MS-CRBH@EC2607A

HARBOUR DIGITAL

CONGYU INTE AGR

GF HEALTHCARE

KWONG MAN KEE

51WORLD

160 HEALTH

HUILI RES

HUAYUEXPRESSWAY

METASURFACE

CHERISH SUN

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Bank of America Securities released a report stating that there is still uncertainty regarding the goodwill impairment issue of CHINA RES BEER, with a target price of 35.6 yuan. The firm believes that CHINA RES BEER's profit warning helps to alleviate market concerns and expects its core beer business to maintain healthy growth. Despite facing goodwill impairment risks, the non-cash impairment is expected not to affect dividends, with the payout ratio in 2025 projected to be higher than in 2024. Bank of America Securities maintains a "Buy" rating on CHINA RES BEER, believing that market share is still expanding and expects the stock price to rebound as short-term uncertainties are resolved

AASTOCKS

CHINA RES BEER

Penghua CSI Alcoholic Drink ETF

"Big Banks" Bank of America Securities: The uncertainty of the goodwill impairment of CHINA RES BEER is eliminated, target price 35.6 yuan

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Citi released a research report indicating that CHINA RES BEER is expected to see a 29.6% decline in profit last year to 38.6%, mainly due to impairment losses on liquor exceeding expectations, which account for 16.6% to 17.7% of goodwill balance. Adjusted profit is expected to grow by 20% to 33%, slightly above expectations. The bank believes that the impairment is beneficial for the company's long-term development and expects stable sales in the first two months of this year, maintaining a target price of 33.2 yuan and a rating of "outperform."

China Merchants Guozheng Food and Beverage ETF

Tianhong CSI Food and Beverage ETF

ChinaAMC CSI Food & Beverage Sub-Industry ETF

China Merchants CSI Liquor Index Fund-A

In "The Big Banks," Citigroup: Last year's liquor impairment loss for China Resources Beer exceeded expectations, and adjusted net profit slightly surpassed expectations

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China Resources Beer (291) expects its profit last year to decline by up to 29%, mainly due to goodwill impairment. Guofu Hydrogen Energy (2582) conducted a placement at a discount of over 12%, raising more than 150 million for operations and debt repayment. Greentown China (3900) warned that its net profit last year may plummet by 95%, affected by market adjustments and asset impairments. Fortune REIT (0778) reported a 3.6% decline in revenue last year, with the final distribution per unit reduced to 16.81 cents

Tasty Money

GREENTOWN MGMT

GUOFUHEE

FORTUNE REIT

GREENTOWN CHINA

[Daily Announcement] China Resources Beer (291) profit warning, last year's profit forecast may drop by up to 30%, Guofu Hydrogen Energy (2582) discounted over 12% for placement fundraising

DBS analyst Clement Xu has maintained a Buy rating on China Resources Beer (Holdings) Co (CRHKF), setting a price target of HK$38.00. Xu, who specializes in the Consumer Defensive sector, has an average return of 8.5% and a 46.34% success rate on his stock recommendations. The analyst consensus for China Resources Beer is a Moderate Buy, with a price target consensus of HK$38.01.

Tip Ranks

DBS Remains a Buy on China Resources Beer (Holdings) Co (CRHKF)

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China Resources Enterprise Ltd. (OTCMKTS:CRHKY) experienced a significant decline in short interest, dropping 82.1% in February, with total short interest at 53,156 shares as of February 27th. The days-to-cover ratio is currently 0.3 days, with 0.0% of shares sold short. The company's stock traded down 0.4% to $6.74, with a 52-week range of $6.07 to $7.75. China Resources Enterprise is a major consumer products conglomerate in Hong Kong, operating supermarkets and online grocery platforms.

Market Beat

HSCEI ETF-R

HSCEI ETF

Short Interest in China Resources Enterprise Ltd. (OTCMKTS:CRHKY) Declines By 82.1%

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China Resources Beer expects FY2025 profit of RMB2,920 million-RMB3,350 million

marketscreener

TONTINE WINES

China Resources Beer expects FY2025 profit of RMB2,920 million-RMB3,350 million

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Karnataka Chief Minister Siddaramaiah announced significant reforms in liquor taxation and regulation, introducing a new alcohol-based duty structure and deregulating price fixation. The government aims for ₹45,000 crore in excise revenue by 2026-27. The reforms include a globally recognized taxation system linked to alcohol content, reduced pricing slabs, and technology-driven monitoring to enhance transparency. Distilleries and breweries will operate 24/7, and tourism in the alcohol sector will be promoted. The government will also address social consequences of alcohol consumption through public health measures.

Business Standard

HuiQuan Beer

ZHUJIANG BREWERY

Guangzhou Restaurant

VATS

Siddaramaiah announces reforms in liquor taxation & regulatory framework

Morgan Stanley raised the target price for CHINA RES BEER to 36 yuan due to the impact of the appreciation of the renminbi. Although the liquor business is facing losses, it is expected that the beer business will see sales growth of 2% and 3% in 2025 and 2026, respectively, with operating profit margins increasing by 10% and 7%. Overall recurring net profit is expected to grow by 11% in both 2025 and 2026

Morgan Stanley raises the target price for CHINA RES BEER to 36 yuan, expects continued losses in the liquor business

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Han Song, a member of the Party Committee and Deputy General Manager of China Resources (Group) Co., Ltd., is suspected of serious violations of discipline and law, has voluntarily surrendered, and is currently undergoing disciplinary review and supervisory investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission. (CCTV News)

Wallstreetcn

CR BLDG MAT TEC

CHINA RES POWER

CHINA RES LAND

CR BEVERAGE

CR Double-Crane

CR MEDICAL

Han Song, Deputy General Manager of China Resources Group, is under investigation

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San Miguel Brewery Hong Kong Ltd. has declared a final ordinary cash dividend of HKD 0.06 per share for the financial year ending December 31, 2025, pending shareholder approval on April 22, 2026. The stock will trade ex-dividend on April 24, with a record date of April 30 and payment scheduled for May 12, 2026. This move reflects the company's commitment to returning cash to shareholders and maintaining a stable dividend policy, signaling confidence in its financial position. The latest analyst rating for the stock is a Hold with a price target of HKD 1.00.

SAN MIGUEL HK

San Miguel Brewery HK Declares HKD 0.06 Final Dividend for 2025

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Daiwa Capital Markets released a research report listing investment ratings and target prices for consumer stocks. Anta Sports is rated as Buy with a target price of HKD 103.4; Bud APAC is rated Buy with a target price of HKD 9.9; CHINA RES BEER is rated Buy with a target price of HKD 33.8; Galaxy Entertainment Group is rated Buy with a target price of HKD 47; Haidilao is rated Buy with a target price of HKD 19.7; HAIER SMARTHOME is rated Buy with a target price of HKD 39.4; LI NING is rated Hold with a target price of HKD 21.6; Mengniu Dairy is rated Buy with a target price of HKD 21.7; MNSO is rated Buy with a target price of USD 26.8; SANDS CHINA LTD is rated Buy with a target price of HKD 20.9; Shenzhou International is rated Buy with a target price of HKD 81.9; Tsingtao Brewery is rated Buy with a target price of HKD 69.9; XTEP INT'L is rated Buy with a target price of HKD 7.6; YUM CHINA is rated Buy with a target price of HKD 494.8

MNSO

HAIER SMARTHOME

Mengniu Dairy

LI NING

TSINGTAO BREW

China Merchants SSE Consumer 80 ETF

Hwabao WP CSI Food & Beverage Sub-Industry ETF

Tsingtao Brewery

BUD APAC

XTEP INT'L

Harvest Hang Seng Consumption ETF

SANDS CHINA LTD

AdvisorShares Restaurant ETF

YUM CHINA

Galaxy Entertainment Group

Daiwa Capital Markets' investment ratings and target prices for consumer stocks (Table)

YUMC

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Daiwa Capital Markets released a research report indicating that the growth momentum of the consumption market during the Spring Festival holiday is improving, showing initial signs of recovery in consumer markets. The firm is optimistic about industries such as dining, services, and experiential consumption, with top picks including ANTA SPORTS, CHINA RES BEER, HAIDILAO, and YUM China, all rated as "Buy." At the same time, it adjusted the target prices for some stocks, raising HAIDILAO's target price to RMB 19.7, LI NING to RMB 21.6, and Kweichow Moutai to RMB 1,682

YUM China

HAIDILAO

ANTA SPORTS

Daiwa Capital Markets: The consumption momentum during the Spring Festival holiday is improving, with a preference for ANTA, CHINA RES BEER, HAIDILAO, and YUM China

HEINY

Budweiser and Heineken are experiencing contrasting fortunes in China in 2025 due to changing drinking habits amid an economic downturn. Budweiser reported its largest profit decline since 2020, with CEO Yanjun Chen acknowledging underperformance. In contrast, Heineken's CEO Dolf van den Brink hailed China as a key profit contributor. The shift towards at-home consumption and online orders has impacted traditional venues, with Budweiser focusing on activating brands in emerging channels. Heineken's success is attributed to its partnership with China Resources Beer, which has adapted better to the changing market dynamics.

SCMP

Anheuser-Busch InBev NV

Heineken

Budweiser and Heineken face polar opposite fates in China as punters stay home

$CHINA RES BEER(00291.HK) Overall, China Resources Beer's performance in 24H2 is in line with expectations under low forecasts. Although the story of premiumization driving ton price increases is still unfolding, during the industry's deep adjustment period, the accelerated clearance of low-end beer has inevitably led to a decline in overall sales for China Resources, resulting in continued negative growth in revenue. In terms of profit, after excluding fixed asset impairment and one-time employee compensation, government subsidies, and other special items caused by factory closures, EBITDA increased by 17.4% year-on-year, and EBITDA margin improved by 1.3 percentage points year-on-year, mainly due to the improvement in product mix enhancing the company's profitability.In terms of sales volume, China Resources achieved a sales volume of 4.53 million tons in 24H2, a year-on-year decrease of 1.2%. Although the decline in sales volume has narrowed compared to H1, it is still slightly below expectations due to unexpected rainfall during the summer peak season and the lack of significant improvement in on-premise consumption scenarios such as dining and nightlife, coupled with the accelerated clearance of low-end beer.In terms of ton price, the ton price in 24H2 reached 3,076 yuan/ton, an increase of 0.8% year-on-year. This is significantly less than the single-digit increases seen in the previous two years, indicating that the pace of the company's premiumization is slowing down amid weakened consumer spending. However, due to generally low market expectations, the ton price slightly exceeded expectations (expected 3,119 yuan/ton).In terms of gross margin, the improvement in the product mix of the beer business and the high growth of premium liquor products (up 35% year-on-year) drove the company's gross margin to increase by 1.9 percentage points year-on-year. From an annual perspective, the company's gross margin increased by 1.20 percentage points year-on-year to 42.6%, reaching a five-year high. The expense ratio remained stable compared to the same period last year.Looking at the guidance for 2025, China Resources has raised its sales target for 2025 to low single-digit growth (from flat), reflecting management's optimism about the recovery of the beer industry in 2025. Additionally, based on the disclosed data for January-February 2025, the company's revenue and profit both exceeded expectations, with profit growth significantly outpacing revenue growth.

CHINA RES BEER-R

MS-CRBH@EC2607A(26967.HK)

"Big Banks" Bank of America Securities: The uncertainty of the goodwill impairment of CHINA RES BEER is eliminated, target price 35.6 yuan

In "The Big Banks," Citigroup: Last year's liquor impairment loss for China Resources Beer exceeded expectations, and adjusted net profit slightly surpassed expectations

[Daily Announcement] China Resources Beer (291) profit warning, last year's profit forecast may drop by up to 30%, Guofu Hydrogen Energy (2582) discounted over 12% for placement fundraising

DBS Remains a Buy on China Resources Beer (Holdings) Co (CRHKF)

Short Interest in China Resources Enterprise Ltd. (OTCMKTS:CRHKY) Declines By 82.1%