国内最大啤酒巨头掌门人，辞职！

Core Viewpoint - The sudden resignation of Hu Xiaohai, the chairman of China Resources Beer, raises concerns about the company's leadership and its competitive position in the beer industry, particularly against Qingdao Beer [2][4]. Company Overview - China Resources Beer announced the resignation of Hu Xiaohai, effective immediately after the board meeting on June 27, 2023, citing personal reasons for his departure [2]. - The chairman position will remain vacant until a suitable successor is appointed, with current executive director and president Zhao Chunwu overseeing operations during the transition [4]. Financial Performance - China Resources Beer reported a revenue of 40.569 billion yuan for 2024, a year-on-year decline of 2.44%, and a net profit of 4.739 billion yuan, down 8.03% [7]. - In contrast, Qingdao Beer achieved a revenue of 32.14 billion yuan in 2024, a decrease of 5.3%, but its net profit rose by 1.81% to 4.345 billion yuan [12]. Competitive Landscape - China Resources Beer faces intense competition from Qingdao Beer, which has shown more stable performance over the past nine years, with a smaller revenue gap and a closer net profit margin [12]. - The market capitalization of China Resources Beer is 80.3 billion HKD, while Qingdao Beer stands at 87.4 billion HKD, indicating a competitive edge for Qingdao Beer [5]. Strategic Initiatives - China Resources Beer has been pursuing a "Beer-White Liquor Synergy Strategy," which has encountered significant challenges due to the overall downturn in the liquor industry [16]. - The company made substantial investments in the white liquor sector, including a 1.3 billion yuan acquisition of a 40% stake in Shandong Jingzhi Liquor in 2021 and a 12.3 billion yuan acquisition of a 55.19% stake in Jinsha Liquor [16]. - Conversely, Qingdao Beer is exploring opportunities in the yellow liquor market, acquiring 100% of Jimo Yellow Wine for 666 million yuan, indicating a strategic pivot [17]. Market Trends - The beer industry is experiencing sluggish growth, prompting companies to diversify into other alcoholic beverages [16]. - The stock performance of both companies has been volatile, with China Resources Beer experiencing a maximum decline of 70.56% since its peak in January 2021, while Qingdao Beer has seen a maximum decline of 53.1% [17].