China Resources Beer (Holdings) Company (0291) H1 2025 earnings summary

Executive summary

• Turnover for 1H2025 was RMB23,942 million, up 0.8% year-over-year, with record highs in gross profit margin (48.9%), EBIT, and profit attributable to shareholders, driven by premiumisation and cost savings strategies.

• EBIT reached RMB7,691 million, up 20.8% year-over-year; profit attributable to shareholders grew 23% to RMB5,789 million; basic EPS was RMB1.78.

• Interim dividend per share increased 24% to RMB0.464, rewarding shareholders.

• Beer business outperformed peers in sales volume, average selling price, and turnover, with premium and sub-premium segments showing double-digit growth.

• Baijiu business faced industry headwinds but maintained stable margins, with premium product “Zhaiyao” contributing nearly 80% of segment turnover.

Financial highlights

• Gross profit margin increased by 2.0 percentage points to 48.9%; turnover rose to RMB23,942 million.

• EBITDA increased 19% to RMB8,922 million; EBIT up 21% to RMB7,691 million.

• Profit attributable to shareholders was RMB5,789 million, up 23% year-over-year; basic EPS rose to RMB1.78.

• Net cash position improved to RMB7,382 million as of 30 June 2025; net cash from operating activities increased 6% to RMB6,373 million.

• Interim dividend per share: RMB0.464 (2024: RMB0.373); dividend payout ratio remained at 26%.

Outlook and guidance

• Continued focus on premiumisation, digital transformation, and cost efficiency to drive future growth.

• Strategic partnerships, new product development, and innovative marketing to capture evolving consumer trends.

• Baijiu business to focus on product portfolio optimisation, channel expansion, and cost management.

• Management expects sufficient resources to meet liabilities and continue operations for the foreseeable future.