高端化战略显效，珠江啤酒继续加码大本营广东市场｜酒业财报观察

Core Viewpoint - The beer industry in China is experiencing a structural upgrade in consumption, with companies like Zhujiang Beer capitalizing on this trend to achieve significant growth despite overall market challenges [1][3]. Company Performance - Zhujiang Beer reported a revenue of 5.731 billion yuan in 2024, a year-on-year increase of 6.56%, and a net profit of 810 million yuan, up nearly 30%, marking the highest revenue and profit in its history [1][3]. - The company's high-end product revenue grew by nearly 14%, with high-end products now accounting for 70% of total revenue, indicating a successful shift towards premium offerings [3][4]. - Zhujiang Beer achieved a beer sales volume of 1.4396 million tons in 2024, a year-on-year increase of 2.62%, outperforming the overall industry which saw a slight decline [4]. Market Dynamics - Guangdong province has surpassed Shandong to become the largest beer market in China, prompting Zhujiang Beer to enhance its production capacity to capture growth opportunities [2][5]. - The company is focusing on its home market in Guangdong, where it has a strong brand presence and is investing in capacity expansion projects, including a 700 million yuan investment in Dongguan and a 900 million yuan project in Zhongshan [6][7]. Strategic Initiatives - Zhujiang Beer is expanding its marketing efforts, including the opening of 244 new "Zhujiang Raw Beer Experience Stores" across the country, aiming to attract younger consumers [7]. - The company is also increasing its advertising expenses, with a 17.5% rise in promotional costs, although this is offset by a decrease in raw material costs [8].