Nan Fang Du Shi Bao·2025-08-19 14:21Core Viewpoint - China Resources Beer reported a mixed performance for the first half of the year, with overall revenue growth of 0.8% but a significant increase in net profit, driven by high-end beer sales while the white liquor segment faced a substantial decline [1][4]. Financial Performance - The company's total revenue for the first half of the year reached RMB 23.942 billion, a year-on-year increase of 0.8% [3]. - Shareholder profit attributable to the company was RMB 5.789 billion, marking a 23% increase and a historical high [1][3]. - Beer business revenue was RMB 23.161 billion, up 2.6% year-on-year, while white liquor revenue fell to RMB 0.781 billion, down over 33% [1][3]. Strategic Focus - The company continues to prioritize high-end product development as a key strategy, with plans to introduce more personalized and differentiated products [5]. - Online sales and instant retail channels showed significant growth, with GMV increasing nearly 40% and 50% respectively [5]. - The company has formed strategic partnerships with major platforms like Alibaba and Meituan for enhanced distribution [5]. Operational Adjustments - China Resources Beer has closed two breweries, reducing its operational count to 60 with an annual capacity of approximately 19.2 million kiloliters [6]. - The company believes that the recent "alcohol ban" will have a limited impact on beer sales, as consumption remains strong in casual dining settings [6]. White Liquor Segment - The white liquor segment, primarily driven by the "Ya Zhai" brand, saw a significant revenue drop, contributing about 80% of the segment's total revenue [7][8]. - The company is focusing on enhancing the sales of its white liquor products by promoting banquet consumption and restructuring pricing strategies [8][9]. - The performance of the white liquor segment is closely tied to upcoming festive seasons, with a focus on adapting to market changes [8][9].