CONTENTS | 一、企业及报告基本信息 | 01 | | --- | --- | | （一）关于本报告 01 | | | （二）关于珠江啤酒 02 | | | 二、董事长致辞 | 04 | | 三、ESG 管 理 | 05 | | 四、环境：绿色发展 节能减排 | 06 | | （一）环境管理体系 06 | | | （二）应对气候变化 07 | | | （三）能源与水资源使用 07 | | | （四）污染物治理 08 | | | 五、社会：责任传承 关爱社会 | 11 | | （一）产品与服务 11 | | | （二）研发创新 12 | | | （三）供应管理 13 | | | （四）员工管理 13 | | | （五）乡村振兴与社会公益 15 | | | 六、公司治理：规范运作 合规管理 | 16 | | （一）治理结构 16 | | | （二）风险防控与合规管理 17 | | | （三）党建引领 18 | | | 七、未来展望 | 18 | | 八、主要内容索引 | 18 | 一、企业及报告基本信息 （一）关于本报告 本报告是广州珠江啤酒股份有限公司（以下简称"珠江啤酒"或"公司"或"我们"） 对外发 ...

证券代码：002461 证券简称：珠江啤酒 公告编号：2025-010 广州珠江啤酒股份有限公司 关于召开 2024 年度股东大会的通知 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述 或者重大遗漏。 一、召开会议的基本情况 1、股东大会届次：2024年度股东大会 公司第四届董事会第八十二次会议决定召开公司2024年度股东大会，本次会 议的召开符合有关法律、行政法规、部门规章、其他规范性文件及《公司章程》 的有关规定。 （1）现场会议时间：2025年4月23日16:00开始； （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日上午9:15—9:25,9:30—11:30，下午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。 5、会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式召开。 （1）现场投票：股东本人出席现场会议或通过授权委托他人出席现场会议； （2）网络投票：大会本次将通过深圳证券交易所交易系统和互联网投票系统向 公司股东提供网络形式的投票平台，股东 ...

证券代码：002461 证券简称：珠江啤酒 公告编号：2025-012 广州珠江啤酒股份有限公司 第四届监事会第六十一次会议决议公告 本公司监事会及全体监事保证公告内容真实、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（以下称"公司"）第四届监事会第六十一次会议 于 2025 年 3 月 26 日上午在公司办公楼 502 会议室召开。召开本次会议的通知及相 关资料已于 2025 年 3 月 14 日通过电子邮件等方式送达各位监事。本次会议应到监 事 4 人，实到监事 4 人。会议由全体监事共同推举刘泉先生召集并主持。本次会议 召开符合有关法律、行政法规、部门规章和《公司章程》的有关规定，会议合法、 有效。 与会监事经认真讨论，对以下事项进行了表决，形成监事会决议如下： 一、审核通过《公司 2024 年年度报告及其摘要》。 监事会的专项审核意见为：经审核，监事会认为董事会编制《广州珠江啤酒股 份有限公司 2024 年年度报告》及其摘要的内容真实、准确、完整地反映了公司的实 际情况，未发现任何虚假记载、误导性陈述或者重大遗漏。 监事会的专项审核意见为：公司已建立了较为完善的内部控制 ...

证券代码：002461 证券简称：珠江啤酒 公告编号：2025-004 广州珠江啤酒股份有限公司 表决结果：同意 8 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《公司董事会 2024 年度工作报告》。 公司独立董事韩振平、何兴强、曹庸分别向董事会提交了2024年度述职报 告，并将在公司2024年度股东大会上述职。 表决结果：同意 8 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。本议案需提交 2024 年度股东大会审议。 三、审议通过《关于公司 2024 年度财务决算报告的议案》。 第四届董事会第八十二次会议决议公告 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"）第四届董事会第八十二 次会议于 2025 年 3 月 26 日在公司办公楼 502 会议室召开，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 3 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 8 人（其中独立董事 ...

证券代码：002461 证券简称：珠江啤酒 公告编号：2025-009 二、利润分配预案的基本情况 （一）利润分配预案的基本内容 经广东中职信会计师事务所（特殊普通合伙）审计，2024 年度合并报 表实现归属上市公司股东的净利润 810,273,197.13 元。依据《公司法》 和《公司章程》等有关规定，结合公司经营和发展资金需要，公司拟按照 以下方案实施 2024 年度利润分配： 1、按公司净利润的 10%提取法定盈余公积金，提取后报告期末母公司 未分配利润为 797,030,390.18 元； 2、以 2025 年 3 月 26 日公司总股本 2,213,328,480 股为基数，向全 体股东 每 10 股 派 发现金 人民 币 1.70 元（ 含税 ）， 本 次共分 配现 金 376,265,841.60 元； 3、不实施资本公积金转增股本。 关于 2024 年度利润分配预案的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述 或者重大遗漏。 一、审议程序 广州珠江啤酒股份有限公司（以下简称"公司"）于 2025 年 3 月 26 日召 开第四届董事会第八十二次会议，审议 ...

Financial Performance - The company's operating revenue for 2024 reached ¥5,731,079,366.33, representing a 6.56% increase compared to ¥5,378,040,272.06 in 2023[18]. - Net profit attributable to shareholders for 2024 was ¥810,273,197.13, a significant increase of 29.95% from ¥623,507,931.85 in 2023[18]. - The net profit after deducting non-recurring gains and losses was ¥761,828,899.53, up 36.79% from ¥556,935,341.99 in the previous year[18]. - Cash flow from operating activities increased by 30.51% to ¥1,069,135,267.39, compared to ¥819,197,144.35 in 2023[18]. - Basic earnings per share rose to ¥0.37, reflecting a 32.14% increase from ¥0.28 in 2023[18]. - Total assets at the end of 2024 were ¥15,907,993,645.32, a 9.57% increase from ¥14,517,943,555.73 at the end of 2023[18]. - The net assets attributable to shareholders increased by 5.36% to ¥10,509,964,718.88 from ¥9,975,639,085.26 in 2023[18]. - The weighted average return on equity for 2024 was 7.95%, up from 6.39% in 2023[18]. Sales and Market Performance - Beer sales volume increased to 1.4396 million tons, up 2.62% compared to the previous year[29]. - High-end beer product sales grew by 13.96%, reflecting the company's focus on premium product offerings[30]. - The beer sales accounted for ¥5,511,462,150.1, which is 96.17% of total revenue, showing a 7.04% increase from ¥5,148,877,173.5 in the previous year[44]. - The gross profit margin for beer sales improved to 45.06%, up by 3.77% from the previous year[47]. - E-commerce sales generated ¥70,620,015.52, marking a 20.51% increase compared to ¥58,600,785.55 in 2023[45]. - The company’s total production volume for beer was 144.97 million tons in 2024, a 3.31% increase from 140.33 million tons in 2023[40]. Research and Development - The company initiated 96 new research projects and received 17 new invention patents during the reporting period[31]. - Research and development expenses increased by 18.73% to 179.50 million yuan in 2024 from 151.18 million yuan in 2023[52]. - The number of R&D personnel decreased by 1.60% to 615 in 2024 from 625 in 2023[54]. - R&D investment as a percentage of operating income decreased to 3.13% in 2024 from 3.37% in 2023[54]. Investment and Expansion - The company committed a total investment of 800 million CNY for the modernization of its marketing network, with 228 million CNY invested as of the report date, achieving an investment progress of 28.5%[63]. - The company has a new beer production project with a commitment of 40 million CNY, with no investment progress reported as of the report date[64]. - The company has achieved cumulative benefits of 90.5 million CNY from the Pearl River project, with an investment progress of 33.4%[64]. Governance and Compliance - The company adheres to legal and regulatory requirements in its governance structure, ensuring no significant discrepancies exist with regulatory standards[80]. - The company has established an independent financial accounting department with professional staff and a clear accounting system[82]. - The company maintains independent decision-making processes for production, funding, and major investment projects, adhering to board and shareholder approval protocols[82]. - The company has a complete organizational structure with no overlap in personnel between the company and its controlling shareholder[82]. Environmental Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities[121]. - The company adheres to multiple national environmental protection laws and regulations, including the Environmental Protection Law and the Air Pollution Prevention and Control Law[121]. - The company has implemented measures to enhance communication with higher authorities and shareholders to improve governance levels[119]. - The company is actively pursuing technological upgrades and environmental compliance to enhance production efficiency and reduce emissions[127]. Employee and Management Changes - The company has received resignations from key personnel, including the deputy general manager and a supervisor, due to retirement and job relocation[87]. - The company has seen a leadership change with multiple executives resigning or being appointed due to job transfers and retirement[88]. - The company conducted 3,790 training sessions in 2024, with a total of 111,922 participants and an average of 81.9 training hours per employee[109]. Financial Transactions and Shareholder Information - The company has not engaged in any securities or derivative investments during the reporting period[60][61]. - The company has not experienced significant changes in the feasibility of its committed investment projects[63]. - The company reported a total of 51,383,188 shares outstanding, with no changes in shareholder structure[182]. - The largest shareholder, Guangzhou Industrial Investment Holding Group Co., Ltd., holds 54.15% of the shares, totaling 1,198,493 shares, with no changes reported[186].

所公开谴责或者三次以上通报批评；（6）因涉嫌犯罪被司法机关立案侦查或者涉嫌 违法违规被中国证监会立案调查；（7）法律法规规定的其他不得担任董事、监事、 高级管理人员的情形。刘泉先生与持有公司 5%以上股份的股东、实际控制人、公司 其他董事、监事、高级管理人员不存在关联关系。截止本公告披露日，刘泉先生未 持有本公司股票。公司最近二年内曾担任过公司董事或者高级管理人员的监事人数 未超过公司监事总数的二分之一，单一股东提名的监事未超过公司监事总数的二分 之一。 证券代码：002461 证券简称：珠江啤酒 公告编号：2025-003 关于职工代表监事辞职及补选职工代表监事的公告 本公司及监事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或者 重大遗漏。 广州珠江啤酒股份有限公司（以下简称"公司"）监事会和职工代表大会于 2025 年 3 月 14 日收到公司职工代表监事李飞先生的书面辞职报告。因已届退休年龄，李 飞先生申请辞去公司职工代表监事职务，辞职生效后李飞先生不在公司担任任何职 务。截至本公告日，李飞先生未持有公司股票，不存在应履行而未履行的承诺事项。 根据有关规定，因李飞先生辞职导致职工代表 ...

公司董事会 于 2025 年 3 月 7 日 收到公司 副 董事长Jan Craps（中文名：杨克）先生的书面辞职报告。因工作调动，杨克先生申请辞 去公司董事、副董事长及董事会战略委员会委员、薪酬与考核委员会委员、提名委 员会委员职务，辞职后杨克先生不再担任公司任何职务。截至本公告披露日，杨克 先生未持有公司股份，不存在应履行而未履行的承诺事项。 根据有关规定，杨克先生辞职未导致公司董事会成员低于法定最低人数，不会 影响公司相关工作的正常开展，杨克先生的辞职报告自送达公司董事会之日起生效 。公司将按照法定程序补选董事。 公司董事会对杨克先生任职期间所做工作表示感谢！ 特此公告。 广州珠江啤酒股份有限公司董事会 2025 年 3 月 8 日 证券代码：002461 证券简称：珠江啤酒 公告编号：2025-002 广州珠江啤酒股份有限公司 关于公司董事辞职的公告 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。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price reflecting an expected return of over 20% within six months [5]. Core Views - The company reported a revenue of 5.731 billion yuan for 2024, a year-on-year increase of 6.56%, and a net profit attributable to shareholders of 0.813 billion yuan, up 30.32% year-on-year [1][4]. - The increase in sales of high-end beer products, which grew by 14.81% year-on-year, significantly contributed to the company's improved profitability [2][3]. - The company aims to enhance product quality, sales capabilities, and brand strength while focusing on technological innovation to drive industry upgrades and high-quality development [2]. Financial Performance Summary - For 2024, the company expects total revenue of 57.3 billion yuan, with net profit projected at 8.1 billion yuan, reflecting a growth rate of 30.32% [3][4]. - The company's earnings per share (EPS) for 2024 is estimated to be 0.37 yuan, with a price-to-earnings (P/E) ratio of 25.74 [4][10]. - The company has maintained a dividend payout ratio of 44.37% of its net profit for 2023, indicating a commitment to providing reasonable returns to investors [2]. Future Outlook - The company is positioned to achieve a strong start in 2025, supported by the ongoing trend towards high-end beer products and favorable barley prices aiding cost control [3]. - Revenue projections for 2025 and 2026 are set at 61.2 billion yuan and 64.9 billion yuan, respectively, with net profits expected to reach 9.4 billion yuan and 10.7 billion yuan [3][4].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company reported a revenue of 5.731 billion yuan for 2024, representing a year-on-year increase of 6.56%, and a net profit attributable to shareholders of 0.813 billion yuan, up 30.32% year-on-year [1][4]. - The increase in high-end beer sales, which grew by 14.81% year-on-year, significantly contributed to the company's improved profitability [1][2]. - The company aims to enhance product quality, sales capabilities, and brand strength while focusing on structural improvement and channel strengthening [2]. Financial Performance Summary - For 2024, the company expects total revenue of 57.3 billion yuan, with net profit projected at 8.1 billion yuan, reflecting a growth rate of 30.32% [3][4]. - The company’s revenue for Q4 was 844 million yuan, a 2.1% increase year-on-year, and it achieved a net profit of 6 million yuan, reversing a loss from the previous year [1]. - The company’s earnings per share (EPS) for 2024 is projected to be 0.37 yuan, with a price-to-earnings (P/E) ratio of 25.74 [4][5]. Future Outlook - The company is expected to achieve a strong start in 2025, driven by product upgrades in line with the high-end beer market trend and decreasing barley prices aiding cost control [3]. - Revenue projections for 2025 and 2026 are set at 61.2 billion yuan and 64.9 billion yuan, respectively, with net profits expected to reach 9.4 billion yuan and 10.7 billion yuan [3][4].