华润啤酒(00291) - 2024 - 年度财报

Financial Performance - For the year ended December 31, 2024, the total turnover was RMB 38,635 million, a decrease of 0.8% compared to RMB 38,932 million in 2023[81]. - Profit attributable to shareholders for 2024 was RMB 4,739 million, down from RMB 5,153 million in 2023, representing a decrease of 8.0%[81]. - Basic earnings per share for 2024 were RMB 1.46, compared to RMB 1.59 in 2023, reflecting a decline of 8.2%[81]. - The Group's consolidated turnover for 2024 was RMB 38,635,000,000, with EBIT of RMB 6,574,000,000 and profit attributable to shareholders of RMB 4,739,000,000[99]. - The Group's EBIT, excluding certain one-off items, increased by 2.9% year-on-year to RMB 6,344,000,000, while net cash from operating activities rose by 67.0% year-on-year to RMB 6,928,000,000[99]. - The Group's overall beer sales volume in 2024 was approximately 10,874,000 kilolitres, a decrease of 2.5% year-on-year, with revenue from beer business slightly declining by 1.0% to RMB 36,486,000,000[113]. - The beer segment's turnover decreased by 0.2% to RMB 38,254 million in 2024, while the Baijiu segment saw a growth of 3.7% to RMB 2,161 million[92]. - The Group's EBITDA for the beer business increased by 2.4% year-on-year to RMB 7,881,000,000, excluding certain one-off expenses[115][119]. - The Group's baijiu business achieved a year-on-year turnover increase of 4.0% to RMB 2,149,000,000, with a gross profit margin rising by 5.6 percentage points to 68.5%[161]. - The Group's baijiu business achieved an EBITDA of RMB 852,000,000, representing a year-on-year increase of 0.5 percentage points[163]. Operational Highlights - In 2024, CR Beer achieved a net cash from operating activities increase of 67.0%[22]. - The gross profit margin reached 42.6%, hitting a five-year high[22]. - Sales volume of premium beer segment and above increased by 9%[22]. - Sales volume of premium baijiu "Zhaiyao" rose by 35%[22]. - The Group's premium beer sales volume increased by over 9% year-on-year, with "Heineken®" achieving nearly 20% growth and "Li" seeing a 35% increase[114][118]. - The average selling price of beer rose by 1.5% year-on-year, contributing to a gross profit margin increase of 0.9 percentage points to 41.1% for 2024[115][119]. - The Group launched new products including the super-premium "Nong Li" and the premium "Ken 14", achieving significant sales growth[150][153]. - The Group operated 62 breweries across 25 provinces in Mainland China, with an annual production capacity of approximately 19,000,000 kilolitres[152]. - The Group's current liabilities were RMB 26,054,000,000, with a current ratio of 0.60, indicating sufficient resources to meet liabilities and commitments[171][176]. Strategic Initiatives - CR Beer established a dual empowerment model for beer and baijiu businesses to drive integrated development[30]. - The company is advancing the revitalization of the domestic beer barley industry through collaboration with the National Barley and Highland Barley Industry Technology System[30]. - The Group is committed to the "Winning at Premiumisation" strategy from 2023 to 2025, focusing on high-quality development and technological innovation[98]. - The Group is committed to technological innovation and digital empowerment, focusing on high-quality procurement, manufacturing excellence, and integrated supply chain management to enhance profitability[132]. - The Group plans to deepen its penetration of existing channels and expand into emerging channels such as online business and instant delivery to improve channel efficiency and profitability[131]. - The Group is actively promoting green development and aims for more factories to obtain carbon-neutral certification and National Green Plant designations[140]. - The Group's focus on "Domestic Barley* Revitalisation" supports rural revitalisation and promotes green agriculture development[158]. Awards and Recognition - The Group achieved high-quality growth in turnover and profit for three consecutive years, receiving the "2023 China Resources Group High-Quality Development Comprehensive Award – Silver Award"[41]. - The Group's Snow Beer topped the 2024 China Brand Power Index (C-BPI®) for the beer industry, and both "Snow Beer" and "Brave the World" were recognized among the "2024 China's 500 Most Valuable Brands"[46]. - The Group received the Outstanding Sustainable Enterprise Award for Listed Company (Beverage) at the ESG Green Development & Carbon Neutrality Awards 2023[55]. - The Group was recognized with the Outstanding ESG Corporate Award for Listed Company (Brewing) at the ESG Award 2024[61]. - The Group was awarded the Most Growing Listed Company in Consumer Goods Sector in the 2024 Reputation List of Listed Companies[75]. - The Group received multiple prestigious awards, including the "Directors Of The Year Awards" for three consecutive years and the "Climate Governance Awards" in 2024, highlighting its achievements in corporate governance and investor relations[199]. Investor Relations - The Group's investor relations efforts were recognized with multiple awards, including eight awards in Institutional Investor's "2024 All-Asia Executive Team" rankings[44]. - The Group maintained close communication with over 4,600 fund managers and analysts through nearly 400 meetings across various locations, including Shanghai, Beijing, Singapore, the UK, and the US[195]. - The Group's management actively addressed market concerns during investor and analyst meetings attended by over 100 participants[195]. - The Group's commitment to transparency and timely information disclosure was emphasized through various communication channels, including teleconferences and investor conferences[194]. - The Group aims to enhance corporate governance transparency and safeguard the long-term interests of shareholders in the future[200]. Future Outlook - The Group maintains a cautiously optimistic outlook for its overall performance in 2025, bolstered by national policies to boost consumer spending and steady economic growth[135]. - CR Beer aims for sustained rapid double-digit sales volume growth for "Heineken®" and expects "superX" to regain stronger sales momentum post-revitalisation in 2024[130]. - The Group plans to implement a "streamlined, precise, and lean" strategy to respond to new consumption trends and enhance competitive positioning[159].