CHINA RES BEER(00291) 搜狐财经·2025-03-27 17:13Core Viewpoint - The performance of China Resources Beer in 2024 was mixed, with record-high gross margins but declining revenue and net profit, particularly in its white liquor business, which faced significant challenges [1][2][9]. Financial Performance - In 2024, China Resources Beer reported a total revenue of 38.635 billion yuan, a slight decrease of 0.76% year-on-year, and a net profit attributable to shareholders of 4.739 billion yuan, down 8.03% [2]. - This marked the first revenue decline in five years, with net profit falling below 5 billion yuan [2]. Gross Margin and Profitability - Despite the revenue and profit decline, the company's overall gross margin increased by 1.2 percentage points to 42.6%, the highest in five years [3]. - The gross margin for the beer segment reached 41.1%, up 0.9 percentage points, while the white liquor segment saw a significant increase of 5.6 percentage points to 68.5% [3]. Strategic Developments - The high-end strategy has shown positive results, with sales of premium products in the beer segment growing over 9%, and the sales of the "Li" brand increasing by 35% [3][5]. - The company has also seen a notable increase in online sales channels, with GMV growing over 30% [5]. Challenges in White Liquor Business - The white liquor segment faced challenges, including high inventory levels and price discrepancies, particularly with core assets like Jinsha Liquor [4][6]. - Despite a 4% revenue growth in the white liquor segment to 2.149 billion yuan, the overall performance was hindered by these issues [4]. Management and Strategic Execution - Frequent changes in management, particularly at Jinsha Liquor, have raised concerns about stability and strategic execution [7][8]. - The aggressive growth targets set for the white liquor business have not been met, leading to increased pressure on management [7]. Industry Context - The report reflects the broader challenges faced by traditional giants in transitioning through cross-industry acquisitions, highlighting the difficulties in adapting to new market dynamics [9].