China Resources Beer (00291) has announced an expected annual profit for the fiscal year ending December 31, 2025, in the range of approximately 2.92 billion to 3.35 billion yuan. This compares to a profit of about 4.759 billion yuan reported for the previous fiscal year ended December 31, 2024, representing a year-on-year decrease of roughly 29.6% to 38.6%. The decline in the company's profit is primarily attributed to a goodwill impairment of approximately 2.79 billion to 2.97 billion yuan recognized during the reporting period. This impairment was identified following the acquisition of a 55.19% stake in Chinese baijiu manufacturer Guizhou Jinsha Cellar Wine Co., Ltd., which was completed on January 10, 2023. The goodwill impairment is mainly due to weak market demand for baijiu and a contraction in consumer demand scenarios, leading to reduced consumption.