证券代码：002461 证券简称：珠江啤酒 公告编号：2025-016 二、股权登记日与除权除息日 本次权益分派股权登记日为：2025 年 6 月 11 日，除权除息日为：2025 年 6 月 12 日。 广州珠江啤酒股份有限公司 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 广州珠江啤酒股份有限公司（以下简称"公司"或"本公司"）2024 年 年度权益分派方案已获 2025 年 4 月 23 日召开的 2024 年度股东大会审议通 过，本次实施的分配方案与 2024 年度股东大会审议通过的分配方案及其调整 原则一致，将按分配总额固定的原则实施，自分配方案披露至实施期间公司 总股本未发生变化，本次实施分配方案时间距离 2024 年度股东大会审议通过 之日未超过两个月。现将权益分派事宜公告如下： 一、权益分派方案 本公司 2024 年年度权益分派方案披露至实施期间公司股本总额无变化， 经股东大会审议通过的分配方案为：以公司现有总股本 2,213,328,480 股为 基数，向全体股东每 10 股派 1.700000 元人民币现金（含税；扣税后，通过 深股通持有股份的 ...

广州珠江啤酒股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 广州珠江啤酒股份有限公司（以下简称"公司"或"本公司"）2024 年 年度权益分派方案已获 2025 年 4 月 23 日召开的 2024 年度股东大会审议通 过，本次实施的分配方案与 2024 年度股东大会审议通过的分配方案及其调整 原则一致，将按分配总额固定的原则实施，自分配方案披露至实施期间公司 总股本未发生变化，本次实施分配方案时间距离 2024 年度股东大会审议通过 之日未超过两个月。现将权益分派事宜公告如下： 一、权益分派方案 证券代码：002461 证券简称：珠江啤酒 公告编号：2025-016 三、权益分派对象 本次分派对象为：截止 2025 年 6 月 11 日下午深圳证券交易所收市后， 在中国证券登记结算有限责任公司深圳分公司（以下简称"中国结算深圳分 公司"）登记在册的本公司全体股东。 四、权益分派方法 1、本公司此次委托中国结算深圳分公司代派的 A 股股东现金红利将于 2025 年 6 月 12 日通过股东托管证券公司（或其他托管机构） ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's Q1 2025 total revenue reached 1.227 billion yuan, representing a year-on-year increase of 10.69%. The net profit attributable to the parent company was 157 million yuan, up 29.83% year-on-year, while the net profit excluding non-recurring items was 145 million yuan, reflecting a 39.4% year-on-year growth [2][6] - The pure draft beer series has shown excellent performance, driving overall sales growth. In terms of volume, the sales volume for Q1 2025 was 294,600 tons, an increase of 11.7% year-on-year, with expectations for an increasing share of pure draft products. The average price per ton decreased by 0.9% year-on-year, likely due to disturbances from other business items. The company has strengthened its presence in the Guangdong region and has improved its sales performance compared to the industry [11] - Cost advantages have been released, with the company continuing to achieve high profitability. The ton cost decreased by 5.8% year-on-year due to improved barley prices, and the gross profit margin increased by 2.87 percentage points to 45%. The net profit margin attributable to the parent company improved by 1.89 percentage points to 13% [11] - The company has continuously launched new products such as Zhujiang P9 and Zhujiang 1985, enhancing market promotion and channel innovation to strengthen competitiveness. The pure draft product line is expected to maintain strong growth momentum, with projected EPS for 2025, 2026, and 2027 at 0.44, 0.51, and 0.57 yuan, respectively, corresponding to PE ratios of 24X, 21X, and 19X. The company is expected to benefit from the expansion of the 8-10 yuan price range [11] Financial Summary - For 2025, the projected total revenue is 6.132 billion yuan, with a gross profit of 2.937 billion yuan, leading to a gross profit margin of 48%. The net profit attributable to the parent company is expected to be 968 million yuan, with an EPS of 0.44 yuan [17]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 5.731 billion yuan, a year-on-year increase of 6.56% [1] - The net profit attributable to shareholders in 2024 was 810 million yuan, reflecting a growth of 29.95% [1] - In Q1 2025, the company reported a revenue of 1.227 billion yuan, up 10.69% year-on-year [1] - The net profit attributable to shareholders in Q1 2025 was 157 million yuan, with a year-on-year increase of 29.83% [1] Group 2: Product and Marketing Strategy - In 2024, the sales volume of high-end beer products increased by 13.96% [2] - New products such as Zhujiang P9 and Zhujiang Beer 1985 were launched to strengthen market position [2] - The company is focusing on optimizing its product structure and enhancing marketing management through diverse channels [2] Group 3: Industry and Market Outlook - The Chinese beer industry is in a stable development phase, with intense competition but opportunities for structural upgrades in consumption [2] - The company aims to align with the trend of high-end beer development and improve its marketing network [2] Group 4: Future Business Outlook - In 2025, the company plans to deepen reforms in five areas: product, business, promotion, brand communication, and management [2] - The goal is to enhance high-end supply capabilities, optimize management for better efficiency, and accelerate the upgrade of cultural industries [2]

Group 1: Product Performance - In 2024, the sales of high-end beer products increased by 13.96% year-on-year, reflecting the company's ongoing optimization of its product structure [1] Group 2: Dividend Policy - The company emphasizes reasonable returns to investors while considering its operational situation and sustainable development [1] Group 3: Business Outlook for 2025 - In 2025, the company plans to deepen reforms and innovations across five areas: product, business, promotion, brand communication, and management, aiming to enhance technological breakthroughs and high-end supply capabilities [1]

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 5.731 billion yuan, a year-on-year increase of 6.56% [1] - The net profit attributable to shareholders in 2024 was 810 million yuan, reflecting a growth of 29.95% [1] - In Q1 2025, the operating revenue reached 1.227 billion yuan, up by 10.69% year-on-year [1] - The net profit attributable to shareholders in Q1 2025 was 157 million yuan, with a year-on-year increase of 29.83% [1] Group 2: Industry and Market Situation - The Chinese beer industry has entered a stable development phase, characterized by intense competition [2] - There is potential for structural upgrades in beer consumption, which the company aims to leverage by promoting high-end beer development [2] Group 3: Product and Marketing Strategy - In 2024, the company optimized its product structure, with high-end beer product sales increasing by 13.96% [2] - New products such as Zhujiang P9 and Zhujiang Beer 1985 were launched to strengthen market presence [2] - The company is enhancing its marketing network through diverse customer acquisition strategies and strengthening traditional and new retail channels [2] Group 4: Future Outlook and Management - In 2025, the company plans to deepen reforms in five areas: product, business, promotion, brand communication, and management [2] - The focus will be on improving innovation capabilities, enhancing high-end supply, and optimizing management efficiency [2] - The company emphasizes reasonable returns to investors while ensuring sustainable development and effective investor relations management [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][18]. Core Views - The company reported a significant increase in non-recurring profit, with Q1 2025 revenue at 1.227 billion yuan, up 10.69% year-on-year, and net profit at 157 million yuan, up 29.83% year-on-year [1]. - Q1 2025 sales volume increased by 11.66% to 294,600 tons, with expectations for the 97 Pure Draft product to continue growing by around 30% [2]. - The gross margin improved significantly, with a 2.9 percentage point increase, and a decrease in cost per ton by 5.8% year-on-year [3]. Financial Performance Summary - Revenue projections for 2025-2027 are 6.212 billion yuan, 6.662 billion yuan, and 7.130 billion yuan, respectively, with growth rates of 8%, 7%, and 7% [3]. - Net profit projections for the same period are 976.8 million yuan, 1.105 billion yuan, and 1.241 billion yuan, with growth rates of 20.55%, 13.12%, and 12.32% [3]. - The company is expected to maintain a price-to-earnings ratio (P/E) of 24X, 21X, and 19X for 2025, 2026, and 2027, respectively [3]. Key Financial Metrics - The company’s total revenue for 2023 is projected at 5.378 billion yuan, with a growth rate of 9.13% [5]. - The EBITDA for 2025 is estimated at 1.370 billion yuan, with a steady increase in subsequent years [5]. - The net profit attributable to the parent company for 2025 is projected at 976.8 million yuan, with an EPS of 0.44 yuan [12].

Core Insights - The company reported a total revenue of 5.73 billion yuan for 2024, representing a year-on-year increase of 6.6% [1] - The net profit attributable to shareholders for 2024 was 810 million yuan, up 29.9% year-on-year [1] - The first quarter of 2025 saw a revenue of 1.23 billion yuan, reflecting a 10.7% increase compared to the same period last year [1] Financial Performance - In 2024, the beer sales volume reached 1.44 million tons, a 2.6% increase year-on-year, outperforming the industry average [1] - The average price per ton of beer increased by 4.3% year-on-year, driven by the strong performance of the premium product 97 Pure Draft [1] - The gross profit margin for 2024 was 46.3%, influenced by product structure upgrades and a decrease in raw material costs [1] Profitability and Cost Management - The net profit margin for 2024 was 14.1%, with a non-recurring net profit margin of 13.3%, both showing improvements of 2.5 and 2.9 percentage points year-on-year, respectively [1] - In the first quarter of 2025, the sales volume was 295,000 kiloliters, marking an 11.7% increase year-on-year [2] - The cost per kiloliter of beer decreased by 5.8% year-on-year, attributed to lower raw material prices and improved procurement management [2] Future Outlook - The company has raised its revenue forecasts for 2025-2027, expecting revenues of 6.13 billion, 6.51 billion, and 6.88 billion yuan, respectively [3] - The net profit forecasts for the same period are 970 million, 1.09 billion, and 1.21 billion yuan, indicating growth rates of 19.6%, 12.1%, and 11.0% year-on-year [3] - The current price-to-earnings ratios are projected to be 24, 22, and 20 for 2025, 2026, and 2027, respectively [3] Market Position - The company is expected to continue experiencing strong growth in its premium product segment and gain market share in Guangdong province [4]

Investment Rating - The investment rating for the company is "Add" [5] Core Views - The company has maintained a high net profit growth rate, with revenue growth improving compared to the same period last year. In Q1 2025, the company achieved revenue of 1.227 billion yuan (YoY +10.69%), an increase from the previous year's growth of +7.05%. The net profit attributable to the parent company was 157 million yuan (YoY +29.83%), although this was a decrease from the previous year's growth of +39.37%. The net profit excluding non-recurring items was 145 million yuan (YoY +39.4%), down from +45.79% in the same period last year [2][3] - Both gross margin and net margin have improved, while selling expense ratio and management expense ratio have slightly decreased. In Q1 2025, the gross margin was 45.00% (YoY +2.87 percentage points), and the net margin was 13.16% (YoY +1.79 percentage points). The selling expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio were 15.78%, 7.78%, 3.17%, and -3.34%, respectively, showing a decrease of -0.84 percentage points and -0.25 percentage points [2][3] - The company is expected to continue its high-end product strategy, which is anticipated to sustain steady growth. The forecast for net profit attributable to the parent company for 2025-2027 is 951 million, 1.021 billion, and 1.110 billion yuan, respectively, with year-on-year growth rates of 17.43%, 7.29%, and 8.72% [3][4] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.227 billion yuan, a year-on-year increase of 10.69%. The net profit attributable to the parent company was 157 million yuan, up 29.83% year-on-year, while the net profit excluding non-recurring items was 145 million yuan, reflecting a 39.4% increase [2][3] - The beer price per ton was 4,164.19 yuan, a slight decrease of 0.86% year-on-year, while beer sales volume reached 294,600 tons, an increase of 11.66% [2][3] Profit Forecast - The updated profit forecast for the company indicates net profits of 951 million yuan in 2025, 1.021 billion yuan in 2026, and 1.110 billion yuan in 2027, with corresponding EPS of 0.43, 0.46, and 0.50 yuan per share [3][4] Valuation Metrics - As of April 24, the closing price was 10.11 yuan, with a total market capitalization of 22.377 billion yuan. The corresponding PE ratios for 2025, 2026, and 2027 are projected to be 24, 22, and 20 times, respectively [5][4]

Investment Rating - The investment rating for the company is "Add" [5][3] Core Views - The company has maintained a high net profit growth rate, with revenue growth improving compared to the same period last year. In Q1 2025, the company achieved revenue of 1.227 billion yuan (YoY +10.69%), an increase from the previous year's growth of +7.05%. The net profit attributable to the parent company was 157 million yuan (YoY +29.83%), although this was a decrease from the previous year's growth of +39.37% [2][3] - The gross margin and net margin have both improved, while the sales expense ratio and management expense ratio have slightly decreased. In Q1 2025, the gross margin was 45.00% (YoY +2.87 percentage points), and the net margin was 13.16% (YoY +1.79 percentage points) [2][3] - The company is expected to continue its high-end product strategy, which is anticipated to sustain steady growth. The forecast for net profit attributable to the parent company for 2025-2027 is 951 million, 1.021 billion, and 1.110 billion yuan, respectively, with corresponding EPS of 0.43, 0.46, and 0.50 yuan per share [3][4] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.227 billion yuan, a year-on-year increase of 10.69%. The net profit attributable to the parent company was 157 million yuan, up 29.83% year-on-year, while the net profit excluding non-recurring items was 145 million yuan, reflecting a 39.4% increase [2][3] - The beer price per ton slightly decreased to 4,164.19 yuan/ton, down 0.86% year-on-year, while beer sales volume increased by 11.66% to 294,600 tons [2][3] Profitability Metrics - The company's gross margin improved to 45.00%, and the net margin increased to 13.16%. The sales expense ratio was 15.78%, the management expense ratio was 7.78%, and the R&D expense ratio was 3.17% [2][3] Earnings Forecast - The updated earnings forecast for the company indicates net profits of 951 million yuan in 2025, 1.021 billion yuan in 2026, and 1.110 billion yuan in 2027, with expected growth rates of 17.43%, 7.29%, and 8.72%, respectively [3][4]