On the evening of March 28th, Tsingtao Brewery released its annual performance report for 2020, achieving an annual operating income of 27.76 billion yuan, a slight decrease of 0.8% year-on-year; The net profit attributable to RMB 22,065.438 billion, a substantial increase of 18.86% year-on-year, of which the non-net profit increased by 34.79%, which was particularly eye-catching.
On March 29th, the share price of Tsingtao Brewery continued to rise, closing at 83.80 yuan, up by 2.82%, with a total market value of 1 143 billion yuan.
Coincidentally, a few days ago, China Resources Beer (0029 1. HK) also announced its performance in 2020, which is also very optimistic. However, the performance of Budweiser Asia Pacific (0 1876). HK) continued to decline, and the sales volume in China market was a bit miserable.
Tsingtao Brewery has achieved the best performance in history.
The performance in 2020 cannot be attributed to the COVID-19 epidemic, which has become a magic weapon for many enterprises. However, Tsingtao Brewery, the domestic beer leader, still handed over a good report card against the trend in 2020, and its net profit was the best performance in history.
According to the data of performance disclosure, Tsingtao Brewery achieved a revenue of 27.76 billion yuan in 2020, which remained stable, but its net profit increased substantially, indicating that it entered a situation of "stable volume and rising price", creating conditions for improving profitability.
The performance of Tsingtao Brewery far exceeds that of its peers. In 2020, the domestic beer industry was really affected by the epidemic. Statistics from the National Bureau of Statistics show that the beer output of the whole industry is 34 1, 1 000 kiloliters, down by 7.0% year-on-year.
In 2020, Tsingtao Brewery has accelerated the introduction of high value-added products. The ultra-high-end new products such as "Centennial Journey" and "Amber Lager" developed and put on the market by Tsingtao Brewery during the year conform to the trend of market consumption upgrading, and also enhance the product image and market competitiveness. The official retail price of "Hundred Years Journey" is 289 yuan/bottle, which has attracted a lot of attention for a time, but it has obvious symbolic and testing significance, and more sales are driven by "Amber Lager". The price is between 20-25 yuan/bottle, which is not much different from other high-end beer brands.
During the reporting period, the company's main brand Tsingtao Brewery * * * achieved a sales volume of 3.879 million liters, among which the sales volume of high-end products such as Centennial Journey, Amber Cellar, Ogut, Haoyunlai, Classic 1903 and Draft Beer reached17.92 million liters, maintaining its position in the domestic beer market. At present, Tsingtao Brewery has formed 9 series and more than 70 kinds of products, which are distributed in mid-range, high-end and high-end price bands, and can meet the needs of consumers at all levels of consumption.
Tsingtao Brewery stated in its annual report that it is determined to promote the implementation of the high-quality development strategy, give full play to the brand and quality advantages of Tsingtao Brewery, and take various measures to actively explore domestic and foreign product markets and realize the contrarian growth of profits. In recent years, the company continued to deepen the implementation of the brand strategy of "Tsingtao Beer as the main brand and Laoshan Beer as the second brand", and promoted innovation drive and product structure optimization and upgrading, which not only achieved rapid growth of its own performance, but also led the high-quality development of China beer industry.
"Limited Diversification" of China Resources Beer or Entering Liquor
A few days before Tsingtao Brewery released its annual report, another beer giant, China Resources Beer (0029 1. HK), which also announced its performance in 2020, is also very optimistic.
In 2020, China Resources Beer achieved revenue of RMB 365,438+RMB 448 million, down 5.2% year-on-year; The net profit was 2.094 billion yuan, a year-on-year increase of 59.6%. The reason why China Resources Beer's revenue decreased and its net profit increased was also influenced by the high-end strategy. In 2020, the sales volume of sub-premium and above China Resources Beer will reach 1.46 kiloliters, an increase of 1. 1% compared with 20 19, which will drive the average sales price to rise.
China Resources Beer is famous for its snowflake wine. In addition, 20 19 acquired Heineken China, forming a dual-brand strategy of "Snowflake+Heineken".
Hou Xiaohai, CEO of China Resources Beer, said at the performance meeting that 2020 is an extremely important year for China Resources Snow Beer to compete in the high end, and its performance exceeded expectations, pushing Snow to a new level. 202 1, the key task is still to fight a decisive battle at the high end and strive for more markets and higher shares at the second high end.
It is worth noting that Hou Xiaohai said that the strategy of China Resources Beer during the 14th Five-Year Plan period will explore, focus and optimize the limited and diversified industries and categories to enter properly, so as to fully release the management, brand and channel network capabilities of Snow Beer, including the entry of liquor industry.
Prior to this, on March 10, Hou Xiaohai led a team to visit Weifang City, Shandong Province, and had in-depth exchanges with the local government on the cooperation of Jingzhi liquor industry. Prior to this, Jingzhi Liquor had been frustrated in planning to go public twice, and was also interpreted by the industry as China Resources Beer or curve entering the liquor industry.
At the press conference, Hou Xiaohai also made a public response to this, saying that he would appropriately enter "limited and diversified" industries and categories, including liquor, low-grade pre-mixed wine and fruity wine. He said that in general, the standard is that this category is similar to beer in terms of network and product attributes; At the same time, it is only an experimental introduction, and it takes some time to gradually develop new abilities. In addition, the choice of limited and diversified layout will also have important support and aggregation ability for Snow Beer's current channel network.
Budweiser Asia Pacific is obviously behind.
Earlier, Budweiser Asia Pacific (0 1876. HK) also announced the 2020 financial report. Budweiser Beer Asia-Pacific recorded revenue of US$ 5.588 billion, down 12.4% year-on-year. Gross profit was US$ 2.907 billion, down 65,438+04.4% year-on-year; The net profit was $557 million, a year-on-year decrease of 42.76%.
Budweiser Asia Pacific is a subsidiary of Bud Company. The United States, a global beer giant, mainly includes China, Indian, Korean, Japanese and Vietnamese markets after integrating its business in the Asia-Pacific market.
Budweiser Asia Pacific said that the impact of the epidemic led to uneven business performance in various markets, but the Pan-Asian platform remained stable. In FY 2020, the revenue of Budweiser Asia Pacific in China market decreased by 1 1%. Although the sales and revenue of Budweiser Asia Pacific in China market rebounded in the fourth quarter, it still declined compared with the same period last year.
Budweiser Asia Pacific is responsible for operating more than 50 beer brands in the Asia-Pacific region, including Budweiser, Time and Corona, as well as Fu Jia, Shikai and Harbin Beer. Over the years, Budweiser has stood out in the high-end beer market in China, with night sales exceeding 60%. However, due to the epidemic, the night channel was hit hard, so Budweiser's performance was also greatly affected.
After years of competition, China beer industry has entered China Resources Snowflake, Tsingtao Beer, Budweiser InBev and Yanjing Beer (000729. SZ) and Carlsberg. Up to now, Yanjing Beer and Chongqing Beer (600 132. SH) and Zhujiang Beer (00246 1. SZ) The annual report for 2020 has not been published, among which Chongqing Beer has been owned by Carlsberg.
Nowadays, Budweiser beer is facing strong challenges, and its competitive pressure should not be underestimated. According to the report of Prospective Industry Research Institute, in recent years, domestic beer brands have made efforts to develop into high-end products by adjusting their product structure. Tsingtao Brewery, China Resources Snowflake and Zhujiang Brewery all occupy a place in the high-end market, and have squeezed and eroded Budweiser's market share.
China food industry analyst Zhu said that the performance and profit growth of Tsingtao Brewery and China Resources Snowflake were expected. With the continuous consolidation of high-end beer consumption, the proportion of high-end products continues to increase, and the overall performance and profit are also more eye-catching. But now they are facing new problems. If the high-end market enters the bottleneck period after three years, or after the curing period, where are the growth paths and growth directions of these enterprises? This also requires thinking.
Editor Ren Zhijiang Editor Chen