Yanjing Beer semi annual report

Yanjing Beer semi annual report on the evening of the 16th, Yanjing Beer disclosed its performance in the first half of 2021. From January to June 2021, the company achieved a beer sales volume of 2131600 kiloliters, an operating revenue of 6317.04 million yuan, a year-on-year increase of 13.51%, a main business revenue of 6126.29 million yuan, a year-on-year increase of 14.09%, a total profit of 461.56 million yuan, a year-on-year increase of 13.38%, and a net profit attributable to shareholders of listed companies of 288.38 million yuan, a year-on-year increase of 7.12%.

Screen capture of Yanjing Beer’s 2021 semi annual report

From the perspective of distribution mode, compared with the benign growth of e-commerce channel sales, the performance of offline channels is slightly inferior.

Among them, the operating cost of Ka channel increased by 131.07%, and the gross profit margin of traditional channel decreased by 0.47 percentage points year-on-year.

Screen capture of Yanjing Beer’s 2021 semi annual report

In terms of products, the gross profit margin of medium and high-grade products was 48.41%, an increase of 0.03 percentage points year-on-year. The gross profit margin of ordinary products was 30.19%, a year-on-year decrease of 3.44 percentage points. With the decline of gross profit margin and the increase of cost, the revenue of ordinary products also decreased by 0.78%.

According to Yanjing Beer, medium and high-grade products mainly include Yanjing white beer, Yanjing U8, Yanjing Chunsheng, Liquan 1998 and other products, and ordinary products mainly include Yanjing dry beer and other ordinary products.

Yanjing beer includes three regional brands: Liquan, Huiquan and Xuelu. From the perspective of brand value, the brand value of Liquan beer is 23.732 billion yuan; The brand value of Huiquan beer is 18.135 billion yuan; The brand value of snow deer beer is 10.116 billion yuan.

Huiquan beer was listed on the main board of Shanghai in 2003, with a revenue of 317 million yuan in the first half of 2021, a year-on-year decrease of 1.15%. The net profit was 11.6082 million yuan, a year-on-year increase of 30.08%.

What about the performance of Liquan and Xuelu brands in 2021?

Screen capture of Yanjing Beer’s 2021 semi annual report

In the 2021 semi annual report, Liquan achieved a net profit of RMB 333 million, while the performance of Xuelu beer did not appear in the item of “main subsidiaries and joint-stock companies with an impact of more than 10% on the company’s net profit”.

Snow deer beer disappeared in the item of “major subsidiaries and joint-stock companies with an impact of more than 10% on the company’s net profit” this year. Is it because the net profit is less than 10% of Yanjing beer?

Chen Li, chief economist of Chuancai securities and director of the Research Institute, said in an interview with Zhongxin Jingwei client that it is possible, or there is another possibility, that is, the subsidiary is sold, or the shareholding ratio is reduced to less than 10%.

According to the semi annual report of 2021, Yanjing Beer has a direct shareholding of 92.42% in Xuelu. The possibility of a decline in shareholding can be ruled out.

Therefore, if the profit impact is less than 10%, the net profit of Xuelu beer may not exceed 28.838 million yuan based on the overall net profit of Yanjing beer of 288.38 million yuan.

Looking at the 2020 semi annual report, Zhongxin Jingwei client found that both Liquan and Xuelu disclosed their performance in the item of “major subsidiaries and joint-stock companies with an impact of more than 10% on the company’s net profit”. Among them, the net profit of Liquan is as high as 271 million yuan and that of Xuelu is 46.8122 million yuan.

article links:Yanjing Beer semi annual report

Reprint indicated source:Spark Global Limited information


©Spark Global Limited Financial information & The content of the website comes from the Internet, and any infringement links will be deleted.