China Resources Beverage (Holdings) Company (2460) H2 2024 earnings summary

Executive summary

• Revenue reached RMB13,521.2 million in 2024, up 0.05% year-over-year, with profit attributable to owners rising 23.1% to RMB1,636.7 million.

• Packaged drinking water accounted for 89.7% of revenue, while beverage products grew 30.8% to 10.3% of revenue.

• Gross margin improved to 47.3% from 44.7% year-over-year, driven by higher self-owned production and lower raw material costs.

• Final and special dividends totaling RMB0.483 per share proposed, subject to shareholder approval.

Financial highlights

• Net profit margin increased to 12.3% from 9.9% year-over-year.

• Gross profit rose to RMB6,397.3 million, up 6% from 2023.

• Distribution and selling expenses decreased 0.7% to RMB4,058.4 million; administrative expenses fell 1.6% to RMB295.7 million.

• Finance costs dropped sharply to RMB2.4 million from RMB42.5 million due to lower borrowings.

• Inventories increased 33.6% to RMB504.2 million; inventory turnover days improved to 22.6.

Outlook and guidance

• Expects further market expansion in 2025, leveraging brand strength, product innovation, and digitalization.

• Plans to continue investing in R&D, channel development, and production capacity.