San Miguel Brewery HK reported FY 2025 net profit of HKD 78.4 million, compared with a FY 2024 net loss that included a one-time, non-cash impairment charge of HKD 90.0 million and a deferred tax impact of HKD 14.9 million. Revenue was HKD 737.3 million in FY 2025 (up 3.7%), while gross profit was HKD 295.6 million (up 11.1%). Net profit attributable to shareholders was HKD 76.1 million in FY 2025, and basic earnings per share were 20 cents. Cash and bank balances totaled HKD 285.7 million as of 31 December 2025, with loans of HKD 3.6 million and total net assets of HKD 696.6 million. By segment, Hong Kong operations recorded revenue from external customers of HKD 471.3 million in FY 2025, and Mainland China operations recorded HKD 266.0 million. The company proposed a final dividend of HKD 0.06 per share for FY 2025, subject to shareholder approval. In business commentary, SMBHK said the Hong Kong beer market’s industry volumes declined 3% in 2025, while its domestic sales volumes fell 3% and total sales volumes rose 11% driven by export growth. In South China, San Miguel (Guangdong) Brewery’s domestic volume increased 4% and it reported operating profit of RMB 27.5 million (up 23%), citing higher domestic volumes, margin expansion and variable cost discipline. The company also noted a board change, with Tatsuya Nagafuji appointed non-executive director effective 1 September 2025.

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