CR Beer profit falls 29pc, full-year dividend hits five-year high

China Resources Beer's (0291) net profit dropped 28.9 percent year-on-year to 3.37 billion yuan (HK$3.82 billion) amid softening consumption last year.

It declared a final dividend of 55.7 fens, together with the interim dividend of 46.4 fens, bringing the total dividend to 1.021 yuan, which represents a 34.3 percent increase and reaches a five-year high.

The beer giant's revenue recorded about 38 billion yuan, down 1.7 percent from a year ago.

The turnover of the beer business remained stable at around 36.5 billion yuan, with beer sales volume rising 1.4 percent. 

Continuous premiumisation development and savings in raw material procurement costs drove its gross profit margin of the beer business up by 1.4 percentage points year-on-year to 42.5 percent.

Its baijiu business generated 1.49 billion yuan in 2025, falling nearly 30.7 percent, due to the multiple impacts of profound adjustments in the baijiu industry and shrinking consumer demand and consumption scenarios.

Taking into account the current baijiu market environment and the actual operating situation of the baijiu business, the company also recognised impairment loss of 2.88 billion yuan on the goodwill of the baijiu cash generating unit. 

Looking ahead, CR Beers will further consolidate its core beer business and construct diversified growth drivers, while positioning the baijiu business as the second growth driver, focusing on promoting differentiated brand layout, advancing innovative sales models, stabilising the price system, building base markets, and vigorously developing high-quality distributors.