CHINA RES BEER (00291) announced its financial results for the six months ended June 30, 2025. The group achieved revenue of RMB 23.942 billion (in Renminbi, same unit applies below), representing a year-on-year increase of 0.83%. Profit attributable to shareholders reached RMB 5.789 billion, marking a 23.04% year-on-year growth. Basic earnings per share stood at RMB 1.78, and the company proposed an interim dividend of RMB 0.464 per share.

Benefiting from the continued development of the beer business's premiumization strategy and savings in raw material procurement costs, the group's gross margin in the first half of 2025 increased by 2.0 percentage points year-on-year to a record high of 48.9%.

The group's unaudited earnings before interest and tax and profit attributable to shareholders for the first half of 2025 also reached record highs of RMB 7.691 billion and RMB 5.789 billion respectively, representing year-on-year increases of 20.8% and 23.0%. Among these, the beer business's unaudited earnings before interest and tax and profit attributable to shareholders grew by 13.8% and 17.3% year-on-year respectively.

Regarding the beer business, the group achieved beer sales volume of approximately 6.487 billion liters in the first half of 2025, up 2.2% year-on-year. The group's premium beer products continued to perform strongly, with sales of mid-to-high-end and above beer products growing by over 10% year-on-year in the first half of 2025. Specifically, "Heineken®" achieved over 20% sales growth despite a high base from the previous year, "Lao Xue" sales increased by over 70% year-on-year, and "Hong Jue" sales doubled compared to the same period last year.

For the baijiu business, facing deep industry adjustments, the group's baijiu business recorded unaudited revenue of RMB 781 million in the first half of 2025, with the flagship product "Zhai Yao" contributing nearly 80% of the baijiu business revenue. The group's baijiu business maintained a relatively stable gross margin in the first half of 2025, with unaudited earnings before interest, tax, depreciation and amortization of RMB 218 million.