Chongqing Brewery (600132) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached RMB 8.86 billion, up 4.18% year-over-year; net profit attributable to shareholders was RMB 901 million, up 4.19% year-over-year.

• Beer sales volume grew 3.30% to 1.78 million kiloliters compared to the same period last year.

• The company continued to invest in brand building, product innovation, and high-end market expansion, with notable growth in premium and mainstream product segments.

• ESG initiatives advanced, including carbon reduction, water conservation, and diversity programs.

• No interim dividend or capital increase from reserves was proposed for the half-year.

Financial highlights

• Operating income: RMB 8.86 billion, up 4.18% year-over-year.

• Net profit attributable to shareholders: RMB 901 million, up 4.19% year-over-year.

• Net profit excluding non-recurring items: RMB 888 million, up 3.91% year-over-year.

• Operating cash flow: RMB 2.55 billion, up 0.32% year-over-year.

• Basic and diluted EPS: RMB 1.86, up 4.19% year-over-year.

Outlook and guidance

• The company expects continued market recovery but notes uncertainty in consumer demand and potential volatility in raw material and packaging costs.

• Industry competition is intensifying, especially in the mid-to-high-end beer segment.

• Extreme weather and slow recovery in consumption scenarios may impact full-year revenue targets.