【华润啤酒（0291.HK）】啤酒量价齐升，利润超市场预期——2025年半年报点评（陈彦彤/汪航宇/聂博雅）

Core Viewpoint - The company reported a revenue of 23.942 billion yuan for H1 2025, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 5.789 billion yuan, up 23.0%, exceeding market expectations [3]. Group 1: Beer Business Performance - The company achieved beer sales of 6.487 million kiloliters in H1 2025, a year-on-year increase of 2.2% [4]. - The average selling price of beer increased by 0.4% year-on-year, driven by the ongoing high-end strategy [4]. - Sales of premium and above beer categories saw double-digit growth, with "Heineken" sales increasing over 20%, "Snow" sales up over 70%, and "Red Duke" sales doubling compared to the same period last year [4]. - The company embraced new consumption channels, with online business and instant retail GMV growing nearly 40% and 50% respectively [4]. Group 2: White Wine Business Challenges - The white wine business faced challenges amid industry adjustments, with revenue of 0.781 billion yuan in H1 2025, down 33.7%, and EBITDA of 0.218 billion yuan, down 47.2% [4]. - The major product "Summary" contributed nearly 80% of the white wine business revenue [4][7]. Group 3: Profitability and Cost Management - The company's gross margin improved to 48.9%, up 2.0 percentage points year-on-year, benefiting from the high-end strategy and cost savings in raw material procurement [5]. - The net profit margin for H1 2025 was 24.2%, an increase of 4.4 percentage points year-on-year [5]. - The company closed two breweries, maintaining 60 operational breweries with an annual capacity of approximately 19.2 million kiloliters [5]. Group 4: Future Strategies - The company will continue to focus on its high-end "3+N" brand strategy to drive long-term growth, enhancing brand image and value perception through various marketing activities [6]. - To address the challenges in the white wine sector, the company plans to implement a dual-brand strategy, develop products in the 100-300 yuan price range, and strengthen online channel layouts [7].