Hong Kong-listed Beijing Enterprises Holdings Limited (Beijing Enterprises; 00392) announced that its 57.40%-owned Shenzhen-listed subsidiary, Beijing Yanjing Brewery Co., Ltd. (Yanjing Brewery; 000729), recorded a strong rebound in the financial year ended 31 December 2025, driven by margin expansion and tighter cost control.

Financial highlights (RMB, audited): • Revenue grew 4.54% year on year to 15.33 billion, reflecting resilient beer and beverage demand.

• Profit before tax surged 50.77% to 2.37 billion, lifting the PBT margin to 15.46% (2024: 10.72%).

• Net profit attributable to shareholders jumped 59.06% to 1.68 billion, translating into a net margin of 10.95% versus 7.20% a year earlier.

• Total assets edged up 2.59% to 23.75 billion, while total liabilities fell 5.72% to 7.00 billion, reducing the liability-to-asset ratio to approximately 29.5% (2024: 32.1%). Equity increased 6.52% to 16.75 billion.

Distribution proposal: Yanjing Brewery’s board recommends a cash dividend of RMB2.00 for every 10 shares (RMB0.20 per share) for FY2025, subject to shareholder approval at the upcoming annual general meeting.

Corporate structure: Beijing Enterprises holds its stake in Yanjing Brewery through Beijing Yanjing Brewery Investment Co., Ltd., in which it owns 79.77%. The beer segment remains a complementary business within Beijing Enterprises’ broader portfolio of gas, water and environmental operations.

Key dates: The 2025 Annual General Meeting materials and notice, the full annual and sustainability reports, and other related documents have been published on the Shenzhen Stock Exchange website as of 15 April 2026.