China Resources Beer (Holdings) Company (0291) H1 2026 earnings summary

Executive summary

• Turnover for H1 2026 reached RMB24,240 million, up 1.2% year-over-year, with record highs in turnover and net cash inflow from operating activities for the period over the past six years.

• EBIT was RMB6,881 million; profit attributable to shareholders was RMB5,169 million; adjusted EBIT (excluding Shenzhen HQ income) was RMB6,801 million and adjusted profit attributable to shareholders was RMB5,109 million.

• Net cash from operating activities rose 5.6% to RMB6,729 million, marking a six-year high.

• Interim dividend declared at RMB0.446 per share, with a payout ratio of 28%, up 2 percentage points year-over-year.

• The group maintained a steady and progressive momentum, focusing on long-term sustainable value and stakeholder returns.

Financial highlights

• Gross profit was RMB11,551 million, with a gross margin of 47.7%.

• Basic EPS was RMB1.59, down from RMB1.78 year-over-year; DPS was RMB0.446, down 4%.

• Net cash position as of 30 June 2026 was RMB9,022 million, with a current ratio of 0.97.

• Total equity attributable to shareholders stood at RMB35,573 million.

• Bank loans totaled RMB5,208 million, with most repayable within one year; interest rates ranged from 0.89% to 2.34%.

Outlook and guidance

• Management remains focused on growth and innovation, emphasizing premiumization, product excellence, brand distinction, and efficiency improvements in the beer business.

• Beer business will drive growth through premiumisation, channel empowerment, and international expansion, especially in the Greater Bay Area and export markets.

• Baijiu business aims to deepen core market cultivation, optimise product and channel structure, and pursue lean operations to become the second growth driver.

• The company targets a full-year dividend payout ratio of 55% or above, subject to board approval and financial performance.

• Continued investment in digitalisation, supply chain agility, and green development.