Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][18]. Core Views - The company reported a significant increase in non-recurring profit, with Q1 2025 revenue at 1.227 billion yuan, up 10.69% year-on-year, and net profit at 157 million yuan, up 29.83% year-on-year [1]. - Q1 2025 sales volume increased by 11.66% to 294,600 tons, with expectations for the 97 Pure Draft product to continue growing by around 30% [2]. - The gross margin improved significantly, with a 2.9 percentage point increase, and a decrease in cost per ton by 5.8% year-on-year [3]. Financial Performance Summary - Revenue projections for 2025-2027 are 6.212 billion yuan, 6.662 billion yuan, and 7.130 billion yuan, respectively, with growth rates of 8%, 7%, and 7% [3]. - Net profit projections for the same period are 976.8 million yuan, 1.105 billion yuan, and 1.241 billion yuan, with growth rates of 20.55%, 13.12%, and 12.32% [3]. - The company is expected to maintain a price-to-earnings ratio (P/E) of 24X, 21X, and 19X for 2025, 2026, and 2027, respectively [3]. Key Financial Metrics - The company’s total revenue for 2023 is projected at 5.378 billion yuan, with a growth rate of 9.13% [5]. - The EBITDA for 2025 is estimated at 1.370 billion yuan, with a steady increase in subsequent years [5]. - The net profit attributable to the parent company for 2025 is projected at 976.8 million yuan, with an EPS of 0.44 yuan [12].

Core Insights - The company reported a total revenue of 5.73 billion yuan for 2024, representing a year-on-year increase of 6.6% [1] - The net profit attributable to shareholders for 2024 was 810 million yuan, up 29.9% year-on-year [1] - The first quarter of 2025 saw a revenue of 1.23 billion yuan, reflecting a 10.7% increase compared to the same period last year [1] Financial Performance - In 2024, the beer sales volume reached 1.44 million tons, a 2.6% increase year-on-year, outperforming the industry average [1] - The average price per ton of beer increased by 4.3% year-on-year, driven by the strong performance of the premium product 97 Pure Draft [1] - The gross profit margin for 2024 was 46.3%, influenced by product structure upgrades and a decrease in raw material costs [1] Profitability and Cost Management - The net profit margin for 2024 was 14.1%, with a non-recurring net profit margin of 13.3%, both showing improvements of 2.5 and 2.9 percentage points year-on-year, respectively [1] - In the first quarter of 2025, the sales volume was 295,000 kiloliters, marking an 11.7% increase year-on-year [2] - The cost per kiloliter of beer decreased by 5.8% year-on-year, attributed to lower raw material prices and improved procurement management [2] Future Outlook - The company has raised its revenue forecasts for 2025-2027, expecting revenues of 6.13 billion, 6.51 billion, and 6.88 billion yuan, respectively [3] - The net profit forecasts for the same period are 970 million, 1.09 billion, and 1.21 billion yuan, indicating growth rates of 19.6%, 12.1%, and 11.0% year-on-year [3] - The current price-to-earnings ratios are projected to be 24, 22, and 20 for 2025, 2026, and 2027, respectively [3] Market Position - The company is expected to continue experiencing strong growth in its premium product segment and gain market share in Guangdong province [4]

Investment Rating - The investment rating for the company is "Add" [5] Core Views - The company has maintained a high net profit growth rate, with revenue growth improving compared to the same period last year. In Q1 2025, the company achieved revenue of 1.227 billion yuan (YoY +10.69%), an increase from the previous year's growth of +7.05%. The net profit attributable to the parent company was 157 million yuan (YoY +29.83%), although this was a decrease from the previous year's growth of +39.37%. The net profit excluding non-recurring items was 145 million yuan (YoY +39.4%), down from +45.79% in the same period last year [2][3] - Both gross margin and net margin have improved, while selling expense ratio and management expense ratio have slightly decreased. In Q1 2025, the gross margin was 45.00% (YoY +2.87 percentage points), and the net margin was 13.16% (YoY +1.79 percentage points). The selling expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio were 15.78%, 7.78%, 3.17%, and -3.34%, respectively, showing a decrease of -0.84 percentage points and -0.25 percentage points [2][3] - The company is expected to continue its high-end product strategy, which is anticipated to sustain steady growth. The forecast for net profit attributable to the parent company for 2025-2027 is 951 million, 1.021 billion, and 1.110 billion yuan, respectively, with year-on-year growth rates of 17.43%, 7.29%, and 8.72% [3][4] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.227 billion yuan, a year-on-year increase of 10.69%. The net profit attributable to the parent company was 157 million yuan, up 29.83% year-on-year, while the net profit excluding non-recurring items was 145 million yuan, reflecting a 39.4% increase [2][3] - The beer price per ton was 4,164.19 yuan, a slight decrease of 0.86% year-on-year, while beer sales volume reached 294,600 tons, an increase of 11.66% [2][3] Profit Forecast - The updated profit forecast for the company indicates net profits of 951 million yuan in 2025, 1.021 billion yuan in 2026, and 1.110 billion yuan in 2027, with corresponding EPS of 0.43, 0.46, and 0.50 yuan per share [3][4] Valuation Metrics - As of April 24, the closing price was 10.11 yuan, with a total market capitalization of 22.377 billion yuan. The corresponding PE ratios for 2025, 2026, and 2027 are projected to be 24, 22, and 20 times, respectively [5][4]

Investment Rating - The investment rating for the company is "Add" [5][3] Core Views - The company has maintained a high net profit growth rate, with revenue growth improving compared to the same period last year. In Q1 2025, the company achieved revenue of 1.227 billion yuan (YoY +10.69%), an increase from the previous year's growth of +7.05%. The net profit attributable to the parent company was 157 million yuan (YoY +29.83%), although this was a decrease from the previous year's growth of +39.37% [2][3] - The gross margin and net margin have both improved, while the sales expense ratio and management expense ratio have slightly decreased. In Q1 2025, the gross margin was 45.00% (YoY +2.87 percentage points), and the net margin was 13.16% (YoY +1.79 percentage points) [2][3] - The company is expected to continue its high-end product strategy, which is anticipated to sustain steady growth. The forecast for net profit attributable to the parent company for 2025-2027 is 951 million, 1.021 billion, and 1.110 billion yuan, respectively, with corresponding EPS of 0.43, 0.46, and 0.50 yuan per share [3][4] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.227 billion yuan, a year-on-year increase of 10.69%. The net profit attributable to the parent company was 157 million yuan, up 29.83% year-on-year, while the net profit excluding non-recurring items was 145 million yuan, reflecting a 39.4% increase [2][3] - The beer price per ton slightly decreased to 4,164.19 yuan/ton, down 0.86% year-on-year, while beer sales volume increased by 11.66% to 294,600 tons [2][3] Profitability Metrics - The company's gross margin improved to 45.00%, and the net margin increased to 13.16%. The sales expense ratio was 15.78%, the management expense ratio was 7.78%, and the R&D expense ratio was 3.17% [2][3] Earnings Forecast - The updated earnings forecast for the company indicates net profits of 951 million yuan in 2025, 1.021 billion yuan in 2026, and 1.110 billion yuan in 2027, with expected growth rates of 17.43%, 7.29%, and 8.72%, respectively [3][4]

Core Viewpoint - The company reported strong Q1 2025 performance with revenue of 1.23 billion, a year-on-year increase of 10.7%, and a net profit attributable to shareholders of 157 million, up 29.8% year-on-year, driven by effective marketing and improved market conditions in Guangdong [1] Group 1: Sales Performance - In Q1 2025, the company achieved beer sales of 295,000 tons, a year-on-year increase of 11.7%, outperforming the overall industry which saw a decline of 2.2% [2] - The revenue per ton of beer was 4,164.2 yuan, a slight decrease of 0.9% year-on-year, influenced by promotional activities and the timing of the Spring Festival [2] Group 2: Profitability and Cost Management - The gross margin increased by 2.9 percentage points to 45.0%, supported by a decrease in raw material costs, particularly barley, which led to a 5.8% reduction in cost per ton of beer [3] - The net profit margin reached 12.8%, up 1.9 percentage points year-on-year, reflecting improved operational efficiency and effective marketing strategies [3] Group 3: Future Outlook - The company is expected to benefit from a strong brand presence and consumer recognition in Guangdong, with high-end products like 97 Pure Draft continuing to drive growth [2] - Projections for 2025-2027 indicate an EPS of 0.45, 0.52, and 0.60 yuan respectively, with a net profit CAGR of 23%, surpassing the industry average [3]

证券代码：002461 证券简称：珠江啤酒 公告编号：2025-014 广州珠江啤酒股份有限公司 第四届董事会第八十三次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 广州珠江啤酒股份有限公司（以下简称"公司"）第四届董事会第八十三 次会议于 2025 年 4 月 24 日以通讯方式召开，会议由王志斌董事长召集。召开 本次会议的通知及相关资料已于 2025 年 4 月 14 日通过电子邮件等方式送达各 位董事。本次会议应到董事 9 人（其中独立董事 3 人），实到董事 9 人。会议 由王志斌董事长主持，符合《公司法》及公司章程的有关规定。与会董事经认 真讨论，审议通过了以下议案： 一、审议通过《关于公司 2025 年第一季度报告的议案》。 《公司 2025 年第一季度报告》刊登于 2025 年 4 月 25 日《中国证券 报》、《证券时报》以及巨潮资讯网。本议案已经公司董事会审计委员会审议 通过。 表决结果：同意 9 票，反对 0 票，弃权 0 票，赞成票数占董事会有效表决 权的 100%审议通过此项议案。 二、审议通过《关于选举程衍俊先生为公司副董事 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,226,771,407.96, representing a 10.69% increase compared to ¥1,108,275,494.33 in the same period last year[5] - Net profit attributable to shareholders was ¥157,027,195.15, up 29.83% from ¥120,950,775.85 year-on-year[5] - The net profit excluding non-recurring gains and losses was ¥145,391,911.64, reflecting a 39.40% increase from ¥104,297,992.86 in the previous year[5] - Basic and diluted earnings per share increased to ¥0.0709, a rise of 29.85% compared to ¥0.0546 in the same period last year[5] - Operating profit for the current period was ¥187,809,643.62, representing a 34.38% increase from ¥139,747,688.78 in the previous period[19] - Net profit for the current period was ¥161,494,183.63, a rise of 28.14% compared to ¥126,021,698.31 in the last period[19] Assets and Liabilities - Total assets decreased by 4.06% to ¥15,261,976,696.22 from ¥15,907,993,645.32 at the end of the previous year[5] - The company's current liabilities totaled CNY 3,669,085,330.72, down from CNY 4,466,773,865.13 at the start of the period[15] - The company's total liabilities decreased to CNY 4,523,536,691.53 from CNY 5,331,047,824.26[15] - The equity attributable to the owners of the parent company increased to CNY 10,666,991,914.03 from CNY 10,509,964,718.88[16] Cash Flow - The company's cash flow from operating activities decreased by 9.69% to ¥68,844,395.31 from ¥76,234,037.32 year-on-year[5] - Net cash flow from operating activities was ¥68,844,395.31, down from ¥76,234,037.32 in the previous period[20] - Net cash flow from investing activities was ¥1,112,443,221.90, significantly up from ¥172,273,617.23 in the prior period[21] - Net cash flow from financing activities showed a negative balance of -¥692,151,556.52, worsening from -¥525,876,829.39 in the previous period[21] - The ending cash and cash equivalents balance was ¥1,042,400,194.37, down from ¥1,243,871,047.99 in the last period[21] Receivables and Income - Trade receivables increased by 224.49% compared to the end of the previous year, primarily due to an increase in receivables from customers[9] - The company reported a significant increase in accounts receivable, rising to CNY 75,235,630.56 from CNY 23,185,521.05[14] - Non-operating income grew by 42.30% year-on-year, driven by increased compensation income and government subsidies[9] - Income tax expenses rose by 94.06% compared to the previous year, primarily due to an increase in taxable profits[9] - The company reported a tax expense of ¥27,474,852.42, which is an increase from ¥14,157,723.37 in the previous period[19] Market Strategy - The company is focusing on expanding its market presence and enhancing product offerings through new technology development[12] - The company is actively exploring mergers and acquisitions to strengthen its market position and drive growth[12] Operating Costs - Total operating costs amounted to ¥1,074,993,912.80, up 6.56% from ¥1,009,003,977.17 in the prior period[18]

证券代码：002461 证券简称：珠江啤酒 公告编号：2025-013 广州珠江啤酒股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 特别提示： 1.本次股东大会无增加、变更、否决提案的情形。 3、现场会议召开地点：广州珠江啤酒股份有限公司办公楼 505 会议室； 4、召集人：公司董事会； 5、现场会议主持人：董事长王志斌先生； 2.本次股东大会不涉及变更以往股东大会已通过的决议。 3.本次股东大会以现场表决和网络投票表决相结合的方式召开。 一、 会议召开和出席 （一）会议召开情况 1、召开方式：现场表决和网络投票表决相结合； 2、会议召开时间： （1）现场会议召开时间：2025 年 4 月 23 日下午 16:00； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为2025年 4月23日9:15—9:25,9:30—11:30和13:00—15:00；通过深圳证券交易所互联网投票系 统投票的时间为2025年4月23日上午9:15至下午15:00期间的任意时间。 6、本次股东大会的召集、召开与表决程序符 ...

关于广州珠江啤酒股份有限公司 上海中联（广州）律师事务所 关于广州珠江啤酒股份有限公司 上海中联（广州）律师事务所 关于广州珠江啤酒股份有限公司 2024 年度股东大会的 法律意见 广州市天河区天河路 383 号太古汇写字楼一座 21 楼 电话: 020-81888869 传真:020-85200809 邮编: 510620 上海中联（广州）律师事务所 2024 年度股东大会的法律意见 2024 年度股东大会的 法律意见 2025GZ 意见 0119 号 致：广州珠江啤酒股份有限公司 上海中联（广州）律师事务所（以下简称"本所"）接受广州珠江啤酒股份 有限公司（以下简称"公司"）委托，指派律师列席公司 2024 年度股东大会（以 下简称"本次股东大会"），对本次股东大会的召开进行见证。 本所根据《中华人民共和国公司法》（以下简称"《公司法》"）、中国证 券监督管理委员会《上市公司股东会规则》（以下简称"《股东会规则》"）、 《律师事务所从事证券法律业务管理办法》等中国现行法律、部门规章以及《广 州珠江啤酒股份有限公司章程》（以下简称"《公司章程》"）和《广州珠江啤 酒股份有限公司股东大会议事规则》的有关规定， ...

Core Viewpoint - Zhujiang Beer reported a revenue increase of 6.56% and a net profit increase of 29.95% for 2024, despite the overall beer industry facing a decline in production [2][4]. Financial Performance - The company's total revenue reached 5.731 billion yuan, up from 5.378 billion yuan in 2023, marking a 6.56% year-on-year growth [3]. - The net profit attributable to shareholders was 810 million yuan, a 29.95% increase from 623 million yuan in the previous year [3]. - The net profit after deducting non-recurring gains was 762 million yuan, reflecting a 36.79% increase compared to 557 million yuan in 2023 [3]. - Basic and diluted earnings per share rose to 0.37 yuan, up 32.14% from 0.28 yuan in 2023 [3]. Market Position - Zhujiang Beer generated 54.9 billion yuan in revenue from South China, accounting for 95.81% of total revenue, with a growth rate of 7.45%, outperforming the regional beer production average of 3.2% [5]. - The company remains heavily reliant on the South China market, with only 4.19% of revenue coming from outside this region [6]. Industry Context - The overall beer production in China decreased by 0.6% in 2024, marking a continuous decline over five years, while Zhujiang Beer managed to achieve growth [4]. - The beer industry is experiencing a shift from scale competition to value competition, posing challenges for regional brands like Zhujiang Beer in achieving national expansion [10]. Strategic Challenges - Despite strong performance, the company faces questions regarding its nationalization strategy and the need to reduce dependence on the South China market [6][8]. - The high-end product segment saw a sales increase of 13.96%, indicating a positive trend in product structure optimization [10]. - However, mid-range products experienced a revenue decline of over 10%, highlighting struggles in maintaining market share [10].