心情提示您看可以吗 我简单说一下市场关注点以及我们最近这个情况。第一个,我觉得现在的经济情况当然怕有起伏,但是大家都理解,现在的社会是跟之前的话, 会有一点不一样,因为之前的话可能是简单的高端跨,所有人都享受,然后比如说经济情况往上走,大家都比较容易去做到高端跨这个效果。现在来看的话,首先第一个就是说区域的分跨的情况是比较严重,比如说有些地区可能比较快,新增的比较快,有些地区可能新增的没那么快。 那第二个问题就是说会不会有产生一些社会降级的情况整体上在大多数的代价环境的话可能不太 ...

Business Expansion and Diversification - CR Beer acquired 55.19% equity interest in Guizhou Jinsha Jiaojiu Winery Co., Ltd. in January 2023, marking its entry into the sauce-flavored baijiu market[14] - The Group established two major business units for beer and baijiu businesses, implementing a "Business Departments + Functional Departments/Direct Organizations" model[14] - The company officially entered the baijiu market in 2023, marking a significant milestone in its diversification strategy[55][56] - The Group completed the acquisition of 55.19% equity interest in Guizhou Jinsha, making it an indirect non-wholly owned subsidiary[103][108] - The Group actively expanded its non-beer businesses, proposing a "dual empowerment model for beer and baijiu businesses with mutual growth"[182] Product Innovation and Launches - CR Beer launched "Snow Draft Pure Malt Beer" in February 2023, targeting draft beer enthusiasts seeking higher product value[18] - Launched "Nong Li" product in September, carrying the brand DNA of "Paying Tribute to China's Thousand-Year-Old Brewing Culture"[19] - Introduced the first human + AI co-designed beer, "X Universe Plan", under the "Brave the World SuperX" brand[20] - Launched new baijiu products including "Jingyangchun Vitality Tiger" and "Jingzhi Zhixiang" Zhen series in June[21] - The Group launched the premium non-alcoholic beer "Heineken® 0.0" and promoted a themed marketing campaign leveraging the UEFA Champions League[85] - The Group launched new baijiu products "Zhaiyao Jingzhi" for corporate customers and "Jinsha Xiaojiang" targeting young consumers in 2023[94][95] Strategic Partnerships and Collaborations - The Group reached a strategic cooperation agreement with China Resources Gas Group Limited to support green development[17] - CR Beer signed a comprehensive strategic collaboration with Jiangnan University to strengthen resource integration and promote collaboration between top-tier universities and enterprises[18] - The Group established strategic collaborations with Ele.me, Meituan Instashopping, and China Railway Express[18] - The Group entered into a raw grain supply framework agreement with CR Wufeng Investment, effective from January 1, 2024, to December 31, 2026, for the supply of raw materials and related services for baijiu production[111] - CRWH, a subsidiary, entered into a three-year raw grains supply framework agreement with CRNF Investment, effective from 1 January 2024[114] Financial Performance and Metrics - Revenue for 2023 reached RMB 38,932 million, a 10.4% increase from RMB 35,263 million in 2022[44] - Profit attributable to shareholders of the Company in 2023 was RMB 5,153 million, up 18.6% from RMB 4,344 million in 2022[44] - Basic earnings per share for 2023 were RMB 1.59, compared to RMB 1.34 in 2022[44] - Total equity increased to RMB 34,174 million in 2023 from RMB 27,077 million in 2022[46] - Consolidated net cash decreased to RMB 426 million in 2023 from RMB 9,129 million in 2022[46] - Current ratio declined to 0.70 in 2023 from 0.88 in 2022[46] - Net assets per share (book value) rose to RMB 9.34 in 2023 from RMB 8.33 in 2022[46] - Total consolidated turnover increased by 10.4% year-on-year to RMB 38,932 million in 2023[56][59] - Earnings before interest and taxation rose by 33.2% year-on-year to RMB 6,961 million in 2023[56][59] - Beer sales volume increased by 0.5% year-on-year to 11,151,000 kilolitres in 2023[56][59] - The company proposed a final dividend of RMB 0.349 per share and a special dividend of RMB 0.300 per share, totaling RMB 0.936 per share for 2023[61] - Beer business turnover increased by 4.5% to RMB 36,865,000,000 and earnings before interest and taxation rose by 30.6% to RMB 6,889,000,000 in 2023[62][64] - Sales volume of sub-premium and above beer segment grew by 18.9% to 2,500,000 kilolitres in 2023[65] - Heineken® brand beer sales in China reached 600,000 kilolitres in 2023, achieving the first five-year plan target[66] - Gross profit margin of the beer business increased by 1.7 percentage points to 40.2% in 2023[67] - Baijiu business turnover was RMB 2,067,000,000 and earnings before interest and taxation were RMB 130,000,000 in 2023, with adjusted earnings before interest and taxation of RMB 797,000,000 excluding intangible asset amortization[68][69] - Total dividend for 2023 amounted to RMB 0.936 per share, including a final dividend of RMB 0.349 per share and a special dividend of RMB 0.300 per share[63] - The Group's consolidated turnover in 2023 was RMB 38,932,000,000, a 10.4% increase compared to 2022[81] - The Group's beer sales volume in 2023 increased by 0.5% to approximately 11,151,000 kilolitres[82] - The sales volume of sub-premium and above beer segments increased by 18.9% to approximately 2,500,000 kilolitres in 2023[85] - The Group's beer business turnover and earnings before interest and taxation in 2023 were RMB 36,865,000,000 and RMB 6,889,000,000, respectively, representing increases of 4.5% and 30.6% compared to 2022[82] - The average selling price of beer products increased by 4.0% year-on-year in 2023[82] - The "Heineken®" brand achieved a strong sales growth of nearly 60.0% year-on-year in 2023, reaching a sales volume target of 600,000 kilolitres[85] - The Group's earnings before interest and taxation and profit attributable to shareholders in 2023 increased by 33.2% and 18.6% to RMB 6,961,000,000 and RMB 5,153,000,000, respectively[81] - The Group's beer business gross profit margin increased by 1.7 percentage points to 40.2% in 2023, driven by premiumization and lower packaging material costs[86][87] - Operating expense ratio for the beer business decreased by 1.3 percentage points to 27.1% in 2023, with administrative and other expenses ratio dropping 1.4 percentage points to 7.9%[88] - The Group's consolidated net cash as of December 31, 2023, was RMB426,000,000, with total borrowings of RMB5,112,000,000, of which RMB931,000,000 is repayable within one year and RMB4,181,000,000 repayable after one year but within five years[98][99] - The Group's current liabilities as of December 31, 2023, were RMB24,364,000,000, with a current ratio of 0.70, primarily driven by advance receipts from beer sales and accruals for promotion and marketing expenses[100] - The Group's cash and bank deposit balance as of December 31, 2023, was 99.1% denominated in RMB, 0.4% in HKD, and 0.5% in USD[98][99] - The total dividend for 2023, including a special dividend for the Group's 30th anniversary, reached RMB0.936 per share, representing a 75% year-on-year increase and a dividend payout ratio of 59%[125][128] Operational and Production Developments - The Group initiated the "Research on Quality Improvement and Standardization of Planting Quality Assurance System for Domestic Beer Barley" project, with the first experimental base established in Inner Mongolia[16] - CR Beer set up three institutes of technology for baijiu, responsible for scientific research activities, management, and resource allocation[17] - Officially launched five relocation and new construction projects with annual production capacities ranging from 100,000 to 1 million kilolitres[25] - Put three projects into operation, including an 800,000 kilolitres annual production project at the Bengbu factory[26] - Completed rooftop photovoltaic projects in collaboration with CR Power and CR Gas, involving 22 factories[27] - The Group optimized production capacity by closing 2 breweries and opening 1 new intelligent factory in Bengbu, Anhui, with total annual production capacity of approximately 19,100,000 kilolitres across 62 breweries in China as of end-2023[88] - Baijiu business operated 2 distilleries in Guizhou Province with annual production capacity of approximately 15,000 kilolitres as of end-2023[96] - The Group's annual production capacity as of 31 December 2023 was 19,100,000 kiloliters (KL)[116] - The Group operates breweries in 24 provinces/cities across China, with the highest number of breweries in Sichuan (8) and Liaoning (6)[117] Brand and Market Positioning - CR Snow served as the official beer supplier for the Hangzhou Asian Games, providing products for ceremonies and athletes[19] - The Group sponsored multiple events including marathon events, variety shows, and extreme sports events to enhance brand influence[85] - The Group aims to strengthen Guizhou Jinsha's foundation through organizational restructuring, brand repositioning, and production improvement[93] - The Group will continue to focus on premiumization, brand building, and digital transformation to enhance competitive position in the beer industry[89] - The Group's beer business strategy "Excellence in Development for Winning at Premiumization" entered its final three years in 2023, while the baijiu business strategy "Strategic, Organizational, and Cultural (SOC) Reshaping for Empowered Development" began its first three-year phase[182] - The Group optimized its product mix, built a multi-level brand portfolio, and implemented global flexible procurement to reduce costs and enhance efficiency[182] - The Group strengthened its competitive position through precise marketing campaigns, high-quality channel expansion, and improved product portfolio[184] Risk Management and Corporate Governance - The company emphasizes a robust and prudent operation strategy, aiming for balanced development of efficiency, quality, and scale while managing risks to avoid major financial losses or business interruptions[166] - The company's risk management structure follows the "three lines of defense" model, with business units, risk management functions, and internal audit teams each playing distinct roles in risk identification, mitigation, and monitoring[168] - The Group's risk management framework is based on a "Three Lines of Defense" model, with clear division of responsibilities and management duties across business units, risk management functions, and internal audit functions[169] - The Board of Directors continuously monitors risk management and internal control systems, reviewing their effectiveness semi-annually through the Audit Committee[171][173] - The Group conducts annual risk assessments through a top-down and bottom-up process, identifying risks across strategic, marketing, operational, and human resource dimensions[172][174] - Identified risks are analyzed for likelihood and potential impact, with higher-priority risks receiving immediate attention and mitigation measures[175][177] - Risk monitoring indicators are established based on quantifiable and practicable principles, with regular reporting and independent reviews by the internal audit function[176][178] - The Group implemented measures to mitigate public sentiment and reputation risks, including monitoring and prohibiting activities that could damage its reputation[187][188] - The Group prioritized health, safety, and environmental protection, conducting staff training, emergency drills, and increasing environmental investments[189][190] - The Group addressed market supply risks by closely monitoring raw material dynamics, developing procurement strategies, and expanding supplier networks[193][195] - The Group enhanced information security by strengthening system management, implementing disaster recovery systems, and ensuring project quality[192][194] Leadership and Organizational Changes - Mr. Zhao Chunwu was appointed as Executive Director and President of the Company effective from 18 August 2023, with nearly 20 years of experience in sales and marketing[135][136] - Mr. Zhao Wei was appointed as Chief Financial Officer on 2 June 2023 and as Executive Director on 18 August 2023, with over 20 years of experience in financial management[137][138] - Mr. Daniel Robinson was appointed as Non-executive Director since December 2023 and serves as the managing director of Heineken Management (Shanghai) Co. Ltd., which supports the Group in premium brand building and marketing[139][140] - Mr. Tang Liqing was appointed as Non-executive Director in November 2021, with over 25 years of experience in finance, accounting, and human resources, particularly in the fast-moving consumer goods sector[141][142] - Ms. Guo Wei was appointed as a Non-executive Director of the Company in September 2023[143][144] - Ms. Guo Wei has extensive experience in auditing and financial management, holding a bachelor's degree in economics and a master's degree in law[143][144] - Mr. Houang Tai Ninh has been a Director of the Company since 1988 and holds a Bachelor of Business Studies degree[145] - Dr. Li Ka Cheung has been a Director since March 2003 and is Honorary Chairman of SHINEWING (HK) CPA Limited[145][146] - Mr. Lai Hin Wing was appointed as a Director in August 2022 and has over 40 years of legal practice experience[147][148] - Mr. Lai Hin Wing holds a Bachelor of Laws degree and is a Notary Public and China Appointed Attesting Officer[147][148] - Mr. Bernard Charnwut Chan has been a Director of the Company since November 2006 and holds multiple high-ranking positions in various companies, including Chairman & President of Asia Financial Holdings Limited and Chairman of Asia Insurance Company Limited[149][150] - Mr. Siu Kwing Chue, Gordon has been a Director of the Company since November 2006 and has extensive experience in government roles, including Secretary for Economic Services and Secretary for Transport in Hong Kong[151][152] - Mr. Xu Lin was appointed as Vice-President of the Company in January 2024, bringing experience from his previous role as a senior colonel in the Security Bureau of the Joint Staff Department of the Central Military Commission of the Communist Party of China[153] - Mr. Liu Youtai, appointed as Vice-President in December 2021, has extensive experience in marketing and financial management, having served in various high-ranking positions within the Company's subsidiaries since joining in 2002[154][155] - Mr. Zeng Shenping, appointed as Vice-President in December 2021, has extensive experience in marketing and investment & acquisition, having served in various high-ranking positions within the Company's subsidiaries since joining in 2000[156] - Mr. Wei Qiang was appointed as Vice-President in June 2023 and has over 20 years of experience in the beer and fast-moving consumer goods industry, including roles as CFO and Executive Director of the Company[157] - Mr. Wei has been appointed as Vice-President of the company since June 2023, bringing over 20 years of experience in beer and FMCG business management, along with extensive expertise in financial management, investment, and M&A[158] - Mr. Fan Shikai, aged 56, was appointed as Vice-President in June 2023 and holds key positions in subsidiaries, including Deputy General Manager of China Resources Wine Holdings and General Manager of Guizhou Jinsha Jiaojiu Winery, with over 20 years of sales and marketing experience[159][160] Awards and Recognitions - Ranked 76th in the 2023 Brand Value List of Chinese Listed Companies — Top 100 List[32] - Ranked 362nd in the Fortune China 500 list[32] - Ranked 1482nd in the Forbes Global 2000 list[33] - The 2022 annual report received multiple awards, including GOLD for Financial Data: Manufacturing & Distributing[36] - The company was ranked 37th in the Worldwide Top 100 Annual Report Ranking and 9th in the Asia Pacific Region Top 80 Ranking[38] - The Group received multiple awards in 2023, including the "Directors Of The Year Awards 2023" and eight awards from the "All-Asia Executive Team"[123] Market and Investor Relations - The Group held approximately 360 meetings with over 5,000 fund managers and analysts in 2023[122] - The Hang Seng Index declined by 15.38% in 2023, reflecting cautious investor sentiment amidst geopolitical challenges[121] - The Group changed the board lot size for trading on the Hong Kong Stock Exchange from 2,000 shares to 500 shares, effective from 11 April 2024[115] - The Group organized an offline seminar for stock commentators in Hong Kong to discuss product strategies and business developments[122] - The Group's stock price closed at HK$34.20 on the HKD counter and RMB28.05 on the RMB counter as of December 2023, with a total market capitalization of approximately HK$110.95 billion[124][126] - The Group joined the "HKD-RMB Dual Counter Model" in June 2023 to enhance share liquidity and support RMB internationalization[124][126] - CR Beer was included in several newly launched indices by Hang Seng Indexes Company, including the Hang Seng SCHK Consumption Index, Hang Seng SCHK Central SOEs Value Index, and Hang Seng SCHK SOEs Select Index[124][126] - The Group's dividend policy ensures that the annual dividend distributed to shareholders is no less than 20% of the profit attributable to shareholders under normal circumstances[125][127] Employee and Workforce Management - The Group's employee count increased to approximately 27,000 as of December 31, 2023, up from 24,000 in the previous year, with employee costs totaling RMB5,867,000,000 for the year[110] - The Group's staff size increased to 27,000 as of 31 December 2023, up from 24,000 in 2022, with over 99% employed in Mainland China[113] - Staff costs for the year ended 31 December 2023 amounted to approximately RMB5.867 billion[113] Environmental and Social Responsibility - The Group prioritized health, safety, and environmental protection, conducting staff training, emergency drills, and

2024 年4 月12 日 食品、饮料及烟草: 中性 授权转发报告/ 业绩点评报告 华润啤酒 (291 HK, 买入, 目标价: HK$39.50) 2024 年展望：轻装上阵，快步前行 目标价: HK$39.50 当前股价: HK$34.05 • 成本下行及持续的产品升级战略有望推动啤酒业务利润率和净利润双增。 股价上行/下行空间 +16% • 白酒收入有望重启健康增长，进而带动经营杠杆改善。 52周最高/最低价 (HK$) 65.40/27.20 市值 (US$mn) 14,106 • 重申“买入”评级，下调目标价至39.50 港元（对应11.0 倍2024 年 当前发行数量(百万股) 3,244 EV/EBITDA）。 三个月平均日交易額 53 (US$mn) 流通盘占比 (%) 48 此港股通报告之英文版本于2024 年4 月10 日上午6 时由华兴证券（香港）发布。中 主要股东 (%) 文版由华兴证券的姜雪烽（证券分析师登记编号：S1680519070001）审核。如果您想 中国华润有限公司 52 进一步讨论本报告所述观点，请与您在华兴证券的销售代表联系。 按2024 年4 月9 日收市数据 资料来 ...

华润啤酒（291） 更新报告 买入 2024年4月9日 啤酒高端化稳步向前，白酒 重塑成效显著  23FY 业绩表现稳健，派息率提升超预期： 23FY 营业额共计 389.3 亿元，同比 黎航荣 +10%。EBIT 共计录得 69.6 元，低基数税率影响下同比+33%，EBIT 率为 17.9%， 同比+3.1pct。期内公司股东应占溢利共计 51.5 亿元，同比+19%，归母净利润率 wayne.li@firstshanghai.com.hk 13.2%，同比+0.9pct。公司拟派末期股息每股人民币 0.349 元，以及集团三十周 852 2522 2101 年特别股息每股人民币0.300元，全年派息率合计达59%，同比大幅+19pct。  啤酒高端化战略目标坚定：23FY公司啤酒业务共计录得营业额368.7亿元，同比 主要数据 +5%。其中销量实现 11.15 百万千升，同比基本持平，平均销售单价为每千升人 行业 啤酒/消费 民币 3,306 元，同比+4%，营业额及销售单价提高主要由结构升级所致。23FY 次 高端及以上产品销量为 2.5 百万千升，同比+18.9%，占整体销量比重为 22.4%， ...

华润啤酒近期公布了2023年全年业绩，综合营业额为389.32亿元，同比增长10.4%；股东应占溢利为51.53亿元，同比增长18.6%。 在“啤+白”双赋能的策略下，华润啤酒这一年来，虽然整体股东应占溢利首次突破50亿元，但一边面对啤酒白热化的竞争，一边又要处理金沙酒业棘手的问题。 双赋能策略真的能奏效吗？华润啤酒或许还有很长一段路要走。  1   啤酒销量“不是很令人满意”  从啤酒业务来看，华润啤酒2023年销量达到1115.1万千升，同比增长0.5%。这一增长主要源于产品高端化和部分包装物成本下降。 啤酒业务的毛利率同比提高1.7个百分点，达到40.2%；次高档及以上啤酒销量约2,500,000千升，同比增长18.9%。 图 / 界面新闻图库 喜力、雪花纯生、老雪和红爵等产品于2023年销量同比均录得双位数增长。 其中，高端线的喜力品牌啤酒销量同比增长近60.0%，达到600,000千升，使得中国成为喜力全球第二大市场。 在华润啤酒董事会主席侯孝海看来，2023年是华润啤酒和喜力首个五年合作的最后一年，目标的完成，解答了华润啤酒能不能做高端以及能不能做国际品牌。 受惠于整体啤酒销量及营业额上升， ...