Financial Performance - In 2023, the company achieved operating revenue of CNY 5,378,040,272.06, representing a year-on-year increase of 9.13% compared to CNY 4,928,137,239.13 in 2022[16]. - The net profit attributable to shareholders was CNY 623,507,931.85, up 4.22% from CNY 598,264,071.35 in the previous year[16]. - The company reported a net profit from operating activities of CNY 819,197,144.35, which is a significant increase of 38.45% compared to CNY 591,695,776.58 in 2022[16]. - The total assets at the end of 2023 were CNY 14,517,943,555.73, reflecting a growth of 4.10% from CNY 13,946,369,705.62 at the end of 2022[16]. - The company sold 1,402,800 tons of beer in 2023, marking a year-on-year growth of 4.79%[22]. - The company’s basic earnings per share increased to CNY 0.28, up 3.70% from CNY 0.27 in 2022[16]. - The company received government subsidies amounting to CNY 78,812,266.71 in 2023, slightly higher than CNY 78,159,631.00 in 2022[20]. - The company’s weighted average return on equity was 6.39% in 2023, a slight increase from 6.36% in 2022[16]. - The company reported a cash flow net amount from operating activities of CNY 819,197,144.35, a significant increase compared to CNY 591,695,776.58 in 2022[16]. Market and Competition - The company faces competition risks from both domestic and international large beer enterprises, despite having a strong brand presence in South China[2]. - The company's beer sales market is primarily concentrated in South China, which poses risks to sustainable revenue growth if market expansion is not effectively managed[3]. - The sales volume of high-end beer products increased by 15.96% year-on-year, with e-commerce channel sales growing by 19%[23]. - The company has maintained a leading technological advantage and high product quality in the competitive beer industry, particularly in the South China region[22]. Production and Capacity - The company expanded its production capacity with new lines in Meizhou and Nansha, contributing to a green development strategy that reduced CO2 emissions by approximately 6,300 tons[23]. - The production volume of beer in 2023 was 140.33 tons, up 4.44% from 134.37 tons in 2022[43]. - The company is conducting research on new barley varieties to ensure the quality of beer products and production efficiency[58]. - The company is developing a yeast strain conversion and breeding system to enhance the consistency of craft beer quality[58]. Research and Development - In 2023, the company initiated 73 new research projects and received 9 new invention patents, reflecting its commitment to innovation[24]. - The company aims to reduce the total saccharification time by 10% through its research on precise control and regulation technology for saccharification[52]. - Research and development expenses in 2023 were ¥151,180,885.67, a decrease of 8.88% from ¥165,905,113.42 in 2022[51]. - The company reported a total of 625 R&D personnel in 2023, a decrease of 3.55% from 648 in 2022[53]. Environmental Compliance - The company has a good environmental compliance record but faces risks associated with expanding production and increasing national environmental standards[6]. - The company is classified as a key pollutant discharge unit by environmental protection authorities[115]. - The company adheres to multiple environmental protection laws and standards, including the Environmental Protection Law and the Air Pollution Prevention Law[116]. - The company has implemented various air pollution control systems, including a low-nitrogen burner for gas boiler exhaust treatment and pulse bag dust collectors for raw material dust[132]. Governance and Management - The company maintains independence in personnel, assets, financial management, and operations from its controlling shareholder[78]. - The company has established an independent financial accounting department and a clear accounting system[78]. - The company actively engages with investors through various communication channels, including in-person meetings and online platforms[74]. - The company has a structured approach to decision-making for major investments, adhering to board and shareholder approval processes[78]. Shareholder Information - The total number of shares is 2,213,328,480, representing 100% of the company's equity[168]. - The largest shareholder, Guangzhou Industrial Investment Holding Group Co., Ltd., holds 54.15% of the shares, totaling 1,198,493,234 shares[172]. - The second largest shareholder, Interbrew Investment International Holding Limited, owns 29.99% of the shares, amounting to 663,777,210 shares[172]. - The company has not reported any significant changes in shareholding among the board members during the reporting period[82]. Cash Flow and Investments - The company has established a cash flow management strategy that positively impacts its financial stability and operational efficiency[56]. - The total cash inflow from operating activities reached ¥6,249,470,702.89 in 2023, representing a 10.56% increase from ¥5,652,727,391.30 in 2022[56]. - The company reported a total of 10,000,000 yuan in structured deposits from Bank 1, with an annualized return of 2.75% and an actual return of 67.81 million yuan[163]. - The cash inflow from financing activities reached ¥1,988,438,847.31 in 2023, more than double the ¥982,177,997.14 seen in 2022, indicating a growth of approximately 102.5%[199]. Social Responsibility - The company invested CNY 3.36 million in rural revitalization initiatives, demonstrating its commitment to social responsibility[28]. - The company contributed CNY 3.36 million to support poverty alleviation and rural revitalization efforts in various regions[140]. - The company is committed to risk prevention and fulfilling social responsibilities to ensure safety and stability[72].

证 券 2024 年 03 月 29 日 研 究 全年量价齐升，四季度销售结构短期承压 报 告 —珠江啤酒（002461.SZ）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024年 03 月28 日，珠江啤酒发布 2023年度业绩报告。 sunss@cfsc.com.cn 分析师：廖望州 S1050523100001 投资要点 liaowz@cfsc.com.cn 基本数据 ▌全年看量价齐升，高端化趋势明显 2024-03-28 当前股价（元） 7.81 公司 2023 年营收实现 53.78 亿元（+9.13%），归母净利润实 总市值（亿元） 173 现 6.24 亿元（+4.22%）。单四季度看，公司 2023Q4 营收实 现 8.27 亿元（+1.16%），实现平稳增长。拆分量价来看，公 总股本（百万股） 2213 司 2023 年总销量为 140.28 万千升（+4.80%），保持平稳增 流通股本（百万股） 2213 长态势，高档产品销量增长 15.96%，销售结构持续升级，带 52周价格范围（元） 6.79-9.59 动公司 2023 吨价同增 4.13%至 ...

Investment Rating - The investment rating for the company is "Add" [5][15]. Core Insights - The company reported a slight increase in performance with a revenue of 5.378 billion yuan in 2023, representing a year-over-year growth of 9.13%. The net profit attributable to shareholders was 624 million yuan, up 4.22% year-over-year [3][4]. - The gross margin improved to 42.82%, while the net margin slightly decreased to 11.96%. Sales and management expense ratios increased marginally [4][11]. - High-end products showed strong performance, with revenue from high-end products reaching 3.426 billion yuan, a year-over-year increase of 15.12% [4][11]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 5.378 billion yuan, with a net profit of 624 million yuan and a non-recurring net profit of 557 million yuan [3]. - The fourth quarter of 2023 saw a revenue of 827 million yuan, but the net profit was negative at -20 million yuan, indicating a significant decline [3]. Cost and Margin Analysis - The gross margin for 2023 was 42.82%, an increase of 0.39 percentage points year-over-year. However, the net margin decreased by 0.34 percentage points to 11.96% [4]. - The sales expense ratio was 15.19%, and the management expense ratio was 7.44%, both showing slight increases compared to the previous year [4]. Product and Channel Performance - Revenue from different channels in 2023 included 4.863 billion yuan from regular products, 135 million yuan from supermarkets, 92 million yuan from night venues, and 59 million yuan from e-commerce, with significant growth in supermarket and e-commerce channels [4]. - The company’s high-end products, primarily pure draft beer and snow fortress beer, accounted for 63.70% of total revenue, with a notable growth rate [4][11]. Regional and Distributor Insights - The company generated 5.110 billion yuan in revenue from the South China region, which constituted 95.02% of total revenue, while other regions saw a decline [4]. - The number of distributors increased by 453, with a net addition of 152 in Guangdong province [4]. Research and Development - In 2023, the company initiated 73 new research projects and received several patents, indicating a strong focus on technological advancement and product innovation [11]. - The company is also investing in green energy projects, contributing to significant carbon dioxide reduction [11]. Profit Forecast and Recommendations - The profit forecast for 2024-2026 has been adjusted to 715 million yuan, 791 million yuan, and 863 million yuan respectively, reflecting a growth rate of 14.59%, 10.74%, and 9.11% [11].

股 票 研 究 [Table_industryInfo] 食品饮料/必需消费 [ Table_Main[珠ITnaf 江bol]e 啤_Ti酒tle]( 002461) [评Tab级le_：Inv est] 增持 上次评级： 增持 量增快于行业，成本改善可期 目标价格： 10.20 上次预测： 11.90 公 ——2023年年报点评 当前价格： 7.81 司 訾猛(分析师) 陈力宇(分析师) 2024.03.29 更 021-38676442 021-38677618 [交Ta易bl数e_M据a rket] 新 zimeng@gtjas.com chenliyu@gtjas.com 证书编号 S0880513120002 S0880522090005 52周内股价区间（元） 6.79-9.59 报 总市值（百万元） 17,286 告 本报告导读： 总股本/流通A股（百万股） 2,213/2,213 流通 B股/H股（百万股） 0/0 23年公司全年实现量价齐升，23Q4或因折促力度加大影响短期盈利，行业结构升级 流通股比例 100% 和原材料成本逐步改善趋势不改。 日均成交量（百万股） 6.73 投资要点： ...

广州珠江啤酒股份有限公司 2023年12月31日内部控制审计报告 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn/】"进行查验 报告编码:粤24S2 中职信会计师事务所(特殊普通合伙) ZHONGZHIXIN CERTIFIED PUB 三、内部控制的固有局限性 内部控制审计报告 中职信审字(2024)第 0998 号 广州珠江啤酒股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了广州珠江啤酒股份有限公司(以下简称"珠江啤酒")2023 年 12 月 31 日 的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》《企业内部控制 评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是珠江啤酒 董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表 审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于 情况的变化可能导致内部 ...

证券代码：002461 证券简称：珠江啤酒 公告编号：2024-008 广州珠江啤酒股份有限公司 关于使用闲置资金投资理财及存款类产品的公告 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。 本次投资使用募集资金进行的理财，其发行主体必须为商业银行，且能提供 保本承诺。募集资金有关情况如下： （1）募集资金基本情况 经中国证券监督管理委员会《关于核准广州珠江啤酒股份有限公司非公开发 行股票的批复》（证监许可[2016]3231 号）核准，公司向特定对象非公开发行 人民币普通股（A 股）股票 426,502,472 股，共计募集资金 4,311,939,991.92 元 ， 扣 除 发 行 费 用 16,152,996.87 元 后 ， 公 司 实 际 募 集 资 金 净 额 4,295,786,995.05 元。中喜会计师事务所（特殊普通合伙）对上述募集资金到 位情况进行验证，并于 2017 年 2 月出具《验资报告》（中喜验〔2017〕第 0046 号）。 本次募集资金已存放于公司为本次发行开设的募集资金专户，并与本次发行 保荐机构中信证券股份有限公司、存放募集资金 ...

关于广州珠江啤酒股份有限公司 2023年度募集资金存放与使用情况 专项报告的鉴证报告 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 关于广州珠江啤酒股份有限公司 2023年度募集资金存放与使用情况 专项报告的鉴证报告 中职信审专字(2024)第0407号 广州珠江啤酒股份有限公司全体股东: 我们接受委托,对后附的广州珠江啤酒股份有限公司(以下简称"珠江啤 酒") 2023 年度募集资金存放与使用情况的专项报告(以下简称"募集资金专 项报告")执行了合理保证的鉴证业务。 一、董事会的责任 珠江啤酒董事会的责任是按照中国证券监督管理委员会《上市公司监管指引 第 2 号 -- 上市公司募集资金管理和使用的监管要求(2022年修订)》(证监会 公告(2022)15号)、《深圳证券交易所上市公司自律监管指引第1号 -- 主板 上市公司规范运作》以及《深圳证券交易所上市公司自律监管指南第2号 -- 公 告格式(2023年修订)》的相关规定编制募集资金专项报告。这种责任包括设计、 执行和维护与募集资金专项报告编制相关的内部控制,确保募集资金专项报告真 实、准确、完整 ...

广州珠江啤酒股份有限公司董事会 2023 年度工作报告及 2024 年工作计划 一、公司基本情况 广州珠江啤酒股份有限公司（以下简称"公司"）主营业务为啤 酒生产销售以及啤酒文化等相关业务。 2023 年是全面贯彻落实党的二十大精神开局之年，公司坚持党建 引领，促进产业提质升级，较好实现稳增长目标，推进企业高质量发 展之路行稳致远。2023 年，公司实现营业总收入 53.78 亿元，同比 增长 9.13%；归属于上市公司股东的净利润 6.24 亿元，同比增长 4.22%。 二、董事会运作情况 （一）组织机构 公司董事会成员共设 9 名董事，2023 年末在任 9 名，其中独立 董事及外资股东推荐的董事 5 名，内部董事 4 名（含职工董事 1 名）。 外部董事（含独立董事及外资股东推荐的董事）占比 55.56%，由公 司高级管理人员兼任的董事 2 名，占比 22.2%。公司董事会下设了战 略、提名、薪酬与考核和审计委员会，设董事会秘书 1 人，公司设证 券部协助董事会秘书开展工作。 （二）制度运行情况 公司董事会、董事会下属专业委员会建立了完善的议事规则，制 定了董事会秘书工作制度，公司党委会、总经理办公会和 ...

广州珠江啤酒股份有限公司 2023 年度合并财务报表审计报告 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 招生编和·皇2AVH7P 目 录 | 内 容 | 页 次 | | --- | --- | | 审计报告 v | 1-6 | | 二、已审财务报表 | | | 1. 合并资产负债表 | 7-8 | | 2. 资产负债表 | 9-10 | | 3. 合并利润表 | 11 | | 4. 利润表 | 12 | | 5. 合并现金流量表 | 13 | | 6. 现金流量表 | 14 | | 7. 合并所有者权益变动表 | 15-16 | | 8. 所有者权益变动表 | 17-18 | | 三、财务报表附注 | 19-115 | 东中职信会计师事务所(特殊普通合伙) NG ZHONGZHIXIN CERTIFIED PUBLIC ACCOUNTANTS LLP F河区珠江东路11号高德置地球广场E座10梯 or. Autumn F.GT Land Plaz ng East Road. Tianhe Distr 审计报告 报告文号:中职信审字(2024)第 0 ...

（2024 年 3 月修订） 根据《上市公司独立董事管理办法》及国家有关法律、行政法规、规范性文 件、《公司章程》的有关规定，为规范独立董事行为，充分发挥独立董事在公司 治理中的作用，保护中小股东及利益相关者的利益，促进公司的规范运作，特制 定本制度。 第一条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独 立客观判断关系的董事。 第二条 独立董事应当具备与其行使职权相适应的任职条件。担任独立董事 应当符合下列基本条件： （一）根据法律、行政法规及其他有关规定，具备担任公司董事的资格； （二）具有本制度第三条所要求的独立性； 广州珠江啤酒股份有限公司 独立董事工作制度 （三）具备公司运作的基本知识，熟悉相关法律、行政法规、规章及规则； （四）具有五年以上法律、会计或者经济等工作经验； （五）具有良好的个人品德，不存在重大失信等不良记录； （六）法律、行政法规、中国证监会规定、证券交易所业务规则和公司章程 规定的其他条件。 独立董事原则上最多在三家境内上市公司担任独立董事，并应当确保有足够 的时间和精力有效地履行独立董事的职责。 ...