重庆啤酒 财联社记者朱万平 摄1. Chongqing Brewery's revenue in the first three quarters increased by 0.26% year-on-year, which is lower than the target guidance set by the company at the beginning of the year, and the company may not be able to achieve this year's revenue expectations. 2. Sales of high-end products at Chongqing Brewery declined in the first three quarters, while sales of mainstream products remained flat, posing a challenge to the company's high-end strategy. 3. Some dealers have reflected that certain high-end products of Chongqing Brewery are difficult to sell, and there is evidence of "indirect" bundling.
On October 30, according to Caixin Global (Reporter - Zhu Wanping), despite entering the peak season for beer consumption in Q3, Chongqing Brewery (600132.SH) saw a year-on-year decline in net income in Q3, and the revenue growth rate in the first three quarters of this year was far below the full-year revenue growth rate set by the company at the beginning of the year. In addition, sales of high-end products at Chongqing Brewery declined in the first three quarters, while sales of mid-range products remained flat, posing a challenge to the company's high-end strategy.
Tonight, Chongqing Brewery announced that in the first three quarters of this year, the company achieved revenue of 13.063 billion yuan, an increase of 0.26% year-on-year; net income attributable to shareholders of the listed company was 1.332 billion yuan, a decrease of 0.90% year-on-year; non-recurring net profit attributable to mother was 1.306 billion yuan, a decrease of 1.61% year-on-year.
Chongqing Brewery, Caixin Global Reporter Zhu Wanping Photo
It is worth noting that the revenue growth rate in the first three quarters of this year at Chongqing Brewery is far below the full-year growth rate target set at the beginning of the year, indicating that the company may not be able to achieve its annual revenue target set at the beginning of the year. In the 2023 annual report, the company stated that it plans to achieve a mid-high single-digit revenue growth in 2024.
Looking at the quarters, Chongqing Brewery achieved revenue of 4.202 billion yuan in Q3 this year, a decrease of 7.11% year-on-year; net profit attributable to mother was 0.431 billion yuan, a decrease of 10.10% year-on-year.
In terms of products, sales revenue of high-end products at Chongqing Brewery has started to decline. In the first three quarters of this year, revenue from high-end products at Chongqing Brewery (consumption price above 10 yuan) was 7.625 billion yuan, a decrease of 1.24% year-on-year; while revenue from the company's mainstream products (consumption price between 6-10 yuan) was 4.764 billion yuan, almost flat year-on-year; revenue from its economy products (consumption price below 6 yuan) was 0.318 billion yuan, an increase of 14.84% year-on-year.
"Affected by overall weak consumption, beer sales here have also declined this year, with the decline estimated to be around a single-digit percentage." Today, a Chongqing Brewery dealer told Caixin Global reporters that as a second-tier dealer, he is currently not making a profit, and this year he might even incur some losses.
Regarding the reasons for the loss, the above-mentioned chongqing brewery dealers mentioned that on the one hand, it was due to a decline in sales; on the other hand, the upstream channel distributors forcing the bundling of unsalable high-end products of chongqing brewery was also a major factor.
"Some of these high-end beers, some with only 1-2 months left until expiration, if not sold promptly upon return, can only be poured out, resulting in losses. This year I poured out tens of thousands of yuan worth of chongqing brewery high-end products," the aforementioned chongqing brewery dealer stated.