China Resources Beverage (Holdings) Company (2460) H2 2025 earnings summary

Executive summary

• Revenue declined 18.6% year-over-year to RMB11,002.1 million, mainly due to lower packaged water sales and increased marketing investment.

• Net profit attributable to owners dropped 39.8% to RMB985.3 million, with net profit margin falling to 9.2%.

• Packaged drinking water accounted for 86.4% of revenue, while beverage products grew 7.3% and contributed 13.6%.

• Significant product innovation with 23 new beverage SKUs launched and expanded R&D efforts.

• Continued focus on brand building, channel diversification, and sports marketing partnerships.

Financial highlights

• Revenue: RMB11,002.1 million (down from RMB13,521.2 million in 2024).

• Net profit: RMB1,008.5 million (down from RMB1,660.8 million in 2024).

• Gross profit: RMB5,025.3 million; gross margin 45.7% (down 1.6 ppt year-over-year).

• Basic EPS: RMB0.41 (down from RMB0.79).

• Final dividend proposed: RMB0.088 per share; special dividend: RMB0.165 per share.

• Capital expenditures: RMB1,495.3 million (down from RMB2,136.0 million in 2024).

Outlook and guidance

• Plans to rejuvenate brands, deepen consumer insights, and focus on category diversification and high-end value creation in 2026.

• Continued investment in R&D, marketing, and omnichannel distribution to drive sustainable growth.