China Resources Beverage (Holdings) Company Limited (CR Beverage, 02460) reported 2025 results showing a marked pull-back in topline and bottom-line performance amid weaker packaged-water demand and higher marketing spend.

• Revenue dropped 18.6% year on year to RMB 11.00 billion, driven by a 21.6% contraction in packaged drinking water sales to RMB 9.50 billion (86.4% of total). Beverage products, however, rose 7.3% to RMB 1.50 billion, lifting their share of group sales to 13.6%.

• Gross profit fell 21.4% to RMB 5.03 billion; gross margin narrowed 1.6 ppt to 45.7%, reflecting a less favourable product mix and heavier promotional spending.

• Profit attributable to shareholders declined 39.8% to RMB 0.99 billion. Net margin slipped to 9.2% from 12.3% a year earlier. Basic EPS halved to RMB 0.41.

• Operating costs: Cost of sales decreased 16.1% to RMB 5.98 billion on lower volumes and softer raw-material prices. Distribution & selling expenses trimmed 6.9% to RMB 3.78 billion; administrative expenses increased 14.3% to RMB 0.34 billion, reflecting one-off labour costs tied to capacity rationalisation. R&D spend rose 44.2% to RMB 76.93 million as the company launched 23 new beverage SKUs.

• Cash & liquidity: Cash, cash equivalents and fixed deposits totalled RMB 7.06 billion at year-end. Net cash and minimal borrowing kept the gearing ratio at a low 0.4%. Capital expenditure reached RMB 1.50 billion, mainly for new production lines and plant expansion.

• Dividend payout: The Board proposes a final dividend of RMB 0.088 and a special dividend of RMB 0.165 per share, payable on 28 August 2026 to shareholders on the register at 15 July 2026. Combined with the interim payout of RMB 0.118 per share, total 2025 dividends amount to RMB 0.371 per share.

• IPO proceeds: Of the RMB 5.21 billion raised from the October 2024 listing, RMB 1.85 billion had been deployed by end-2025, mainly for production capacity expansion, channel development, marketing and digital upgrades.

• Operational highlights: CR Beverage expanded capacity via new self-owned and partner plants, advanced its “1+N” production strategy, and intensified sports marketing through partnerships with TEAM CHINA and China’s top football leagues.

Management plans to accelerate category diversification—especially tea and sports drinks—while pursuing omnichannel expansion and continued R&D investment to enhance product competitiveness in 2026.