【华润啤酒（0291.HK）】25年核心利润实现增长，静待白酒业务完成磨底——2025年业绩点评（陈彦彤/汪航宇/聂博雅）

Core Viewpoint - The company reported a revenue of 37.99 billion yuan in 2025, a year-on-year decrease of 1.7%, and a net profit attributable to shareholders of 3.37 billion yuan, down 28.9%, primarily due to goodwill impairment in the liquor business [4] Group 1: Beer Business Performance - In 2025, the company achieved beer sales volume of 11.03 million kiloliters, an increase of 1.4% year-on-year [5] - The average selling price of beer in 2025 was 3,308 yuan per kiloliter, a decrease of 1.4% year-on-year, mainly due to changes in the company's marketing strategy in the second half of 2025 [5] - The company’s premium and above beer sales saw mid to high single-digit growth, accounting for nearly 25% of total sales, with core brands like "Heineken" and "Snow" showing significant growth [5][8] Group 2: Liquor Business Challenges - The liquor business faced challenges amid a deep adjustment in the industry, with revenue of 1.496 billion yuan in 2025 [5] - The company recognized a goodwill impairment of 2.877 billion yuan for the liquor business, but the EBITDA for this segment would be 264 million yuan without this impairment [5] Group 3: Profitability and Cost Management - The overall gross margin for the company in 2025 was 43.1%, an increase of 0.5 percentage points year-on-year, with the beer segment benefiting from high-end development and cost savings [6] - The company managed to reduce sales and distribution expenses by 1.4 percentage points to 20.3% and administrative expenses by 0.2 percentage points to 8.3% [6] - The net profit margin for 2025 was 8.9%, down 3.4 percentage points year-on-year due to the goodwill impairment [6] Group 4: Strategic Outlook - The company plans to focus on high-end beer and emerging business segments, with a strategy to enhance its market position in the premium segment and expand into new growth areas [8] - The company aims to strengthen its liquor business through price restructuring and increased penetration in e-commerce and instant retail channels [8] - The "dual empowerment" strategy for beer and liquor will be continued to foster long-term growth through sales collaboration and business innovation [8]