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]

免責聲明 | 代扣所得稅信息 | | | --- | --- | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 本公司執行董事為趙春武先生（總裁）及趙偉先生（首席財務官）。本公司非執行董事為Daniel Robinson先生、郭巍女士及王成 | | EF002 第 2 頁 共 2 頁 v 1.1.1 偉先生。本公司獨立非執行董事則為黃大寧先生、李家祥博士、賴顯榮先生及陳智思先生。 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 華潤啤酒(控股)有限公司 | | 股份代號 | 00291 | | 多櫃檯股份代號及貨幣 | 80291 RMB | | 相關股份代號及 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 (於香港註冊成立的有限公司) (股份代號: 291 (港幣櫃台)及 80291(人民幣櫃台)) 截至二零二五年六月三十日止六個月之中期業績 華潤啤酒(控股)有限公司 -1- ⚫ 本集團於二零二五年上半年的未經審計之綜合營業額為人民幣 23,942,000,000 元， 同比增長 0.8%。受益於啤酒業務高端化戰略的持續發展和原材料採購成本的節 約，二零二五年上半年本集團的毛利率同比上升 2.0 個百分點至創新高的 48.9%。 本集團於二零二五年上半年未經審計之未計利息及稅項前盈利及股東應佔溢利亦 分别創新高至人民幣 7,691,000,000 元及人民幣 5,789,000,000 元，分别同比增長 20.8%和 23.0%，其中，啤酒業務的未經審計之未計利息及稅項前盈利及股東應佔 溢利分別同比增長 13.8%和 17.3%。 ⚫ 啤酒業務方面，本集團於二零二五年上半年實現啤酒銷量約 6,487,00 ...

Core Viewpoint - The "National Barley Revitalization" project initiated by China Resources Beer aims to address the challenges faced by the domestic barley industry, including cost pressures and supply chain resilience, by establishing standardized cultivation and processing practices [2][3]. Group 1: Project Overview - The project involves collaboration among experts to create a comprehensive standardization process covering barley seed cultivation, irrigation, pesticide application, malting, and brewing [2]. - The project has shown significant results in Hohhot, leading to the successful launch of "Keng 14" beer, which is brewed entirely from domestically sourced barley [2]. Group 2: Economic and Social Impact - The project has created economic value and increased local farmers' income, contributing to the local economy [2]. - The integration of barley beer tasting into tourism and dining experiences is planned to enhance local cultural and tourism consumption [3]. Group 3: Industry and Environmental Benefits - The project has improved the quality of malt produced, with a yearly increase in the premium malt rate due to standardized cultivation and quality orders [3]. - The initiative promotes a sustainable supply chain, reducing water and energy consumption while lowering carbon emissions across the industry [4][5]. Group 4: Broader Implications - The "National Barley Revitalization" project is seen as a key measure to overcome industry bottlenecks and exemplifies corporate social responsibility aligned with national strategies [3]. - The project integrates ESG principles throughout the entire barley supply chain, from seed cultivation to beer production [3][5].

Core Viewpoint - The article highlights the transformation of the domestic barley industry in China, driven by China Resources Beer’s "National Barley Revitalization" project, which aims to reduce reliance on imported barley and enhance the quality and production of domestic barley for the brewing industry [2][3][4]. Group 1: Industry Transformation - The "National Barley Revitalization" strategy initiated by China Resources Beer in 2021 has led to significant changes in the domestic barley landscape, moving from a reliance on nearly 90% imported barley to a growing domestic production [2][3]. - The project has resulted in a notable increase in the planting area of domestic barley, driven by an order-based agricultural model and collaborative efforts among industry peers [3][4]. - The quality of domestic barley has improved significantly, addressing previous issues such as high protein content and inconsistent quality, which hindered its use in brewing [7][8]. Group 2: Economic and Social Impact - The initiative aligns with national goals for rural revitalization, contributing to farmer income and promoting sustainable agricultural practices [6][9]. - The establishment of standardized planting bases covering over 16,000 acres has been a key achievement, enhancing the quality of domestic barley and supporting the overall development of the beer industry [10][11]. - The launch of the "ESG China National Barley Practice Base" signifies a commitment to integrating ESG principles with agricultural modernization, providing a model for industry development [9][10]. Group 3: Future Outlook - China Resources Beer plans to maintain a stable procurement ratio of around 10% for domestic barley, with expectations for gradual increases as quality continues to improve [8]. - The company emphasizes the importance of domestic barley as a reliable alternative to imported barley, especially in light of global supply chain uncertainties [6][8]. - The successful launch of high-end products like "Keng Fourteen," made entirely from domestic barley, challenges the perception that domestic barley cannot produce quality beer, marking a significant milestone for the industry [7][8].

Core Viewpoint - The resignation of Hou Xiaohai as Chairman of China Resources Beer marks a significant leadership change, with potential implications for the company's strategic direction and performance in a competitive market [1][9]. Group 1: Leadership Transition - Hou Xiaohai resigned to focus on personal matters, confirming no disagreements with the board [1][3]. - Zhao Chunwu, the current Executive Director and President, will temporarily assume the responsibilities of the Chairman until a suitable successor is appointed [3][10]. - Hou has been a pivotal figure in the company for over two decades, contributing to its growth and strategic initiatives [3][4]. Group 2: Company Performance Under Hou - Under Hou's leadership from 2016 to 2021, the company saw significant revenue growth, with operating income increasing from HKD 29.732 billion to HKD 33.387 billion and net profit rising from HKD 1.098 billion to HKD 4.587 billion [4]. - However, in 2024, the company faced challenges, reporting a revenue of HKD 41.332 billion (up 1.3%) and a net profit of HKD 3.758 billion (down 18.1%), marking the first decline in both metrics since 2017 [5]. Group 3: Strategic Initiatives - Hou initiated a "4+4" brand matrix to enhance product offerings and drive premiumization in the beer segment [4]. - The company closed 36 breweries to reduce operational costs, resulting in a workforce reduction of over 50% from 58,200 employees in 2016 to approximately 26,000 by the end of 2024 [4]. - The company expanded into the white liquor market, acquiring stakes in Shandong Jingzhi and Anhui Jinzongzi, and completed a significant acquisition of 55.19% of Jinsha Liquor for HKD 12.3 billion [6][8]. Group 4: Challenges in White Liquor Segment - The acquisitions in the white liquor sector have not yielded expected results, with Jinsha Liquor's revenue dropping from HKD 3.641 billion in 2021 to HKD 1.574 billion in 2024 [8]. - The company acknowledged that the white liquor business is still in the integration phase and requires time to realize synergies and improve performance [8]. Group 5: Market Reactions and Future Outlook - Following Hou's resignation, speculation arose regarding his future, with rumors of potential roles in other companies, though he stated he would not pursue such opportunities [9][10]. - The board reassured that Hou's departure would not disrupt operations, and the search for a new chairman is underway [10]. - The company faces critical questions about its ability to navigate the competitive beverage market and the effectiveness of its dual strategy in the future [11].

Core Viewpoint - The event "ESG China·Guomai (China Resources Beer) Action" highlights the integration of ESG principles in the beer industry, emphasizing the importance of domestic barley cultivation and the "Guomai Revitalization" strategy initiated by China Resources Beer to enhance the industry chain and support rural revitalization [2][10]. Group 1: ESG and Industry Development - China Resources Beer has established over 16,000 acres of standardized planting bases to optimize the quality of domestic barley, contributing to the integration of the entire industry chain from planting to brewing [2]. - The "Guomai Revitalization" strategy aligns with the State-owned Assets Supervision and Administration Commission's directive to enhance control over the industry chain, providing a replicable model for high-quality industry development [2][10]. - The event served as a platform to promote the integration of ESG principles with agricultural industrialization, marking the establishment of the "ESG China·Guomai Practice Base" as a demonstration platform [10]. Group 2: Product and Market Impact - The new product "Keng Shisi" is made from 100% domestic malt, sourced from the specially cultivated Keng barley variety, ensuring high quality and excellent extraction rates for brewing [4]. - The launch of "Keng Shisi" is seen as a four-win outcome: boosting confidence in domestic barley development, adapting to diverse beer product structures, responding to national rural revitalization initiatives, and enhancing the social responsibility image of leading enterprises [8]. - The collaboration between China Resources Beer and Hulunbuir Agricultural Reclamation Group aims to transform traditional agriculture into a modern, branded industry, positioning Hulunbuir as a national "Guomai Granary" [10].

转自：草原云 活动现场举行了国麦振兴实践基地授牌仪式与战略签约仪式，为推动国麦产业发展注入新动力。此外， 别具一格的麦田走秀也让观众眼前一亮。身着特色服饰的模特们手持国麦、农优产品和特色饮品，在大 麦田间展示出独特的魅力。 8月11日，以"一麦相承、共酿美好"为主题的"ESG中国・国麦（华润啤酒）行"活动在呼伦贝尔农垦拉 布大林农牧场第三（连）队大麦田举办。 活动现场。 此次活动汇聚了中国企业改革与发展研究会、国家大麦青稞技术体系、黑龙江农垦科学院、华润集团、 华润啤酒、自治区国资委服务局、呼伦贝尔农垦及相关企业的代表，共同探讨ESG理念下的发展新路 径。 论坛环节。 活动现场，4位受邀嘉宾登台致辞，表达了对ESG理念的深刻理解，以及对此次活动促进各方合作、推 动可持续发展的殷切期望。在《ESG中国企业的探索之旅》论坛环节，嘉宾们围绕融入生态、自然、草 原等内容，结合各自领域积极建言献策，探讨如何在企业发展中更好地践行ESG理念。 签约仪式。 模特走秀。 "ESG中国·企业行"是"ESG中国"平台的重要组成部分，旨在促进企业利益相关方通过沟通与参与，更好 地推动企业在环境、社会和企业治理（ESG）方面的持续发 ...

港股啤酒股普遍上涨，其中，华润啤酒涨2.34%，青岛啤酒股份涨1.4%，百威亚太涨0.6%。 消息上，兴业证券发研报称，展望来看，核心消费人群数量在未来5年仍有支撑，啤酒行业消费量有望 保持平稳，同时借鉴海外经验，并结合中国经济高质量发展、区域间升级节奏差异带来的充足市场纵 深、现饮渠道占比较高带来更高提价自主性和升级潜力等现实因素，该行认为啤酒高端化仍是中长期的 主要趋势以及竞争的胜负手，此外第二曲线外延探索有望打开长期想象空间。(格隆汇) | 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 00291 | 华润啤酒 | 27.060 2.34% | | 00168 | 青岛啤酒股份 | 50.800 1.40% | | 01876 | 百威亚太 | 8.470 0.59% | ...

Core Viewpoint - The event "ESG China · China National Barley (Beer) Journey" organized by China Resources Beer aims to promote sustainable development through the integration of local barley cultivation and the beer industry, highlighting the importance of ESG principles in the industry [1][3]. Group 1: Event Overview - The event will take place on August 11 in Hulunbuir, showcasing a theme of "One Barley, Brewing a Better Future" and providing an immersive experience in barley cultivation [1]. - The event will feature a variety of activities that combine industry, technology, nature, and culture, emphasizing the achievements of the "National Barley Revitalization" project initiated in 2021 [3][4]. Group 2: Industry Integration and Dialogue - The event will host discussions among guests from government, enterprises, academia, and research sectors, focusing on important topics such as ESG and cultural tourism integration [4]. - Key questions will be explored, including how barley can connect ecological protection, industrial upgrading, and rural revitalization, and how national barley culture can become a new cultural tourism brand [4]. Group 3: Immersive Experience - Attendees will experience the full value chain from barley cultivation to beer production, with demonstrations of standardized barley planting techniques and malting processes [5]. - The event will also feature product tastings of new and popular beers from China Resources Beer, along with interactive sessions to engage participants in the beer brewing process [7]. Group 4: Sustainable Development and Future Vision - A special "Godly Workspace" will allow participants to engage in barley harvesting activities, symbolizing the collaborative efforts required for the ongoing "National Barley Revitalization" initiative [9]. - The event aims to highlight the resilience and upgrading of the industry chain through the cultivation of domestic barley, showcasing the potential for ESG principles to yield fruitful outcomes in the future [9].