Jiangsu King's Luck Brewery Joint-Stock Co. (603369) Q4 2024 earnings summary

Executive summary

• Achieved record revenue of ¥11.54 billion, up 14.32% year-over-year, and net profit of ¥3.41 billion, up 8.80% year-over-year.

• Core brands “Guoyuan,” “Jinshiyuan,” and “Gaogou” drove growth, with high-end product lines outperforming.

• Expanded market share in both Jiangsu province and key out-of-province regions, with significant channel and product upgrades.

• Major investments in smart manufacturing, logistics, and talent development enhanced operational efficiency.

Financial highlights

• Revenue: ¥11.54 billion, up 14.32% year-over-year; net profit: ¥3.41 billion, up 8.80% year-over-year.

• Operating cash flow: ¥2.87 billion, up 2.37% year-over-year.

• Gross margin: 75.09%, down 3.52 percentage points year-over-year.

• Basic EPS: ¥2.7365, up 8.79% year-over-year.

• Dividend: ¥1.2 per share (pre-tax), total payout ¥1.50 billion, 43.85% payout ratio.

Outlook and guidance

• 2025 revenue target: 5–12% growth; net profit growth slightly below revenue growth.

• Focus on high-end product expansion, digital transformation, and out-of-province market acceleration.

• Strategic priorities: capacity expansion, talent quality, market operations, and digitalization.