Core Viewpoint - Heineken N.V. reports a 0.9% organic increase in net revenue for Q1 2025, while organic beer volume declined by 2.1% due to calendar-related factors, maintaining a full-year outlook of 4% to 8% organic growth in operating profit [2][4][6]. Group 1: Financial Performance - Revenue for Q1 2025 is reported at €7,784 million, a decrease of 4.9% [6]. - Organic growth in net revenue (beia) is up 0.9%, with a per hectolitre increase of 3.3% [6]. - Organic beer volume experienced a decline of 2.1% [6]. Group 2: Volume Growth - Premium beer volume saw an organic growth of 1.8%, while Heineken® volume grew by 4.6%, outpacing overall volume growth [3][6]. - Key markets such as Vietnam, India, and Ethiopia showed promising volume growth due to strategic actions taken by the company [3]. Group 3: Strategic Outlook - The company is on track to achieve its €0.4 billion gross savings target for 2025 [3]. - Heineken emphasizes the need to navigate a volatile macroeconomic environment and remains committed to investing in growth and future-proofing the business [4].

Core Insights - Heineken N.V. has appointed Guillaume Duverdier as Regional President for Africa Middle East, effective July 1, 2025, succeeding Roland Pirmez who is retiring after 29 years with the company [1][4] Group 1: Leadership Transition - Guillaume Duverdier has a 25-year career with Heineken, having held various leadership roles across multiple countries including Tunisia, Egypt, Poland, Spain, and Mexico [2] - As Managing Director of Heineken México since January 2022, Duverdier significantly improved financial results and led strategic initiatives, including the expansion of the Six retail chain to 17,000 stores [3] - Under Duverdier's leadership, Heineken México became a top performer in sustainability, particularly in efficient water use [3] Group 2: Roland Pirmez's Contributions - Roland Pirmez has had a distinguished career at Heineken, beginning in Africa and later leading the company’s entry into the Russian market [5][6] - As Regional President for AME, Pirmez navigated significant challenges, including the COVID-19 pandemic and currency devaluations, while overseeing the acquisition of Distell and Namibia Breweries Limited [7] - His leadership resulted in the establishment of Heineken Beverages in Southern Africa and the announcement of a major brewery in the Gulf region [7][8] Group 3: Company Overview - Heineken is recognized as the world's most international brewer, with a diverse portfolio of over 340 beer and cider brands [10] - The company operates in more than 70 countries, emphasizing sustainability and innovation as core components of its business strategy [10]

SFC 南方财经全媒体集团 Southern Finance Onninedia Corp. 21世纪经济报道 21 21财经 2151 CENTURY BUSINESS HERALD 21世纪资本研究院推出"21世纪ESG热搜榜"产品。 每周、每月综合全媒体平台用户检索数据及宣传报道, 在环境、社会和公司治理三个维度, 跟踪全球头部机构ESG投资动态、 中国上市公司ESG表现, 开展中国 ESG 持续评价研究。 可能理亮 2 11 02 2 11 02 2 11 0 2 11 2 11 2 11 2 11 12 11 11 2 11 12 11 11 2 11 11 2 11 11 2 11 11 2 11 11 2 11 11 2 11 1 本期看点 总第170期 会稽山更换董秘,副董事长之子"90 傳哲宇接任 4月2日晚间，重庆啤酒（600132）(600132.SH)发布2024年ESG报告。报告显示，2024年重庆啤酒温室气体排放量范围1为 79059.78吨二氧化碳当量，温室气体排放量范围2为22111.35吨二氧化碳当量，温室气体排放总量(范围1+2)为101,171.13吨二氧化 碳当量，温室 ...

Core Viewpoint - The recent price increases by Huangjiu companies Kuaijishan and Guyuelongshan have drawn significant attention, with Kuaijishan's management stating that moderate price adjustments will help restore product value and enhance profitability [1] Group 1: Industry Challenges - The Huangjiu industry is facing development challenges, including a trend towards lower-end products and difficulty in expanding beyond the Jiangsu, Zhejiang, and Shanghai markets [1] - Companies are focusing on high-end and youth-oriented strategies to break through these challenges, but achieving high-end market aspirations remains distant [1] Group 2: Company Performance - Kuaijishan reported a revenue of 1.631 billion yuan in 2024, a year-on-year increase of 15.6%, and a net profit of 196 million yuan, up 17.74% [2] - In contrast, competitors Guyuelongshan and Jinfeng Liquor experienced significant declines in net profit, down 48.17% and 94.49% respectively [2] Group 3: Strategic Initiatives - Kuaijishan is implementing a dual-brand strategy with Kuaijishan and Lanting, focusing on high-end products, particularly the Lanting series [2] - The company has increased marketing expenditures significantly, with sales expenses rising by 46.54% in 2023 and 60.25% in 2024, particularly in advertising and promotional costs [4] Group 4: Pricing Strategies - Kuaijishan announced price increases for several product lines, with adjustments ranging from 4% to 9%, effective April 1 [5] - Guyuelongshan also implemented price increases of 2% to 12% for select products, aiming to enhance brand strength and competitiveness [6] Group 5: Youth Market Focus - Kuaijishan is targeting the youth market through collaborations with social media influencers and product redesigns, while Guyuelongshan is developing new products like coffee Huangjiu [6] - Despite these efforts, the success of youth-oriented strategies in revitalizing the Huangjiu market remains uncertain, with Kuaijishan's revenue from ordinary Huangjiu products declining by 7.94% in 2024 [6][7]

21世纪经济报道记者肖夏 重庆报道 去年业绩逆势大涨的啤酒黑马，如何判断行业后势？ 珠江啤酒的增长主要是来自高档产品，去年其高档产品收入大涨近14%，高档产品收入占比提升至 70%。正如董秘李宽宽在8日业绩说明会上多次提到，"啤酒消费结构性升级存在发展空间。" 具体来说，珠江啤酒的增长主要是因为主力产品"97纯生"持续推进对普通纯生的迭代，此外"3+N"品牌 结构中的雪堡、珠江+特色产品近年都在持续推行。去年珠江啤酒还推出了珠江P9、珠江啤酒1985等高 档新品。其啤酒主业毛利率因此提升了3.77个百分点，达到45%。 "啤酒行业已进入平稳发展阶段，行业竞争激烈，但啤酒消费结构性升级存在发展空间。公司在华南地 区具有较高的品牌知名度和影响力，公司会顺应高端啤酒发展趋势，促进产品高端化升级。" 4月8日珠江啤酒2024年度业绩说明会上，珠江啤酒董秘李宽宽回应21世纪经济报道记者关于啤酒市场竞 争格局的提问时表示。 中国啤酒行业去年整体销量出现倒退，各大啤酒企业多归因于消费情绪谨慎，以及华南、华东、西部等 地的旺季多雨天气。 坐阵华南的珠江啤酒，同样受到消费情绪和天气的影响，却交出了一份远超行业水平的增长报表—— ...

Core Viewpoint - Atwater Brewing has launched Atwater Light, a low-calorie, low-carb beer aimed at beer enthusiasts in Michigan, reflecting the spirit of Detroit and the brewery's commitment to quality and community [1][4]. Product Details - Atwater Light contains 95 calories, 2.6 grams of carbs per 12 oz serving, and has an alcohol by volume (ABV) of 4.2% [2]. - The beer is crafted with German Noble hops and Vienna malt, providing a traditional flavor and refreshing drinking experience [2]. Brand and Community Connection - The packaging of Atwater Light features a map of Detroit, symbolizing hometown pride and the brewery's roots in the city [4]. - Carrie Shafir, Senior Brand Director at Tilray Beverages, emphasized the brewery's dedication to the hardworking people of Detroit and the importance of community in their brewing heritage [4]. Availability - Atwater Light is available at local retailers and all three Atwater Tap Rooms, with plans for additional formats such as draft and 16-oz cans [1][10]. Company Background - Atwater Brewery, founded in 1997, has a philosophy that hard work deserves quality beer, and offers a diverse portfolio of award-winning craft beers [5]. - The brewery aims to make beer approachable for all drinkers, with a variety of options catering to different tastes [5]. Parent Company Information - Tilray Brands, Inc. is a global lifestyle and consumer packaged goods company with operations across multiple regions, including cannabis and craft beverages [7]. - Tilray's mission is to inspire joy and create memorable experiences through its diverse range of brands and products [7].

Core Viewpoint - Atwater Brewing, a craft brewery in Detroit and part of Tilray Brands, has launched Atwater Light, a low-calorie and low-carb beer aimed at beer enthusiasts in Michigan [1][2]. Product Details - Atwater Light contains 95 calories, 2.6 grams of carbs per 12 oz serving, and has an alcohol by volume (ABV) of 4.2% [2]. - The beer is crafted with German Noble hops and Vienna malt, providing a traditional flavor and refreshing experience [2]. - It is available in multiple formats including 12-pack of 12-ounce cans, draft, and soon in 16-ounce cans [4]. Brand and Community Engagement - The design of Atwater Light's packaging features a map of Detroit, reflecting hometown pride and the brewery's connection to the local community [3]. - Carrie Shafir, Senior Brand Director at Tilray Beverages, emphasized the brewery's commitment to honoring Detroit's spirit and providing quality beer for the hardworking people of the city [3]. Company Background - Atwater Brewery was founded in 1997 and has a philosophy that emphasizes quality beer for hard work, with a diverse portfolio of award-winning craft beers [5]. - The brewery aims to make beer approachable for all drinkers, offering a variety of options for different tastes and occasions [5]. Parent Company Overview - Tilray Brands, Inc. is a global lifestyle and consumer packaged goods company with operations across multiple continents, focusing on cannabis, beverages, wellness, and entertainment [7]. - Tilray's mission is to be a leading premium lifestyle company with a diverse range of brands and innovative products [7].

作 者丨肖夏 编 辑丨巫燕玲 啤酒股的业绩基本落定。 3月3 0日傍晚，青岛啤酒披露2 0 2 4年业绩：实现营收3 2 1 . 3 8亿元，同比下滑5 . 3%，归母净利 润4 3 . 4 5亿元，同比增长1 . 8%，销量7 5 3 . 8万千升，同比下滑5 . 8 6%。 五大啤酒上市公司中，有四家去年销量出现下滑。 2 1世纪经济报道记者整理发现，中国市场主要啤酒公司2 0 2 4年销量变化分别为：百威亚太中 国区下滑11 . 8%、青岛啤酒下滑5 . 8 6%、华润啤酒下滑2 . 5%、重庆啤酒下滑0 . 7 5%、燕京啤酒 增长1 . 6%、珠江啤酒增长2 . 6 2%。 要知道，2 0 2 4年中国规上企业啤酒产量下滑0 . 6%。啤酒是日常快消品，大众消费情绪可见一 斑。 （2 0 2 4年啤酒企业销量变化，2 1记者整理） 过去一年，中国啤酒市场主要玩家之间的份额差距缩小了。 这主要表现在华润、青啤、百威三大 龙头营收、销量同步倒退，而燕京、珠江两大黑马继续保持增长，超出行业水平。 不 仅 是 追 赶 份 额 ， 燕 京 啤 酒 、 珠 江 啤 酒 的 盈 利 也 有 大 幅 提 升 。 珠 ...

Financial Data and Key Metrics Changes - In the full year 2024, total Budweiser APAC volumes decreased by 8.8% and revenue decreased by 7%, while revenue per hectoliter grew by 2% [18] - Normalized EBITDA decreased by 6.3%, but the normalized EBITDA margin increased by 21 basis points [18] - Cost of sales increased by 0.7% on a per hectoliter basis, driven by cost management initiatives and commodity tailwinds [19] Business Line Data and Key Metrics Changes - In China, volumes decreased by 11.8% in 2024, with revenue and revenue per hectoliter decreasing by 13% and 14% respectively [19] - In APAC East, volumes increased by 3.6% in the full year, with revenue and revenue per hectoliter increasing by 12% and 8.7% respectively [20] - In South Korea, total market share reached its highest level in over a decade, with significant growth in brands like Kas and Casa [14][19] Market Data and Key Metrics Changes - The business in China faced challenges due to weak consumer sentiment and a decline in on-premise channels [10] - In India, the net revenue of the premium and triple premium portfolio grew by almost 20% in both the fourth quarter and the full year [15] - The in-home channel's volume and revenue contribution increased, reflecting ongoing efforts to premiumize this channel [12] Company Strategy and Development Direction - The company is focused on market share growth in China, with a clear strategy to prioritize Budweiser and adapt to current consumption trends [11][32] - The geographic expansion strategy for the Budweiser brand remains on track, with distribution expanding from 220 cities to 235 cities in 2024 [11] - The company aims to leverage technology to enhance commercial capabilities and drive value creation [13] Management's Comments on Operating Environment and Future Outlook - Management noted a soft consumer environment in China, impacting overall beer market performance [26] - There is confidence in capturing a disproportionate share of category and profit growth in China, despite current challenges [36] - The company plans to continue focusing on premiumization and expanding its distribution network in the in-home channel [99] Other Important Information - The company announced a dividend of $750 million for the full year 2024, representing a 7% increase versus the prior year [21] - The number of carbon-neutral breweries in China doubled to six, with significant reductions in carbon emissions and water usage [16] Q&A Session Summary Question: Recent sales performance in China and inventory management - Management acknowledged a soft consumer environment impacting sales, with proactive inventory management contributing to volume decline [26][29] Question: Strategic focus in China post-management change - The top priority for 2025 is market share growth, with a focus on Budweiser and adapting to current consumption trends [32] Question: Balancing market share recovery with margin and premiumization - The company aims to prioritize market share growth while maintaining long-term margin goals through operational efficiencies and brand mix [45][46] Question: Premiumization strategy and consumer trends - The company has a strong activation plan for Budweiser and is focusing on health and wellness trends with innovations like Zero Sugar [51][52] Question: In-home penetration strategy and challenges - The in-home channel is crucial for growth, with strategies focused on distribution and leveraging partnerships to enhance market presence [99][100] Question: Long-term growth pillars and geographic expansion - Geographic expansion remains a key strategic pillar, with tailored strategies based on market maturity and consumer demand [104]

Financial Data and Key Metrics Changes - The company achieved a non-GAAP EPS growth of 31% year-over-year, reaching $9.43, supported by a 200 basis points gross margin expansion to 44.4% [7][39] - Free cash flow for 2024 was $173 million, equating to $14.70 per share, allowing for $239 million in share repurchases [8][39] - Fourth quarter gross margin was 39.9%, an increase of 230 basis points year-over-year, marking the highest fourth quarter gross margin since 2020 [41] Business Line Data and Key Metrics Changes - Depletions in the fourth quarter were flat, with shipments decreasing by 0.5%, primarily due to declines in Truly Hard Seltzer, offset by growth in Twisted Tea, Sun Cruiser, and Hard Mountain Dew [40] - Twisted Tea maintained an 84% market share in the hard tea category, contributing over 50% of the dollar growth in that category in 2024 [20] - The Truly portfolio has been repositioned to focus on light flavors, with the higher ABV Truly Unruly performing above expectations [24] Market Data and Key Metrics Changes - The hard seltzer category faced headwinds, with category dollars down 4% in the fourth quarter [23] - The company noted that the beer category remains relevant, with significant growth opportunities in the "beyond beer" segment as consumer preferences evolve [8][9] Company Strategy and Development Direction - The company plans to increase advertising investments across its portfolio to improve market share and support the national launch of Sun Cruiser [10][12] - Strategic priorities for 2025 include nurturing core brands, developing margin-accretive innovations, and modernizing the supply chain while driving efficiency [17] - The company is focusing on a disciplined approach to innovation, particularly with the launch of vodka-based hard tea Sun Cruiser and the expansion of Samuel Adams [18][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of inflation on consumer behavior and increased competition in the "beyond beer" category [8][9] - The company expressed confidence in its strategy and team, emphasizing the importance of operational execution for long-term sustainable growth [12][36] - The 2025 financial guidance anticipates a range of outcomes due to the dynamic consumer demand environment [12][53] Other Important Information - The company reported a non-GAAP loss per diluted share of $1.68, primarily due to increased advertising and promotional expenses [45] - Capital expenditures for 2025 are expected to be between $90 million and $110 million, focusing on brewery capabilities and efficiencies [57] Q&A Session Summary Question: Can you elaborate on the new compensation plan? - The new compensation plan aligns incentives with business objectives, encouraging equal effort across all brands rather than focusing solely on volume [60][62] Question: How is beer demand starting the year? - The company is starting from a flat depletion point, with some brands like Twisted Tea facing challenges, but overall, they are satisfied with the beginning of the year [74][75] Question: What is the growth outlook for Twisted Tea? - The company is planning for single-digit growth for Twisted Tea, focusing on increasing advertising and introducing new products to attract new drinkers [108][110] Question: How is the company addressing health and wellness concerns? - The company is actively advocating for the alcohol industry and monitoring health trends, acknowledging potential shifts in consumer behavior [106][128] Question: What is the impact of cannabis beverages on the alcohol market? - While cannabis beverages are a potential threat, the company has not yet seen a significant impact on its portfolio and is prepared to enter the market if opportunities arise [87][92]