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（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）） （「本 公 司」） 敬啟者： 致現有股東之函件－選擇收取公司通訊的形式 吾等欣然隨函附奉二零二五年中期報告。 已選擇透過本公司網站(www.crbeer.com.hk)以電子方式瀏覽本公司公司通訊以取代收取 印刷本的本公司股東，如因任何理由以致收取或接收上述文件上出現困難，只要向本公 司 股 份 過 戶 登 記 處（「股份過戶登記處」）卓 佳 證 券 登 記 有 限 公 司 提 出 書 面 要 求，均 可 立 即 獲免費發送該文件的印刷本。請 閣下填妥隨附指示回條（「指示回條」）甲部，並將已填妥 之指示回條傳真至(852) 2861 1465、電郵至crbeer291-ecom@vistra.com 或以已提供之預付郵 費的信封寄回股份過戶登記處。 謹 啟 二零二五年九月九日 請注意 閣下可以隨時透過填寫指示回條乙部更改已選擇的收取方式，費用全免。填妥 的指示回條須透過上述任何一種方式交回股份過戶登記處。股東亦可向股份過戶登記處 索取該指示回條副本。 如 閣下對本函件有任何疑問，請致電股份過戶登記處的熱線( ...

Financial Performance - For the six months ended June 30, 2025, the company's turnover was RMB 23,942 million, representing a year-on-year increase of 0.8%[19] - Profit attributable to shareholders for the same period reached RMB 5,789 million, a 23.0% increase compared to RMB 4,705 million in 2024[19] - Basic earnings per share increased to RMB 1.78 from RMB 1.45, reflecting a growth of 22.8%[13] - The gross profit margin improved by 2.0 percentage points to a record high of 48.9% due to the ongoing development of the premiumization strategy in the beer business[19] - Earnings before interest and taxation for the first half of 2025 amounted to RMB 7,691 million, marking a 20.8% increase from RMB 6,368 million in 2024[19] - The beer segment's earnings before interest and taxation rose by 13.8% to RMB 7,241 million, while the profit attributable to shareholders in this segment increased by 17.3%[19] - The Group's total comprehensive income for the period was RMB 5,735 million, compared to RMB 4,744 million in 2024, indicating an increase of 20.92%[64] - Profit before taxation for the six months ended June 30, 2025, was RMB 7,747 million, compared to RMB 6,414 million in 2024, representing a growth of 20.74%[63] - The profit for the period was RMB 5,757 million, an increase from RMB 4,733 million in the previous year, marking a growth of 21.66%[63][64] Cash Flow and Financial Position - Consolidated net cash reached RMB 7,382 million, significantly up from RMB 2,011 million in the previous year[13] - The current ratio improved to 0.83 from 0.60, indicating better short-term financial health[13] - As of June 30, 2025, the Group's consolidated net cash amounted to RMB 7,382,000,000, with borrowings totaling RMB 1,036,000,000[40] - Cash and cash equivalents increased significantly to RMB 8,384 million from RMB 3,816 million, marking a net increase of RMB 4,573 million[68] - Net cash from operating activities rose to RMB 6,373 million, compared to RMB 6,012 million in the same period last year[68] - The company incurred a net cash outflow of RMB 681 million from financing activities, a significant improvement from RMB 3,827 million in the previous year[68] - The net cash used in investing activities was RMB 1,119 million, slightly lower than RMB 1,167 million in the previous year[68] Equity and Dividends - The company's equity attributable to shareholders increased to RMB 36,201 million from RMB 31,692 million, a growth of 14.3%[13] - The Company declared dividends of RMB 1,258 million for the period ending June 30, 2025[70] - The retained profits increased to RMB 24,491 million as of June 30, 2025, compared to RMB 18,584 million as of January 1, 2024, indicating a growth of approximately 32.0%[70] - The total equity of the Company reached RMB 40,062 million as of June 30, 2025, reflecting an increase from RMB 34,174 million as of January 1, 2024[70] - The Company announced an interim dividend of RMB 0.464 per share for the six months ended June 30, 2025, compared to RMB 0.373 per share for the same period in 2024, representing an increase of approximately 24.4%[197] Operational Highlights - The Group's online business recorded nearly 40% year-on-year growth in gross merchandise volume (GMV) in the first half of 2025[32] - Beer sales volume was approximately 6,487,000 kilolitres, up 2.2% year-on-year, with premium beer products showing strong performance[26] - The beer business turnover was RMB 23,161,000,000, representing a year-on-year growth of 2.6%, with a gross profit margin of 48.3%[27] - The Group plans to continue executing its "Excellence in Development for Winning at Premiumisation" strategy to strengthen its competitive position[34] - The Group focused on business empowerment, talent development, and knowledge management as part of its strategic initiatives in 2025[58][60][61] Asset Management - As of June 30, 2025, total assets amounted to RMB 71,185 million, a decrease from RMB 69,308 million as of December 31, 2024[65] - The company reported a total equity of RMB 40,062 million, up from RMB 35,585 million as of December 31, 2024[67] - Fixed assets decreased slightly to RMB 17,714 million from RMB 18,124 million, while other intangible assets also saw a decline to RMB 7,894 million from RMB 8,258 million[65] - The consideration receivable as of June 30, 2025, was RMB 3,146 million, a decrease from RMB 3,672 million as of December 31, 2024, representing a decline of approximately 14.34%[106] Corporate Governance and Compliance - The auditor's report for the financial statements was unqualified, indicating no significant issues were raised[77] - The Company has sufficient resources to meet its liabilities and commitments, ensuring operational continuity for the foreseeable future[80] - The accounting policies applied are consistent with those used in the annual financial statements for the year ended December 31, 2024[81] - The Company has implemented its corporate governance standards since November 2003, with the latest revision of the Corporate Governance Practice Manual dated July 4, 2025[179] - The Board of Directors consists of two executive directors, three non-executive directors, and four independent non-executive directors, ensuring a balanced power structure[183] Market and Economic Context - The Chinese economy showed resilience in the first half of 2025, supported by effective policy measures, while market sentiment towards Hong Kong stocks improved[144] - The Group's operational performance remained resilient, focusing on premiumisation and high-quality development in emerging consumer scenarios[150] Risk Management - The Group's risk management and internal control systems were reviewed, with no significant concerns identified that could materially affect operations or financial reporting[140] - The Group's risk management process is designed to proactively identify and mitigate risks across all business segments[141] - The Group's existing risk management and internal control systems are deemed effective and adequate as of the latest review[140]

Summary of China Resources Beer Conference Call Company Overview - **Company**: China Resources Beer - **Event**: Asia Leaders Conference 2025 - **Date**: September 3, 2025 Key Points Industry and Market Trends - The company reported a steady volume trend and product mix in July-August 2025, similar to the first half of 2025, although the catering sector has not yet fully recovered from policy impacts [2][4] - There is significant potential for regional market expansion, particularly in Eastern China and Sichuan, with Guangdong identified as a key area for near-term development [2][8] Operational Efficiency - The management emphasized a continued focus on operating efficiency and cost-saving measures, particularly in selling expenses, which decreased by approximately 1 percentage point in the first half of 2025 [2][4] - Future operational expense (Opex) savings are expected to be less than 1 percentage point in 2026 [2][4] Financial Performance - Selling expenses in the beer segment decreased by 10.7% in the first half of 2025, attributed to a reduction in labor costs and more agile advertising and marketing investments [4] - Administrative expenses increased by 22% in the first half of 2025 due to one-off costs related to relocating headquarters from Beijing to Shenzhen, but this move is expected to create opportunities for future expense savings [4] Product Strategy - The company plans to focus on channel destocking, launching mass-market products, and continuing operational expense savings in the spirits segment [2][4] - Heineken's promotion levels are expected to remain steady in 2025, with Fujian, Zhejiang, and Guangdong accounting for 60% of total Heineken volume [5] Market Share and Competition - China Resources Beer holds approximately 20% market share in the high-end market of Guangdong, compared to 40-50% for the leading competitor [8] - The on-trade channel represents 34-35% of the total channel mix, while the off-trade channel accounts for about 65% [8] Risks and Valuation - The 12-month price target for China Resources Beer is set at HK$37.00, based on a valuation of 19.0x 2026E earnings, with risks including slower-than-expected premium volume growth, intense competition in the premium segment, and higher-than-expected cost pressures [10] Other Notable Information - The company has recently suspended shipments to an instant shopping platform in the Sichuan region to protect its pricing system, but there are no changes to its cooperation with other platforms [9] This summary encapsulates the key insights from the conference call, highlighting the company's operational strategies, market positioning, and financial outlook.

Core Viewpoint - China Resources Beer has appointed Zhao Chunwu as the new chairman of the board, marking a significant leadership change following the departure of founder Hou Xiaohai two months prior [1][2]. Group 1: Leadership Transition - Zhao Chunwu, aged 54, has been promoted from president to chairman and will also serve as the chairman of the finance committee [1]. - Zhao has extensive experience within the China Resources Beer system, having joined in 2003 and held various managerial positions across multiple regions [1]. - The board has expressed high regard for Zhao's management and leadership capabilities, believing he is the best candidate for the chairman role [2]. Group 2: Financial Performance - China Resources Beer reported a net profit of 5.789 billion yuan for the first half of 2025, representing a year-on-year increase of 23%, achieving a historical high [2]. - The company faces challenges, including intensified competition in the premium beer segment and a significant decline of over 30% in its liquor business revenue [2]. Group 3: Strategic Direction - During the transition period, Zhao will temporarily retain the responsibilities of president until a new president is appointed [2]. - Zhao has indicated that the management team has a strong consensus on future development strategies, primarily focusing on continuing and enhancing the strategies established during Hou Xiaohai's tenure [2]. - Analysts believe Zhao's appointment reduces uncertainty in the leadership, facilitating the ongoing implementation of the "dual empowerment" strategy for beer and liquor business synergy [2].

Core Viewpoint - The appointment of Zhao Chunwu as the chairman of China Resources Beer Holdings Co., Ltd. marks a significant leadership transition following the resignation of former chairman Hou Xiaohai, with a focus on sustaining the company's strategic direction and growth in the beer and liquor market [1][2]. Company Leadership Changes - Zhao Chunwu has been appointed as chairman and chairman of the finance committee effective September 3, 2025, after serving as president since August 2023 [1]. - Zhao has a long history with the company, having joined in 2003 and held various key positions across different regional subsidiaries [1]. Financial Performance - In the first half of 2023, China Resources Beer reported revenue of 23.94 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 5.789 billion yuan, up 23% [2]. - The company's earnings before interest and taxes (EBIT) reached 7.691 billion yuan, reflecting a 20.8% increase year-on-year, with a gross margin of 48.9%, up 2 percentage points [2]. - The company declared an interim dividend of 0.464 yuan per share, a 24.4% increase compared to the same period last year [2]. Strategic Direction - The company aims to continue its "14th Five-Year" strategy focused on high-end product development, leveraging its domestic and international brand advantages [2]. - Despite a slight decline in the overall beer industry, the company has maintained balanced growth across its product lines, with high-end products experiencing double-digit growth [2]. - Zhao emphasized the importance of strategic consistency while adapting to industry changes, indicating a strong consensus within the management team regarding future growth strategies [2].

Core Viewpoint - China Resources Beer has appointed Zhao Chunwu as the new chairman of the board, effective September 3, 2025, amidst challenges in the beer and liquor markets, raising questions about the company's dual strategy of "beer + liquor" [1][6]. Group 1: Leadership Transition - Zhao Chunwu has been promoted from president to chairman and will also serve as the chairman of the finance committee, with Guo Wei appointed as a member of the finance committee [1]. - Zhao Chunwu has a long history with China Resources, starting in 2003 and holding various key positions, including vice president and general manager of China Resources Snow Beer [2][3]. - The board has expressed confidence in Zhao's management and leadership abilities, considering him the best candidate to lead the company into a new phase of development [3]. Group 2: Financial Performance - In the first half of the year, China Resources Beer reported revenues of 23.942 billion yuan, a year-on-year increase of 0.8%, while net profit attributable to shareholders rose by 23% to approximately 5.789 billion yuan [5]. - The beer segment generated revenues of 23.161 billion yuan, up 2.6% year-on-year, driven by high-end products, while the liquor segment saw revenues drop to approximately 781 million yuan, a decline of over 30% [5]. Group 3: Strategic Direction - Following the resignation of former chairman Hou Xiaohai, there is significant interest in whether the "beer + liquor" dual strategy will be adjusted; Zhao has indicated that the current management team supports continuing and enhancing the existing strategy [6]. - Zhao faces the challenge of enhancing the market share of high-end beer products while addressing the difficulties in the liquor business, including the integration of various liquor brands to reverse declining sales [7].

Core Viewpoint - China Resources Beer has appointed Zhao Chunwu as the new chairman of the board, effective September 3, 2025, amidst challenges in the beer and liquor markets, raising questions about the company's strategy moving forward [2][6]. Group 1: Leadership Transition - Zhao Chunwu has been promoted from president to chairman and will also serve as the chairman of the finance committee [2]. - Zhao has a long history with China Resources, starting in 2003 and holding various key positions, including general manager of China Resources Snow Beer [3][4]. - The board has expressed confidence in Zhao's management and leadership abilities, considering him the best candidate for the chairman role [4]. Group 2: Business Performance - In the first half of the year, China Resources Beer reported revenue of 23.942 billion yuan, a year-on-year increase of 0.8%, while net profit attributable to shareholders rose by 23% to approximately 5.789 billion yuan [6]. - The beer segment generated revenue of 23.161 billion yuan, up 2.6%, while the liquor segment saw a decline of nearly 40% to about 781 million yuan [6][7]. Group 3: Strategic Direction - Zhao Chunwu aims to continue the "beer + liquor" dual strategy established by his predecessor, with a focus on enhancing high-end beer market share and addressing challenges in the liquor business [6][7]. - The company faces pressure from international brands in the high-end beer market and must quickly integrate its liquor acquisitions to reverse declining sales [7].

截至2024年12月31日年度，赵春武执行董事之董事袍金获定为每年18万元。除董事袍金外，赵春武的酬 金包括薪金及津贴约158.52万元、年度住房公积金及社保约108817元以及酌情花红约178.78万元。 赵春武调任后，华润啤酒总裁职位暂时悬空。直至委任新总裁前，执行董事及主席赵春武将暂时承担过 渡期间总裁的工作及责任。由于总裁一职所需的深入知识及经验，华润啤酒无法确定能够委任本公司新 任总裁之时间，董事会及本公司提名委员会将继续检讨该事项。 6月27日，华润啤酒发布公告称，侯孝海辞任后，董事会主席职位将暂时悬空，直至公司委任合适继任 人。公司执行董事及总裁赵春武暂时承担过渡期间董事会主席的工作及责任。赵春武最新的一次亮相， 是华润啤酒业绩发布会。提到侯孝海离职一事，他表示"舍不得"。他称，现任管理层对于下一步发展有 着高度共识，对于此前侯孝海带领下的华润啤酒战略，以延续和发扬为主，不会有太大改动。 （文章来源：新京报） 新京报讯（记者王子扬）9月3日，啤酒企业华润啤酒（控股）有限公司（以下简称"华润啤酒"）发布公 告称，公司执行董事赵春武由公司总裁调任为董事会主席。此前，对华润啤酒影响深远的原华润啤酒董 ...

Group 1 - Zhao Chunwu has been officially appointed as the Chairman of China Resources Beer, transitioning from acting to formal leadership after the resignation of Hou Xiaohai [2][4] - Zhao Chunwu, a veteran with extensive experience in the company, has held various key positions since joining in 2003, including Vice President and General Manager of several core regional companies [4][6] - Under Zhao's leadership, the company aims to focus on practical management and continue its high-quality and premium development strategy, particularly in the beer sector [4][7] Group 2 - In the first half of 2023, China Resources Beer reported a total revenue of 23.942 billion yuan, a year-on-year increase of 0.8%, and a record net profit attributable to shareholders of 5.789 billion yuan, up 23% [7] - The growth in revenue was primarily driven by the surge in high-end beer sales, while the white liquor segment experienced a significant decline, with revenue dropping over 33% to 781 million yuan [7] - Zhao Chunwu indicated that the company will continue to enhance its "beer + liquor" dual empowerment business model despite challenges in the white liquor segment [7]