2024-03-18 04:12Financial Performance - The group's consolidated revenue for the year ended December 31, 2023, was RMB 38,932,000,000, an increase of 10.4% compared to 2022[2]. - The profit before interest and tax and the profit attributable to shareholders for 2023 were RMB 6,961,000,000 and RMB 5,153,000,000, representing increases of 33.2% and 18.6% respectively[2]. - The total comprehensive income for the year was RMB 5,223,000,000, compared to RMB 4,382,000,000 in the previous year[17]. - Basic earnings per share increased to RMB 1.59 from RMB 1.34 year-on-year[16]. - The company's net profit for the year 2023 was RMB 5,214 million, compared to RMB 4,350 million in 2022, reflecting an increase of about 19.8%[29]. Beer Business Performance - Overall beer sales increased by 0.5% year-on-year to approximately 11,151,000 kiloliters, with premium and above beer sales rising by 18.9% to about 2,500,000 kiloliters[2]. - The beer business's revenue and profit before interest and tax increased by 4.5% and 30.6% to RMB 36,865,000,000 and RMB 6,889,000,000 respectively[8]. - The Heineken® brand beer recorded a strong year-on-year growth of nearly 60.0%, achieving the target of 600,000 kiloliters set in the first five-year plan with Heineken®[2]. - The gross profit margin for the beer business improved by 1.7 percentage points to 40.2%, benefiting from increased sales and a decrease in packaging costs[9]. - The average selling price of beer increased by 4.0% year-on-year, driven by an improved product mix[49]. Liquor Business Performance - The revenue and profit before interest and tax for the liquor business were RMB 2,067,000,000 and RMB 130,000,000 respectively, with adjusted profit before interest and tax at RMB 797,000,000 after excluding intangible asset amortization[2]. - The white liquor business generated revenue of RMB 2,067,000,000 and EBITDA of RMB 130,000,000 in 2023, with adjusted EBITDA of RMB 797,000,000 after excluding intangible asset amortization from the acquisition of Guizhou Jinsha[10]. - Guizhou Jinsha contributed revenue of RMB 2,067 million and profit of RMB 617 million from the acquisition date to the report date[45]. Dividends and Shareholder Returns - The board proposed a final dividend of RMB 0.349 per share and a special dividend of RMB 0.300 per share, totaling RMB 0.936 per share for the year, compared to RMB 0.536 per share in 2022[7]. - The total dividends paid for the year amount to RMB 1,911 million, an increase from RMB 1,739 million in 2022[30]. - The proposed final dividend for 2023 is RMB 0.349 per share, compared to RMB 0.302 in 2022, and a special dividend of RMB 0.300 per share, which was not paid in 2022[30]. Strategic Initiatives - The company aims to continue its growth strategy in 2024, focusing on both scale and quality[2]. - The company is implementing the "3+3+3" strategy, focusing on high-end development and establishing itself as a leader in the beer market[6]. - The company is committed to a three-year plan emphasizing "exploration, development, and strengthening" in the white liquor sector, leveraging synergies between beer and liquor businesses[13]. - The company plans to continue enhancing its high-end business and organizational transformation to solidify its competitive advantage in the beer market[12]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[24]. Asset and Liability Management - The company reported non-current assets of RMB 54,383 million as of December 31, 2023, compared to RMB 36,435 million in 2022, reflecting a significant increase[18]. - Current assets totaled RMB 17,141 million, down from RMB 20,878 million in the previous year, indicating a decrease of approximately 18%[18]. - The company’s total liabilities amounted to RMB 34,174 million, an increase from RMB 27,077 million in 2022, representing a growth of about 26%[18]. - The equity attributable to shareholders was RMB 30,295 million, up from RMB 27,039 million, marking an increase of approximately 8%[18]. - The total assets as of December 31, 2023, amounted to RMB 71,524 million, up from RMB 57,313 million in 2022, indicating a growth of approximately 24.8%[24]. Employee and Operational Metrics - Employee count increased to approximately 27,000 as of December 31, 2023, up from 24,000 the previous year, with total employee costs around RMB 5,867 million[58]. - The company incurred a total of RMB 5,867 million in employee costs for 2023, compared to RMB 5,729 million in 2022, reflecting an increase of about 2.4%[29]. - The group stopped operations at 2 breweries and established a new smart brewery in Bengbu, Anhui, optimizing production capacity[50]. Governance and Compliance - The company has adhered to the corporate governance code applicable principles and rules as of December 31, 2023, with the exception of the chairman position being vacant until April 20, 2023, when Mr. Hou Xiaohai was appointed[61]. - The group has no significant contingent liabilities as of December 31, 2023, indicating a stable risk profile[56]. Future Outlook - The company aims for "balanced" growth in overall revenue and profits in 2024, focusing on both scale and quality growth amid a recovering economy[11]. - Management anticipates sufficient resources to meet upcoming liabilities and commitments based on historical and expected future cash flows[54].