CBC(SH:600132)2023-08-16 16:00Financial Performance - Revenue for the first half of 2023 reached 8,504,801,856.56 RMB, a 7.17% increase compared to the same period last year[17] - Net profit attributable to shareholders of the listed company was 865,008,796.37 RMB, up 18.89% year-on-year[17] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 854,157,975.46 RMB, a 19.34% increase compared to the same period last year[17] - Operating cash flow for the first half of 2023 was 2,545,442,726.58 RMB, a decrease of 5.70% compared to the same period last year[17] - Basic earnings per share increased by 18.89% to RMB 1.79[18] - Diluted earnings per share increased by 18.89% to RMB 1.79[18] - Net profit attributable to shareholders increased by 18.89% to RMB 865 million[23] - Revenue increased by 7.17% to RMB 8.505 billion[23] - Weighted average return on equity increased by 0.90 percentage points to 38.05%[18] - Revenue increased by 7.17% to RMB 8,504,801,856.56 in the first half of 2023 compared to the same period last year[27] - Gross profit margin slightly decreased due to a 7.57% increase in operating costs to RMB 4,381,261,559.38[27] - Sales expenses rose by 6.96% to RMB 1,235,538,324.07, reflecting increased marketing and distribution efforts[27] - The company's high-end product segment grew by 1.74%, contributing RMB 2,930,986,475.51 to total revenue[28] - The southern region saw the highest revenue growth at 26.63%, reaching RMB 2,354,705,175.64[30] - Total operating revenue for the first half of 2023 reached 8,504,801,856.56, a 7.18% increase compared to 7,935,751,142.55 in the same period of 2022[90] - Net profit attributable to the parent company's shareholders was 865,008,796.37, up 18.89% from 727,551,008.90 in the first half of 2022[91] - Basic earnings per share (EPS) increased to 1.79 from 1.50 in the first half of 2022[92] - Total operating costs rose to 6,403,476,909.99, a 5.85% increase compared to 6,049,440,111.01 in the same period last year[90] - R&D expenses decreased significantly to 10,880,675.61, down 81.19% from 57,841,604.46 in the first half of 2022[90] - Sales expenses increased to 1,235,538,324.07, a 6.96% rise compared to 1,155,160,030.77 in the same period of 2022[90] - The company's comprehensive income totaled 1,716,079,075.43, with 864,682,903.81 attributable to minority shareholders[91] - Interest income grew to 34,722,473.55, a 45.81% increase from 23,814,575.18 in the first half of 2022[90] - The parent company reported a net loss of 33,168,769.31 for the first half of 2023, improving from a loss of 38,459,409.27 in the same period last year[93] - The company's total profit reached 2,152,323,704.09, an 11.06% increase compared to 1,937,988,429.21 in the first half of 2022[91] - Comprehensive income for the first half of 2023 was -33,168,769.31, a decrease from -38,459,409.27 in the same period last year[94] - Cash received from sales of goods and services in the first half of 2023 was 8,756,001,010.50, up from 8,404,135,826.23 in the same period last year[95] - Net cash flow from operating activities in the first half of 2023 was 2,545,442,726.58, down from 2,699,231,932.10 in the same period last year[95] - Cash used in investing activities in the first half of 2023 was -767,885,958.85, compared to -261,784,855.44 in the same period last year[96] - Cash used in financing activities in the first half of 2023 was -1,305,237,481.11, compared to -1,021,568,385.50 in the same period last year[96] - Net increase in cash and cash equivalents in the first half of 2023 was 472,319,286.62, down from 1,415,878,691.16 in the same period last year[96] - Cash received from other operating activities in the first half of 2023 was 222,024,699.78, down from 333,775,569.66 in the same period last year[95] - Cash paid for goods and services in the first half of 2023 was 3,472,641,787.35, up from 3,237,599,428.47 in the same period last year[95] - Cash paid for taxes in the first half of 2023 was 1,371,299,364.14, up from 1,065,100,083.31 in the same period last year[95] - Cash paid for dividends and interest in the first half of 2023 was 1,292,249,785.12, up from 1,007,033,775.38 in the same period last year[96] Assets and Liabilities - Total assets as of the end of the reporting period were 13,091,765,405.08 RMB, an increase of 4.75% compared to the end of the previous year[17] - Net assets attributable to shareholders of the listed company were 1,651,102,933.73 RMB, a decrease of 19.70% compared to the end of the previous year[17] - Total assets increased to RMB 13,091,765,405.08 as of June 30, 2023, compared to RMB 12,497,582,459.14 at the end of 2022[83] - Cash and cash equivalents rose to RMB 3,876,551,024.67, up from RMB 3,397,877,592.02 at the end of 2022[83] - Accounts receivable increased to RMB 120,440,465.18, up from RMB 65,511,539.08 at the end of 2022[83] - Inventory decreased to RMB 1,731,089,957.70, down from RMB 2,166,477,563.20 at the end of 2022[83] - Total current liabilities stood at RMB 8,501,139,715.87, compared to RMB 8,311,219,422.44 at the end of 2022[84] - Accounts payable increased to RMB 3,062,056,664.92, up from RMB 2,497,671,747.37 at the end of 2022[84] - Contract liabilities rose to RMB 1,788,427,749.03, compared to RMB 1,614,042,546.14 at the end of 2022[84] - Total non-current liabilities decreased to RMB 541,877,952.46, down from RMB 563,299,967.26 at the end of 2022[84] - Fixed assets decreased to RMB 3,563,514,675.15, down from RMB 3,680,691,105.17 at the end of 2022[83] - Long-term equity investments decreased to RMB 113,793,017.03, down from RMB 296,599,881.05 at the end of 2022[83] - Total liabilities increased to 9,043,017,668.33 RMB, up from 8,874,519,389.70 RMB in the previous period[85] - Total owner's equity (or shareholders' equity) rose to 4,048,747,736.75 RMB, compared to 3,623,063,069.44 RMB previously[85] - Minority shareholders' equity increased significantly to 2,397,644,803.02 RMB from 1,566,886,569.53 RMB[85] - Total assets of the parent company decreased to 1,706,184,772.94 RMB from 2,409,467,959.46 RMB[87] - Long-term equity investments remained stable at 1,695,066,358.71 RMB[87] - Current liabilities of the parent company surged to 637,118,045.12 RMB from 49,473,354.09 RMB[87] - Non-current liabilities of the parent company decreased slightly to 60,892,892.11 RMB from 62,182,262.55 RMB[88] - Total liabilities of the parent company increased significantly to 698,010,937.23 RMB from 111,655,616.64 RMB[88] - Owner's equity (or shareholders' equity) of the parent company dropped to 1,008,173,835.71 RMB from 2,297,812,342.82 RMB[88] - Undistributed profits of the parent company decreased to 269,665,242.74 RMB from 1,561,159,126.85 RMB[88] - Transactional financial assets increased to 360,161,000.00, accounting for 2.75% of total assets, primarily due to an increase in bank structured deposits[33] - Accounts receivable rose by 83.85% to 120,440,465.18, accounting for 0.92% of total assets, driven by increased sales during the peak season[33] - Other receivables surged by 1,301.19% to 246,876,441.19, accounting for 1.89% of total assets, mainly due to dividends receivable from Chongqing Jiawei Beer Co., Ltd[33] - Long-term equity investments decreased by 61.63% to 113,793,017.03, accounting for 0.87% of total assets, due to dividends from Chongqing Jiawei Beer Co., Ltd[33] - Construction in progress increased by 45.11% to 573,600,025.16, accounting for 4.38% of total assets, primarily due to investments in the Foshan factory project[33] - Other non-current assets rose by 103.14% to 181,895,716.34, accounting for 1.39% of total assets, mainly due to prepayments for engineering equipment for the Foshan factory project[33] - Derivative financial liabilities increased by 1,250.89% to 35,343,846.40, accounting for 0.27% of total assets, due to fair value changes in aluminum hedging[33] - Taxes payable increased by 91.18% to 488,245,251.30, accounting for 3.73% of total assets, mainly due to corporate income tax and VAT[33] - The company and its subsidiaries plan to use up to $110 million for aluminum hedging, with a total holding amount of $53,237,870.00 as of June 30, 2023[36] - The company's bank deposits increased to 3,869,128,527.76 RMB from 3,396,809,241.14 RMB at the beginning of the period[181] - The company holds 360,161,000.00 RMB in financial assets measured at fair value through profit or loss[182] - Accounts receivable with a maturity of less than 1 year amounted to 125,373,481.59 RMB[186] - The total accounts receivable at the end of the period was RMB 127,623,455.51, with a bad debt provision of RMB 7,182,990.33, representing a provision ratio of 5.63%[188] - The bad debt provision for individually assessed receivables was RMB 643,612.77, with a 100% provision ratio due to significant uncertainty of recovery[189] - The bad debt provision for group-assessed receivables was RMB 6,539,377.56, with a provision ratio of 5.15%[190] - The top five accounts receivable balances at the end of the period totaled RMB 38,321,102.66, accounting for 30.03% of the total accounts receivable, with a bad debt provision of RMB 1,916,055.13[194] - The prepayments at the end of the period amounted to RMB 45,403,642.77, all of which were within 1 year[197] - The top five prepayment balances at the end of the period totaled RMB 15,306,698.03, accounting for 33.70% of the total prepayments[198] - The total other receivables at the end of the period were RMB 246,876,441.19, including RMB 218,285,820.47 in dividends receivable from Chongqing Jiawei Beer Co., Ltd[199] Environmental and Sustainability - The company's ESG initiatives showed progress, with a 2.97% reduction in CO2 emissions per hectoliter of beer produced and a significant reduction in water usage to 2.1 hectoliters per hectoliter of beer[25] - The company's comprehensive energy consumption (thermal + electricity) in the first half of 2023 decreased by 47% compared to 2015[56] - The company achieved a 100% green electricity usage rate in the first half of 2023, utilizing 16,903 MWH of green electricity, reducing CO2 emissions by 230,000 tons[56] - Energy consumption decreased by over 10% due to the adoption of clean energy alternatives and optimization of processes[56] - The company replaced diesel forklifts with electric forklifts and promoted the electrification of logistics fleets to reduce carbon emissions[56] - The company collaborated with logistics suppliers to monitor fuel usage and conducted fuel efficiency training for drivers[56] - The company has implemented a water consumption reduction strategy, with 4 factories achieving a water consumption index of less than 2 hectoliters per hectoliter, making it a leader in water efficiency within the Carlsberg Group[55] - The company has established comprehensive environmental risk prevention and control measures, including emergency response plans and environmental risk assessment reports, to effectively handle sudden environmental pollution incidents[50] - The company's pollution control facilities have been operating stably in 2023, with all pollutants meeting emission standards and passing environmental inspections[48] - COD emissions from Carlsberg Chongqing Brewery Co., Ltd. (Wanzhou Branch) totaled 143 tons, with ammonia nitrogen emissions at 12.88 tons, both within standards[43] - COD emissions from Carlsberg Chongqing Brewery Co., Ltd. (Mawangxiang Plant) reached 376.782 tons, with ammonia nitrogen emissions at 33.91 tons, compliant with regulations[43] - COD emissions from Carlsberg Chongqing Brewery Co., Ltd. (Dazhulin Plant) were 116.33 tons, and ammonia nitrogen emissions were 21.81 tons, meeting discharge standards[43] - COD emissions from Carlsberg Chongqing Brewery Co., Ltd. (Liangping Branch) totaled 429.45 tons, with ammonia nitrogen emissions at 38.65 tons, within limits[43] - COD emissions from Chongqing Brewery Yibin Co., Ltd. were 145.56 tons, and ammonia nitrogen emissions were 29.27 tons, compliant with standards[45] - COD emissions from Chongqing Brewery Panzhihua Co., Ltd. reached 286.36 tons, with ammonia nitrogen emissions at 25.77 tons, within regulatory limits[45] - COD emissions from Hunan Chongqing Brewery Guoren Co., Ltd. (Yongzhou Branch) were 39 tons, and ammonia nitrogen emissions were 8 tons, meeting standards[45] - COD emissions from Chongqing Brewery Group Chengdu Bock Beer Co., Ltd. totaled 356 tons, with ammonia nitrogen emissions at 32 tons, compliant with regulations[45] - COD emissions from Kunming Huashi Brewery Co., Ltd. were 158.3725 tons, and ammonia nitrogen emissions were 11.8754 tons, within discharge limits[45] - COD emissions from Carlsberg Tianmu Lake Brewery (Jiangsu) Co., Ltd. reached 1348.69 tons, with ammonia nitrogen emissions at 26.21 tons, meeting standards[45] - The COD (Chemical Oxygen Demand) and ammonia nitrogen emissions for Jiangsu Beer Company were 78.97mg/L and 8.52mg/L respectively, with total emissions of 118.82 tons and 15.36 tons, exceeding the standard[47] - Anhui Carlsberg Beer Company's COD and ammonia nitrogen emissions were 109.63mg/L and 4.49mg/L respectively, with total emissions of 54.21 tons and 3.45 tons, meeting the standard[47] - Guangdong Carlsberg Beer Company's COD and ammonia nitrogen emissions were 47.5mg/L and 0.93mg/L respectively, with total emissions of 75 tons and 5 tons, meeting the standard[47] - Xinjiang Wusu Beer Company's COD and ammonia nitrogen emissions were 147.43mg/L and 4.15mg/L respectively, with total emissions of 301 tons and 63 tons, meeting the standard[47] - Xinjiang Wusu Beer (Korla) Company's COD and ammonia nitrogen emissions were 2000mg/L and 45mg/L respectively, with total emissions of 10.2 tons and 0.125 tons, meeting the standard[47] - Xinjiang Wusu Beer (Korla) Company's Phase III expansion project received environmental approval in May 2022 and is currently under construction[49] - Carlsberg Beer (Foshan) Company's 500,000-ton beer production project received environmental approval in December 2022 and is currently under construction[49] Brand and Marketing Initiatives - Wusu brand launched the "Wusu Roast" brand experience store in Shanghai to enhance consumer engagement and brand association with barbecue scenes[24] - Chongqing brand collaborated with Meituan to launch the "Jianghu Beer Hero" campaign, leveraging drinking scenarios