2023-08-18 04:08Financial Performance - The group's unaudited consolidated revenue for the first half of 2023 was RMB 23,871,000,000, an increase of 13.6% compared to the same period last year[2]. - The group's unaudited earnings before interest and taxes (EBIT) and profit attributable to shareholders for the first half of 2023 were RMB 6,245,000,000 and RMB 4,649,000,000, representing increases of 21.1% and 22.3% year-on-year, respectively[5]. - The net profit for the first half of 2023 was RMB 4,698 million, up from RMB 3,803 million in the previous year, marking a growth of 23.5%[12]. - The basic earnings per share for the first half of 2023 increased to RMB 1.43 from RMB 1.17 in the same period last year[11]. - The pre-tax profit for the six months ended June 30, 2023, was RMB 6,318 million, compared to RMB 5,275 million for the same period in 2022, indicating an increase of about 19.8%[17]. Beer Business Performance - Overall beer sales volume increased by 4.4% to approximately 6,571,000 kiloliters in the first half of 2023, with premium beer sales growing by 26.4% to approximately 1,444,000 kiloliters[2]. - The average selling price of beer increased by 4.4% in the first half of 2023 compared to the same period last year[2]. - The gross profit of the beer business in the first half of 2023 rose by 16.6% year-on-year, with a gross profit margin increasing by 2.9 percentage points to 45.2%[7]. - The beer business generated revenue of RMB 22.894 billion and EBITDA of RMB 6.202 billion in the first half of 2023, up approximately 9.0% and 20.0% year-on-year[32]. Liquor Business Performance - The revenue and EBIT from the liquor business for the first half of 2023 were RMB 977,000,000 and RMB 71,000,000, respectively[2]. - The white liquor business achieved revenue of RMB 977 million and EBITDA of RMB 71 million in the first half of 2023[35]. - The company began manufacturing and selling liquor products and acquired Guizhou Jinsha, which is considered a new operating and reporting segment[16]. Corporate Strategy and Acquisitions - The company is advancing its "3+3+3" corporate strategy, entering a critical phase focused on high-end market penetration[5]. - The company completed the equity transfer of Guizhou Jinsha in the first half of 2023, impacting the liquor business's financials[2]. - The group completed the acquisition of Guizhou Jinsha Liquor Industry Co., Ltd. on January 10, 2023, which is now an indirect non-wholly owned subsidiary included in the group's financial consolidation[7]. - The company completed the acquisition of a 50.58% stake in Guizhou Jinsha for approximately RMB 11,273 million, resulting in a total stake of 55.19%[29]. Dividend and Shareholder Returns - The board declared an interim dividend of RMB 0.287 per share for the first half of 2023, up from RMB 0.234 per share in the same period last year[6]. - The company reported a profit attributable to shareholders of RMB 4,649 million for the six months ended June 30, 2023, up from RMB 3,802 million in the same period of 2022, reflecting a growth of 22.3%[22]. Financial Position and Assets - The net cash position as of June 30, 2023, was RMB 4,110,000,000, down from RMB 9,129,000,000 at the end of 2022[3]. - As of June 30, 2023, total assets increased to RMB 53,347 million from RMB 36,435 million as of December 31, 2022, representing a growth of 46.3%[13]. - The company's total equity attributable to shareholders increased to RMB 30,710,000,000 from RMB 27,039,000,000 year-on-year[3]. - The group has net cash status as of June 30, 2023, indicating a strong liquidity position[37]. Employee and Operational Metrics - The group employed approximately 27,000 people as of June 30, 2023, an increase from 24,000 as of December 31, 2022[39]. - The group plans to optimize the positioning and overall strategy of Joy Brew taverns, with the Shenzhen location having commenced trial operations in the first half of 2023[34]. Governance and Compliance - The board continues to review and monitor the company's corporate governance practices to ensure compliance with the corporate governance code[45]. - All directors confirmed compliance with the standards set out in the code of ethics and the standard code for the six months ended June 30, 2023[45].