Chongqing Brewery (600132) Q4 2025 earnings summary

Executive summary

• Achieved stable operations in 2025 despite a complex external environment, with steady growth in sales volume, revenue, and profit, driven by product mix optimization and channel expansion.

• Continued to strengthen premium brand positioning and expand presence in key markets through innovative marketing and product launches.

• Maintained high standards in safety, quality, and ESG, receiving multiple industry awards and retaining MSCI ESG AA rating.

Financial highlights

• Operating revenue reached RMB 14.72 billion, up 0.53% year-over-year; net profit attributable to shareholders was RMB 1.23 billion, up 10.43% year-over-year.

• Basic and diluted EPS were RMB 2.54, up 10.43% year-over-year; weighted average ROE was 81.68%.

• Net cash flows from operating activities increased 3.23% to RMB 2.62 billion.

• Total cash dividend for 2025 was RMB 1.21 billion, accounting for 98.3% of net profit attributable to shareholders.

Outlook and guidance

• Management remains cautiously optimistic for 2026, expecting a more favorable macro environment but noting ongoing challenges from competition, cost volatility, and consumption recovery.

• Strategic focus will remain on premiumization, product innovation, channel deepening, digital transformation, and ESG leadership.