Core Viewpoint - The first quarter of 2025 saw significant performance differences between beer and wine companies, with Yanjing Beer and Zhujiang Beer showing strong growth in revenue and profit, while Zhangyu A experienced only marginal growth in both metrics [1][4]. Group 1: Yanjing Beer Performance - Yanjing Beer reported a revenue of approximately 38.27 billion yuan, representing a year-on-year increase of 6.69% [3]. - The net profit attributable to shareholders was about 1.65 billion yuan, reflecting a substantial year-on-year growth of 61.1% [3]. - The company achieved a beer sales volume of 995,000 kiloliters, with its flagship product, Yanjing U8, maintaining a growth rate exceeding 30% [1]. Group 2: Zhujiang Beer Performance - Zhujiang Beer recorded a revenue of approximately 12.27 billion yuan, which is a year-on-year increase of 10.69% [2]. - The net profit attributable to shareholders was around 1.57 billion yuan, showing a year-on-year growth of 29.83% [2]. - Despite Yanjing Beer having over three times the revenue of Zhujiang Beer, the net profit difference was only 800 million yuan [2]. Group 3: Zhangyu A Performance - Zhangyu A reported a revenue of approximately 8.11 billion yuan, with a minimal year-on-year increase of 0.01% [4]. - The net profit attributable to shareholders was about 1.59 billion yuan, indicating a slight year-on-year growth of 0.21% [4]. - The net profit excluding non-recurring gains and losses was approximately 1.53 billion yuan, which represents a year-on-year decline of 0.82% [4]. Group 4: Shareholder Information - As of the first quarter of 2025, the total number of ordinary shareholders for Yanjing Beer, Zhujiang Beer, and Zhangyu A were approximately 43,000, 26,000, and 43,000 respectively [7]. - There was a notable decline in the number of ordinary shareholders for all three companies compared to the first quarter of 2024, with Yanjing Beer and Zhujiang Beer experiencing reductions of over 30% [7].

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 ...

Core Viewpoint - Zhujiang Beer reported a strong performance in Q1 2025, with significant growth in both revenue and net profit, indicating a positive trend in the company's financial health [1] Financial Performance - The company achieved an operating revenue of 1.227 billion yuan in Q1 2025, representing a year-on-year increase of 10.69% [1] - The net profit attributable to shareholders reached 157 million yuan, marking a year-on-year growth of 29.83% [1] - Basic earnings per share were reported at 0.0709 yuan [1]

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， ...

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]

Core Viewpoint - The Chinese beer industry is facing multiple challenges in 2024, including consumption segmentation, cost pressures, and localized competition from international brands, leading to a trend of "volume decline and price increase" [2] Industry Overview - The overall revenue of the beer industry in 2024 has decreased by 5.7% year-on-year, making it the only category in the food and beverage sector to experience negative growth [2] - The performance of the six major listed beer companies—Budweiser APAC, China Resources Beer, Tsingtao Brewery, Yanjing Beer, Chongqing Beer, and Zhujiang Beer—has shown further differentiation [2][3] Company Performance - Budweiser APAC reported a revenue of 62.46 billion RMB, down 8.90%, and a net profit of 7.26 billion RMB, down 14.79% [9] - China Resources Beer achieved revenue of 38.635 billion RMB, a slight decline of 0.76%, with net profit down 8.03% to 4.739 billion RMB [9] - Tsingtao Brewery's revenue was 32.138 billion RMB, down 5.30%, but net profit increased by 1.81% to 4.345 billion RMB [9] - Chongqing Beer reported revenue of 14.645 billion RMB, down 1.15%, and net profit of 1.115 billion RMB, down 16.61% [9] - Zhujiang Beer and Yanjing Beer were the exceptions, with Zhujiang Beer achieving revenue growth of 6.56% to 5.731 billion RMB and net profit growth of 29.95% to 810 million RMB [11] - Yanjing Beer also saw revenue growth of 3.20% to 14.667 billion RMB and net profit growth of 63.74% to 1.055 billion RMB [11] Market Trends - The market is experiencing a shift towards high-end products, with Zhujiang Beer and Yanjing Beer benefiting from product structure adjustments and capturing high-end consumption scenarios [3][12] - Analysts suggest that the beer industry must continue to pursue high-end strategies and expand online channels to find new growth opportunities [3][15] - The competition in the high-end market is intensifying, prompting companies to innovate and refine operations to discover new growth points [15] Strategic Adjustments - Companies are adjusting their product structures towards high-end offerings, with Zhujiang Beer reporting that 90% of its revenue comes from mid-to-high-end products [14] - Yanjing Beer has successfully launched its flagship product, Yanjing U8, achieving a sales volume of 696,000 kiloliters, a year-on-year increase of 31.40% [14] - Budweiser APAC, despite being a high-end market leader, has seen a significant decline in sales, down 11.8%, attributed to weak consumer spending [14] - China Resources Beer reported that mid-range and above products accounted for over 50% of its sales for the first time, indicating a commitment to high-end strategies [14]

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]