2022-04-20 04:00Financial Performance - Profit attributable to shareholders increased by 119.1% in 2021[47] - For the year ended December 31, 2021, the turnover was RMB 33,387 million, representing a 6.2% increase from RMB 31,448 million in 2020[93] - Profit attributable to shareholders increased significantly to RMB 4,587 million in 2021, up from RMB 2,094 million in 2020, marking a 119% growth[94] - Basic earnings per share rose to RMB 1.41 in 2021, compared to RMB 0.65 in 2020, reflecting a 116.9% increase[94] - The equity attributable to shareholders reached RMB 24,432 million as of December 31, 2021, up from RMB 21,217 million in 2020, indicating a 10.4% growth[95] - The consolidated net cash position improved to RMB 5,396 million in 2021, compared to RMB 4,614 million in 2020[95] - The total equity as of December 31, 2021, was RMB 24,489 million, compared to RMB 21,274 million in 2020, reflecting a 10.4% increase[95] - The company declared a total dividend per share of RMB 0.566 for 2021, up from RMB 0.259 in 2020, representing a 118.5% increase[94] - The Group's consolidated turnover in 2021 was RMB33,387,000,000, representing a year-on-year increase of 6.2%[106] - Consolidated profit attributable to shareholders increased by 119.1% to RMB4,587,000,000, and earnings before interest and taxation rose by 94.6% to RMB5,991,000,000[106] Sales and Market Performance - Sales volume of sub-premium beer segment and above rose by 27.8%[47] - Beer sales volume totaled 11.06 million KL[47] - Overall beer sales volume decreased by 0.4% year-on-year to approximately 11,056,000 kilolitres, indicating a recovery from the pandemic's impact[106] - Sales volume of premium and above beer segments reached approximately 1,866,000 kilolitres, an increase of 27.8% compared to 2020[106] - The overall average selling price increased by 6.6% compared to 2020, contributing to a gross profit margin increase of 0.8 percentage points to 39.2%[106] Production and Capacity - Annual production capacity reached 18.20 million KL, reflecting an increase of 118.5%[47] - The Group ceased operations of 5 breweries, operating 65 breweries with an annual production capacity of approximately 18,200,000 kilolitres by the end of 2021[109] - The Group's annual production capacity as of December 31, 2021, was 18,200,000 kiloliters, excluding ceased operations[119] Strategic Initiatives and Partnerships - A strategic partnership with Heineken Group was initiated in 2019, enhancing market positioning[44] - The Group launched the "Snow Road" initiative to upgrade beer production management and aim for leadership in the "new world" of beer production[55] - The Group established the "CRSB Technology Research Institute" to enhance beer research and innovation[54] - The Group's diversified brand portfolio continues to expand with the introduction of international brands like "Amstel" and "Edelweiss" in 2021[56][57] Awards and Recognition - The Group was recognized as the Most Outstanding Company in Hong Kong for the Consumer Staples Sector in the Asia's Outstanding Companies Poll 2021[89] - The Group received multiple awards at the HKIRA 7th Investor Relations Awards, including Best ESG (E), (S), and (G) for Large Cap[87] - The Group's Snow Draft Beer was awarded as a Star Product in the Golden Goblet Awards of China Liquor Industry 2021[86] - The Group's annual report won honors in various categories at the International ARC Awards, including Gold for Interior Design in Beer/Wine/Spirits[86] - The Group's CEO and CFO were recognized as Asia's Best in Investor Relations at the Asian Excellence Recognition Awards 2021[89] Corporate Governance and Investor Relations - The Company received multiple awards for its corporate governance and investor relations management, including "Best CEO (first place)" and "Best Investor Relations Team (first place)" in the consumer staples sector in Asia[127] - The Group is committed to enhancing long-term value and aims to distribute annual dividends of no less than 20% of profit attributable to shareholders under normal circumstances[128] - The Company has maintained a high level of transparency and corporate governance to keep capital markets informed about its latest developments and future plans[125] - The Group's proactive engagement with shareholders and investors aims to create more business development opportunities and improve operating performance[125] Risk Management - The Group's management has adopted various strategies for risk management, including risk reduction, transfer, and avoidance, to ensure timely detection of major risk events[158] - The risk management structure is based on a "three lines of defense" model, clarifying roles and responsibilities across business units and functional departments[161] - The first line of defense consists of business units responsible for daily risk management and risk assessment[161] - The second line of defense is the risk management function, which organizes and monitors major and potential risks[161] - The third line of defense is the internal audit function, responsible for supervision and assessment of internal risk management systems[161] - The Group's risk management process is designed to identify, analyze, and mitigate various risks efficiently[159] - The Group's risk assessment is conducted annually through a top-down and bottom-up process, incorporating various dimensions such as strategy, marketing, operations, and human resources[163] Sustainability and Social Responsibility - The Group aims to maintain downward trends in carbon emissions and improve biogas recycling efficiency as part of its sustainability commitment[172] - The Group achieved a year-on-year decrease of over 35% in sulfur dioxide (SO2) emissions and over 20% in nitrogen oxide (NOX) emissions in 2021, primarily by phasing out coal-fired boilers and reducing fossil fuel consumption[183] - The Group's external donations exceeded RMB800,000 in 2021, including specific donations for poverty alleviation and support for pandemic relief efforts valued at over RMB200,000[175] - The Group tracked over 380 social responsibility key indicators, with more than 20 focused on community care initiatives[173] - The Group organized promotional events for energy conservation and environmental protection, enhancing community engagement[194] Employee Engagement and Development - The Group employed approximately 25,000 staff as of December 31, 2021, with total employee costs around RMB 5,692,000,000 for the year[118] - The Group organized multi-level training programs for premium beer business talent development, yielding fruitful results[83] - The Group implemented a long-term salary increment mechanism based on performance evaluation and market adjustment ratios[200] Future Outlook - The Group plans to launch several new products in 2022, including "Snow Draft Pure Malt Beer" and "Heineken® 0.0" to enhance product diversity[113] - The Group will actively explore the expansion of its bistro business and develop new marketing channels for beer products in response to competition[113] - The Group will continue to monitor raw material prices and implement staggered peak procurement to mitigate rising costs[113]