Tsingtao Brewery(600600) 每日经济新闻·2025-03-30 14:32Core Viewpoint - Qingdao Beer reported a decline in revenue for 2024, with total sales volume at 7.538 million kiloliters and revenue approximately 32.138 billion yuan, a year-on-year decrease of 5.3% [1][2] Sales Performance - The main brand, Qingdao, saw a production volume of 4.26 million kiloliters, down 2% year-on-year, and sales volume of 4.34 million kiloliters, down 4.84% [3] - Other brands, represented by Laoshan, had a production volume of 2.97 million kiloliters, down 2.96%, and sales volume of 3.2 million kiloliters, down 7.2% [3] Revenue Breakdown - Sales revenue for the Qingdao brand was approximately 22.083 billion yuan, a decrease of 5.07%, while other brands generated 9.495 billion yuan, down 6.38% [5][6] - Revenue across various regions, including Shandong, North China, South China, East China, and Southeast regions, showed declines, with the Southeast and overseas regions experiencing drops exceeding 24% [4] Quarterly Performance - Despite achieving profitability in the first three quarters, Qingdao Beer reported a net loss of 6.45 billion yuan in the fourth quarter, marking the sixth consecutive year of fourth-quarter losses [2][8] - The fourth quarter revenue was 3.179 billion yuan, a year-on-year increase of approximately 7.47%, but the net loss slightly widened compared to the previous year [8][11] Market Context - The overall beer market in China faced challenges, with a reported production volume of 35.213 million kiloliters in 2024, down 0.6% year-on-year, indicating a sluggish recovery in consumption [2] - Factors such as adverse weather and weak recovery in dining demand contributed to the decline in sales, despite events like the European Cup and Paris Olympics providing temporary boosts [8] Strategic Initiatives - The company is focusing on expanding new business and retail channels, with online product sales increasing by 21% year-on-year and fresh delivery services being launched in 24 cities [7]