China Resources Beverage (Holdings) Company (2460) H2 2025 earnings summary

Executive summary

• Revenue declined 18.6% year-over-year to RMB 11,002 million, mainly due to lower packaged water sales and increased marketing investment.

• Profit for the year dropped 39.3% year-over-year to RMB 1,008 million, with EPS at RMB 0.41.

• Packaged drinking water accounted for 86.4% of revenue, while beverage products grew 7.3% and contributed 13.6%.

• The company launched 23 new beverage SKUs, expanded packaged water offerings, and increased R&D efforts.

• Strengthened brand leverage through sports marketing, diversified marketing systems, and channel partnerships.

Financial highlights

• Gross margin decreased by 1.6ppt to 45.7% year-over-year.

• Distribution and selling expenses fell 6.9% year-over-year, while administrative expenses rose 14.3%.

• Net cash from operating activities increased 8.5% to RMB 1,511 million.

• Annual consolidated dividend payout ratio rose to 90.3% from 70.8%.

• Final dividend proposed: RMB0.088 per share; special dividend: RMB0.165 per share.

Outlook and guidance

• The company aims to drive growth through product innovation, channel expansion, and operational efficiency.

• Plans to rejuvenate brands, deepen consumer insights, and focus on category diversification and high-end value creation in 2026.

• Continued investment in R&D, marketing, and omnichannel distribution to drive sustainable growth.