CBC(600132) 长江商报·2025-04-08 00:38Core Viewpoint - Chongqing Beer reported a disappointing financial performance for 2024, with both revenue and net profit declining, highlighting challenges in the high-end product market and ongoing legal disputes [1][2][3] Financial Performance - The company achieved operating revenue of 14.645 billion yuan, a year-on-year decrease of 1.15% [1][2] - The net profit attributable to shareholders was 1.115 billion yuan, down 16.61% year-on-year [1][2] - The net cash flow from operations was 2.542 billion yuan, the lowest level in five years [1] - The company plans to distribute cash dividends of 1.162 billion yuan, resulting in a dividend payout ratio of 104.21% [1][8] Quarterly Analysis - In Q4 2024, the company reported a significant decline in revenue and net profit, with revenue at 1.582 billion yuan, a drop of 11.45% year-on-year [2][3] - The net profit for Q4 was a loss of 217 million yuan, marking a dramatic decline compared to previous quarters [3][4] Sales and Production - Total beer sales for 2024 reached 2.9749 million kiloliters, a decrease of 0.75% year-on-year [1][4] - High-end beer sales volume increased by 6.69%, but revenue from high-end products fell by 2.97% [7][8] - The company’s local brand sales volume decreased by 0.94%, while international brand sales volume increased by 9.95% [4][6] R&D and Expenses - R&D expenses for 2024 were 22.666 million yuan, a decline of 13.59% year-on-year, marking the third consecutive year of reduction [1][8] - The number of R&D personnel decreased from 1,484 to 1,058, representing a significant reduction in workforce [8] Legal Issues - The decline in net profit was partly attributed to a legal dispute with Chongqing Jiawei Beer, leading to a provision for expected liabilities of approximately 254 million yuan [1][3][11]