Huaxi Securities: Maintains "Buy" rating on CBC, actively expanding the second development curve beyond beer

Huaxi Securities research report pointed out that Chongqing Beer’s net profit attributable to shareholders in the first half of the year was 865 million yuan, a year-on-year decrease of 4.03%. In Q2 2025, the net profit attributable to shareholders was 392 million yuan, a year-on-year decrease of 12.70%. Breaking down the volume and price, the company achieved a sales volume of 1.8008 million tons in H1 2025, a year-on-year increase of 0.95%, corresponding to a price of 4,908 yuan/ton, a year-on-year decrease of 1.4%; in Q2 2025, the sales volume was 917,000 tons, flat year-on-year, corresponding to a price of 4,888 yuan/ton, a year-on-year decrease of 1.9%. According to data from the National Bureau of Statistics, from January to June, the cumulative year-on-year production and sales of the beer industry in China decreased by 0.3%. Against the backdrop of overall weakness in the beer industry, the company’s sales performance was better than the industry average. In the context of weak traditional beer consumption scenarios, the company is actively seeking new breakthroughs. On the product side, the company is actively developing canned products that adapt to new channels, and is also expanding its second development curve beyond beer, launching Tianshan Fresh Fruit Orchard orange-flavored soda and electric energy drinks, among other non-beer categories. The firm believes that it is expected to achieve good development by leveraging its existing channel foundation. On the channel side, while grasping the existing on-site consumption channels, the company is actively embracing new business formats, deepening strategic cooperation with snack discount stores and warehouse membership stores, and collaborating on customized marketing to activate incremental growth. Corresponding to the closing price of 55.26 yuan/share on August 15, the PE ratios are 23/22/22 times, maintaining a "buy" rating