China Resources Beer (0291.HK) Q1 2025 Earnings Report

China Resources Beer Holdings reported QQ1 2025 revenue of HKD 12.83 billion, down 0.3% year-over-year, yet delivered a meaningful margin-driven rebound versus the prior quarter. Gross profit reached HKD 6.27 billion with a robust gross margin of 48.9%, reflecting favorable product mix and effective cost management. EBITDA stood at HKD 3.91 billion, with operating income of HKD 3.29 billion and net income of HKD 3.10 billion, translating to an net margin of approximately 24.2%. The quarter benefited from a substantial QoQ turnaround in earnings, transitioning from a loss in Q4 2024 to a solid profit print in Q1 2025, signaling operating leverage and seasonality effects are embedded in the business model.