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 ...

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]

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]

| 截至月份: | 2026年1月31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2月2日 | | | I. 法定/註冊股本變動 不適用 | | | 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 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 downgraded its performance forecast for China Resources Beer (00291), expecting a slight decline in sales for last year and modest growth for this year, while maintaining an "Overweight" rating with a target price reduction from HKD 40.5 to HKD 38 [1] Group 1: Sales and Earnings Forecast - The company is projected to experience a sales decline of 0.2% year-on-year for last year and a growth of 2.1% for this year [1] - Adjusted EBIT is expected to increase by 4.4% and 13.8% year-on-year for last year and this year, respectively [1] Group 2: Management Insights - During a forum held by Morgan Stanley, the management indicated that beer consumption demand this year is expected to be similar to last year, with low single-digit volume growth and stable average selling prices [1] - The company has locked in costs, maintaining control over aluminum and barley expenses [1] Group 3: Financial Health and Future Outlook - The sales and loss situation for liquor in the second half of last year was worse than in the first half, leading to potential goodwill impairment in the fourth quarter [1] - The visibility for this year's outlook remains low [1] - The company is focused on cost savings and efficiency improvements to sustain profit margins [1] - The target payout ratio is set to increase from 60% last year to 70% by 2027, suggesting a projected dividend yield of over 5% by 2027 [1]

Core Viewpoint - Morgan Stanley has downgraded the earnings forecast for China Resources Beer (00291), expecting a slight sales decline of 0.2% last year and a modest increase of 2.1% this year, while adjusted EBIT is projected to rise by 4.4% and 13.8% respectively [1] Group 1: Sales and Earnings Forecast - The sales forecast for China Resources Beer is expected to decline by 0.2% for the previous year and increase by 2.1% for the current year [1] - Adjusted EBIT is anticipated to grow by 4.4% last year and 13.8% this year [1] Group 2: Management Insights - Management indicated that beer consumption demand this year may be similar to last year, with low single-digit volume growth and stable average selling prices [1] - Cost control measures have been implemented, particularly for aluminum and barley, which are expected to remain stable [1] Group 3: Financial Health and Future Outlook - The company reported that the sales and loss situation for liquor in the second half of last year was worse than in the first half, potentially leading to goodwill impairment in Q4 [1] - The visibility for this year's outlook remains low [1] - Continuous cost-saving measures and efficiency improvements are expected to support profit margins [1] - The company aims to increase its dividend payout ratio from 60% last year to 70% by 2027, suggesting a projected dividend yield of over 5% by 2027 [1]

Core Viewpoint - Morgan Stanley's report indicates that China Resources Beer management revealed several key insights during a forum, suggesting that beer consumption demand this year may remain similar to last year, with low single-digit sales growth and stable average prices [1] Group 1: Sales and Profitability - The company has locked in costs, controlling aluminum and barley expenses, which may help maintain profitability despite challenges [1] - The sales and loss situation for liquor in the second half of last year was worse than in the first half, leading to potential goodwill impairment in the fourth quarter [1] - The company aims to increase its dividend payout ratio from 60% last year to 70% by 2027, indicating a projected dividend yield of over 5% by 2027 [1] Group 2: Performance Forecast - Morgan Stanley has lowered its performance forecast for China Resources Beer, expecting sales to decline by 0.2% last year and increase by 2.1% this year [1] - Adjusted EBIT is projected to rise by 4.4% and 13.8% year-on-year for the respective years [1] - The firm maintains an "overweight" rating on the stock, with a target price reduced from HKD 40.5 to HKD 38 [1]

Core Viewpoint - The "Top Ten Outstanding Figures in the Liquor Industry for 2025" list was announced, highlighting Zhao Chunwu, Chairman of China Resources Beer, for his professional capabilities, performance, and industry influence [2]. Group 1: Zhao Chunwu's Background - Zhao Chunwu was born in 1972 and has held various positions within China Resources Beer since joining in 2003, including Vice President and General Manager of several regional companies [3]. - He has approximately 20 years of experience in marketing and holds an MBA from Peking University [3]. Group 2: Company Performance - Under Zhao Chunwu's leadership, China Resources Beer is projected to exceed Budweiser Asia in mid-term revenue in 2025, marking a significant achievement in the Chinese market [4]. - The company's high-end strategy has shown remarkable effectiveness, with notable advancements in product innovation and brand marketing [4].