China Resources Beer (00291) announced its annual results for the period ending December 31, 2025. The group recorded revenue of 379.85 billion yuan, a decrease of 1.68% compared to the previous year. Profit attributable to shareholders was 3.371 billion yuan, down 28.87% year-on-year. Basic earnings per share stood at 1.04 yuan, and the company proposed a final dividend of 0.557 yuan per share.
In its beer business, the group achieved beer sales volume of approximately 110.3 billion liters in 2025, representing a growth of 1.4% compared to the prior year. The company's high-end beer products continued to perform well, with sales of sub-premium and above beer products registering mid-to-high single-digit growth in 2025. These products accounted for nearly 25% of total sales volume, while sales of premium and above beer products increased by close to 10 percentage points.
Revenue from the beer business remained stable at approximately 364.89 billion yuan in 2025. Ongoing premiumization efforts and savings in raw material procurement costs helped drive the beer business's gross profit margin up by 1.4 percentage points to 42.5%. Excluding special items such as gains from investment relocation agreements, fixed asset impairments from capacity optimization, and one-time employee compensation and resettlement expenses, the beer segment's EBITDA for 2025 was 9.611 billion yuan, an increase of 17.4% year-on-year.
In the liquor business, the company faced multiple challenges, including a deep industry adjustment and shrinking consumer demand. Structural adjustments intensified in the second half of the year, leading to greater market polarization. The group's liquor business generated revenue of 1.496 billion yuan in 2025. Considering the current market environment and actual operating conditions of the liquor business, the group recognized an impairment loss of 2.877 billion yuan on the goodwill of its liquor cash-generating units. Excluding this goodwill impairment, the liquor segment's EBITDA for 2025 would have been 264 million yuan.