华润啤酒(00291) - 2024 - 中期业绩

Financial Performance - The group's unaudited consolidated revenue for the first half of 2024 was RMB 23,744,000,000, benefiting from the continued development of the premiumization strategy in the beer and liquor businesses[2]. - Shareholders' profit attributable to the company for the first half of 2024 was RMB 4,705,000,000, an increase of 1.2% compared to the same period last year[2]. - The net cash inflow from operating activities increased by 25.6% year-on-year, reflecting the company's strong cash generation capability[2]. - For the six months ended June 30, 2024, the company reported revenue of RMB 23,744 million, a slight decrease of 0.5% compared to RMB 23,871 million for the same period in 2023[17]. - Gross profit increased to RMB 11,139 million, representing a growth of 1.3% from RMB 10,991 million year-on-year[17]. - The company's net profit for the period was RMB 4,733 million, up 0.7% from RMB 4,698 million in the previous year[18]. - Total comprehensive income for the period was RMB 4,744 million, slightly higher than RMB 4,700 million in the prior year[18]. - The company reported a decrease in financial costs to RMB 56 million, down from RMB 135 million in the previous year, indicating improved financial management[17]. - The company's total equity increased to RMB 36,772 million from RMB 34,174 million at the end of 2023, showing a solid financial position[19]. - The company has sufficient resources to meet its liabilities and commitments, ensuring continued operations in the foreseeable future[20]. Beer Business Performance - Beer sales volume reached approximately 6,348,000 kiloliters, a year-on-year decline of 3.4, but the proportion of mid-range and above beer sales exceeded 50% for the first time in the first half of the year[2]. - The average selling price of beer increased by 2.0% year-on-year, with the gross margin for the beer business rising by 0.6 percentage points to 45.8%[2]. - The beer business's EBITDA margin increased significantly, exceeding 10 percentage points to reach 28.3%, marking a historical high[2]. - The unaudited consolidated revenue for the beer business in the first half of 2024 was RMB 22,566,000,000, with high-end beer products continuing to perform well[9]. - Mid-range and above beer sales accounted for over 50% of total sales for the first time in the first half of 2024, with e-commerce sales growing approximately 60% year-on-year[10]. - The beer business achieved a profit before interest and tax of RMB 6,365,000,000, an increase of about 2.6% compared to the same period last year, with a profit margin of 28.2%[10]. - Beer sales volume for the first half of 2024 was approximately 6,348 million liters, a decrease of 3.4% year-on-year, although high-end beer products continued to perform well[32]. Liquor Business Performance - The liquor business achieved an unaudited consolidated revenue of RMB 1,178,000,000, a year-on-year increase of approximately 20.6%, with the gross margin rising by 2.1 percentage points to 67.6%[2]. - The white liquor business recorded an unaudited consolidated revenue of RMB 1,178,000,000 in the first half of 2024, representing a year-on-year increase of approximately 20.6%[11]. - The gross margin for the white liquor business rose by 2.1 percentage points to 67.6% in the first half of 2024[11]. - Sales of the national high-end liquor product "Summary" grew by over 50% year-on-year, contributing approximately 70% to the liquor business revenue[2]. - Sales of the national high-end product "Summary" increased by over 50% year-on-year, contributing approximately 70% to the white liquor business revenue[35]. Dividends and Shareholder Returns - The board declared an interim dividend of RMB 0.373 per share, a 30% increase compared to the same period last year[3]. - The company declared an interim dividend of RMB 0.373 per share for the six months ended June 30, 2024, compared to RMB 0.287 per share in the same period of 2023[25]. Strategic Initiatives - The company aims to maintain growth as its primary strategy and is committed to pursuing high-quality development while controlling capital expenditures[3]. - The group plans to implement a dual empowerment business model of "beer + liquor" to enhance competitive advantages and optimize management[12]. - The company is committed to achieving its "3+3+3" development strategy, focusing on transforming from scale to quality and from traditional to modern operations[12]. - The company has optimized its production capacity by ceasing operations at one brewery and starting operations at a new intelligent brewery in Jinan, Shandong[32]. - The company completed the acquisition of a 55.19% stake in Guizhou Jinsha Liquor Industry Co., Ltd., which has been included in the financial consolidation since January 10, 2023[31]. Compliance and Governance - The company has adhered to the corporate governance principles and guidelines since November 2003, with the latest revisions made on June 27, 2024[44]. - The company has confirmed compliance with the standards of the Code of Conduct for Securities Transactions, with no violations reported for the six months ending June 30, 2024[45]. - The interim results for the six months ending June 30, 2024, have been reviewed by the audit committee and independent auditor without any objections[46]. Other Financial Metrics - Current assets totaled RMB 19,004 million, an increase from RMB 17,141 million as of December 31, 2023[19]. - Inventory decreased to RMB 9,015 million from RMB 9,502 million, indicating improved inventory management[19]. - The company's interest income for the six months ended June 30, 2024, was RMB 102 million, down from RMB 208 million in the same period of 2023[22]. - The company recognized government grants amounting to RMB 238 million for the six months ended June 30, 2024, compared to RMB 163 million in the same period of 2023[22]. - The total cost of goods sold for the six months ended June 30, 2024, was RMB 12,605 million, slightly down from RMB 12,880 million in the same period of 2023[25]. - The company’s capital expenditure for the six months ended June 30, 2024, was RMB 747 million, compared to RMB 76 million in the same period of 2023[21]. - The company’s depreciation and amortization expenses for the six months ended June 30, 2024, were RMB 1,140 million, compared to RMB 1,149 million in the same period of 2023[21]. - The company’s total assets as of June 30, 2024, were RMB 19,444 million, an increase from RMB 17,942 million in the same period of 2023[25]. - The company's bank loans as of June 30, 2024, totaled RMB 1,378 million, with an effective annual interest rate ranging from 0.99% to 2.35%[30]. - The group employed approximately 27,000 people, with employee costs totaling around RMB 2,882,000,000 for the year[40]. - The group has no significant acquisitions or disposals during the six months ended June 30, 2024[41]. - A framework agreement for a comprehensive energy project was signed on July 2, 2024, with a term from January 1, 2024, to December 31, 2026[47].