Ge Long Hui·2026-03-23 04:10Core Viewpoint - China Resources Beer reported a revenue of RMB 37.985 billion for the fiscal year ending December 31, 2025, representing a year-on-year decrease of 1.68% [1] - The company's net profit attributable to shareholders was RMB 3.371 billion, down 28.87% year-on-year, with basic earnings per share at RMB 1.04 and a proposed final dividend of RMB 0.557 per share [1] Group 1: Beer Business Performance - The beer segment maintained stable revenue of approximately RMB 36.489 billion in 2025, driven by ongoing premiumization and cost savings in raw material procurement, leading to a gross margin increase of 1.4 percentage points to 42.5% [2] - The beer business's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for 2025 was RMB 9.611 billion, reflecting a year-on-year increase of 17.4% after excluding special items [2] - Beer sales volume reached approximately 11.03 million kiloliters, showing a year-on-year growth of 1.4%, with premium and above beer products accounting for nearly 25% of total sales [1][2] Group 2: Baijiu Business Performance - The baijiu segment faced challenges due to deep adjustments in the industry and declining consumer demand, resulting in a revenue of RMB 1.496 billion for 2025 [2] - The company recognized an impairment loss of RMB 2.877 billion on goodwill related to the baijiu business, reflecting the current market environment and operational conditions [2] - Excluding the goodwill impairment, the baijiu business's EBITDA for 2025 would have been RMB 264 million [2]