Background: Data on influenza vaccine effectiveness (VE) against hospitalized severe acute respiratory infection (SARI), particularly in Asia, remain limited for the 2025/26 Northern Hemisphere influenza season. This study aimed to evaluate real-world VE against A(H3N2)-associated SARI hospitalization and provide timely, locally relevant evidence to inform seasonal influenza vaccination policy. Methods: A test-negative design was used to estimate VE against influenza A(H3N2)-associated SARI hospitalization in Beijing, China, from 10 November 2025 to 18 January 2026. VE was estimated by comparing the odds of influenza vaccination between case-patients (those who tested positive for A(H3N2)) with controls (those who tested negative for influenza). Results: Among 1883 enrolled SARI inpatients, 220 (11.7%) tested positive for influenza A(H3N2). Overall vaccination coverage was 11.4%, with the highest coverage observed among children aged 5–17 years (29.6%). Influenza positivity was higher among rural residents, patients with pneumonia or hypoxemia, and those with symptom onset in November. The adjusted overall VE was 7.5% (95% CI: ?45.8% to 43.3%). Moderate VE was observed among children aged 5–17 years (45.4%, 95% CI: ?33.6% to 79.5%), although the confidence interval included zero and the estimate was not statistically significant. Negative VE estimates were observed among younger children and older adults. Among patients with underlying respiratory conditions, VE was 75.4% (95% CI: ?27.4% to 98.7%), although this estimate was also not statistically significant. Conclusions: During the 2025/26 influenza season in Beijing, VE against A(H3N2)-associated SARI hospitalization was suboptimal. Moderate protection was observed among children aged 5–17 years, the group with the highest vaccination coverage, but the estimate was not statistically significant. The low overall VE may be attributable to antigenic mismatch between vaccine and circulating strains, as well as low population-level vaccination coverage. These findings highlight the need to improve vaccine formulations and increase vaccination coverage, particularly among adults and older populations.