2024年3月19日 公司研究 喜力增速亮眼，白酒业务进入“发展”第二阶段 ——华润啤酒（0291.HK）2023 年年报点评 要点 买入（维持） 事件：华润啤酒发布2023年度业绩报告。23年实现营业收入389.32亿元，同比 当前价：37.95港元 +10.4%；归母净利润51.53亿元，同比+18.6%。其中，23H2实现收入150.61亿 元，同比+5.7%；归母净利润5.04亿元，同比-7%。 作者 23H2消费疲软影响次高端及以上产品销量增长，喜力维持亮眼增速。 分析师：陈彦彤 执业证书编号：S0930518070002 量：2023年公司实现啤酒销量1115.1万千升，yoy+0.5%。价：2023年啤酒销售 021-52523689 单价3306元/千升，yoy+4.0%，吨价上涨主要系公司产品结构持续升级。分档次 chenyt@ebscn.com 看：2023年公司次高端及以上产品销量250万千升，yoy+18.9%，23年下半年受 餐饮需求疲软等影响，次高端及以上产品销量增速环比有所放缓（23H1次高端及 分析师：汪航宇 执业证书编号：S0930523070002 以上产品销量yoy+26 ...

证券研究报告·海外公司点评·食物饮品(HS) 华润啤酒（00291.HK） 2023 年报点评：业绩符合预期，啤白共成长 2024 年 03月 19日 提速 证券分析师 孙瑜 买入（维持） 执业证书：S0600523120002 suny@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E 证券分析师 李昱哲 执业证书：S0600522090007 营业总收入（百万元） 35,263 38,932 41,614 44,024 45,878 liyzh@dwzq.com.cn 同比 5.62% 10.40% 6.89% 5.79% 4.21% 归母净利润（百万元） 4,344 5,153 6,143 7,167 8,182 股价走势 同比 -5.30% 18.62% 19.22% 16.65% 14.16% 华润啤酒 恒生指数 EPS-最新摊薄（元/股） 1.34 1.59 1.89 2.21 2.52 8% P/E（现价&最新摊薄） 25.73 21.69 18.19 15.59 13.66 2% -4% -10% [关Ta键 ...

M N 2024 年 3 月 19 日 招银国际环球市场 | 睿智投资 | 公司更新 华润啤酒 (291 HK) 全年派息比例 59%，啤酒高端化趋势不变，白酒稳步发展 0 目标价 69.8港元 华润啤酒2023年下半年营收/净利，分别同比+6%/-7%，营收略低于市场预期而 (此前目标价 69.8港元) 利润超预期。2023年，公司成立30周年之际，给出特别分红将派息比例提升至 潜在升幅 83.7% 59%。同时，本轮业绩公布是金沙酒业并表后首个完整财年，管理层在业绩会 当前股价 38.0港元 上强调了未来对于啤、白双发展的全面发展壮大规划战略。对于啤酒业务，管 中国必选消费 理层表示，次高端及以上产品持续拉动公司整体营收及利润增长的同时，确认 了内地啤酒行业长期高端化增长逻辑。喜力和纯生的持续增长势头不变，2023 黄铭谦 年销量分别增长 60%+/10%+，预计两品牌 2024 年的销量将分别达到 75-80 万 (852) 3900 0838 吨和 100 万吨。对于白酒业务，金沙和摘要仍处于发展初期，尽管发展定位和 josephwong@cmbi.com.hk 战略不同，首要目标都是在短期维稳价格， ...

交银国际研究 公司更新 消费 收盘价 目标价 潜在涨幅 2024年3月19日 港元37.95 港元43.90↓ +15.7% 华润啤酒 (291 HK) 高端化仍然强韧；白酒逆转指日可待 个股评级  业绩符合预期，但下半年增速放缓： 2023 年销售额同比增长 10.4%，归母净 利润同比增长 18.6%至 51.5 亿人民币（符合市场预期）。利润率有所改善 买入 （毛利率同比+2.9个百分点，净利润率同比+0.9个百分点）。下半年中低端啤 酒销售放缓，整体啤酒收入的同比增速放缓至-2.0%（23 年上半年为同比增长 9.0%）。 宣布派发特别股息，整体股息率为2.7%，派息率为 59%（高于去年 1年股价表现 的 40%）。 291 HK 恒生指数 10%  啤酒 - 虽然总体销量偏软，但高端化仍在继续： 华润啤酒的高端化仍在继续 0% （23 年上/下半年次高端及以上的产品销量分别同比增长 26%/10%），而中低 -10% 端价格段的销量则加速下滑（23 年上/下半年的销量同比变化-0.5%/-8%）。 -20% 2023 年，次高端及以上的销量同比增长 19%（指引目标为高于 20%的同比增 -3 ...

Financial Performance - The group's consolidated revenue for the year ended December 31, 2023, was RMB 38,932,000,000, an increase of 10.4% compared to 2022[2]. - The profit before interest and tax and the profit attributable to shareholders for 2023 were RMB 6,961,000,000 and RMB 5,153,000,000, representing increases of 33.2% and 18.6% respectively[2]. - The total comprehensive income for the year was RMB 5,223,000,000, compared to RMB 4,382,000,000 in the previous year[17]. - Basic earnings per share increased to RMB 1.59 from RMB 1.34 year-on-year[16]. - The company's net profit for the year 2023 was RMB 5,214 million, compared to RMB 4,350 million in 2022, reflecting an increase of about 19.8%[29]. Beer Business Performance - Overall beer sales increased by 0.5% year-on-year to approximately 11,151,000 kiloliters, with premium and above beer sales rising by 18.9% to about 2,500,000 kiloliters[2]. - The beer business's revenue and profit before interest and tax increased by 4.5% and 30.6% to RMB 36,865,000,000 and RMB 6,889,000,000 respectively[8]. - The Heineken® brand beer recorded a strong year-on-year growth of nearly 60.0%, achieving the target of 600,000 kiloliters set in the first five-year plan with Heineken®[2]. - The gross profit margin for the beer business improved by 1.7 percentage points to 40.2%, benefiting from increased sales and a decrease in packaging costs[9]. - The average selling price of beer increased by 4.0% year-on-year, driven by an improved product mix[49]. Liquor Business Performance - The revenue and profit before interest and tax for the liquor business were RMB 2,067,000,000 and RMB 130,000,000 respectively, with adjusted profit before interest and tax at RMB 797,000,000 after excluding intangible asset amortization[2]. - The white liquor business generated revenue of RMB 2,067,000,000 and EBITDA of RMB 130,000,000 in 2023, with adjusted EBITDA of RMB 797,000,000 after excluding intangible asset amortization from the acquisition of Guizhou Jinsha[10]. - Guizhou Jinsha contributed revenue of RMB 2,067 million and profit of RMB 617 million from the acquisition date to the report date[45]. Dividends and Shareholder Returns - The board 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 the year, compared to RMB 0.536 per share in 2022[7]. - The total dividends paid for the year amount to RMB 1,911 million, an increase from RMB 1,739 million in 2022[30]. - The proposed final dividend for 2023 is RMB 0.349 per share, compared to RMB 0.302 in 2022, and a special dividend of RMB 0.300 per share, which was not paid in 2022[30]. Strategic Initiatives - The company aims to continue its growth strategy in 2024, focusing on both scale and quality[2]. - The company is implementing the "3+3+3" strategy, focusing on high-end development and establishing itself as a leader in the beer market[6]. - The company is committed to a three-year plan emphasizing "exploration, development, and strengthening" in the white liquor sector, leveraging synergies between beer and liquor businesses[13]. - The company plans to continue enhancing its high-end business and organizational transformation to solidify its competitive advantage in the beer market[12]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[24]. Asset and Liability Management - The company reported non-current assets of RMB 54,383 million as of December 31, 2023, compared to RMB 36,435 million in 2022, reflecting a significant increase[18]. - Current assets totaled RMB 17,141 million, down from RMB 20,878 million in the previous year, indicating a decrease of approximately 18%[18]. - The company’s total liabilities amounted to RMB 34,174 million, an increase from RMB 27,077 million in 2022, representing a growth of about 26%[18]. - The equity attributable to shareholders was RMB 30,295 million, up from RMB 27,039 million, marking an increase of approximately 8%[18]. - The total assets as of December 31, 2023, amounted to RMB 71,524 million, up from RMB 57,313 million in 2022, indicating a growth of approximately 24.8%[24]. Employee and Operational Metrics - Employee count increased to approximately 27,000 as of December 31, 2023, up from 24,000 the previous year, with total employee costs around RMB 5,867 million[58]. - The company incurred a total of RMB 5,867 million in employee costs for 2023, compared to RMB 5,729 million in 2022, reflecting an increase of about 2.4%[29]. - The group stopped operations at 2 breweries and established a new smart brewery in Bengbu, Anhui, optimizing production capacity[50]. Governance and Compliance - The company has adhered to the corporate governance code applicable principles and rules as of December 31, 2023, with the exception of the chairman position being vacant until April 20, 2023, when Mr. Hou Xiaohai was appointed[61]. - The group has no significant contingent liabilities as of December 31, 2023, indicating a stable risk profile[56]. Future Outlook - The company aims for "balanced" growth in overall revenue and profits in 2024, focusing on both scale and quality growth amid a recovering economy[11]. - Management anticipates sufficient resources to meet upcoming liabilities and commitments based on historical and expected future cash flows[54].

Financial Performance - For the six months ended June 30, 2023, the turnover increased by 13.6% to RMB 23,871 million compared to RMB 21,013 million in the same period of 2022[23]. - Profit attributable to shareholders rose to RMB 4,649 million, up from RMB 3,802 million, reflecting a significant increase of 22.4%[23]. - Basic earnings per share increased to RMB 1.43, compared to RMB 1.17 in the previous year, representing a growth of 22.2%[23]. - Earnings before interest and taxation for the same period were RMB 6,245 million, representing a 21.1% increase year-on-year[31]. - Profit for the period increased to RMB 4,698 million in the first half of 2023, up from RMB 3,803 million in the same period of 2022, reflecting a year-on-year growth of about 23.5%[74][76]. - The Group's profit attributable to shareholders in the first half of 2023 was RMB 4,649 million, up 22.3% from the previous year[48]. - The Group reported a gross profit of RMB 10,991 million for the six months ended June 30, 2023, compared to RMB 8,878 million for the same period in 2022, representing a growth of approximately 23.8%[74]. - The total income tax expense for the six months ended June 30, 2023, was RMB 1,620 million, compared to RMB 1,472 million in 2022, reflecting an increase of 10.0%[105]. Segment Performance - The beer segment's turnover reached RMB 23,692 million, an increase of 8.1% from RMB 21,919 million in 2022[26]. - The Baijiu segment reported a turnover of RMB 977 million, marking a 100% increase as it was not present in the previous year[26]. - The beer business recorded a sales volume increase of 4.4% year-on-year, with sub-premium and above beer sales growing significantly by 26.4%[35]. - The gross profit margin for the beer business improved by 2.9 percentage points to 45.2% due to increased sales volume and average selling prices[35]. - The baijiu business generated revenue of RMB 977 million and earnings before interest and taxation of RMB 71 million in the first half of 2023[36]. - The beer business turnover for the first half of 2023 was RMB 22,894 million, reflecting a 9.0% increase compared to the same period last year[48]. - Overall beer sales volume increased by 4.4% to approximately 6,571,000 kilolitres in the first half of 2023[49]. Regional Performance - The Eastern region contributed RMB 11,196 million to turnover, up 7.1% from RMB 10,455 million[26]. - The Central region's turnover increased by 8.2% to RMB 6,609 million, while the Southern region saw a 9.9% increase to RMB 5,887 million[26]. - The Eastern region generated external sales of RMB 10,645 million, while the Central and Southern regions reported RMB 6,408 million and RMB 5,841 million, respectively[96]. Cash and Liquidity - The consolidated net cash position decreased to RMB 4,110 million from RMB 9,129 million, indicating a reduction in liquidity[23]. - The current ratio improved slightly to 0.89 from 0.88, showing stable short-term financial health[23]. - As of June 30, 2023, the Group's consolidated cash and bank deposits amounted to RMB 12,985 million, with borrowings of RMB 8,875 million, including RMB 1,688 million repayable within one year[63][64]. - The current liabilities of the Group were RMB 26,493 million, with a current ratio of 0.89, indicating a stable liquidity position[64]. - For the six months ended June 30, 2023, net cash from operating activities was RMB 4,786 million, a decrease of 26.1% compared to RMB 6,478 million in the same period of 2022[80]. Investments and Acquisitions - The acquisition of Guizhou Jinsha has been integrated into the Group's financial statements, enhancing its organizational structure and operational management[34]. - The Group completed the acquisition of a 50.58% stake in Guizhou Jinsha for approximately RMB 11,273 million on January 10, 2023, increasing its total ownership to 55.19%[141]. - The Group completed the acquisition of Guizhou Jinsha, contributing RMB 17,541 million to non-current asset additions for the six months ended June 30, 2023[98]. - The identifiable assets acquired included fixed assets valued at RMB 611 million, other intangible assets at RMB 9,500 million, and cash and cash equivalents at RMB 1,467 million[145]. Dividends and Shareholder Returns - The company declared an interim dividend of RMB 0.287 per share, compared to RMB 0.234 per share in the first half of 2022[32]. - The total amount of interim dividend for 2023 is estimated to be RMB 931 million, compared to RMB 759 million in 2022, reflecting a growth of 22.7%[110]. - The Group's earnings per share for the six months ended June 30, 2023, was RMB 1.43, compared to RMB 1.17 for the same period in 2022, marking an increase of approximately 22.2%[74]. Operational Efficiency and Strategy - The Group aims to continue growth in the second half of 2023 by focusing on scale, quality, and competitive advantages[37]. - The Group's strategy emphasizes the dual empowerment model of "Beer + Baijiu" to strengthen its market position[36]. - The Group aims to optimize pricing and streamline expenses to consolidate competitive advantages and achieve balanced sales growth for the full year of 2023[39]. - The Group's strategy includes a focus on premiumization and restructuring to enhance operational efficiency and market position in both beer and baijiu sectors[40]. Employee and Corporate Governance - The Group employed approximately 27,000 staff as of June 30, 2023, an increase from 24,000 employees at the end of 2022, reflecting growth in operational capacity[67][72]. - The Group maintains a strict equal employment policy and complies with labor laws, ensuring fair recruitment practices[174]. - The Group has established a three-tier health insurance mechanism for employees, including basic medical insurance and annual health check-ups[174]. - The Group's commitment to corporate governance and investor relations has been recognized, aiming for long-term and high-quality investor relationships[165]. Environmental and Social Responsibility - The Group's ESG management received high praise during an inspection of the Dongguan factory, highlighting effective environmental management practices[192]. - The Group is advancing its "Carbon Neutral Factory" project and has developed a green factory construction plan for 2023-2025[192]. - In the first half of 2023, the Group's total greenhouse gas emissions decreased by more than 4% year-on-year[197]. - The Group utilized 2.81 million kWh of new energy in the first half of 2023 through rooftop photovoltaic power generation projects[198]. - Sulfur dioxide (SO2) emissions decreased by 17% year-on-year due to the low sulfur content of natural gas purchased by some plants[199]. Risk Management and Internal Control - The Group's internal control and risk management systems were reviewed, with no significant concerns identified that could materially affect operations or financial reporting[159]. - The ongoing risk management process aims to proactively identify and mitigate various risks, supporting sustainable business growth[160]. - The Group's risk management and internal control systems remain effective and adequate as of June 30, 2023[159].

Financial Performance - The group's unaudited consolidated revenue for the first half of 2023 was RMB 23,871,000,000, an increase of 13.6% compared to the same period last year[2]. - The group's unaudited earnings before interest and taxes (EBIT) and profit attributable to shareholders for the first half of 2023 were RMB 6,245,000,000 and RMB 4,649,000,000, representing increases of 21.1% and 22.3% year-on-year, respectively[5]. - The net profit for the first half of 2023 was RMB 4,698 million, up from RMB 3,803 million in the previous year, marking a growth of 23.5%[12]. - The basic earnings per share for the first half of 2023 increased to RMB 1.43 from RMB 1.17 in the same period last year[11]. - The pre-tax profit for the six months ended June 30, 2023, was RMB 6,318 million, compared to RMB 5,275 million for the same period in 2022, indicating an increase of about 19.8%[17]. Beer Business Performance - Overall beer sales volume increased by 4.4% to approximately 6,571,000 kiloliters in the first half of 2023, with premium beer sales growing by 26.4% to approximately 1,444,000 kiloliters[2]. - The average selling price of beer increased by 4.4% in the first half of 2023 compared to the same period last year[2]. - The gross profit of the beer business in the first half of 2023 rose by 16.6% year-on-year, with a gross profit margin increasing by 2.9 percentage points to 45.2%[7]. - The beer business generated revenue of RMB 22.894 billion and EBITDA of RMB 6.202 billion in the first half of 2023, up approximately 9.0% and 20.0% year-on-year[32]. Liquor Business Performance - The revenue and EBIT from the liquor business for the first half of 2023 were RMB 977,000,000 and RMB 71,000,000, respectively[2]. - The white liquor business achieved revenue of RMB 977 million and EBITDA of RMB 71 million in the first half of 2023[35]. - The company began manufacturing and selling liquor products and acquired Guizhou Jinsha, which is considered a new operating and reporting segment[16]. Corporate Strategy and Acquisitions - The company is advancing its "3+3+3" corporate strategy, entering a critical phase focused on high-end market penetration[5]. - The company completed the equity transfer of Guizhou Jinsha in the first half of 2023, impacting the liquor business's financials[2]. - The group completed the acquisition of Guizhou Jinsha Liquor Industry Co., Ltd. on January 10, 2023, which is now an indirect non-wholly owned subsidiary included in the group's financial consolidation[7]. - The company completed the acquisition of a 50.58% stake in Guizhou Jinsha for approximately RMB 11,273 million, resulting in a total stake of 55.19%[29]. Dividend and Shareholder Returns - The board declared an interim dividend of RMB 0.287 per share for the first half of 2023, up from RMB 0.234 per share in the same period last year[6]. - The company reported a profit attributable to shareholders of RMB 4,649 million for the six months ended June 30, 2023, up from RMB 3,802 million in the same period of 2022, reflecting a growth of 22.3%[22]. Financial Position and Assets - The net cash position as of June 30, 2023, was RMB 4,110,000,000, down from RMB 9,129,000,000 at the end of 2022[3]. - As of June 30, 2023, total assets increased to RMB 53,347 million from RMB 36,435 million as of December 31, 2022, representing a growth of 46.3%[13]. - The company's total equity attributable to shareholders increased to RMB 30,710,000,000 from RMB 27,039,000,000 year-on-year[3]. - The group has net cash status as of June 30, 2023, indicating a strong liquidity position[37]. Employee and Operational Metrics - The group employed approximately 27,000 people as of June 30, 2023, an increase from 24,000 as of December 31, 2022[39]. - The group plans to optimize the positioning and overall strategy of Joy Brew taverns, with the Shenzhen location having commenced trial operations in the first half of 2023[34]. Governance and Compliance - The board continues to review and monitor the company's corporate governance practices to ensure compliance with the corporate governance code[45]. - All directors confirmed compliance with the standards set out in the code of ethics and the standard code for the six months ended June 30, 2023[45].

Financial Performance - Profit attributable to shareholders increased by 32.8% in 2022[14] - Gross profit rose by 3.7%[14] - The dividend payout ratio was maintained at 40%[14] - For the year ended December 31, 2022, the Group reported a turnover of RMB 35,263 million, an increase from RMB 33,387 million in the previous year[57] - The consolidated turnover for 2022 was RMB 35,263 million, representing a 5.6% increase compared to 2021[68] - Profit attributable to shareholders decreased by 5.3% to RMB 4,344 million in 2022[68] - Earnings before interest and taxation fell by 12.8% to RMB 5,227 million in 2022[68] - Excluding a one-off compensation gain from land transfer in 2021, earnings before interest and taxation increased by approximately 23.4% in 2022[70] - The overall gross profit increased by 3.7% to RMB 13,561 million despite a decline in gross margin by 0.7 percentage points[69] - The average selling price increased by 5.2% in 2022 due to moderate price adjustments[69] - The earnings per share for 2022 was RMB0.536, compared to RMB1.34 in 2021[120] Sales and Production - Sales volume of sub-premium beer segment and above grew by 12.6%[14] - Beer sales volume totaled 11.10 million kiloliters[14] - Annual production capacity reached 18.41 million kiloliters[14] - In 2022, the Group's overall beer sales volume increased by 0.4% to approximately 11,096,000 kiloliters compared to 2021[71] - The sales volume of the sub-premium beer segment and above rose by approximately 12.6% to about 2,102,000 kiloliters in 2022[72] - The Group launched several new products in 2022, including the super-premium product "Nong Li" and new flavors of carbonated beverages, enhancing its product portfolio[77] Strategic Initiatives - The Group implemented the "Snow Road" initiative to enhance production management systems[18] - The establishment of intelligent factories and consumer data platforms was advanced to support premiumization[19] - The Group is committed to diversifying its alcoholic beverage portfolio and increasing revenue sources[17] - The Group's "Beer + Baijiu" dual-wheeled business model was unveiled in July, marking a new strategic direction[42] - The Group's strategic "3+3+3" initiative was acknowledged for its contributions during its initial six-year span at the Annual Strategy Summit[43] Acquisitions and Investments - The Group acquired a 55.19% equity interest in Guizhou Jinsha for RMB 12.3 billion[16] - The Group completed the acquisition of a 55.19% equity interest in Guizhou Jinsha on January 10, 2023[98] Awards and Recognition - The Group received the Second Prize for "Science and Technology Advancement of the China Alcoholic Drinks Association" for its contributions to the brewing industry[30] - The Group was ranked 71st in the 2022 Brand Value List of Chinese Listed Companies[48] - The Group received multiple awards in 2022, including Best Overall Investor Relations (Large Cap) and Best Investor Relations Officer (Large Cap) at the IR Magazine Awards[56] - The Group's commitment to ESG was recognized with multiple awards, including Best ESG (First Place Overall in Consumer/Staples Sector)[49] - The Company received multiple awards for corporate governance and investor relations, including "Directors of the Year Awards 2022" from The Hong Kong Institute of Directors[111] Corporate Governance and Management - The Group emphasizes effective risk management as an integral part of corporate governance, aiming to maintain acceptable risk levels and protect shareholder value[150] - The Group adheres to a prudent operating strategy, balancing business development with risk management[151] - The management team is responsible for risk management, which is integrated into business planning and daily operations[150] - The Group continuously reviews governance practices to align with the latest regulatory requirements[150] Market and Economic Conditions - The pandemic's impact on the domestic consumer goods market continues, with increased competition due to new products and larger sales channels[186] - The prices of production materials increased due to international geopolitical crises, exchange rate fluctuations, and pandemic-related factors, impacting production costs[173] ESG and Sustainability - The report covers the period from January 1, 2022, to December 31, 2022, focusing on the Group's performance in environmental, social, and governance (ESG) aspects[191] - This is the seventh annual ESG report published by China Resources Beer, aimed at transparent communication with stakeholders regarding the Company's social responsibility commitments[198] - The report emphasizes the importance of quantitative data, with departments collecting key performance indicators (KPIs) related to environmental and social performance[190] - The report aims to provide a balanced view, disclosing both positive and negative information to allow stakeholders to evaluate the Group's overall performance[190] Future Outlook - The Group aims for continuous growth in 2023 by increasing product coverage and brand investments as the beer market recovers[83] - The Group plans to launch its first bistro brand "Joy Brew" in the first half of 2023 to explore new marketing channels for its beer products[83]

Financial Performance - The group's consolidated revenue for the year ended December 31, 2022, was RMB 35,263 million, an increase of 5.6% compared to 2021[2] - Excluding a one-time initial compensation income of approximately RMB 1,755 million from land disposal in the previous year, the group's EBITDA and profit attributable to shareholders increased by approximately 23.4% and 32.8%, respectively[2] - The net profit attributable to shareholders for 2022 was RMB 4,344 million, compared to RMB 4,587 million in 2021[3] - Basic earnings per share for 2022 were RMB 1.34, down from RMB 1.41 in 2021[3] - The company reported a profit before tax of RMB 5,528 million, compared to RMB 5,000 million in the previous year, reflecting a growth of approximately 10.56%[14] - Net profit for the year was RMB 4,350 million, up from RMB 3,800 million in 2021, representing a year-on-year increase of about 14.47%[14] - The consolidated revenue for the year 2022 was RMB 35,263 million, representing a growth of 5.6% compared to 2021[38] - The net profit attributable to shareholders decreased by 5.3% to RMB 4,344 million, while EBITDA fell by 12.8% to RMB 5,227 million[38] Sales and Market Performance - Overall beer sales volume for 2022 rose by 0.4% to approximately 11,096,000 kiloliters[2] - Premium and above beer sales volume increased by approximately 12.6% to about 2,102,000 kiloliters, with the "Heineken®" brand continuing to show strong double-digit growth[2] - The average selling price increased by 5.2% in 2022 due to moderate price adjustments on certain products[2] - The overall gross profit margin decreased by 0.7 percentage points, while the total gross profit rose by 3.7% to RMB 13,561 million[38] - The sales and distribution expenses remained roughly the same as in 2021, with the sales expense ratio decreasing by 1.1 percentage points to 19.1%[39] Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.302 per share, totaling RMB 0.536 per share for the year, including an interim dividend of RMB 0.234[2] - The company declared a proposed final dividend of RMB 0.302 per share for 2022, consistent with the previous year's dividend[20] - The proposed final dividend will be distributed to shareholders listed on the company's register as of May 25, 2023, subject to approval at the annual general meeting[49] Assets and Liabilities - The total equity attributable to shareholders as of December 31, 2022, was RMB 27,039 million, up from RMB 24,432 million in 2021[3] - The total liabilities of the company were RMB 30,236 million, compared to RMB 28,000 million in 2021, showing an increase of approximately 7.99%[14] - The total assets of the company as of December 31, 2022, amounted to RMB 51,053 million, while total liabilities were RMB 26,564 million[15] - Current assets increased to RMB 20,878 million from RMB 15,897 million, marking a significant rise of about 31.16%[8] - The company reported a significant increase in cash and cash equivalents, which rose to RMB 10,208 million from RMB 5,376 million, a growth of about 89.93%[8] Product Development and Marketing - The company launched several new products in 2022, including a high-end beer "Chao Li" and new flavors of carbonated drinks, enhancing its product portfolio[2] - The company continued to promote its key brands through various marketing activities, including sponsorship of popular shows and events[39] - The company launched its first virtual brand ambassador "LimX" to enhance brand influence in the metaverse[39] - The company plans to launch its first Joy Brew tavern in the first half of 2023, aiming to explore new marketing channels for beer products[40] - The company aims to leverage market recovery opportunities in 2023 by increasing product coverage and brand investment[40] Corporate Governance - The company has adopted a corporate governance manual to ensure high standards of corporate governance, with revisions made on multiple dates since its adoption in April 2005[50] - As of December 31, 2022, the company has complied with the corporate governance code, except for the vacancy of the chairman position since July 2019[51] - The company will suspend share transfer registration from May 15, 2023, to May 19, 2023, to determine the identity of shareholders eligible to attend the annual general meeting[49] Employee Costs and Operations - The total employee costs, including directors' remuneration, were RMB 5,729 million in 2022, slightly up from RMB 5,692 million in 2021[19] - The total employee cost for the year ended December 31, 2022, was approximately RMB 5,729,000,000, with around 24,000 employees[47] - The company implemented cost control measures, resulting in a 39.3% decrease in one-time employee compensation and related costs[39] Investments and Joint Ventures - The investment in joint ventures remained stable at RMB 500 million as of December 31, 2022[22] - The company has committed to invest a total of RMB 1,026.7 million to acquire a 4.610% stake in Guizhou Jinsha, with an additional agreement to purchase 50.58% of the company for RMB 11,273.3 million[28] - The company completed the acquisition of a 55.19% stake in Guizhou Jinsha Liquor Industry Co., Ltd. on January 10, 2023, enhancing its presence in the liquor business[46]

Financial Performance - For the six months ended June 30, 2022, the turnover was RMB 21,013 million, representing a 7.0% increase from RMB 19,634 million in the same period of 2021[8]. - Profit attributable to shareholders for the same period was RMB 3,802 million, down 11.4% from RMB 4,291 million in 2021[8]. - Basic earnings per share decreased to RMB 1.17 from RMB 1.32 year-on-year[8]. - The interim dividend per share was RMB 0.234, compared to RMB 0.264 for the year ended December 31, 2021[8]. - Total equity increased to RMB 27,404 million from RMB 24,489 million in 2021[8]. - Consolidated net cash rose significantly to RMB 13,628 million from RMB 5,396 million in the previous year[8]. - The current ratio improved to 0.93 from 0.75 in 2021[8]. - Earnings before interest and taxation decreased by approximately 12.8% to RMB 5,159,000,000, while profit attributable to shareholders decreased by approximately 11.4% to RMB 3,802,000,000[16]. - Overall beer sales volume decreased slightly by 0.7% to approximately 6,295,000 kilolitres, which was better than the overall industry performance[17]. - Gross profit increased by approximately 6.9% to RMB 8,878,000,000, with the gross profit margin remaining flat compared to the previous year[19]. Regional Performance - Turnover in the Eastern region was RMB 10,455 million, a 5.8% increase from RMB 9,883 million[12]. - The Central region saw a 14.4% increase in turnover, reaching RMB 6,107 million from RMB 5,339 million[12]. - Earnings before interest and taxation for the Eastern region decreased by 33.2% to RMB 2,158 million from RMB 3,231 million[13]. Cash Flow and Liquidity - The Group's consolidated cash and bank deposits amounted to RMB14,428,000,000 as of June 30, 2022[22]. - The Group's borrowings as of June 30, 2022, including a short-term loan, were RMB800,000,000, compared to no borrowings as of December 31, 2021[22]. - The current liabilities of the Group were RMB23,227,000,000 with a current ratio of 0.93 as of June 30, 2022[22]. - The net cash from operating activities for the six months ended June 30, 2022, was RMB 6,478 million, compared to RMB 6,350 million for the same period in 2021, indicating a year-over-year increase of about 2%[28]. - The net cash from investing activities for the first half of 2022 was RMB 1,856 million, compared to RMB 1,266 million in the same period of 2021, showing a growth of around 46%[28]. Expenses and Cost Management - The Group implemented cost-reduction measures, resulting in a decrease of approximately 2.2% in selling and distribution expenses compared to the same period last year[19]. - Administrative and other expenses decreased by approximately 17.8% due to the absence of impairment losses and one-off staff compensation expenses[19]. - Staff costs, including directors' emoluments, amounted to RMB 2,748 million, slightly up from RMB 2,725 million in the previous year[49]. Corporate Strategy and Initiatives - The Group continued to promote its "Achieving Success in Premiumization" strategy through various marketing activities, leading to double-digit growth in the sales of the "Heineken®" brand products[19]. - The Group plans to launch new products such as "Snow Draft Pure Malt Beer" in the second half of 2022 to enhance product diversity[20]. - The Group aims to expand community group buying and home delivery online platforms to ensure stable supply against disruptions[20]. - The Group continues to focus on promoting both domestic and international brands while enhancing its competitive position through various business initiatives[20]. Environmental, Social, and Governance (ESG) Efforts - The Group has committed to 12 specific environmental, health, and safety management targets as part of its "14th Five-Year" Plan, focusing on waste reduction and emission control[83]. - The Group's commitment to sustainable development is demonstrated through its ongoing ESG reporting and initiatives[83]. - The Group achieved zero coal consumption in the first half of 2022, resulting in a reduction of sulfur dioxide (SO2) and nitrogen oxides (NOX) emissions by over 30% compared to the same period last year[93]. - The Group actively participated in various environmental awareness campaigns, including World Environment Day and National Energy Conservation Week[85]. Corporate Governance - The Company has implemented its own corporate governance standards and objectives since November 2003[139]. - The Corporate Governance Manual has been revised multiple times, with the latest revision on January 1, 2022[139]. - The Company has complied with the Code Provisions set out in the CG Code during the six months ended June 30, 2022, except for certain provisions related to the Chairman position[141]. - The position of the Chairman has been vacant since July 11, 2019, and has not been filled as of the report date[141]. Shareholder Information - As of June 30, 2022, China Resources Company Limited holds a long position of 1,684,077,366 shares, representing 51.91% of the total issued shares[134]. - The company declared an interim dividend of RMB0.234 per share, equivalent to HK$0.272 per share, for the six months ended June 30, 2022, compared to RMB0.264 per share (HK$0.317) in the previous year[145]. - There were no significant investments, material acquisitions, or disposals of subsidiaries, associates, and joint ventures during the six months ended June 30, 2022[148].