China Resources Beer Releases Interim Results, Shareholders to Enjoy 57.89 Billion Yuan Dividend, Up 23.04%

China Resources Beer (00291) released its interim results for the six months ended June 30, 2025. The company reported revenue of RMB239.42 billion, up 0.83% year-on-year; shareholders are expected to enjoy a dividend of RMB57.89 billion, up 23.04%; and basic earnings per share were RMB1.78.

Benefiting from the continuous development of its high-end beer strategy and cost savings in raw material procurement, China Resources Beer's gross profit margin for the first half of 2025 increased by 2.0 percentage points to a new high of 48.9%. The company's unaudited net profit and shareholders' expected dividend before interest and tax were RMB76.91 billion and RMB57.89 billion, respectively, up 20.8% and 23.0% year-on-year.

In the beer business segment, China Resources Beer sold approximately 64.87 million liters of beer in the first half of 2025, up 2.2% year-on-year. The company's high-end beer products continued to gain traction, with sales of premium and above products increasing by over 10% year-on-year. Among them, "Ji Li" saw a surge in sales, breaking through 20% growth despite a high base last year; "Lao Xue" saw a increase of more than 70%, while "Hong Jue" achieved a doubling of its sales compared to the same period last year.

In the white wine business segment, facing industry-wide adjustments, China Resources Beer's unaudited revenue for the first half of 2025 was RMB7.81 billion, with the flagship product "Zhai Jie" contributing nearly 80% to white wine sales. The company's white wine business maintained a relatively stable gross profit margin, with unaudited net profit before interest, tax, depreciation and amortization of RMB2.18 billion.