华南地区营收占比高达95.81%，珠江啤酒“过度区域依赖”怎么破？

Core Insights - Zhujiang Beer reported a beer sales volume of 143.96 million tons in 2024, representing a year-on-year growth of 2.62% [1] - The company's total revenue reached approximately 5.731 billion yuan, an increase of 6.56% year-on-year, while net profit attributable to shareholders was around 810 million yuan, up 29.95% [1] - The second and third quarters contributed over 80% of the annual net profit [1] Industry Overview - The beer industry in China is entering a phase of stock competition, with a reported decline of 0.6% in beer production among large-scale enterprises [2] - Despite the overall market facing challenges, Zhujiang Beer believes there is still potential for structural upgrades in beer consumption [2] Revenue Breakdown - High-end products have become the main revenue driver for Zhujiang Beer, generating approximately 3.904 billion yuan, a year-on-year increase of 13.97%, contributing nearly 70% of total revenue [3] - Mid-range products saw a revenue decline of 11.41%, totaling about 1.239 billion yuan, while mass-market products experienced a revenue growth of 13.48%, reaching approximately 368 million yuan [3][4] E-commerce Performance - Zhujiang Beer has focused on new retail channels, with e-commerce revenue growing by 20.51% year-on-year, amounting to about 70.62 million yuan [5] - Within e-commerce, high-end product revenue was approximately 37.45 million yuan, up 5.64%, while mass-market product revenue reached about 33.17 million yuan, increasing by 43.28% [5][6] Regional Dependency - The South China region accounted for a staggering 95.81% of Zhujiang Beer’s total revenue, with revenue in this region reaching about 5.49 billion yuan, a year-on-year increase of 7.45% [8] - Revenue from other regions declined by 10.37%, totaling approximately 240 million yuan, representing only 4.19% of total revenue [8][10] - The gross margin in South China was significantly higher at 47.80%, compared to just 12.06% in other regions [9] Strategic Outlook - Zhujiang Beer acknowledges its heavy reliance on the South China market but emphasizes ongoing efforts to enhance its national marketing network and influence in other regions [10] - The company aims to leverage its technological advantages and product quality to maintain its competitive edge in the increasingly crowded Guangdong market [10]