2023-04-19 08:52Financial Performance - Profit attributable to shareholders increased by 32.8% in 2022[14] - Gross profit rose by 3.7%[14] - The dividend payout ratio was maintained at 40%[14] - For the year ended December 31, 2022, the Group reported a turnover of RMB 35,263 million, an increase from RMB 33,387 million in the previous year[57] - The consolidated turnover for 2022 was RMB 35,263 million, representing a 5.6% increase compared to 2021[68] - Profit attributable to shareholders decreased by 5.3% to RMB 4,344 million in 2022[68] - Earnings before interest and taxation fell by 12.8% to RMB 5,227 million in 2022[68] - Excluding a one-off compensation gain from land transfer in 2021, earnings before interest and taxation increased by approximately 23.4% in 2022[70] - The overall gross profit increased by 3.7% to RMB 13,561 million despite a decline in gross margin by 0.7 percentage points[69] - The average selling price increased by 5.2% in 2022 due to moderate price adjustments[69] - The earnings per share for 2022 was RMB0.536, compared to RMB1.34 in 2021[120] Sales and Production - Sales volume of sub-premium beer segment and above grew by 12.6%[14] - Beer sales volume totaled 11.10 million kiloliters[14] - Annual production capacity reached 18.41 million kiloliters[14] - In 2022, the Group's overall beer sales volume increased by 0.4% to approximately 11,096,000 kiloliters compared to 2021[71] - The sales volume of the sub-premium beer segment and above rose by approximately 12.6% to about 2,102,000 kiloliters in 2022[72] - The Group launched several new products in 2022, including the super-premium product "Nong Li" and new flavors of carbonated beverages, enhancing its product portfolio[77] Strategic Initiatives - The Group implemented the "Snow Road" initiative to enhance production management systems[18] - The establishment of intelligent factories and consumer data platforms was advanced to support premiumization[19] - The Group is committed to diversifying its alcoholic beverage portfolio and increasing revenue sources[17] - The Group's "Beer + Baijiu" dual-wheeled business model was unveiled in July, marking a new strategic direction[42] - The Group's strategic "3+3+3" initiative was acknowledged for its contributions during its initial six-year span at the Annual Strategy Summit[43] Acquisitions and Investments - The Group acquired a 55.19% equity interest in Guizhou Jinsha for RMB 12.3 billion[16] - The Group completed the acquisition of a 55.19% equity interest in Guizhou Jinsha on January 10, 2023[98] Awards and Recognition - The Group received the Second Prize for "Science and Technology Advancement of the China Alcoholic Drinks Association" for its contributions to the brewing industry[30] - The Group was ranked 71st in the 2022 Brand Value List of Chinese Listed Companies[48] - The Group received multiple awards in 2022, including Best Overall Investor Relations (Large Cap) and Best Investor Relations Officer (Large Cap) at the IR Magazine Awards[56] - The Group's commitment to ESG was recognized with multiple awards, including Best ESG (First Place Overall in Consumer/Staples Sector)[49] - The Company received multiple awards for corporate governance and investor relations, including "Directors of the Year Awards 2022" from The Hong Kong Institute of Directors[111] Corporate Governance and Management - The Group emphasizes effective risk management as an integral part of corporate governance, aiming to maintain acceptable risk levels and protect shareholder value[150] - The Group adheres to a prudent operating strategy, balancing business development with risk management[151] - The management team is responsible for risk management, which is integrated into business planning and daily operations[150] - The Group continuously reviews governance practices to align with the latest regulatory requirements[150] Market and Economic Conditions - The pandemic's impact on the domestic consumer goods market continues, with increased competition due to new products and larger sales channels[186] - The prices of production materials increased due to international geopolitical crises, exchange rate fluctuations, and pandemic-related factors, impacting production costs[173] ESG and Sustainability - The report covers the period from January 1, 2022, to December 31, 2022, focusing on the Group's performance in environmental, social, and governance (ESG) aspects[191] - This is the seventh annual ESG report published by China Resources Beer, aimed at transparent communication with stakeholders regarding the Company's social responsibility commitments[198] - The report emphasizes the importance of quantitative data, with departments collecting key performance indicators (KPIs) related to environmental and social performance[190] - The report aims to provide a balanced view, disclosing both positive and negative information to allow stakeholders to evaluate the Group's overall performance[190] Future Outlook - The Group aims for continuous growth in 2023 by increasing product coverage and brand investments as the beer market recovers[83] - The Group plans to launch its first bistro brand "Joy Brew" in the first half of 2023 to explore new marketing channels for its beer products[83]