华润啤酒(00291)今日盘中股价大跌5.05%，引发了市场关注。
消息面上，公司于今日午间发布了2025年全年业绩。报告显示，公司股东应占溢利为33.71亿元人民币，同比大幅下降28.87%，且大幅低于市场预期。同时，公司综合营业额同比微跌1.68%。更为关键的是，由于白酒行业深度调整及消费需求萎缩，公司对白酒业务相关商誉计提了高达28.77亿元的减值损失，这严重拖累了整体利润表现。
尽管公司啤酒业务在高端化战略下表现稳健，销量微增且毛利率有所提升，末期股息也同比增长44%，但核心利润指标的大幅下滑以及白酒业务的重大减值，显然是导致投资者信心受挫、股价在业绩公布后应声下跌的主要原因。
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