燕京啤酒去年营收增速放缓，燕京U8销量增长超三成

Core Insights - Yanjing Beer reported a total revenue of 14.667 billion yuan for the year 2024, representing a year-on-year growth of 3.20%, while net profit reached 1.056 billion yuan, up 63.74% year-on-year [1] - Despite strong financial performance, the growth rates for both revenue and net profit have declined compared to 2023 [1] - In Q4, Yanjing Beer achieved an operating income of 1.82 billion yuan, a 1.3% increase year-on-year, and reduced its net loss from 311 million yuan to 232 million yuan [1] Revenue and Profit Performance - The flagship product, Yanjing U8, saw a significant sales increase, reaching 696,000 kiloliters, a growth of 31.4% year-on-year, and is expected to maintain over 30% growth in Q1 2025 [1] - The company experienced a notable change in cash flow, with a net cash flow from investment activities of -2.861 billion yuan, a decline of 212.35% year-on-year, primarily due to increased cash outflows from investment products and time deposits [1] Future Plans and Dividends - For 2025, Yanjing Beer plans to invest approximately 1.5 billion yuan in development projects, including technological upgrades and new enterprises, to be funded through self-raised capital and bank loans [2] - The company announced a cash dividend of 1.9 yuan per 10 shares (including tax), amounting to 536 million yuan, which represents 50.73% of the net profit for 2024 [2] - Yanjing Beer anticipates a Q1 2025 profit of between 160 million and 172 million yuan, reflecting a year-on-year increase of 55.96% to 67.66% [2]