---
title: "Nomura lowers the target price for CR BEVERAGE to 44.1 yuan, rating it as \"Buy\""
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/280406776.md"
description: "Nomura has lowered the target price for CR BEVERAGE to 44.1 yuan, maintaining a \"Buy\" rating. The report pointed out that CR BEVERAGE's revenue last year decreased by 2% year-on-year to 38 billion yuan, and profit fell by 29% to 3.4 billion yuan, mainly due to a decline in beer business prices and losses in the liquor business. Adjusted EBITDA was 9.9 billion yuan, a year-on-year increase of 9.9%. Revenue from the beer business was 36.5 billion yuan, with a gross margin increase of 1.4 percentage points. The liquor business is expected to remain weak in 2025, with significant declines in both revenue and EBITDA"
datetime: "2026-03-25T03:01:40.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280406776.md)
  - [en](https://longbridge.com/en/news/280406776.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280406776.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/280406776.md) | [English](https://longbridge.com/en/news/280406776.md)


# Nomura lowers the target price for CR BEVERAGE to 44.1 yuan, rating it as "Buy"

Nomura published a research report indicating that CR Beer (00291.HK) saw a 2% year-on-year decline in revenue to RMB 38 billion last year, with profit dropping 29% year-on-year to RMB 3.4 billion. This was mainly due to a 4.6% decrease in the average selling price of beer in the second half of last year, as well as a one-time impairment loss of RMB 2.9 billion in the liquor business. Excluding the negative impact of the impairment loss, the adjusted EBITDA was RMB 9.9 billion, an increase of 9.9% year-on-year, and the adjusted net profit rose 19.6% year-on-year to RMB 5.7 billion.

The report specified that the beer business generated revenue of RMB 36.5 billion for the entire year; due to effective cost control, the gross profit margin increased by 1.4 percentage points year-on-year. Meanwhile, the liquor business is expected to remain weak in 2025, with revenue decreasing by 30% year-on-year and EBITDA declining by 69% year-on-year.

The firm lowered its target price from RMB 44.6 to RMB 44.1, maintaining a "Buy" rating

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- [China Merchants Guozheng Food and Beverage ETF (159843.CN)](https://longbridge.com/zh-HK/quote/159843.CN.md)

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