Chongqing Brewery (600132) Q4 2025 earnings summary

Executive summary

• Achieved revenue of RMB 14.72 billion in 2025, up 0.53% year-over-year; net profit attributable to shareholders reached RMB 1.23 billion, up 10.43% year-over-year.

• Beer sales volume was 2.9952 million kiloliters, up 0.68% year-over-year.

• Maintained robust growth in high-end products and optimized product structure.

• Continued strong ESG performance, maintaining MSCI ESG AA rating and winning multiple industry awards.

Financial highlights

• Operating income: RMB 14.72 billion (+0.53% YoY); operating profit: RMB 3.24 billion (+11.03% YoY).

• Net profit attributable to shareholders: RMB 1.23 billion (+10.43% YoY); basic EPS: RMB 2.54 (+10.43% YoY).

• Gross margin for beer segment: 52.03%, up 2.32 percentage points year-over-year.

• Operating cash flow: RMB 2.62 billion (+3.23% YoY).

• Total assets at year-end: RMB 10.69 billion; net assets attributable to shareholders: RMB 1.38 billion (+16.18% YoY).

Outlook and guidance

• Management remains cautiously optimistic for 2026, expecting a more favorable macro environment but noting ongoing cost and competition risks.

• Will continue to focus on high-end product growth, digital transformation, supply chain efficiency, and ESG initiatives.

• Plans to expand 1L product capacity, deepen channel innovation, and accelerate talent development.