CHINA RES BEER (00291) releases annual performance, with shareholders' net profit decreasing by 28.87% year-on-year to 3.371 billion yuan.

CHINA RES BEER (00291) announced its annual performance for the year ending December 31, 2025. The group achieved a revenue of RMB 37.985 billion, a decrease of 1.68% year-on-year; the net profit attributable to shareholders was RMB 3.371 billion, a decrease of 28.87% year-on-year; and the basic earnings per share were RMB 1.04, with a proposed final dividend of RMB 0.557 per share. In terms of beer business, the group achieved a beer sales volume of approximately 11.03 billion liters in 2025, an increase of 1.4% year-on-year. The group's high-end beer products continued to perform well, with sales of premium and above beer products in 2025 showing a double-digit increase year-on-year, accounting for close to 25% of total sales, while sales of mid to high-end beer products increased by almost 10 percentage points year-on-year. The group's beer business maintained a stable revenue of approximately RMB 36.489 billion in 2025, with the continuous development of high-end products and cost-saving measures in raw material procurement leading to a 1.4 percentage points increase in the gross profit margin of the beer business to 42.5%. Excluding the income confirmed from the investment relocation agreement, as well as special items such as asset impairment from capacity optimization and one-time employee compensation and relocation costs, the group's pre-interest, tax, depreciation, and amortization profit for the beer business in 2025 was RMB 9.611 billion, an increase of 17.4% year-on-year. As for the liquor business, facing the deep adjustment of the liquor industry and shrinking consumer demand, the industry experienced structural adjustments and intensified differentiation in the second half of the year in 2025. The group's revenue from the liquor business in 2025 was RMB 1.496 billion. Taking into account the current market environment and the actual operating conditions of the liquor business, the group made a provision for impairment of goodwill for the liquor business of RMB 2.877 billion. Excluding the goodwill impairment, the group's pre-interest, tax, depreciation, and amortization profit for the liquor business in 2025 was RMB 264 million.