Yanjing Brewery(000729) 每日经济新闻·2025-04-22 02:09Core Viewpoint - Yanjing Beer reported a growth in revenue and net profit for 2024, but the growth rates have slowed compared to previous years, indicating challenges in maintaining momentum in a competitive market [1][3][4]. Financial Performance - In 2024, Yanjing Beer achieved a revenue of approximately 14.667 billion yuan, representing a year-on-year growth of 3.2% [4][5]. - The net profit attributable to shareholders was about 1.056 billion yuan, showing a significant increase of 63.74% year-on-year [4][10]. - The growth rates for both revenue and net profit have declined compared to 2023, where revenue grew by 7.66% and net profit by 83.02% [4][5]. Sales Volume - The total beer sales volume for 2024 reached 4.0044 million kiloliters, with a modest year-on-year growth of 1.57% [1][6]. - This growth rate is a slowdown compared to previous years, where sales growth was over 4% in both 2022 and 2023 [5][6]. Product Performance - Yanjing U8, a key product, saw its sales volume reach 696,000 kiloliters in 2024, marking a year-on-year increase of 31.4% [1][9]. - However, the growth rate of Yanjing U8 has been declining, with previous years showing growth rates of over 50% in 2022 and over 36% in 2023 [9]. Market Position and Strategy - The company is facing intensified competition in the beer market, particularly in the high-end segment, which is becoming increasingly crowded [3][9]. - The revenue share from mid-to-high-end products has been increasing, reaching 67.01% in 2024, while the share from regular products has decreased to 32.99% [7][9]. - The gross margin for mid-to-high-end products was 48.09% in 2024, compared to 31.49% for regular products [7]. Dividend and Asset Management - Yanjing Beer announced a cash dividend plan, proposing to distribute approximately 536 million yuan, which accounts for 50.73% of the net profit for the year [10]. - The company plans to recognize asset impairment losses of approximately 74.1652 million yuan for the year, reflecting a proactive approach to asset management [10].