Zhi Tong Cai Jing·2025-08-22 03:59Group 1 - The core profit of China Resources Beer (00291) increased by 10% year-on-year, slightly exceeding expectations [1] - The company declared an interim dividend of 0.373 RMB per share, maintaining a payout ratio of 26% [1] - The target price for the group was raised from 33.6 HKD to 35.1 HKD, with a maintained "outperform" rating [1] Group 2 - The forecast for the group's earnings for the next two years has been increased by 13% and 9% respectively, reflecting one-time gains and improved beer product margins [1] - The outlook for the company's liquor business sales growth remains cautious, with expected ongoing policy impacts [1] - Due to stable product prices and regulated sales, general, and administrative expenses, the business losses in the second half of the year are expected to narrow [1]