珠江啤酒Q3营收转跌 “黑马”销量倒退

Core Insights - Zhujiang Beer reported a decline in revenue and a slowdown in profit growth in Q3, with revenue of 1.875 billion yuan, down 1.34% year-on-year, and net profit of 331 million yuan, with a single-digit growth rate [1][2][3] Financial Performance - For the first three quarters, Zhujiang Beer achieved a total revenue of 5.073 billion yuan, an increase of 3.81% year-on-year, and a net profit of 944 million yuan, up 17.05% [2] - The basic and diluted earnings per share for Q3 were both 0.1499 yuan, reflecting an increase of 8.15% [2] - The cash flow from operating activities for the first three quarters was approximately 1.291 billion yuan, up 3.97% [2] Sales and Market Position - In the first three quarters, Zhujiang Beer sold 1.2035 million tons of beer, a year-on-year increase of 1.83%, with Q3 sales at 469,400 tons, down from 483,400 tons in Q3 2024 [3] - Despite the decline in sales, the company continues to upgrade its product structure, with high-end beer products maintaining double-digit growth in sales [3] - Zhujiang Beer's market share in the Chinese beer industry remains in the single digits, with overall beer production in China increasing by 3.7% in the first nine months of the year [3] Cost Management - The sales expense ratio for Zhujiang Beer in the first three quarters was approximately 14.7%, continuing to decline [6]