Yanjing Brewery(SZ:000729) Quan Jing Wang·2025-06-05 12:26Core Viewpoint - Yanjing Beer has demonstrated strong performance in a challenging market, achieving significant growth in sales and profits while implementing strategic transformations to enhance competitiveness and sustainability [3][4][6]. Group 1: Financial Performance - In 2024, Yanjing Beer achieved beer sales of 4.0044 million kiloliters, a year-on-year increase of 1.57% [3]. - The company reported total revenue of approximately 14.667 billion yuan, up 3.2% year-on-year, and a net profit attributable to shareholders of approximately 1.056 billion yuan, reflecting a substantial year-on-year increase of 63.74% [3]. - The net profit, excluding non-recurring gains and losses, was approximately 1.041 billion yuan, marking a 108.03% increase year-on-year [3]. - Over the past four years, Yanjing Beer has seen a revenue growth of about 34% and a net profit increase of approximately 4.4 times, based on 2020 figures [3]. Group 2: Market Position and Strategy - Yanjing Beer has positioned itself as the fourth largest beer company in China by revenue in 2024, following China Resources Beer, Budweiser APAC, and Tsingtao Brewery [6]. - The company has focused on a major product strategy, with its flagship product Yanjing U8 achieving a sales increase of 31.4%, contributing to product structure optimization and profit growth [4][5]. - Yanjing U8's sales have shown a compound annual growth rate of 62% since its launch, with sales reaching 700,000 kiloliters in 2024 [4]. Group 3: Shareholder Returns and Future Outlook - Yanjing Beer has maintained a consistent and stable profit distribution policy, having distributed nearly 4 billion yuan in cash dividends since its listing in 1997 [8]. - For the 2024 fiscal year, the board proposed a cash dividend of 1.90 yuan per 10 shares, totaling approximately 535.52 million yuan, which represents 50.73% of the net profit attributable to shareholders for the year [8]. - The company aims to continue its transformation and growth, focusing on becoming a leading Chinese beer brand while enhancing shareholder value [8].