Chang Jiang Shang Bao·2025-08-03 23:32Core Viewpoint - China Resources Beer is actively transferring assets, particularly factories, which has raised market attention regarding its operational strategy and future prospects [2][3]. Group 1: Asset Transfer and Factory Closures - China Resources Beer is planning to transfer assets from several factories, including the Zhu Ma Dian, Shantou, and Dazhou plants [4]. - Since April 2024, the company has frequently promoted asset disposals, indicating a strategic shift in its operational focus [2]. - The number of factories has decreased from 98 in 2016 to 62 by the end of 2024, representing a net closure of 36 factories over eight years [2][5]. Group 2: Business Strategy and Performance - The closure and transfer of factories may be aimed at upgrading production capacity and improving utilization rates [2]. - The "Beer + White" dual-drive strategy, initiated by former chairman Hou Xiaohai, is facing significant challenges, particularly as the company reported a rare decline in both revenue and net profit in 2024 [2][21]. - The beer market is evolving towards segmentation, with traditional industrial beer losing competitiveness [9]. Group 3: White Wine Business Challenges - China Resources Beer entered the white wine market in December 2020, but its performance has been underwhelming, with significant revenue declines reported for its subsidiaries [16][17]. - The revenue of its subsidiary, Jinsha Winery, dropped from 3.641 billion yuan in 2021 to 2.149 billion yuan in 2024, while profits fell from 1.315 billion yuan to less than 200 million yuan [16]. - The company’s white wine segment has struggled with losses and slow national expansion, raising questions about the sustainability of the "Beer + White" strategy [17][21]. Group 4: Leadership Transition - Hou Xiaohai, who has been instrumental in the company's growth and strategic direction, will step down as chairman in June 2025, marking a significant leadership transition [21]. - Under his leadership, the company saw substantial growth, but the current market dynamics pose challenges that may impact future performance [8][21].