CHINA RES BEER reported a 1.2% year-on-year rise in turnover to RMB 24.24 billion for the six months ended 30 June 2026, driven by continued premiumisation in its core beer business. Group beer sales volume edged up 1.7% to roughly 6.60 million kilolitres, while beer revenue advanced 2.2% to RMB 23.67 billion.
Group EBIT slipped 10.50% to RMB 6.88 billion, reflecting a sharp fall in one-off relocation gains (RMB 80 million versus RMB 827 million a year earlier). Stripping out these gains, underlying EBIT was broadly stable at RMB 6.80 billion. Profit attributable to shareholders fell 10.70% to RMB 5.17 billion; adjusted for the relocation item, underlying profit reached RMB 5.11 billion.
Beer operations remained robust: EBIT rose 1.20% to RMB 7.12 billion, underpinned by higher average selling prices and double-digit volume growth in sub-premium and above segments. Products such as “Heineken®”, “Lao Xue”, and new launches “Snow Gold Crown”, “Snow Weissbier”, and “superDry” contributed to the mix upgrade, lifting sub-premium and above volumes to more than 26% of total beer sales.
The baijiu segment continued to face industry headwinds, with revenue sliding 27.20% to RMB 570 million and EBITDA narrowing to RMB 84 million; segment EBIT registered a loss of RMB 281 million compared with a RMB 152 million loss in the prior-year period.
Cash generation remained strong: net cash from operations rose 5.60% to RMB 6.73 billion, boosting consolidated net cash to RMB 9.02 billion from RMB 4.23 billion at end-2025. The current ratio improved to 0.97 (end-2025: 0.82) while the Group stayed in a net cash position.
Capital expenditure for the half reached RMB 558 million, and the brewery network stood at 59 plants with annual capacity of about 19.00 million kilolitres.
The Board declared an interim dividend of RMB 0.446 per share (HK$0.516), payable on 21 October 2026, representing a 28% payout ratio. Shareholders may elect to receive the dividend in RMB or HKD; election forms must be returned by 25 September 2026. The register of members will be closed on 3 September 2026.
Looking ahead, management reiterated its “growth-first” strategy, focusing on premium beer expansion, Greater Bay Area opportunities, and deeper channel integration, while pursuing a turnaround of the baijiu unit through cost control, channel optimisation, and targeted market development. No material events were reported after the interim period.