Core Viewpoint - The company reported strong Q1 2025 performance with revenue of 1.23 billion, a year-on-year increase of 10.7%, and a net profit attributable to shareholders of 157 million, up 29.8% year-on-year, driven by effective marketing and improved market conditions in Guangdong [1] Group 1: Sales Performance - In Q1 2025, the company achieved beer sales of 295,000 tons, a year-on-year increase of 11.7%, outperforming the overall industry which saw a decline of 2.2% [2] - The revenue per ton of beer was 4,164.2 yuan, a slight decrease of 0.9% year-on-year, influenced by promotional activities and the timing of the Spring Festival [2] Group 2: Profitability and Cost Management - The gross margin increased by 2.9 percentage points to 45.0%, supported by a decrease in raw material costs, particularly barley, which led to a 5.8% reduction in cost per ton of beer [3] - The net profit margin reached 12.8%, up 1.9 percentage points year-on-year, reflecting improved operational efficiency and effective marketing strategies [3] Group 3: Future Outlook - The company is expected to benefit from a strong brand presence and consumer recognition in Guangdong, with high-end products like 97 Pure Draft continuing to drive growth [2] - Projections for 2025-2027 indicate an EPS of 0.45, 0.52, and 0.60 yuan respectively, with a net profit CAGR of 23%, surpassing the industry average [3]

证券代码：002461 证券简称：珠江啤酒 公告编号：2025-014 广州珠江啤酒股份有限公司 第四届董事会第八十三次会议决议公告 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"）第四届董事会第八十三 次会议于 2025 年 4 月 24 日以通讯方式召开，会议由王志斌董事长召集。召开 本次会议的通知及相关资料已于 2025 年 4 月 14 日通过电子邮件等方式送达各 位董事。本次会议应到董事 9 人（其中独立董事 3 人），实到董事 9 人。会议 由王志斌董事长主持，符合《公司法》及公司章程的有关规定。与会董事经认 真讨论，审议通过了以下议案： 一、审议通过《关于公司 2025 年第一季度报告的议案》。 《公司 2025 年第一季度报告》刊登于 2025 年 4 月 25 日《中国证券 报》、《证券时报》以及巨潮资讯网。本议案已经公司董事会审计委员会审议 通过。 表决结果：同意 9 票，反对 0 票，弃权 0 票，赞成票数占董事会有效表决 权的 100%审议通过此项议案。 二、审议通过《关于选举程衍俊先生为公司副董事 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,226,771,407.96, representing a 10.69% increase compared to ¥1,108,275,494.33 in the same period last year[5] - Net profit attributable to shareholders was ¥157,027,195.15, up 29.83% from ¥120,950,775.85 year-on-year[5] - The net profit excluding non-recurring gains and losses was ¥145,391,911.64, reflecting a 39.40% increase from ¥104,297,992.86 in the previous year[5] - Basic and diluted earnings per share increased to ¥0.0709, a rise of 29.85% compared to ¥0.0546 in the same period last year[5] - Operating profit for the current period was ¥187,809,643.62, representing a 34.38% increase from ¥139,747,688.78 in the previous period[19] - Net profit for the current period was ¥161,494,183.63, a rise of 28.14% compared to ¥126,021,698.31 in the last period[19] Assets and Liabilities - Total assets decreased by 4.06% to ¥15,261,976,696.22 from ¥15,907,993,645.32 at the end of the previous year[5] - The company's current liabilities totaled CNY 3,669,085,330.72, down from CNY 4,466,773,865.13 at the start of the period[15] - The company's total liabilities decreased to CNY 4,523,536,691.53 from CNY 5,331,047,824.26[15] - The equity attributable to the owners of the parent company increased to CNY 10,666,991,914.03 from CNY 10,509,964,718.88[16] Cash Flow - The company's cash flow from operating activities decreased by 9.69% to ¥68,844,395.31 from ¥76,234,037.32 year-on-year[5] - Net cash flow from operating activities was ¥68,844,395.31, down from ¥76,234,037.32 in the previous period[20] - Net cash flow from investing activities was ¥1,112,443,221.90, significantly up from ¥172,273,617.23 in the prior period[21] - Net cash flow from financing activities showed a negative balance of -¥692,151,556.52, worsening from -¥525,876,829.39 in the previous period[21] - The ending cash and cash equivalents balance was ¥1,042,400,194.37, down from ¥1,243,871,047.99 in the last period[21] Receivables and Income - Trade receivables increased by 224.49% compared to the end of the previous year, primarily due to an increase in receivables from customers[9] - The company reported a significant increase in accounts receivable, rising to CNY 75,235,630.56 from CNY 23,185,521.05[14] - Non-operating income grew by 42.30% year-on-year, driven by increased compensation income and government subsidies[9] - Income tax expenses rose by 94.06% compared to the previous year, primarily due to an increase in taxable profits[9] - The company reported a tax expense of ¥27,474,852.42, which is an increase from ¥14,157,723.37 in the previous period[19] Market Strategy - The company is focusing on expanding its market presence and enhancing product offerings through new technology development[12] - The company is actively exploring mergers and acquisitions to strengthen its market position and drive growth[12] Operating Costs - Total operating costs amounted to ¥1,074,993,912.80, up 6.56% from ¥1,009,003,977.17 in the prior period[18]

证券代码：002461 证券简称：珠江啤酒 公告编号：2025-013 广州珠江啤酒股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1.本次股东大会无增加、变更、否决提案的情形。 3、现场会议召开地点：广州珠江啤酒股份有限公司办公楼 505 会议室； 4、召集人：公司董事会； 5、现场会议主持人：董事长王志斌先生； 2.本次股东大会不涉及变更以往股东大会已通过的决议。 3.本次股东大会以现场表决和网络投票表决相结合的方式召开。 一、 会议召开和出席 （一）会议召开情况 1、召开方式：现场表决和网络投票表决相结合； 2、会议召开时间： （1）现场会议召开时间：2025 年 4 月 23 日下午 16:00； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为2025年 4月23日9:15—9:25,9:30—11:30和13:00—15:00；通过深圳证券交易所互联网投票系 统投票的时间为2025年4月23日上午9:15至下午15:00期间的任意时间。 6、本次股东大会的召集、召开与表决程序符 ...

关于广州珠江啤酒股份有限公司 上海中联（广州）律师事务所 关于广州珠江啤酒股份有限公司 上海中联（广州）律师事务所 关于广州珠江啤酒股份有限公司 2024 年度股东大会的 法律意见 广州市天河区天河路 383 号太古汇写字楼一座 21 楼 电话: 020-81888869 传真:020-85200809 邮编: 510620 上海中联（广州）律师事务所 2024 年度股东大会的法律意见 2024 年度股东大会的 法律意见 2025GZ 意见 0119 号 致：广州珠江啤酒股份有限公司 上海中联（广州）律师事务所（以下简称"本所"）接受广州珠江啤酒股份 有限公司（以下简称"公司"）委托，指派律师列席公司 2024 年度股东大会（以 下简称"本次股东大会"），对本次股东大会的召开进行见证。 本所根据《中华人民共和国公司法》（以下简称"《公司法》"）、中国证 券监督管理委员会《上市公司股东会规则》（以下简称"《股东会规则》"）、 《律师事务所从事证券法律业务管理办法》等中国现行法律、部门规章以及《广 州珠江啤酒股份有限公司章程》（以下简称"《公司章程》"）和《广州珠江啤 酒股份有限公司股东大会议事规则》的有关规定， ...

Core Viewpoint - Zhujiang Beer reported a revenue increase of 6.56% and a net profit increase of 29.95% for 2024, despite the overall beer industry facing a decline in production [2][4]. Financial Performance - The company's total revenue reached 5.731 billion yuan, up from 5.378 billion yuan in 2023, marking a 6.56% year-on-year growth [3]. - The net profit attributable to shareholders was 810 million yuan, a 29.95% increase from 623 million yuan in the previous year [3]. - The net profit after deducting non-recurring gains was 762 million yuan, reflecting a 36.79% increase compared to 557 million yuan in 2023 [3]. - Basic and diluted earnings per share rose to 0.37 yuan, up 32.14% from 0.28 yuan in 2023 [3]. Market Position - Zhujiang Beer generated 54.9 billion yuan in revenue from South China, accounting for 95.81% of total revenue, with a growth rate of 7.45%, outperforming the regional beer production average of 3.2% [5]. - The company remains heavily reliant on the South China market, with only 4.19% of revenue coming from outside this region [6]. Industry Context - The overall beer production in China decreased by 0.6% in 2024, marking a continuous decline over five years, while Zhujiang Beer managed to achieve growth [4]. - The beer industry is experiencing a shift from scale competition to value competition, posing challenges for regional brands like Zhujiang Beer in achieving national expansion [10]. Strategic Challenges - Despite strong performance, the company faces questions regarding its nationalization strategy and the need to reduce dependence on the South China market [6][8]. - The high-end product segment saw a sales increase of 13.96%, indicating a positive trend in product structure optimization [10]. - However, mid-range products experienced a revenue decline of over 10%, highlighting struggles in maintaining market share [10].

Core Insights - Zhujiang Beer reported a beer sales volume of 143.96 million tons in 2024, representing a year-on-year growth of 2.62% [1] - The company's total revenue reached approximately 5.731 billion yuan, an increase of 6.56% year-on-year, while net profit attributable to shareholders was around 810 million yuan, up 29.95% [1] - The second and third quarters contributed over 80% of the annual net profit [1] Industry Overview - The beer industry in China is entering a phase of stock competition, with a reported decline of 0.6% in beer production among large-scale enterprises [2] - Despite the overall market facing challenges, Zhujiang Beer believes there is still potential for structural upgrades in beer consumption [2] Revenue Breakdown - High-end products have become the main revenue driver for Zhujiang Beer, generating approximately 3.904 billion yuan, a year-on-year increase of 13.97%, contributing nearly 70% of total revenue [3] - Mid-range products saw a revenue decline of 11.41%, totaling about 1.239 billion yuan, while mass-market products experienced a revenue growth of 13.48%, reaching approximately 368 million yuan [3][4] E-commerce Performance - Zhujiang Beer has focused on new retail channels, with e-commerce revenue growing by 20.51% year-on-year, amounting to about 70.62 million yuan [5] - Within e-commerce, high-end product revenue was approximately 37.45 million yuan, up 5.64%, while mass-market product revenue reached about 33.17 million yuan, increasing by 43.28% [5][6] Regional Dependency - The South China region accounted for a staggering 95.81% of Zhujiang Beer’s total revenue, with revenue in this region reaching about 5.49 billion yuan, a year-on-year increase of 7.45% [8] - Revenue from other regions declined by 10.37%, totaling approximately 240 million yuan, representing only 4.19% of total revenue [8][10] - The gross margin in South China was significantly higher at 47.80%, compared to just 12.06% in other regions [9] Strategic Outlook - Zhujiang Beer acknowledges its heavy reliance on the South China market but emphasizes ongoing efforts to enhance its national marketing network and influence in other regions [10] - The company aims to leverage its technological advantages and product quality to maintain its competitive edge in the increasingly crowded Guangdong market [10]

21世纪经济报道记者肖夏 重庆报道 去年业绩逆势大涨的啤酒黑马，如何判断行业后势？ 珠江啤酒的增长主要是来自高档产品，去年其高档产品收入大涨近14%，高档产品收入占比提升至 70%。正如董秘李宽宽在8日业绩说明会上多次提到，"啤酒消费结构性升级存在发展空间。" 具体来说，珠江啤酒的增长主要是因为主力产品"97纯生"持续推进对普通纯生的迭代，此外"3+N"品牌 结构中的雪堡、珠江+特色产品近年都在持续推行。去年珠江啤酒还推出了珠江P9、珠江啤酒1985等高 档新品。其啤酒主业毛利率因此提升了3.77个百分点，达到45%。 "啤酒行业已进入平稳发展阶段，行业竞争激烈，但啤酒消费结构性升级存在发展空间。公司在华南地 区具有较高的品牌知名度和影响力，公司会顺应高端啤酒发展趋势，促进产品高端化升级。" 4月8日珠江啤酒2024年度业绩说明会上，珠江啤酒董秘李宽宽回应21世纪经济报道记者关于啤酒市场竞 争格局的提问时表示。 中国啤酒行业去年整体销量出现倒退，各大啤酒企业多归因于消费情绪谨慎，以及华南、华东、西部等 地的旺季多雨天气。 坐阵华南的珠江啤酒，同样受到消费情绪和天气的影响，却交出了一份远超行业水平的增长报表—— ...

证券代码：002461 证券简称：珠江啤酒 广州珠江啤酒股份有限公司投资者关系活动记录表 编号：20250408 | 投资者关系活动 | 特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访  业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | 其他 （ ） | | 参与单位名称及 | 通过全景网参与业绩网上说明会的投资者 | | 人员姓名 | | | 时间 | 2025 年 4 月 8 日下午 15:00-16:30 | | 地点 | 全景网"投资者关系互动平台"（http://rs.p5w.net） | | 形式 | 网络远程方式 | | 上市公司接待人 | 公司董事长王志斌，总经理黄文胜，总会计师曾海涛，董事会秘 | | 员姓名 | 书李宽宽，独立董事何兴强等。 | | | 主要内容如下： | | | 1、从 2024 年的业绩数据来看，虽然公司高端化表现不错，但全 | | | 国化战略却仍任重而道远，目前公司依旧高度依赖华南市场，华 | | | 南以外地区的营收占比仅 4.19%，公司未来如何解决过度依赖单 | | | 一区域市场 ...

公司报告 | 年报点评报告 珠江啤酒（002461） 证券研究报告 结构升级延续，成本红利兑现 24 年业绩分拆：2024 年营业收入 57.31 亿元，同比+6.56%；归母净利 8.10 亿元，同比+29.95%；扣非净利 7.62 亿元，同比+36.79%。Q4 营业收入 8.44 亿元，同比+2.1%；归母净利 0.04 亿元，同比扭亏；扣非净利-0.06 亿元， 同比减亏 0.40 亿元。 高档双位数增长，量价跑赢行业。 24 年啤酒销量 143.96 万吨，同比+2.62%（行业产量同比-0.6%）；啤酒业务 吨价 3828 元，同比+4.3%。 1、分档次看：24 年高档/中档/大众化收入为 39.0/12.4/3.7 亿元，同比 +14.0%/-11.4%/+13.5%；高档（纯生、雪堡等）销量同比+13.96%（吨价持 平），带动高档收入占比+4.3pct 至 71%，结构持续优化。 2、分渠道看：24 年普通/商超/夜场/电商收入为 51.6/2.0/0.9/0.7 亿元，同 比+ 6.0%/+46.7%/-4.7%/+20.5%，夜场有所承压，商超&电商快速成长。 3、分区域看，24 年 ...