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 Chinese beer industry faces significant challenges in 2024, with a notable decline in sales and a shift in consumer behavior impacting revenue and profit margins [1][4][5]. Revenue and Profit Summary - In 2024, seven listed beer companies achieved a total revenue of approximately 152.13 billion yuan and a net profit of about 17.44 billion yuan [1]. - The revenue distribution among these companies shows three main tiers: over 30 billion yuan, between 10 billion and 30 billion yuan, and below 10 billion yuan [1]. - Budweiser APAC leads with a revenue of 62.46 billion yuan, followed by China Resources Beer and Tsingtao Brewery with revenues of 38.64 billion yuan and 32.14 billion yuan, respectively [1]. Performance Disparity - 57% of the beer companies experienced a decline in sales volume, attributed to a decrease in on-the-go consumption and high-end product sales [1][4]. - Among the seven companies, four reported a decrease in revenue, with Budweiser APAC, China Resources Beer, Tsingtao Brewery, and Chongqing Beer showing declines of 8.9%, 0.76%, 5.3%, and 1.15%, respectively [2][3]. - Conversely, Yanjing Beer, Zhujiang Beer, and Huichuan Beer saw revenue increases of 3.2%, 6.56%, and 5.44%, respectively [2]. Market Challenges - The decline in on-the-go consumption channels, such as restaurants and bars, has significantly impacted beer sales [4][5]. - The average per capita consumption in the restaurant sector dropped to 39.8 yuan, a decrease of 6.6% year-on-year, with the beverage segment experiencing the most significant decline [4]. - High-end product sales are also under pressure, with Budweiser APAC's market share in the high-end segment falling from approximately 50% to 42% [5]. Strategic Shifts - Beer companies are shifting focus from traditional on-premise sales to new consumption scenarios, particularly instant retail, which is gaining traction [6][7]. - Instant retail for beer has seen significant growth, with a reported 83% increase in market size from 2020 to 2022 [6]. - Companies like China Resources Snow Beer and Tsingtao Brewery are exploring customized products and services to meet evolving consumer demands [6]. Future Trends - The competition in the beer industry is transitioning from channel acquisition to the exploration of consumer scenarios, especially in the high-end segment [7]. - The future development of the beer market is expected to focus on technology-driven high-end products and the capture of instant consumption scenarios [7].

Employment Changes - Budweiser APAC reduced its workforce from approximately 25,000 employees in 2023 to over 21,000 in 2024, resulting in a decrease of about 4,000 employees, which is a reduction rate of approximately 16% [1] - Yanjing Beer reduced its workforce by 1,440 employees, with total employees dropping from 21,405 in 2023 to 19,965 in 2024 [2][5] - China Resources Beer employed around 26,000 people in 2024, down from about 27,000 in 2023, a decrease of 1,000 employees [6] - Qingdao Beer saw a reduction of 817 employees, with total employees decreasing from 30,687 in 2023 to 29,870 in 2024, a reduction rate of 2.66% [8] Financial Performance - Budweiser APAC's beer sales in 2024 were 8.481 million kiloliters, a year-on-year decline of 8.8%, with revenue of $6.246 billion, down 7%, and normalized EBITDA of $1.807 billion, down 6.3% [2] - Yanjing Beer achieved beer sales of 4.0044 million kiloliters in 2024, a year-on-year increase of 1.57%, with revenue of 14.667 billion yuan, up 3.20%, and net profit attributable to shareholders of 1.056 billion yuan, up 63.74% [6] - China Resources Beer reported a total revenue of 38.635 billion yuan in 2024, a slight decline of 0.76%, with net profit attributable to shareholders of 4.739 billion yuan, down 8.03%, and a gross margin of 42.6%, which is an increase of 1.2 percentage points [8] - Qingdao Beer reported revenue of 32.138 billion yuan in 2024, a decrease of 5.3%, while net profit attributable to shareholders was 4.345 billion yuan, an increase of 1.81%, and net profit excluding non-recurring items was 3.951 billion yuan, up 6.19% [10]

Core Insights - The beer market is experiencing intensified competition as it enters a phase of stock competition, with contrasting performance driven by events like the European Cup and the Paris Olympics, alongside adverse weather and weak recovery in dining demand [1][3] - The overall beer industry remains highly fragmented, with major players like Budweiser APAC, China Resources Beer, Tsingtao Brewery, and Yanjing Beer generating over 150 billion yuan in total revenue, while smaller companies struggle with revenues below 1.3 billion yuan [1][3] Industry Performance - In 2024, the beer industry in China saw a 0.6% decline in production among large-scale enterprises, with industry revenue decreasing by 5.7%, marking it as the only category in the food and beverage sector to experience a revenue drop [3][8] - Major companies such as Budweiser APAC, Tsingtao Brewery, and China Resources Beer reported revenue declines of 8.8%, 5.3%, and 2.45% respectively, while Yanjing Beer and Zhujiang Beer managed to achieve revenue growth [3][10] Financial Results - Among the six major beer companies, Budweiser APAC, China Resources Beer, and Chongqing Beer all faced declines in both revenue and net profit, while Tsingtao Brewery saw a slight increase in net profit despite a revenue drop [5][6] - Yanjing Beer and Zhujiang Beer reported significant growth in both revenue and net profit, with Yanjing's net profit increasing by 63% [5][6] Q1 2025 Performance - In Q1 2025, major beer companies showed resilience with revenue and net profit growth, particularly Yanjing Beer, which achieved a net profit increase of over 60% [13][14] - Qingdao Beer led in revenue with approximately 10.446 billion yuan, while Zhujiang Beer had the highest revenue growth rate at 10.69% [14][16] Market Trends - The beer market is shifting towards high-end products, with companies focusing on premium offerings to attract consumers [15][17] - Yanjing Beer has launched new beverage products, indicating a strategic move towards diversification and tapping into the beverage market [17][18] - Qingdao Beer is also exploring beverage integration through its strategic merger with Qingdao Beverage Group, enhancing its product offerings and market reach [19]

Industry Overview - The beer industry in 2024 is experiencing a significant divergence, with some companies thriving while others struggle, reflecting a structural adjustment within the market [2][3] - The National Bureau of Statistics reported a 0.6% year-on-year decline in beer production and a 5.7% decrease in industry revenue, making beer the only category in the food and beverage sector to see a revenue drop [2] Market Dynamics - The Chinese beer market is characterized by oligopolistic competition, with the top six companies (CR6) holding a market share of 92.6% [3] - Beer production has been declining since its peak in 2013, leading to a contraction in the overall consumption market, which directly impacts the performance of leading companies [3] Financial Performance - Major companies like Budweiser APAC, China Resources Beer, and Tsingtao Brewery reported revenue declines of 8.89%, 0.76%, and 5.3% respectively in 2024 [4][5] - Net profits for Budweiser APAC, China Resources Beer, and Chongqing Beer also fell by 14.8%, 8.03%, and 17.05% respectively, attributed to weak consumer demand and challenges in traditional sales channels [4][5] Growth Segmentation - Yanjing Beer and Zhujiang Beer are exceptions, showing positive growth in both revenue and profit, with Yanjing's revenue increasing by 3.20% and net profit by 54.87% [5] - Yanjing U8 has successfully penetrated the mid-to-high-end market, achieving a 31.40% increase in sales volume [6] Strategic Shifts - Companies are shifting focus towards operational efficiency and market segmentation to find sustainable profit growth in a saturated market [8][9] - Budweiser APAC is reallocating resources from super-premium products to the core price segment of 8-10 yuan, which is performing better in the current consumption environment [7][8] Cost Management - Several companies, including Budweiser APAC and China Resources Beer, have reduced their sales costs by 8.93% and 2.93% respectively, due to lower barley prices and improved cost control measures [9][10] - Qingdao Beer managed to achieve a slight net profit increase despite revenue decline by reducing various operational costs [10][12] Marketing Innovations - Companies are adopting innovative marketing strategies to engage younger consumers, such as emotional and scenario-based marketing [13][14] - Budweiser APAC is focusing on expanding non-drinking channels and targeting new consumption scenarios, while China Resources Beer has seen over 30% growth in online business [15][16]

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 - The China Securities Hong Kong 300 Leisure Index (H300 Leisure) has shown a decline of 6.48% over the past month, but has increased by 3.86% over the last three months and 1.65% year-to-date [2] Group 1: Index Performance - The H300 Leisure Index is currently reported at 2622.85 points [1] - The index reflects the overall performance of listed companies in various themes such as banking, transportation, resources, infrastructure, logistics, and leisure, selected from the China Securities Hong Kong 300 Index [2] - The index was established on December 31, 2004, with a base point of 1000.0 [2] Group 2: Index Holdings - The top ten weighted companies in the H300 Leisure Index are Tencent Holdings (12.0%), NetEase-S (11.48%), Kuaishou-W (10.64%), Baidu Group-SW (10.57%), Yum China (9.36%), Trip.com Group-S (8.2%), Meituan-W (7.81%), Galaxy Entertainment (5.15%), China Resources Beer (3.1%), and Haidilao (2.79%) [2] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100.00% allocation [2] Group 3: Sector Allocation - The sector allocation of the H300 Leisure Index includes Leisure Services (39.89%), Digital Media (38.67%), Cultural Entertainment (12.69%), Alcohol (7.30%), and Marketing & Advertising (1.45%) [2] Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]

过去十余年，百事集团全球业绩从2013年的4049.26亿元人民币稳步增长至2024年的6650.17亿元， 展现出强劲的增长韧性与卓越的全球经营能力。持续巩固和拓展其在本土食品与饮料行业的领先地位。 在全球经济重塑与科技变革并行的时代，食品与饮料行业正步入一场深层次的系统性重构。FBIF2025 全体大会，汇聚全球领袖与思想先行者，以"系统性增长逻辑"为主线，穿越短期波动，重塑可持续增长 的底层方法论。 面对老龄化社会、消费分级、中增长市场的机遇与挑战，行业需要超越传统打法，在"用户资产沉淀"中 夯实内力，在"国际化双轮驱动"中拓展增长疆域。同时，AI驱动的新质生产力、智能供应链体系的重 塑，正在重构产品开发、渠道连接与组织效率的新边界。从战略并购与整合，到全球价值链重构， FBIF2025全体大会将前瞻性洞察新一轮行业洗牌与创新浪潮的方向，助力企业在不确定中掌握确定 性，在变量中锚定增长极。 这里，不仅是趋势的预见者，更是未来产业格局的塑造者。 大会主席致辞 强基固本，乘势而上：在变局中打造增长新范式 【分享时间】 5月10日 9:00-9:15 【分享嘉宾】虞坚 ，总经理， 央视市场研究（CTR） 【 ...

记者了解到，今年2月份，由金沙酒业旗下"摘要酒"独家冠名的总裁读书会"美好生活，书香中国"城市 行活动再启新程，首站于海南海口举办。 范世凯表示，以"美好生活，书香中国"城市行为战略支点，我们正将这种价值共振推向更深维度。通过 思想磁场与产业土壤的交互赋能，让经典理论与实战智慧在标杆企业中生根；通过摘要书友会、书香进 企业，让知识共享与经营升级产生化学反应，让全民阅读的星火点亮更多企业。 "中国人的精神世界里，好书与美酒从来都是相映成辉的知己。"范世凯提到，"摘要酒"正是金沙酒业对 书酒文化的当代诠释。金沙酒业将以上游战略为指引，在书酒共生的长河中守护文化的根脉，让传统工 艺与现代精神相拥，让地理基因与人文情怀共振，让每一滴酒都成为传递东方智慧的媒介。 （文章来源：证券日报） 本报讯 （记者张敏见习记者梁傲男）4月22日至4月23日，总裁读书会2025第九届中国企业领袖读享盛 典在北京举办。本届中国企业领袖读享盛典着重关注企业家领读示范作用，旨在深入推进全民阅读，大 力推动书香企业建设。 华润啤酒（控股）有限公司副总裁、贵州金沙窖酒酒业有限公司（以下简称"金沙酒业"）董事长范世凯 致辞时表示，总裁读书会作为现 ...

Group 1 - The report from Guotai Haitong predicts a shift in the food and beverage competitive landscape, creating localized opportunities for growth. It maintains a positive outlook on sequential recovery, declining costs, and moderate competition for the year [1] - The sales performance has exceeded expectations, with stable movement in the market despite structural pressures. The report anticipates significant improvement in the output of industry leaders from late February to March, with Qingdao Beer expected to show a month-on-month improvement [2] - The competitive landscape is performing better than expected, with a high certainty of declining costs. The management strategy of China Resources Beer focuses on efficiency, and there has been no intensification of competition or price wars, leading to a favorable competitive environment [3] Group 2 - Brands are increasing their presence in new channels, which is expected to positively impact sales in the short term and enhance brand momentum in the medium term. This could potentially alter the competitive landscape in the long run [4] - Major beer companies are accelerating their expansion into beverage and non-beer sectors, with examples including Qingdao Beer Group's acquisition of Nestlé's Vitality and Chongqing Beer launching new flavored sodas [4]