China Resources Beer (Holdings) Company (0291) H2 2025 earnings summary

Executive summary

• Achieved steady growth through premiumisation and cost efficiency, with beer business as the main driver; consolidated turnover for 2025 was RMB 37,985 million, up RMB 6,537 million over the “14th Five-Year Plan” period, but down slightly year-over-year.

• Significant increase in dividend per share by 34%, with total dividend for 2025 at RMB 1.021 per share.

• Beer business sales volume and profitability reached record highs, outperforming peers, with EBITDA (excl. special items) up 17%.

• Baijiu business focused on mid-to-high segment and dual-brand strategy for long-term growth, but faced a significant goodwill impairment of RMB 2,877 million.

• Headquarters relocated to Shenzhen Snow Beer Science Innovation City in December 2025.

Financial highlights

• 2025 turnover: RMB 37,985m, down 2% year-over-year; 2H2025 turnover: RMB 14,043m, down 6% from 2H2024.

• EBITDA (excl. special items) for 2025: RMB 9,879m, up 10% year-over-year.

• Net cash from operating activities: RMB 7,127m, up 3% year-over-year.

• Basic EPS: RMB 1.04, down 29% year-over-year; DPS: RMB 1.021, up 34%.

• Dividend payout ratio (excl. baijiu goodwill impairment): 53%, up 1 percentage point.

Outlook and guidance

• Will continue premiumisation strategy, consolidate core beer business, and expand in emerging and international markets, with focus on intelligentisation, greening, and integration for the “15th Five-Year Plan.”

• Baijiu business aims to become a second growth driver, focusing on product quality, cost efficiency, and rapid market response, while addressing industry headwinds.

• Continued emphasis on ESG, carbon-neutral certification, and green plant designations.