China Resources Beer (Holdings) Co Ltd (HKEX: 00291) has announced its interim results for the six months ended June 30, 2026, revealing a mixed performance as revenue edged higher but profitability took a hit.

The company posted a turnover of RMB 24.24 billion, marking a year-on-year increase of 1.24%. However, profit attributable to shareholders fell by 10.71% to RMB 5.169 billion. Basic earnings per share stood at RMB 1.59, with an interim dividend of RMB 0.446 per share declared.

In its beer segment, the group achieved sales volume of approximately 6.6 billion liters during the first half of 2026, up 1.7% year-on-year. The premiumization strategy continued to gain traction, with sales of sub-premium and above beers surging over 10%, while mainstream premium and above products saw a 15% jump in volume. Notably, Heineken brand volumes grew by more than 20%, while "Laoxue" and "Red爵" posted impressive gains of over 40% and 80%, respectively.

The three new sub-premium offerings—Snow Golden Crown, Snow German Wheat, and Brave the World SuperDry Draft Beer—collectively contributed over 7% of the incremental volume for sub-premium and above products. The beer business reported an unaudited consolidated turnover increase of 2.2% year-on-year, with average selling prices rising 0.5% due to continued premiumization efforts. Excluding approximately RMB 115 million in gains from an investment relocation agreement, the beer segment's unaudited earnings before interest and tax grew 1.2% in the period.

For the baijiu division, the group generated unaudited turnover of RMB 570 million in the first half, with unaudited EBITDA reaching RMB 84 million, translating to an EBITDA margin of 14.7%.