Core Viewpoint - China Resources Beer Holdings Company Limited (CR Beer) reported strong revenue and net profit growth in its 2025 interim results, showcasing the success of its "3+3+3" nine-year strategy despite a slight decline in the overall beer industry [1][2]. Financial Performance - In the first half of 2025, CR Beer achieved revenue of 23.94 billion yuan, a year-on-year increase of 0.8% [2] - The profit attributable to shareholders was 5.789 billion yuan, up 23% year-on-year [2] - The company's EBITDA was 7.691 billion yuan, reflecting a 20.8% increase [2] - The gross profit margin improved to 48.9%, an increase of 2 percentage points compared to the previous year [2] - The board declared an interim dividend of 0.464 yuan per share, a 24.4% increase from the same period last year [2] Beer Business Performance - CR Beer sold approximately 6.487 million kiloliters of beer in the first half of 2025, a 2.2% increase year-on-year [2] - The beer business generated an unaudited revenue of 23.161 billion yuan, up 2.6% year-on-year [2] - The average selling price of beer increased by 0.4% due to ongoing premiumization efforts [2] - The gross profit margin for the beer business rose by 2.5 percentage points to 48.3% [2] - Premium beer products saw sales growth of over 10% year-on-year, with brands like "Heineken" and "Snow" achieving significant increases [2] Strategic Focus - The company is committed to a high-end development strategy, which has been a key driver of its performance amid a challenging market environment [3][4] - The management team expressed confidence in continuing the established strategies, including the focus on high-end products and growth as the primary strategy [4] - The company plans to adapt to market changes while maintaining strategic consistency [4] White Wine Business Challenges - The white wine segment faced significant challenges due to industry adjustments and policy impacts, with revenue of 781 million yuan and EBITDA of 218 million yuan reported [2][5] - The company is adjusting its product structure to address market changes, including launching new products at competitive price points [5] Market Position and Future Outlook - CR Beer is recognized for its dual-brand strategy in both beer and white wine, which is expected to enhance its market position [6] - Analysts predict that the company's focus on premiumization and cost advantages will continue to yield positive results [7] - The stock price of CR Beer increased by 6.24% following the release of the interim report, closing at 28.28 HKD per share [6]

虽然行业环境较为艰难，但华润啤酒业务EBIT上半年仍录得14%增长，表现跑赢同业，相信通过高端 化策略及加强非即饮渠道渗透，结合持续利润率改善，盈利增长预料持续。大摩对今年下半年及全年展 望保持不变，管理层表明将持续推进高端化策略，通过喜力、雪花等核心品牌及其他高端、次高端品牌 持续提升市场份额。 智通财经APP获悉，摩根士丹利发布研报称，因应华润啤酒(00291)于上半年向合资企业出售土地录得一 次性收益，将2025年净利润预测上调10%，2025至2027年经常性盈利预测上调1%至2%，维持润啤的"增 持"评级，目标价从34港元上调至35港元。 ...

8月19日华润啤酒（00291.HK）发布2025年中期业绩报告。报告显示，公司上半年实现综合营业额239.42亿元，同比增长0.8%；未计利息及税项前盈利 76.91亿元，同比增长20.8%；股东应占溢利57.89亿元，同比增长23.0%。董事会宣布派发中期股息每股0.464元，同比增长24.4%。 2025年上半年，啤酒销量达648.7万千升，同比增长2.2%。其中，普高档及以上啤酒销量同比增长超10%，产品结构持续优化。具体来看，核心高端品牌 表现亮眼："喜力"销量同比增长超20%，"老雪"销量同比增长超70%，"红爵"销量实现翻倍增长。 (於香港註冊成立的有限公司) (股份代號: 291 (港幣櫃台)及 80291(人民幣櫃台) 截至二零二五年六月三十日止六個月之中期業績 本集團於二零二五年上半年的未經審計之綜合營業額為人民幣 23,942,000.000 元, ● 同比增長 0.8%。受益於啤酒業務高端化戰略的持續發展和原材料採購成本的節 約,二零二五年上半年本集團的毛利率同比上升 2.0 個百分點至創新高的 48.9%。 本集團於二零二五年上半年未經審計之未計利息及稅項前盈利及股東應佔溢利亦 分别 ...

| 代码 | 名称 | | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | --- | | 00291 | 年潤啤酒 | (0) | 28.880 | 2.12% | | 00168 | 青岛啤酒股份 | | 51.800 1.77% | | | 00236 | 香港生力啤 | | | 1.210 1.68% | | 01876 | 百威亚太 | | 8.550 | 0.47% | 港股啤酒股逆势上涨，其中，昨日涨超6%的华润啤酒继续上涨2.12%，青岛啤酒股份、香港生力啤涨近 2%，百威亚太跟涨。 中国酒业协会数据显示，2024年我国精酿啤酒市场规模已突破800亿元大关，同比增幅超30%。其中， 融入中式创新元素的产品占比从5%跃升至18%，成为拉动行业增长的重要引擎。(格隆汇) 消息上，华润啤酒昨日午间公告，2025年上半年营业额239.42亿元人民币(下同)，按年升0.8%。纯利 57.89亿元创新高，按年升23%；每股盈利1.78元。野村发表研究报告指，华润啤酒上半年整体业绩表现 稳健，收入按年增1%；销售升2.2%；均价升0.4%，显示在润啤的高端化策略下，啤酒业务市 ...

Group 1 - The core viewpoint of the report maintains the 2025/26 core net profit estimates for China Resources Beer at 5.31/5.75 billion HKD, with a target price of 32.4 HKD, indicating a 15% upside potential from the current stock price [1] - The beer segment's performance in 1H25 slightly exceeded expectations, with revenue of 23.94 billion HKD, a year-on-year increase of 0.8%, and core EBIT of 7.11 billion HKD, a year-on-year increase of 11.3% [2] - The beer business outperformed the overall industry, benefiting from a decrease in raw material costs, with a year-on-year decline in ton cost of 4.2% and an increase in gross margin by 2.5 percentage points to 48.3% [3] Group 2 - The white liquor business faced greater pressure than market expectations, with a revenue decline of 34% in 1H25 and EBITDA down by 47.2% [4] - The company plans to launch products priced between 100-300 HKD to strengthen the brand and adjust the pricing system to ensure channel profitability [4] - The outlook for the beer business in the second half of the year remains stable, with expectations of maintaining low growth in both sales volume and ton price, while the gross margin is projected to increase by over 1 percentage point [4]

智通财经APP获悉，中金发布研报称，基本维持华润啤酒(00291)2025年/26年核心净利润 53.1/ 57.5亿 元。维持目标价32.4港币，当前股价对应25/26年15.7/14.6X核心P/E，目标价对应25/26年18/17X核心 P/E，目标价较当前价有15%上行空间，维持跑赢行业评级。 中金主要观点如下： 1H25销量同比+2.2%，吨价同比+0.4%，受益于原料成本下降，吨成本同比-4.2%，毛利率同比+2.5ppt 至48.3%，销售费用率同比-1ppt，带动1H25核心EBIT同比+14%，超市场预期。分产品情况：上半年喜 力销量同比20%，次高及以上产品的销量同比中高单位数增长。分渠道看：上半年餐饮渠道仍然相对承 压，非现饮渠道承接部分外食转自饮的需求，同时歪马等渠道有较快增长，线上业务与即时零售业务 GMV分别同比增长40%和50%，但占比尚小，公司表示将紧密关注和对接非现饮渠道的增量，抓住消费 者需求变化。 白酒业务承压幅度略超市场预期 1H25营收同比下滑34%，EBITDA2.18亿元，同比-47.2%。主品摘要(收入占比80%+)以政商务宴请场景 为主，上半年受影响较大，公司 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [4][9]. Core Insights - The company achieved a revenue of 239.42 billion yuan in H1 2025, representing a year-on-year growth of 0.8%. The adjusted EBITDA was 83.36 billion yuan, up 10.7% year-on-year, while the net profit attributable to shareholders reached 57.89 billion yuan, marking a 23.0% increase [5]. - The high-end product strategy continues to yield significant results, with the beer business revenue growing by 2.6% year-on-year to 231.61 billion yuan in H1 2025. The company has seen strong sales growth in premium products, with Heineken sales increasing by over 20% and Snow beer by over 70% [6][5]. - The company is actively embracing new consumption trends, launching various specialty beers and expanding online sales channels, resulting in nearly 40% growth in online business and 50% in instant retail [6]. Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 410.65 billion yuan, 419.55 billion yuan, and 427.91 billion yuan respectively, with net profits expected to be 60.77 billion yuan, 58.74 billion yuan, and 62.78 billion yuan [6]. - The company’s gross margin improved by 2.0 percentage points to 48.9% in H1 2025, driven by the implementation of cost-saving strategies [6]. - The beer segment's EBITDA margin increased by 3.4 percentage points to 35.1%, reflecting enhanced operational efficiency [6]. Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 1.87 yuan, 1.81 yuan, and 1.94 yuan respectively, with corresponding P/E ratios of 15.3, 14.3, and 13.3 [6][8].

Core Insights - The acquisition of Jinsha Liquor by China Resources Beer for over 12.3 billion yuan in 2022 has faced significant scrutiny as the expected growth has not materialized [1][2] - In the first half of 2025, the revenue from the liquor business was only 7.81 billion yuan, with a pre-tax loss of 1.52 billion yuan, indicating a stark decline in performance [1][6] Financial Performance - For the first half of 2025, China Resources Beer reported a revenue increase of 0.8% to 23.942 billion yuan and a net profit increase of 23.0% to 5.789 billion yuan [1] - Jinsha Liquor's revenue for 2023 was 20.83 billion yuan, with a pre-tax profit of 1.3 billion yuan [3] - In 2024, Jinsha Liquor's revenue slightly increased by 3.7% to 21.61 billion yuan, but pre-tax profit decreased by 6.9% to 1.21 billion yuan [5] Market Challenges - The liquor business has been adversely affected by declining consumer demand and increased competition due to excessive production capacity in the sauce liquor segment [6] - The core product "Zhai Yao" has seen a significant price drop, with wholesale prices falling over 800 yuan per bottle since the beginning of the year [7] Strategic Misalignment - The attempt to replicate the fast-moving consumer goods model from the beer industry to the liquor sector has been criticized for overlooking fundamental differences in consumer behavior and market dynamics [11] - The acquisition of Jinsha Liquor and investment in other liquor companies occurred at a peak in the market, leading to challenges as the industry faced a downturn post-2021 [12] Recommendations for Future Strategy - To address the ongoing challenges, it is suggested that China Resources Beer may need to divest from consistently underperforming assets and focus on building a specialized team for Jinsha Liquor to enhance brand culture and consumer engagement [12]

【导读】2022年豪掷超百亿元收购金沙酒业以来，华润系的白酒雄心正遭遇前所未有的拷问 见习记者 夏天 金沙酒业业绩"变脸" 2022年，华润啤酒以高达123亿元的对价，将贵州金沙窖酒酒业有限公司（以下简称 金沙酒业 ）55.19%股权收入囊中，创下当时中国白 酒并购史上最大交易纪录。 在华润啤酒的蓝图里，这绝非一次简单的财务投资，而是其构建"啤酒+白酒"双轮驱动战略的核心支点，旨在切入利润更丰厚、抗周期性更 强的白酒赛道。收购完成后，华润啤酒迅速派驻高管团队，启动对金沙酒业的深度整合，从管理架构到渠道体系进行大刀阔斧的改革，试 图将啤酒领域的成功模式复制到白酒领域。 然而，理想很丰满，现实却很骨感。自被收购后，金沙酒业的业绩并未如预想般迎来大发展。 华润啤酒 公布的一组数据显示， 收购前 的 2019 年 — 2021年， 金沙酒业 营收分别为 8.78亿元、17.67亿元和36.41亿元，同期税后 利润分别为1.56亿元、6.15亿元和13.15亿元。 而 到了2023年，华润啤酒年报显示，其白酒业务 的 营业额、未计利息及税项前盈利分别为20.83亿元、1.3亿元。 由于在华润啤酒的白酒板块中，只并表了金 ...

Core Viewpoint - China Resources Beer reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating strong performance in the beer segment despite challenges in the liquor business [1][2]. Financial Performance - For H1 2025, the company achieved revenue of 23.942 billion RMB, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 5.789 billion RMB, up 23.04% [1]. - The interim dividend declared is 0.464 RMB per share, with a payout ratio of 26% [1]. - The company's net profit margin improved to 24.18%, an increase of 4.36 percentage points year-on-year [3]. Beer Business Growth - The beer segment generated revenue of 23.161 billion RMB in H1 2025, reflecting a 2.6% year-on-year growth, with sales volume reaching 6.49 million tons, up 2.2% [2]. - The average price per ton of beer was 3,570 RMB, a slight increase of 0.4% year-on-year [2]. - High-end beer sales saw significant growth, with over 10% increase in sales for premium and super-premium products, including a more than 20% increase for Heineken and over 70% for Snow Beer [2]. Cost and Margin Analysis - The cost per ton of beer decreased to 1,846 RMB, down 4.1% year-on-year, primarily due to lower raw material prices [2]. - The gross margin for the beer business improved to 48.3%, an increase of 2.5 percentage points year-on-year [2]. - EBIT for the beer segment reached 7.241 billion RMB, a 14% increase year-on-year, with an EBIT margin of 31% after excluding one-time items [3]. Liquor Business Challenges - The liquor segment reported revenue of 0.781 billion RMB, a decline of 33.7% year-on-year, primarily due to weak business demand [2]. - The EBITDA for the liquor business was 0.218 billion RMB, down 47% year-on-year, indicating significant pressure on profitability [2]. Strategic Outlook - The company is focusing on product innovation and channel expansion, including partnerships with major e-commerce platforms, which contributed to a nearly 40% and 50% year-on-year growth in online and instant retail GMV, respectively [2]. - The management remains optimistic about the potential for continued growth in the beer segment, driven by product and channel enhancements [2].