Text|Zebra consumption Yang Wei.On February 22, Pearl River Beer (002461SZ) disclosed its 2023 performance report, and the company's revenue was 537.8 billion yuan, a year-on-year increase of 913%, net profit attributable to the parent company 62.5 billion yuan, a year-on-year increase of 443%。
Among the mainstream A-share beer companies, there are Yanjing Beer and Chongqing Beer (600132SH) to disclose its latest results. Among them, Yanjing Beer is expected to increase its performance by 63 in 202322%-94.44%, and the net profit of heavy beer increased by 5% year-on-year78%。The momentum of growth is decided.
In fact, after the last round of beer ** warmed up, the gap between Pearl River Beer and its main competitors gradually became obvious.
In 2022, liquor, red wine, and rice wine all suffered a decline crisis, and only the beer industry achieved growth, and the industry's output, revenue, and profit increased respectively1% and 202%。In 2023, the overall situation will be more unfavorable to the wine industry, and beer will still hold its ground, with a total output of 3,555 beer enterprises above designated size50,000 kiloliters, an increase of 03%。
In the context of the overall performance of the beer sector in 2022, the net profit of Pearl River Beer fell by 211%。In the first three quarters of 2023, Tsing Beer, Yanjing Beer (000729SZ), heavy beer's performance growth rate was .67%；Bead beer is still only 1278%, the fourth quarter continued to pull the hips, the company's annual performance growth fell below 5%, and the overall lag was more obvious.
In the 80s of the last century, foreign beer giants rushed to enter the Chinese market. AB InBev, the world's beer leader, entered into a technical exchange and cooperative production with Pearl River Beer in 1984 to lay out the Chinese beer market, and became the second largest shareholder of Pearl Beer before its listing.
With the assistance of foreign capital, Pearl River Beer quickly opened up the situation, produced the first bottle of pure draft beer in China in 1997, and gradually became the first echelon of local beer, growing into the king of beer in South China.
At present, Guangzhou state-owned assets hold 5415% of the shares, the second shareholder AB InBev holds 2999%；At the same time, AB InBev has appointed two directors to the company, one of whom serves as vice chairman.
After 40 years of development, Pearl River Beer has become an important subsidiary of AB InBev in the South China market, and the performance of the two companies is also in sync.
In the early years, AB InBev was almost invincible in the Chinese beer market, especially in the field of high-end beer, and Pearl River Beer has also become the high-end king of local beer brands, with outstanding profitability.
However, after the adjustment of the beer industry began in 2013 and entered the recovery cycle around 2016, local beer manufacturers seized the strategic opportunity of high-end and de-capacity, and rose rapidly, and the Chinese beer market has shown a very obvious trend of "local beer up, foreign beer down" in recent years.
In 2023, the local giants have made steady progress, representing AB InBev and Carlsberg's Pearl River Beer and Chongqing Beer, which have the lowest growth rate among mainstream brewers, which is a hot case.
Pearl River Beer followed AB InBev and entered the embarrassing situation of not advancing or retreating, and gradually became a second-tier player in the industry. Moreover, when this trend continues to deepen, the younger brothers may fall faster than the foreign dads.
After all, the Yellow River and ** development in Lanzhou, which are in a similar situation, have been marginalized by the beer sector. Therefore, Lanzhou Yellow River was intoxicated and ushered in a loss in last year's **; The first development is planning to abandon the beer business.
In 2017, with the blessing of Guangzhou state-owned assets and AB InBev, Pearl River Beer raised 429.6 billion yuan, of which the main fund-raising project is the Pearl River · Padai Beer Cultural and Creative Park.
This commercial real estate project adjacent to Guangzhou's "small waist" has become an AAA-level tourist attraction and a landmark of Guangzhou's night economy. Taking this as the fulcrum, the company has formed a dual main business pattern of "beer brewing" and "beer culture industry".
However, the rental catering services and other businesses related to this business have not brought much improvement to the company's performance. The sector earned 4,675 in the first half of last year350,000 yuan, gross profit margin of 70%.
As of the end of June 2023, the investment progress of the above projects is only 20%. Other fundraising projects, including the construction and upgrading of marketing networks, O2O channels, craft beer production capacity and experience store construction, have also progressed slowly.
Seven years have passed, and more than 3 billion yuan of the company's private placement funds have not been used. As a result, as of the end of September 2023, Pearl River Beer's monetary funds exceeded 7.6 billion yuan.
On the other hand, Pearl River Beer's main competitors can be said to have their own magic skills in business development. China Resources Beer (00291.)HK) acquired Jinsha Liquor for its cross-border liquor business after seizing the market position of the beer leader; Tsingtao Brewery (600600.)SH) continues to enhance its business value based on its high-end advantages; Carlsberg integrated its China business with Chongqing Beer as the core; Yanjing Beer's industrial operation effect is the most prominent, with high-end products, expanding new retail channels, and inviting top Cai Xukun and Wang Yibo to endorse the brand.
Even though the beer industry as a whole is in a pro-cyclical position, the growth of production and sales in the industry is relatively slow, which is still a market with one trade-off and one over the other, and the competitive atmosphere of squeezing growth has never eased.
How does Pearl River Beer break the game? Now, the company's business focus has returned to the beer business, and the future is once again betting on pan-nationalization.
Due to the increasing demand for beer freshness in the consumer market and the relatively high transportation cost of beer products, this industry has a clear sales radius, resulting in a relatively stable fragmentation of the Chinese beer market.
Since Pearl River Beer's deep cultivation in South China cannot bring continuous business improvement to the company, and the effect of going north to Hunan and Hebei is not good, it has become a relatively certain path to conquer the pan-national market with the help of new channels.
Therefore, Pearl River Beer launched a large-scale investment plan last year, planning to invest more than 1 billion yuan to expand production capacity and improve the packaging capacity of canned beer in its Zhongshan and Meizhou factories. To increase the canning rate of beer, with the help of e-commerce and other channels, we can break through the sales radius of beer to a certain extent and seek new increments; More importantly, embrace younger consumers.
It's just that in the beer market where the local is divided and the powerful are separated, what is the blue ocean market? As far as the eye can see, bayonets everywhere are red.