Group 1 - The core viewpoint of the articles highlights the strong performance of China Resources Beer, with a comprehensive revenue increase of 0.8% to RMB 23.942 billion and record high profitability metrics [1] - The beer business saw a volume increase of 2.2% to approximately 6,487,000 kiloliters, with premium beer products showing robust growth, particularly in the sales of "Heineken," "Snow," and "Red Horse" [1] - The gross margin for the beer business rose by 2.5 percentage points to 48.3%, indicating improved profitability in this segment [1] Group 2 - The white liquor business generated revenue of RMB 0.781 billion, with the major product "Summary" contributing nearly 80% of this revenue [2]

Core Viewpoint - China Resources Beer (00291) reported a strong performance in its interim results, with significant growth in net profit and high-end beer sales, leading to a notable increase in stock price [1] Financial Performance - The company achieved a revenue of 23.942 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 0.83% [1] - Shareholder profit reached 5.789 billion RMB, marking a year-on-year increase of 23.04% [1] - Basic earnings per share were reported at 1.78 RMB, with an interim dividend proposed at 0.464 RMB per share, up 24.4% from the previous year's 0.373 RMB [1] Beer Sales Performance - The group sold approximately 6.487 billion liters of beer in the first half of 2025, reflecting a year-on-year increase of 2.2% [1] - High-end beer products continued to perform well, with sales of premium and above beer increasing by over 10% year-on-year [1] - Specific brands showed remarkable growth: "Heineken" sales grew over 20% despite a high base last year, "Snow" sales increased by over 70%, and "Red Duke" sales doubled compared to the same period last year [1]

具体来看，今年上半年，华润啤酒啤酒销量约648.7万千升，同比上升2.2％；营业额为231.61亿元，同 比增长2.6%。 《每日经济新闻·将进酒》记者注意到，高端产品仍旧是主力军，并带动平均销售价格同比上升0.4％。 其中，2025年上半年普高档及以上啤酒销量同比增长超过10%；"老雪"销量同比增长超过70%，"红 爵"销量相比上年同期实现翻倍增长。 白酒业务方面，面对行业深度调整，华润啤酒旗下白酒2025年上半年营业额约为7.81亿元，相比上年同 期下滑近4亿元。其中，大单品"摘要"贡献白酒业务营业额接近八成。 8月19日，华润啤酒披露2025年上半年业绩。 数据显示，截至2025年6月30日，华润啤酒营业额239.42亿元，同比增加0.8%；公司股东应占溢利约为 57.89亿元，同比增加23.04%。 从整体数据来看，相比2024年上半年，公司营业额增速虽有所回暖，但仍然远远低于净利润增速。 每经记者｜温梦华 每经编辑｜肖芮冬 ...

Core Viewpoint - China Resources Beer (00291.HK) reported a revenue of 23.942 billion RMB for the six months ending June 30, 2025, reflecting a year-on-year growth of 0.8% and a net profit attributable to shareholders of 5.789 billion RMB, which is a 23% increase [1][2] Group 1: Beer Business Performance - The beer segment achieved a sales volume of approximately 6.487 billion liters, representing a year-on-year increase of 2.2% [1] - The revenue from the beer business was 23.161 billion RMB, up 2.6% year-on-year, driven by the continued high-end strategy and cost savings in raw material procurement [1] - The gross margin for the beer business increased by 2.5 percentage points to 48.3% due to a rise in average selling prices by 0.4% and cost savings [1] Group 2: High-End Product Growth - Sales of premium and above beer products grew by over 10% year-on-year, with Heineken® experiencing over 20% growth despite a high base last year [1] - The sales of Old Snow beer increased by over 70% year-on-year, while the sales of Red Duke beer doubled compared to the same period last year [1] Group 3: Dividend and Profitability - The company proposed an interim dividend of 0.464 RMB per share, with basic earnings per share reported at 1.78 RMB [1] - The overall gross margin for the group reached a record high of 48.9%, up 2.0 percentage points year-on-year [1] Group 4: White Spirit Business Performance - The unaudited revenue for the white spirit business was 0.781 billion RMB, with major products contributing nearly 80% of the revenue [2] - The gross margin for the white spirit business remained stable, with an unaudited EBITDA of 0.218 billion RMB [2]

华润啤酒(00291)发布公告，该公司将于2025年10月22日派发中期股息每股0.464元人民币。 ...

华润啤酒8月19日公告，公司上半年实现营收239.42亿元人民币，同比增长0.8%；股东应占溢利57.89亿 元人民币，同比增长23%。每股中期派息0.464元人民币，上年同期0.373元人民币。 ...

Group 1: Financial Performance - The company reported a revenue of RMB 23.942 billion for the six months ending June 30, 2025, representing a year-on-year increase of 0.83% [1] - The net profit attributable to shareholders was RMB 5.789 billion, a year-on-year increase of 23.04% [1] - The basic earnings per share were RMB 1.78, with an interim dividend proposed at RMB 0.464 per share [1] Group 2: Profitability and Margins - The gross profit margin increased by 2.0 percentage points to a record high of 48.9% due to the high-end beer strategy and cost savings in raw material procurement [1] - The company's unaudited EBITDA and net profit attributable to shareholders reached record highs of RMB 7.691 billion and RMB 5.789 billion, respectively, with year-on-year growth of 20.8% and 23.0% [1] - The beer segment's unaudited EBITDA and net profit attributable to shareholders grew by 13.8% and 17.3% year-on-year [1] Group 3: Beer Business Performance - The company achieved beer sales of approximately 6.487 billion liters in the first half of 2025, a year-on-year increase of 2.2% [1] - High-end beer products continued to perform well, with sales of premium and above beer increasing by over 10% year-on-year [1] - Notable brands such as "Heineken®" saw sales growth exceeding 20%, "Snow" experienced over 70% growth, and "Red爵" sales doubled compared to the same period last year [1] Group 4: Liquor Business Performance - The liquor business reported an unaudited revenue of RMB 0.781 billion in the first half of 2025, with the major product "摘要" contributing nearly 80% of this revenue [2] - The gross profit margin for the liquor business remained stable, with unaudited EBITDA of RMB 0.218 billion [2]

华润啤酒(00291)发布截至2025年6月30日止6个月业绩，该集团期内取得营业额239.42亿元(人民币，单 位下同)，同比增加0.83%;公司股东应占溢利57.89亿元，同比增加23.04%;每股基本盈利1.78元;拟派发中 期股息每股0.464元。 受益于啤酒业务高端化战略的持续发展和原材料采购成本的节约，2025年上半年集团的毛利率同比上升 2.0 个百分点至创新高的 48.9%。集团于2025年上半年未经审计的未计利息及税项前盈利及股东应占溢 利亦分别创新高至人民币76.91亿元及人民币57.89亿元，分别同比增长 20.8%和 23.0%，其中，啤酒业 务的未经审计的未计利息及税项前盈利及股东应占溢利分别同比增长13.8%和17.3%。 啤酒业务方面，集团于2025年上半年实现啤酒销量约 64.87亿升，同比上升 2.2%。集团高端啤酒产品持 续发力，2025年上半年普高档及以上啤酒销量同比增长超过 10%。其中，"喜力 "在去年高基数的情况 下销量仍突破两成增长，"老雪"销量同比增长超过 70%，"红爵"销量比去年同期实现翻倍增长。 白酒业务方面，面对行业深度调整，集团白酒业务于2025年上半 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of China Resources Beer in the first half of 2025, driven by a high-end strategy and cost savings in raw material procurement [1][2] - The group's total revenue for the first half of 2025 reached RMB 23.942 billion, reflecting a year-on-year growth of 0.8% [1] - The gross profit margin increased by 2.0 percentage points to a record high of 48.9% in the first half of 2025, benefiting from the high-end beer strategy [1] - The group's profit before interest and tax and attributable profit to shareholders reached RMB 7.691 billion and RMB 5.789 billion, respectively, marking year-on-year increases of 20.8% and 23.0% [1] - The beer business achieved sales volume of approximately 6.487 million kiloliters, a year-on-year increase of 2.2% [1] - The average selling price of the beer business rose by 0.4% year-on-year, contributing to the revenue growth [2] Group 2 - The beer business revenue for the first half of 2025 was RMB 23.161 billion, up 2.6% year-on-year [2] - The gross profit margin for the beer business increased by 2.5 percentage points to 48.3% [2] - The white liquor business faced industry adjustments, generating revenue of RMB 0.781 billion, with a major product contributing nearly 80% of this revenue [2] - The company plans to continue its high-end strategy and adapt to new consumer trends in the second half of 2025 [2] - A mid-term dividend of RMB 0.464 per share was declared, representing a 24.4% increase compared to the same period last year [2]

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