文 | 酒讯 子煜 编辑 | 方圆 近日，酒讯从上海联交所公众号获悉，3个华润啤酒资产处理项目正在推介。此次3处工厂资产转让项目分别为驻马店工 厂资产、汕头工厂资产和达州工厂资产等。官方表示是为处置落后工厂。 这已是华润啤酒启动"关厂行动"的第9年。从早期连续收购26家工厂，到最近9年相继关掉36家啤酒厂，在啤酒行业产量 连年下滑的背景下，华润啤酒来了一场为期长久的"刀刃向内"改革。 如今，"3+3+3"高端化发展战略已到达收官之年，处置落后工厂这一举动又会将华润啤酒高端化转型进度推进几何？ 历年财报数据显示，2016—2024年，华润啤酒在中国内地25个省、市、区分别营运啤酒厂数量为98家、91家、78家、74 家、70家、65家、63家、62家、62家。 图片来源：酒讯制 图 从数据上看，2017-2019年华润关厂数量最多，达23家，安置冗员3万多人，与之对应的是公司产能利用率提升至76%。 2017年改革当年，华润啤酒实现营收297.32亿元，同比增长3.6%，市场份额增至26.9%。 图片来源：上海联 交所公众号 01 关厂"达标" 华润啤酒第一次大规模关厂发生在2017年，此后关闭工厂就成了每年的 ...

Core Viewpoint - In 2024, China Resources Beer (00291.HK) experienced a decline in both revenue and net profit, with total revenue at 38.635 billion yuan, a slight decrease of 0.76% year-on-year, and net profit attributable to shareholders at 4.739 billion yuan, down 8.03% year-on-year [1] Group 1: Beer Business Performance - The beer business revenue was 36.486 billion yuan, a year-on-year decrease of 1%, with sales volume at approximately 10.874 million kiloliters, down 2.5% year-on-year [1] - Despite the decline in revenue and sales volume, the gross profit margin for the beer business increased by 0.9 percentage points to 41.1% due to the high-end strategy and a decrease in some packaging costs [2][3] - High-end beer sales grew by over 9% year-on-year, with brands like "Heineken" seeing nearly 20% growth, while "Snow" and "Red Duke" sales nearly doubled [2] Group 2: Cash Flow and Financial Health - The net cash inflow from operating activities increased by 67% to 6.928 billion yuan, marking a five-year high [1][6] - The average selling price of beer rose by 1.5% year-on-year, contributing to the improved gross profit margin [2] Group 3: White Wine Business Performance - The white wine business revenue grew by 4% to 2.149 billion yuan, although it fell short of the previously estimated growth target of over 30% [4][6] - The gross profit margin for the white wine business increased by 5.6 percentage points to 68.5% [6] - The brand "Abstract" under the white wine segment saw a 35% increase in sales, contributing over 70% to the white wine business revenue [6][7] Group 4: Strategic Focus and Future Outlook - The company plans to continue focusing on high-end products like "Heineken," "Snow Pure," and "superX" to drive growth in 2025 [3] - The company is expected to seek breakthroughs amid the dual pressures of declining beer sales and slowing white wine growth [7]