Chongqing Brewery (600132) Q4 2024 earnings summary

Executive summary

• 2024 revenue reached RMB 14.64 billion, down 1.15% year-over-year due to market competition and changing consumption habits.

• Net profit attributable to shareholders was RMB 1.25 billion, a 6.84% decrease compared to the previous year.

• High-end beer sales mix improved despite a 0.75% overall volume decline.

Financial highlights

• Operating profit was RMB 3.18 billion, down 5.02% year-over-year.

• Total assets at year-end were RMB 10.97 billion, a decrease of 11.45% from the prior year.

• Basic EPS was RMB 2.57, down 6.84% year-over-year.

• Shareholders' equity fell 38.52% to RMB 1.32 billion, mainly due to large cash dividends.

Outlook and guidance

• Focus remains on the "Sailing 27" strategy, expanding in major cities and pursuing high-end and diversified brands.

• Plans to accelerate non-on-premise channel development and increase canning rate to adapt to changing consumption trends.