Chongqing Brewery (600132) Q3 2024 earnings summary

Executive summary

• Q3 2024 operating revenue was RMB 4.20 billion, down 7.11% year-over-year; net profit attributable to shareholders was RMB 431 million, down 10.10% year-over-year.

• For the first three quarters, sales volume rose 0.20% to 26,570 KHL, revenue increased 0.26% to RMB 13.06 billion, and net profit attributable to shareholders fell 0.90% to RMB 1.33 billion year-over-year.

• Net profit after deducting non-recurring items for the first three quarters was RMB 1.31 billion, down 1.61% year-over-year.

Financial highlights

• Q3 2024 basic and diluted EPS were RMB 0.89, down 10.10% year-over-year; for the first three quarters, EPS was RMB 2.75, down 0.90%.

• Weighted average ROE for Q3 was 22.44%, down 2.83 percentage points year-over-year.

• Net cash flows from operating activities for the first three quarters were RMB 3.46 billion, down 6.90% year-over-year.

• Total assets as of September 30, 2024, were RMB 13.15 billion, up 6.17% from December 31, 2023.

Segment performance

• Premium product revenue for the first three quarters was RMB 7.63 billion, down 1.24% year-over-year; mainstream was RMB 4.76 billion, up 0.03%; economic was RMB 318 million, up 14.84%.

• Wholesale channel revenue was RMB 12.68 billion, down 0.42% year-over-year.

• North-West region revenue fell 2.50%, Central region was flat, and South region rose 1.13% year-over-year.