智通财经APP获悉，高盛发布研报称，维持华润啤酒(00291)"买入"评级及目标价35港元，相当于明年预 测市盈率19倍。 公司宣布中期股息每股人民币0.464元，同比增长24.4%，股息支付率约26%，与去年持平。该行指，润 啤期内普高档及以上产品销量增长逾10%，其中"喜力"增长20%以上，"老雪"增长70%， Amstel(红爵) 增长100%。普高档及以上啤酒销量亦录得中单位数至高单位数增长。集团毛利率提升2个百分点至 48.9%，创历史新高。 华润啤酒上半年合并销售额达239亿人民币同比增长0.8%，与市场预期基本一致，合并经常性息税前利 润71亿人民币，剔除土地出售收益(8.27亿人民币)及一次性支出(2.41亿人民币)后，同比增约11%，与该 行预期相符。期内合并息税前利润为76.9亿人民币同比增长21%，超过市场预期(73.2亿人民币，增长 15%)。净利润为57.9亿人民币，同比增长23%，超过市场预期(54.4亿人民币，增长15.6%)。 ...

该行指，华润啤酒的普高档及以上啤酒销量同比升10%(预期升9%)，占总量约25%。 喜力同比升20%， 中期股息派息率为26%，与去年同期相同。大摩指华润啤酒毛利率上升2个百分点至48.9%，高于预期的 48.1%。受益于高端化与原材料成本下降，啤酒业务毛利率提升2.5个百分点至48.3%。 智通财经APP获悉，摩根士丹利发布研报称，华润啤酒(00291)中午公布今年中期业绩，销售与经常性 EBIT符合预期，总销售额同比增长1%，符合该行与市场共识预期，啤酒销售同比增长3%，白酒销售同 比下降34%。啤酒经常性EBIT同比增长14%。经常性EBIT为71亿元人民币同比升11%符合预期，一次性 项目包括出售土地予合资公司获利约8.27亿元人民币，以及产能优化成本2.41亿元人民币。公司期内净 利润为57.9亿元;经常性净利润为53.5亿元同比升13%。 ...

此外，值得关注的是，华润啤酒白酒业务方面，于2025年上半年营业额7.81亿元，大单品"摘要"贡献白 酒业务营业额接近八成。 北京商报讯（记者 刘一博 冯若男）8月19日，华润啤酒公告称，截至2025年6月30日止六个月，未经审 核综合营业额为239.42亿元，同比增长0.8%；未经审核之未计利息及税项前盈利及股东应占溢利分别为 76.91亿元及57.89亿元，分别同比增长20.8%和23.0%。其中，啤酒业务的未经审计之未计利息及税项前 盈利及股东应占溢利分别同比增长13.8%和17.3%。董事会宣派付中期股息每股0.464元，较去年同期增 长24.4%。 公告显示，啤酒业务方面，集团于2025年上半年实现啤酒销量约6487.000万千升，同比上升2.2%。其 中，高端啤酒产品持续发力，2025年上半年普高档及以上啤酒销量同比增长超过10%。 ...

8月19日，华润啤酒（控股）有限公司（以下简称"华润啤酒"）发布公告称，2025年上半年，未经审核 综合营业额为239.42亿元，同比增长0.8%。未经审核之未计利息及税项前盈利及股东应占溢利分别为 76.91亿元及人民币57.89亿元，分别同比增长20.8%和23.0%。董事会宣派付中期股息每股0.464元，较去 年同期增长24.4%。 综合来看，2025年上半年，华润啤酒业绩全面赶超百威中国，提前完成"3+3+3"战略目标。 啤酒业务方面，集团上半年实现啤酒销量约648.7万千升，同比上升2.2%。集团高端啤酒产品持续发 力，上半年普高档及以上啤酒销量同比增长超过10%。其中，"喜力"在去年高基数的情况下销量仍突破 两成增长，"老雪"销量同比增长超过70%，"红爵"销量同比实现翻倍增长。 （文章来源：证券日报） 相较而言，百威亚太控股有限公司（以下简称"百威中国"）上半年收入为31.36亿美元（约人民币225.63 亿元），同比下降5.6%；净利润为4.09亿美元（约人民币29.41亿元），同比下降24.4%；总销量为43.63 亿公升，同比下降6.1%。 2017年，华润啤酒正式启动"3+3+3"9年战 ...

本文源自：金融界AI电报 华润啤酒(0291.HK)午后拉升，一度涨超7%，报28.66港元，股价创4月初以来新高。 华润啤酒午间公 告，2025年上半年未经审核综合营业额为239.42亿元，同比增长0.8%；未经审核的未计利息及税项前盈 利及股东应占溢利分别为76.91亿元及57.89亿元，分别同比增长20.8%和23.0%。啤酒业务的未经审计的 未计利息及税项前盈利及股东应占溢利分别同比增长13.8%和17.3%。董事会宣派付中期股息每股人民 币0.464元，较去年同期增长24.4%。 ...

Core Viewpoint - The development of the beer industry in China, heavily reliant on imported raw materials, necessitates a stable supply chain, which is being addressed by China Resources Beer through its "National Barley Revitalization" initiative [1][3][7]. Group 1: National Barley Revitalization Initiative - China Resources Beer has successfully established a standardized planting and processing process for domestic barley, enhancing the resilience and safety of the supply chain [3][4]. - The initiative has led to the establishment of over 16,000 acres of standardized planting bases, improving the quality of domestic barley and contributing to local economic growth [4][5]. - The "Keng Fourteen" beer, a product of this initiative, has become a new cultural and tourism symbol for the local area, promoting local consumption [3][4]. Group 2: Economic and Social Impact - The project has increased the barley planting area in Hulunbuir by approximately 50%, boosting local farmers' income and confidence in the domestic barley industry [5][6]. - The initiative aligns with national rural revitalization strategies, creating economic, ecological, and social benefits [4][7]. - The collaboration with local enterprises and experts has resulted in improved barley quality, making it competitive with imported varieties [5][6]. Group 3: ESG Integration - The "National Barley Revitalization" initiative is not merely a planting program but a comprehensive industry upgrade that integrates ESG principles into the entire supply chain [7][8]. - The project aims to enhance supply chain security while reducing carbon emissions through optimized processes and local production [7][8]. - The establishment of the "ESG China National Barley Practice Base" signifies a commitment to sustainable agricultural practices and serves as a model for industry-wide upgrades [8].

Group 1 - The core viewpoint of the articles highlights the strong performance of China Resources Beer, with a comprehensive revenue increase of 0.8% to RMB 23.942 billion and record high profitability metrics [1] - The beer business saw a volume increase of 2.2% to approximately 6,487,000 kiloliters, with premium beer products showing robust growth, particularly in the sales of "Heineken," "Snow," and "Red Horse" [1] - The gross margin for the beer business rose by 2.5 percentage points to 48.3%, indicating improved profitability in this segment [1] Group 2 - The white liquor business generated revenue of RMB 0.781 billion, with the major product "Summary" contributing nearly 80% of this revenue [2]

Core Viewpoint - China Resources Beer (00291) reported a strong performance in its interim results, with significant growth in net profit and high-end beer sales, leading to a notable increase in stock price [1] Financial Performance - The company achieved a revenue of 23.942 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 0.83% [1] - Shareholder profit reached 5.789 billion RMB, marking a year-on-year increase of 23.04% [1] - Basic earnings per share were reported at 1.78 RMB, with an interim dividend proposed at 0.464 RMB per share, up 24.4% from the previous year's 0.373 RMB [1] Beer Sales Performance - The group sold approximately 6.487 billion liters of beer in the first half of 2025, reflecting a year-on-year increase of 2.2% [1] - High-end beer products continued to perform well, with sales of premium and above beer increasing by over 10% year-on-year [1] - Specific brands showed remarkable growth: "Heineken" sales grew over 20% despite a high base last year, "Snow" sales increased by over 70%, and "Red Duke" sales doubled compared to the same period last year [1]

具体来看，今年上半年，华润啤酒啤酒销量约648.7万千升，同比上升2.2％；营业额为231.61亿元，同 比增长2.6%。 《每日经济新闻·将进酒》记者注意到，高端产品仍旧是主力军，并带动平均销售价格同比上升0.4％。 其中，2025年上半年普高档及以上啤酒销量同比增长超过10%；"老雪"销量同比增长超过70%，"红 爵"销量相比上年同期实现翻倍增长。 白酒业务方面，面对行业深度调整，华润啤酒旗下白酒2025年上半年营业额约为7.81亿元，相比上年同 期下滑近4亿元。其中，大单品"摘要"贡献白酒业务营业额接近八成。 8月19日，华润啤酒披露2025年上半年业绩。 数据显示，截至2025年6月30日，华润啤酒营业额239.42亿元，同比增加0.8%；公司股东应占溢利约为 57.89亿元，同比增加23.04%。 从整体数据来看，相比2024年上半年，公司营业额增速虽有所回暖，但仍然远远低于净利润增速。 每经记者｜温梦华 每经编辑｜肖芮冬 ...

Core Viewpoint - China Resources Beer (00291.HK) reported a revenue of 23.942 billion RMB for the six months ending June 30, 2025, reflecting a year-on-year growth of 0.8% and a net profit attributable to shareholders of 5.789 billion RMB, which is a 23% increase [1][2] Group 1: Beer Business Performance - The beer segment achieved a sales volume of approximately 6.487 billion liters, representing a year-on-year increase of 2.2% [1] - The revenue from the beer business was 23.161 billion RMB, up 2.6% year-on-year, driven by the continued high-end strategy and cost savings in raw material procurement [1] - The gross margin for the beer business increased by 2.5 percentage points to 48.3% due to a rise in average selling prices by 0.4% and cost savings [1] Group 2: High-End Product Growth - Sales of premium and above beer products grew by over 10% year-on-year, with Heineken® experiencing over 20% growth despite a high base last year [1] - The sales of Old Snow beer increased by over 70% year-on-year, while the sales of Red Duke beer doubled compared to the same period last year [1] Group 3: Dividend and Profitability - The company proposed an interim dividend of 0.464 RMB per share, with basic earnings per share reported at 1.78 RMB [1] - The overall gross margin for the group reached a record high of 48.9%, up 2.0 percentage points year-on-year [1] Group 4: White Spirit Business Performance - The unaudited revenue for the white spirit business was 0.781 billion RMB, with major products contributing nearly 80% of the revenue [2] - The gross margin for the white spirit business remained stable, with an unaudited EBITDA of 0.218 billion RMB [2]