香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （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）） 盈利警告 本公告由華潤啤酒（控股）有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香 港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)條及證券及期貨條例（香港 法例第571章）第XIVA部的內幕消息條文（定義見上市規則）作出。 本公司董事（「董事」，各為一名「董事」）會（「董事會」）謹此知會本公司股東（「股東」） 及潛在投資者，根據對本集團截至二零二五年十二月三十一日止年度（「報告期」）未經審 核綜合管理賬目及董事會目前可得資料的初步審閱及評估，預期本集團於報告期可能錄 得溢利約人民幣2,920百萬元至人民幣3,350百萬元，而相對截至二零二四年十二月三十一 日止年度則錄得溢利約人民幣4,759百萬元，按年減少約29.6%至38.6%。 本公司溢利減少主要由於報告期商譽減值約人民幣2,79 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Chinese beer industry is expected to see production, revenue, and profit growth of 5%, 4%, and 18% respectively in 2025, indicating a shift towards value enhancement [2] - The trend towards low-alcohol beverages is gaining momentum, with consumers preferring to drink less but of higher quality, leading to a significant increase in low-alcohol and health-oriented drinks [2] - The liquor industry is transitioning from a "quantity era" to a "quality era," focusing on high-quality development and technological innovation [5] - The Chinese wine market is undergoing structural changes, with a 26.85% decrease in imported wine volume but a 21.79% increase in average price, indicating a preference for premium and specialty wines [5] - The yellow wine industry is experiencing a nationalization and quality upgrade, with major brands increasing prices and expanding their market presence [6] Industry Environment - The report identifies four major trends in the beer industry for 2026: expansion of non-on-premise channels, growth of non-alcoholic beer, differentiation in craft beer competition, and deepening of local brand premiumization [2] - The liquor industry is seeing a shift towards rational consumption, emphasizing personalized experiences and cultural resonance [2] - The "2026-2030 Guidelines for Quality Improvement and Upgrading of the Liquor Industry" aim to foster high-quality development through technological innovation and cultural empowerment [5] - The Chinese wine market is focusing on white wine, affordable premium options, and diverse consumption scenarios, with brand operation and channel integration becoming key [5] Top Brand Dynamics - Gujing Gongjiu launched a marketing campaign centered around the theme of "going home" during the Spring Festival, enhancing its image as the "national year wine" [9] - Moutai is attracting younger consumers and women through its iMoutai platform, significantly increasing foot traffic in offline stores [9] - Moutai Wine is undergoing systematic changes to achieve growth despite market challenges, optimizing its product structure and increasing brand investment [10] - The yellow wine industry is moving towards nationalization and quality enhancement, with major brands like Guyue Longshan and Kweichow Moutai leading the charge [6][10] - Xifeng Wine is focusing on marketing reform and product upgrades to achieve breakthroughs in the high-end market [13] - Jian Nan Chun is leveraging cultural empowerment and emotional resonance in its marketing strategy to transition from promotional discounts to value enhancement [19]

Group 1 - The Hang Seng Index Company announced the results of the latest quarterly review of the Hang Seng Index series, with changes effective after market close on March 6, 2026, and effective from March 9, 2026 [2] - The Hang Seng Index will include three new stocks: CATL, Luoyang Molybdenum, and Laopuqin Gold, increasing the number of constituent stocks from 88 to 90 [2] - The Hang Seng China Enterprises Index will add Beike-W and Horizon Robotics-W, while removing China Resources Beer and Mengniu Dairy, maintaining a total of 50 constituent stocks [2] Group 2 - There are no changes to the constituent stocks of the Hang Seng Tech Index, which will remain at 30 stocks [2]

Investment Rating - The report does not explicitly provide an investment rating for the wealth management industry or specific funds [1][6][11]. Core Insights - The report highlights the performance of major stock indices, with the S&P 500 index at 6878.88, showing a weekly decline of 0.44% and a year-to-date increase of 0.49% [13]. - The report notes that the Invesco Global High-Quality Corporate Bond Fund has an average credit rating of A- and a duration of 6.0 years, indicating a moderate risk profile [19]. - The escalation of the US-Iran conflict has led to increased risk aversion in global markets, with funds flowing into traditional safe-haven assets like gold and US Treasuries [19]. - The report emphasizes that high-rated US Treasuries are seen as a core choice for risk-averse investors due to their low-risk attributes and liquidity [19]. - The fund's performance over the past year was 6.18%, slightly below the Bloomberg US Corporate Bond Index's 6.91% return, attributed to conservative credit selection [22]. Summary by Sections Market Performance - Major stock indices have shown varied performance, with the Nasdaq index down 0.95% year-to-date and the Dow Jones index up 1.90% [13]. - The report provides a detailed table of bond indices, with the Bloomberg US Treasury Index showing a year-to-date increase of 1.72% [26]. Fund Highlights - The Invesco Global High-Quality Corporate Bond Fund has 747 investments, ensuring diversification and reducing credit risk [19][24]. - The fund's geographic distribution includes the US (27.7%), UK (14%), and Italy (5.8%), with no single country exceeding 30% to mitigate economic and policy risks [24]. Recent Market Developments - The report discusses the recent issuance in the primary market, with New City Development issuing a 3-year bond of $355 million at a yield of 13.25% [36]. - It also mentions the positive outlook for Hong Kong property prices, with Morgan Stanley raising its forecast from 5%-7% to 10%-15% for the year [41].

Core Viewpoint - Morgan Stanley has raised the target price for China Resources Beer (00291) from HKD 35 to HKD 36, driven by the appreciation of the Renminbi, while maintaining an "Overweight" rating despite some offset from lowered earnings forecasts [1] Group 1: Financial Projections - The firm maintains its sales and operating profit growth forecasts for the beer business, expecting ongoing efficiency improvements and an increased share of Heineken beer to help offset rising raw material costs [1] - Earnings per share forecasts for China Resources Beer for 2025 to 2027 have been lowered by 2% to 4% due to challenges in the liquor business and the impact of rising aluminum prices on gross margins [1] Group 2: Business Segment Performance - Beer business sales are projected to grow by 2% and 3% in 2025 and 2026, respectively, with operating profit margins expected to expand, leading to recurring operating profit growth of 10% and 7% in those years [1] - The liquor business is anticipated to incur losses in 2025, with losses expected to narrow in 2026 [1] - Overall recurring net profit is expected to grow by 11% in both 2025 and 2026 [1]

Group 1 - Morgan Stanley raised the target price for China Resources Beer (00291) from HKD 35 to HKD 36, driven by the appreciation of the RMB, while maintaining an "Overweight" rating [1] - The firm expects continued efficiency improvements and an increased share of Heineken beer to offset the impact of rising raw material costs on sales and operating profit growth in the beer business [1] - The earnings per share forecast for China Resources Beer for 2025 to 2027 has been lowered by 2% to 4% due to challenges in the demand environment for the liquor business and the need for business restructuring, along with rising aluminum prices affecting gross margins [1] Group 2 - Sales in the beer business are projected to grow by 2% and 3% in 2025 and 2026, respectively, with operating profit margin expansion leading to a 10% and 7% increase in recurring operating profit for those years [1] - The liquor business is expected to incur losses in 2025, with losses narrowing in 2026 [1] - Overall recurring net profit is anticipated to grow by 11% in both 2025 and 2026 [1]

Investment Rating - The investment rating for the essential consumer sector in China is "Outperform" for multiple companies including Kweichow Moutai, Wuliangye, and Yili Industrial Group [1]. Core Insights - The report highlights that among the eight key tracked essential consumer industries in February 2026, five maintained positive growth, two recorded negative growth, and one remained flat. The growing industries included frozen food, condiments, beer, catering, and soft drinks, while the declining industries included sub-high-end and above liquor and dairy products. The improvement in data is attributed to the increased number of Spring Festival holidays and heightened consumer enthusiasm for travel, which boosted demand for catering and supply chain products [3][35]. Demand Summary - In February 2026, five out of eight essential consumer industries showed positive growth, with frozen food, condiments, beer, catering, and soft drinks experiencing growth. In contrast, sub-high-end and above liquor and dairy products faced declines. The overall growth rate improved for seven industries compared to the previous month, primarily due to the Spring Festival holidays and increased consumer travel [3][35]. Price Summary - The wholesale price of high-end liquor rebounded month-on-month, while sub-high-end and below liquor prices mostly fell. Discounts on liquid milk and condiments decreased, with average discount rates for liquid milk increasing by 4.7 percentage points and condiments by 1.2 percentage points compared to January. Convenience food discounts increased, while discounts for beer, soft drinks, and infant formula remained stable [4][36]. Cost Summary - In February, the spot cost indices for six categories of consumer goods generally fell, while futures cost indices mostly rose. The spot cost indices for soft drinks, instant noodles, frozen food, beer, condiments, and dairy products changed by -1.28%, -1.03%, -0.52%, -0.52%, +0.06%, and +0.27% respectively. Year-on-year changes for can, plastic, paper, and glass prices were +12.1%, -0.3%, -7.4%, and -17.7% respectively [4][37]. Capital Flow Summary - As of the end of February, the net inflow of Southbound Stock Connect funds was 80.32 billion yuan, an increase from 61.73 billion yuan in the previous month. The essential consumer sector's market value accounted for 5.86%, up by 0.04 percentage points from the previous month. The dairy industry represented 17.2% of the Southbound Stock Connect market value, while the food additive industry accounted for 14.4% [5][38]. Valuation Summary - At the end of February, the PE historical quantile for A-share food and beverage was 17% (20.5x), remaining stable from the previous month. The sub-sectors with lower quantiles included beer (1%, 20.6x) and liquor (12%, 18.3x). The median valuation for A-share food and beverage leaders was 22x, unchanged from the previous month [5][39]. Suggestions - The report suggests several favorable aspects for allocating essential consumption, including increased international capital inflow into China, low institutional allocation levels, and the gradual recovery of industries like dairy and liquor. Recommendations for March include stocks that align with fundamental and dividend yield improvement logic, such as Mengniu Dairy, Yili Industrial Group, and Tsingtao Brewery, as well as those favored by long-term institutional investors like Luzhou Laojiao and Kweichow Moutai [6][40].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 華潤啤酒(控股)有限公司 | | | 呈交日期: | 2026年3月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00291 | | 說明 | | | | | | | 多櫃檯證券代號 | 80291 | RMB | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 3 ...

Core Viewpoint - Morgan Stanley has lowered its earnings per share forecast for China Resources Beer for 2025 to 2027 by 2% to 4% due to challenges in the liquor business and the impact of rising aluminum prices on gross margins [1] Group 1: Beer Business - The firm maintains its sales and operating profit growth forecasts for the beer business, expecting sales growth of 2% in 2025 and 3% in 2026 [1] - Operating profit margin expansion is anticipated to drive recurring operating profit growth of 10% in 2025 and 7% in 2026 [1] - Continuous efficiency improvements and an increased share of Heineken beer are expected to help offset the impact of rising raw material costs [1] Group 2: Liquor Business - The liquor business is projected to incur losses in 2025, with losses expected to narrow in 2026 [1] Group 3: Price Target and Rating - The target price for China Resources Beer has been raised from HKD 35 to HKD 36, partially offset by the downward revision in earnings forecasts [1] - The rating remains "Overweight" [1]

Core Viewpoint - The report from Daiwa Capital Markets indicates a positive trend in domestic consumption during the recent Spring Festival holiday, suggesting an initial recovery in the consumer market, particularly in tourism, culture, and dining sectors [1] Industry Summary - The sectors expected to benefit from structural consumption growth, potential policy support, and overseas growth opportunities include dining, services, and experiential consumption [1] - The domestic consumption industry is maintained at an "overweight" rating by Daiwa Capital Markets [1] Company Summary - Preferred stocks include Anta Sports (02020), China Resources Beer (00291), China Duty Free Group (601888.SH), Haidilao (06862), Midea Group (000333.SZ), and Yum China (09987), all rated as "buy" [1] - Target prices have been adjusted based on consumption and travel data during the Spring Festival, with Haidilao's target price raised to HKD 19.7, Li Ning's to HKD 21.6, Kweichow Moutai's to RMB 1,682, and Wuliangye's slightly increased to RMB 115.1 [1]