• The consolidated turnover of the Group in 2025 was RMB37,985,000,000, representing an increase of RMB6,537,000,000 during the "14th Five-Year Plan" period. Excluding the special items (see details below), the Group's EBITDA and profit attributable to shareholders for 2025 increased by 9.9 percentage points and 19.6 percentage points respectively to RMB9,879,000,000 and RMB5,724,000,000.

• In respect of beer business, the Group achieved beer sales volume of approximately 11,030,000 kilolitres in 2025, representing a year-on-year increase of 1.4%. The Group's premium beer products continued to gain momentum. In 2025, sales volume of the sub-premium beer segment and above achieved mid-to-high single-digit year-on-year growth, accounting for nearly 25% of total sales volume, while sales volume of the affordable premium beer segment and above increased by nearly 10 percentage points year-on-year. 

• The turnover of the Group’s beer business in 2025 remained stable at around RMB36,489,000,000. Continuous premiumisation development and savings in raw material procurement costs drove the gross profit margin of the beer business up by 1.4 percentage points to 42.5%. After deducting the special items of the gain recognised under the Joint Venture Relocation Agreement, and the impairment loss on fixed assets and one-off staff compensation and settlement expenses in relation to capacity optimisation, the EBITDA of the Group's beer business in 2025 was RMB9,611,000,000, representing a year-on-year increase of 17.4%.

• In respect of baijiu business, facing the multiple impacts of profound adjustments in the baijiu industry and shrinking consumer demand, the industry experienced structural adjustments and intensified polarisation in the second half of the year. The turnover of the Group’s baijiu business in 2025 was RMB1,496,000,000. Taking into account the current baijiu market environment and the actual operating situation of the baijiu business, the Group recognised impairment loss of RMB2,877,000,000 on goodwill of baijiu cash generating unit. Excluding the impairment of goodwill, the EBITDA of the Group's baijiu business in 2025 was RMB264,000,000.

• The Board recommends a final dividend of RMB0.557 per share (2024: a final dividend of RMB0.387 per share). Together with the interim dividend of RMB0.464 per share for the six months ended 30 June 2025, the total dividend for the year 2025 will amount to RMB1.021 per share (2024: RMB0.760 per share), representing a year-on-year increase of 34.3% and reaching a five-year high, in appreciation of the Shareholders' support to the Group.

China Resources Beer (Holdings) Company Limited (“CR Beer” or the “Company”, or together with its subsidiaries, the “Group”; stock code under the Stock Exchange of Hong Kong Limited: 291 (HKD counter) and 80291 (RMB counter)) announced today its audited consolidated results for the year ended 31 December 2025. The consolidated turnover of the Group in 2025 was RMB37,985,000,000, representing an increase of RMB6,537,000,000 during the “14th Five-Year Plan” period. Benefiting from the continuous development of its premiumisation strategy, the Group’s gross profit margin in 2025 increased by 0.5 percentage point year-on-year to 43.1%. The Group’s profitability continued to strengthen. In 2025, the Group’s EBITDA reached RMB7,701,000,000 and profit attributable to Shareholders was RMB3,371,000,000.

Pursuant to the joint venture agreement (“JV Agreement”) entered into between Shenzhen Runtou Consulting Co., Ltd.* (深圳市潤投咨詢有限公司) (“Shenzhen Runtou”) and China Resources Snow Breweries (China) Investment Co., Ltd.* (華潤雪花啤酒（中國）投資有限公司) (“CR Snow Investment”), and the relocation compensation agreement (“Joint Venture Relocation Agreement”) entered into between Shenzhen Runtou, CR Snow Investment and the Company’s indirect wholly-owned subsidiary, China Resources Snow Breweries (China) Co., Ltd.* (華潤雪花啤酒（中國）有限公司) on 22 January 2021, the Group recognised a total income of approximately RMB1,005,000,000 in 2025 (2024: an expense of RMB26,000,000). According to Hong Kong Financial Reporting Standard 3, the Group conducted an impairment test on the goodwill generated from the acquisition of the baijiu business during the reporting period. Taking into account the current baijiu market environment and the actual operating situation of the business segment, the Group recognised impairment loss of RMB2,877,000,000 on goodwill of baijiu cash generating unit. Meanwhile, an impairment loss on fixed assets and one-off employee compensation and settlement expenses related to capacity optimisation amounting to approximately RMB306,000,000 (2024: RMB 36,000,000) was recognised by the Group in 2025. Excluding the aforementioned special items, the Group’s EBITDA and profit attributable to Shareholders for 2025 increased by 9.9 percentage points and 19.6 percentage points respectively to RMB9,879,000,000 and RMB 5,724,000,000.

The Group’s net cash from operating activities during the period under review increased by 2.9 percentage points year-on-year to RMB7,127,000,000, fully reflecting the business value creation capability and providing a solid foundation for shareholder returns. In 2025, the Group’s dividend per share was RMB1.021, representing a year-on-year increase of 34.3%, and the dividend payout ratio increased to 98.2%, sharing the operating results with Shareholders. Excluding the impairment of goodwill in baijiu business, the dividend payout ratio of the Group increased from 52% in 2024 to 53% in 2025.

In December 2025, the Group’s headquarters officially relocated to Shenzhen Snow Beer Science Innovation City. This marks that the Group, as a leader in China’s beer industry, has deeply integrated into the national development strategy of the Guangdong-Hong Kong-Macao Greater Bay Area.

Beer Business

Facing a market environment of declining total volume and intensified competition in the beer industry, the Group achieved beer sales volume of approximately 11,030,000 kilolitres in 2025, representing a year-on-year increase of 1.4%. The Group’s premium beer products continued to gain momentum. In 2025, sales volume of the sub-premium beer segment and above achieved mid-to-high single-digit year-on-year growth, accounting for nearly 25% of total sales volume, while sales volume of the affordable premium beer segment and above increased by nearly 10 percentage points year-on-year. Among them, sales volume of “Heineken^®” still recorded a growth of nearly 20% despite a high base, while sales volume of “Lao Xue” recorded a growth of 60%, and “Amstel” achieved a two-fold increase compared to the same period last year.

The turnover of the Group’s beer business in 2025 remained stable at around RMB36,489,000,000. Continuous premiumisation development and savings in raw material procurement costs drove the gross profit margin of the beer business up by 1.4 percentage points to 42.5%. Benefiting from the implementation of the “streamlined, precise, and lean” strategy, the operating expense ratio of the Group’s beer business achieved effective reduction. After deducting the gain recognised under the Joint Venture Relocation Agreement of approximately RMB260,000,000 (2024: an expense of RMB 45,000,000) and the impairment loss on fixed assets and one-off staff compensation and settlement expenses in relation to capacity optimisation of RMB306,000,000 (2024: RMB 36,000,000), the EBITDA of the Group’s beer business in 2025 was RMB9,611,000,000, representing a year-on-year increase of 17.4%.

The Group continued to promote the optimisation of capacity layout. During the year under review, the operations of 4 breweries ceased, while 1 smart craft brewery located in Shenzhen, Guangdong Province, was put into operation. At the end of 2025, the Group operated a total of 59 breweries across 25 provinces, municipalities, and autonomous regions in Mainland China, with an annual production capacity of approximately 19,100,000 kilolitres.

In terms of new product launches, the Group introduced self-developed Belgian-style white beer and dark beer, launched new categories such as tea beer and fruit beer, and simultaneously launched four tea-flavoured lagers in 2025 to enrich low-alcohol flavour choices. Meanwhile, the Group actively responded to new consumption trends, explored new market opportunities with health concepts, and launched industry-innovative products such as “Zhang Zhongjing Medicinal Beer” and “Oyster Peptide Beer”. The Group also focused on exploring regional characteristics, actively incubating local brands, and improving the localised product portfolio. 

In respect of new consumption channels, the Group’s online business developed rapidly and led the industry, having reached strategic cooperations with key online platforms such as Alibaba, Meituan Flash Shopping, JD.com, Ele.me, Waima Songjiu, and Jiuxiaoer. During the “14th Five-Year Plan” period, the Group cumulatively developed 15 customised products exclusively for e-commerce channels. The Group also explored new business models and actively promoted the rapid development of customised and OEM businesses.

With respect to Chinese brand promotion, the Group continued to strengthen brand influence through diversified marketing in 2025. The “Brave the World” product was deeply tied to core marathon and trail running events, promoting the integration of culture, tourism, business, and sports; the “Brave the World superX” product focused on e-sports and mountain climbing check-in sports marketing, enhancing the recognition from young consumer groups; the “Lao Xue” product consolidated its classic image and strengthened brand influence through cooperation with popular annual film and television works such as “Creation of the Gods II” (封神第二部), “This Thriving Land“ (生萬物), and “Uncle” (老舅), as well as multiple sports events such as the Jiangsu Football City League (JFCL); the “Ken 14” product under the domestic barley revitalisation initiative became the first “Guochao” (Chinese trendy) beer to pass green certification, deeply implementing the value proposition of “pioneering a new era with domestic barley”. In respect of international brand promotion, the Group continued to develop thematic marketing campaigns such as “Heineken^® Star Wishes for the New Year”, “F1”, the “UEFA Champions League”, the “ATP” Masters, and the “Electronic Music Festival”, and leveraged the movies “F1 The Movie” and “Fantastic Four” to promote “Heineken^® 0.0” alcohol-free product, attracting more young consumers and driving the continued rapid growth of the “Heineken^®” brand.

Looking ahead to the 15th Five-Year Plan, the Group will continue to implement the premiumisation strategy, consolidate the core beer business, and promote the core strategies of emerging business development, sub-premium beer business development, and Greater Bay Area development, building diversified growth drivers through craft brewing innovation, domestically-grown barley revitalisation, and international expansion.

Baijiu Business

Facing the multiple impacts of profound adjustments in the baijiu industry and shrinking consumer demand and consumption scenarios, the industry experienced a relatively significant decline in the second half of the year, with structural adjustments, intensified polarisation, and further concentration towards top-tier enterprises. The turnover of the Group’s baijiu business in 2025 was RMB1,496,000,000. Taking into account the current baijiu market environment and the actual operating situation of the baijiu business, the Group recognised impairment loss of RMB2,877,000,000 on goodwill of baijiu cash generating unit. Excluding the impairment of goodwill, the EBITDA of the Group’s baijiu business in 2025 was RMB264,000,000.

In 2025, the Group’s baijiu business promoted business development through various initiatives, including formulating differentiated strategies and classification management for regional markets; focusing on the development of “Zhaiyao” and “Jinsha” series single products; adhering to price positioning and digital goods tracking management; omnichannel development and layout; strengthening precise consumer cultivation, and expanding business synergy and innovation such as the “dual empowerment model for beer and baijiu businesses”, e-commerce, and instant retail.

The future development expectation of the baijiu industry exhibits cyclical characteristics. In the medium to long term, industry concentration will further improve, the Matthew effect will intensify, the pace of enterprise recovery will diverge, and small and medium-sized liquor enterprises will more actively expand into differentiated tracks. The industry is shifting from being “volume and price-driven” to “value deepening”, paving the way for high-quality development such as medium-to-long-term channel efficiency transformation and youth-oriented transformation. The industry’s short-term development expectations will also depend on macroeconomic and consumption factors for continuous adjustment and structural optimisation, while the medium to long term will focus on value reconstruction and incremental expansion.

Looking ahead, facing the transformation and development of the baijiu industry from extensive to refined, from quantity to quality, and from high speed to high quality, the Group will adhere to a long-term perspective to strengthen and consolidate the baijiu business. In response to short-term market changes, the Group will actively promote price reshaping to cope with the shift of baijiu consumption towards gathering and personal consumption scenarios; implement channel efficiency transformation, accelerate penetration into e-commerce and instant retail channels, and better control channel inventory; and promote digitalisation and refined management with greater efforts to improve management efficiency, focus on market deepening, and emphasise consumer cultivation and operations. The Group will continue to thoroughly implement the “dual empowerment model for beer and baijiu businesses” strategy, excel in innovating the omni-channel business development models and management systems, strengthen scientific research and development capabilities, and implement the “streamlined, precise, and lean” management strategy to navigate the baijiu industry cycle. For the medium to long-term development direction, the Group will expand low-alcohol baijiu products, promote digital and green production, actively explore paths for globalisation, and build a cultural export system.