---
title: "In \"The Big Banks,\" Citigroup lowered the target price for CHINA RES BEER to 34.6 yuan, with average selling prices recovering growth early this year"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/280246178.md"
description: "Citi released a research report, raising the target price for CHINA RES BEER to 34.6 yuan, up from the previous 33.2 yuan. The report indicates that the average selling price of beer is expected to decline by 4.6% year-on-year in the second half of 2025, but management is optimistic about price growth in 2026. In the first two months of this year, both the average selling price and sales volume of beer achieved year-on-year growth. The firm maintains an \"outperform\" rating and believes that the recovery of the dining channel will be a potential driver this year"
datetime: "2026-03-24T02:33:27.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280246178.md)
  - [en](https://longbridge.com/en/news/280246178.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280246178.md)
---

# In "The Big Banks," Citigroup lowered the target price for CHINA RES BEER to 34.6 yuan, with average selling prices recovering growth early this year

Citi published a research report indicating that CHINA RES BEER (00291.HK) is expected to see an average beer selling price decline by 4.6% year-on-year in the second half of 2025, which is below expectations. The company stated that this is mainly due to increased consumer promotional activities during the period, and it anticipates that this year's performance will return to normal.

The management of CHINA RES BEER holds a positive view on the average selling price growth for 2026, as the average selling price and sales volume of beer recorded year-on-year growth in the first two months of this year. The firm believes that the sustainability of the recovery in the dining channel is a potential driving force for this year; it has lowered its revenue and profit forecasts for 2026 and 2027 by 1% to 5%, maintaining an "outperform" rating, with the target price raised from HKD 33.2 to HKD 34.6

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