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Chongqing Brewery (600132)'s performance growth slowed down again. On the evening of August 14, Chongqing Brewery disclosed its 2024 semi-annual report, showing that the company's revenue and net profit both grew by just over 4% year-on-year, a significant slowdown in year-on-year growth. Chongqing Brewery had proposed to achieve a mid-to-high single-digit revenue growth in 2024, but it is still far from the target.

It is worth noting that in the first quarter of this year, Chongqing Beer's net profit achieved rapid growth, with a year-on-year growth rate of double digits, but in the second quarter, the net profit declined. According to the author's calculation, the year-on-year decline in net profit in the second quarter was 5.99%.

The author also noted that Chongqing Beer's net profit growth slowed down, and there were signs of this in 2023. Data showed that Chongqing Beer's revenue and net profit growth in 2023 decreased year-on-year, with a loss in the fourth quarter, which in turn dragged down the growth of net profit for the whole year.

Performance growth slowed down again, with negative growth in net profit in the second quarter

According to Chongqing Beer's 2024 semi-annual report, the company achieved revenue of 8.861 billion yuan, a year-on-year increase of 4.18%; net profit of 901.3 million yuan, a year-on-year increase of 4.19%; non-net profit of 887.6 million yuan, a year-on-year increase of 3.91%. Compared with the mid-2023 period, its revenue and net profit increased by 7.17% and 18.89% year-on-year respectively.

The author noted that in the first quarter of this year, Chongqing Beer still achieved a year-on-year net profit growth of 16.78% to 451.9 million yuan, an increase from the same period in 2023, but the performance in the second quarter declined. The net profit in the second quarter was 449 million yuan, a decrease of 28.6 million yuan from the same period in 2023, a decrease of 5.99%.