金星啤酒冲刺港股：中式精酿贡献近八成收入，去年分红超3亿元

Core Viewpoint - Jin Xing Beer is accelerating its capitalization process by applying for a listing on the Hong Kong Stock Exchange, aiming to become the first "Chinese craft beer" stock in Hong Kong [1] Company Overview - Founded in 1982, Jin Xing Beer has established 15 production bases across 9 provinces in China, with an annual production capacity of 2 million tons [1] - The company’s main products include various series of Chinese craft beer, including "Jin Xing Mao Jian," which combines tea with brewing techniques, and has expanded to flavors like jasmine tea and sugar orange [1] Financial Performance - Jin Xing Beer reported revenues of 356 million RMB, 730 million RMB, and 1.11 billion RMB for the years 2023, 2024, and the first three quarters of 2025, respectively [2][3] - The profit and total comprehensive income for the same periods were 12.2 million RMB, 125 million RMB, and 305 million RMB, with gross margins increasing from 27.3% to 47.0% [2] Product Contribution - In 2024, the revenue from Chinese craft beer reached 377 million RMB, accounting for 51.7% of total revenue, which increased to 867 million RMB and 78.1% in the first nine months of 2025 [4] - Other product categories, such as the 1982 original beer and new generation beer, saw significant revenue declines of 19.0% and 44.7%, respectively [4] Dividend Policy - Prior to its IPO, Jin Xing Beer has implemented substantial dividends, distributing a total of 329 million RMB to shareholders, exceeding its net profit for the first nine months of 2025 [4] Ownership Structure - The company exhibits a family-controlled ownership structure, with the founder and his son controlling 93.45% of the shares [4] Industry Growth - The craft beer market in China is in an expansion phase, with a compound annual growth rate (CAGR) of 38.4% from 2019 to 2024, projected to reach a market size of 182.1 billion RMB by 2029 [5] - The flavored craft beer segment is expected to grow from 11.1 billion RMB in 2024 to 66 billion RMB by 2029, with a CAGR of 42.8% [5] Fundraising Purpose - Jin Xing Beer plans to use the proceeds from its IPO to enhance production capacity, strengthen sales networks, marketing activities, product innovation, and improve digital capabilities [6]