Ge Long Hui·2025-08-20 07:12Core Viewpoint - Huatai Securities reports that China Resources Beer achieved a revenue of 23.94 billion yuan in the first half of the year, an increase of 0.8% year-on-year, and a net profit attributable to shareholders of 5.79 billion yuan, up 23% year-on-year, exceeding market expectations [1] Group 1: Financial Performance - The company's revenue for the first half of the year was 23.94 billion yuan, reflecting a year-on-year increase of 0.8% [1] - The net profit attributable to shareholders reached 5.79 billion yuan, representing a year-on-year growth of 23% [1] Group 2: Future Outlook - The company anticipates that the beer business will continue to see growth in both premium and mass-market products in the second half of the year, leading to a trend of simultaneous volume and price increases [1] - Focus on price recovery in the liquor segment and promoting the reuse of beer channels for light bottle liquor is expected to improve operations [1] - The company is expected to benefit from the implementation of the "Three Precision" strategy (cost/expense/investment simplification, refinement, and lean management) and cost advantages, which may lead to sustained profit release [1] Group 3: Investment Forecast - The company is adjusting its profit forecast upwards, expecting earnings per share of 1.85 yuan, 1.82 yuan, and 1.93 yuan for the years 2025 to 2027 [1] - The target price for the company's stock has been raised from 37.41 HKD to 38.59 HKD, maintaining a "buy" rating [1]