华润啤酒喝不得「杂酒」？

Core Viewpoint - In 2024, China Resources Beer faces declining sales and revenue in its beer segment, prompting the company to accelerate its growth in the liquor business, particularly in the white liquor sector [4][6]. Group 1: Financial Performance - In 2023, China Resources Beer reported a revenue of 38.635 billion yuan and a net profit of 4.739 billion yuan, representing a year-on-year decline of 0.76% and 8.03% respectively [6]. - The beer business generated a revenue of 36.486 billion yuan, down approximately 1.03%, with a sales volume of 10.874 million kiloliters, a decrease of about 2.48% [7]. - The average selling price of beer increased by 1.5% year-on-year to 3,355 yuan per kiloliter, and the gross profit margin rose by 0.9 percentage points to 41.1% [8]. Group 2: White Liquor Business - The white liquor segment achieved a revenue of 2.149 billion yuan in 2023, a year-on-year growth of 4%, contributing only 5.56% to the overall revenue [10]. - The major product "Ya Shu" saw a sales increase of 35%, accounting for over 70% of the white liquor revenue [10]. - In the first half of 2024, the white liquor business revenue reached 1.178 billion yuan, reflecting a year-on-year growth of 20.6% [11]. Group 3: Strategic Developments - China Resources Beer entered the white liquor market in December 2020 and has since invested over 13.6 billion yuan in various white liquor companies [15]. - The company has made significant acquisitions, including a 40% stake in Shandong Jingzhi Liquor and a 55.19% stake in Guizhou Jinsha Distillery, totaling over 136 billion yuan in investments [14][15]. - The company has undergone management restructuring in its white liquor subsidiaries, with a significant turnover in leadership roles [16]. Group 4: Market Trends and Challenges - The white liquor market is transitioning from a high-growth phase to a period of structural adjustment, focusing on quality improvement [12]. - Despite the investments, the performance of acquired white liquor brands has been underwhelming, with notable declines in revenue and profit for brands like Jinsha Distillery [16]. - The company aims to implement a dual-brand strategy with "Ya Shu" and "Jinsha" to drive growth in the white liquor segment [18].