Chongqing Brewery (600132) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 was RMB 8.84 billion, down 0.24% year-over-year; net profit attributable to shareholders was RMB 864.98 million, down 4.03% year-over-year.

• Sales volume reached 1.8008 million hectoliters, up 0.95% year-over-year, outperforming the industry average.

• Cash flow from operating activities increased 13.8% year-over-year to RMB 2.91 billion.

• No interim dividend or capital increase from reserves was proposed for the half-year.

Financial highlights

• Operating income: RMB 8.84 billion, down 0.24% year-over-year.

• Net profit attributable to shareholders: RMB 864.98 million, down 4.03% year-over-year.

• Basic and diluted EPS: RMB 1.79, down 4.03% year-over-year.

• Gross margin: 52.1% (calculated from reported revenue and cost of sales).

• Net assets attributable to shareholders: RMB 1.62 billion, up 36.55% from year-end 2024.

Outlook and guidance

• Management notes continued uncertainty in the consumer market recovery.

• Raw material, packaging, energy, and labor costs may fluctuate due to climate, geopolitics, and supply-demand factors.

• Competition is expected to intensify as national and niche beer brands increase market penetration.