Ge Long Hui·2025-08-27 07:40Core Viewpoint - Bank of China International's research report indicates that Qingdao Beer achieved a net profit growth of 7.2% year-on-year and a revenue growth of 2.1% year-on-year in the first half of the year, both in line with expectations [1] Financial Performance - The second quarter sales growth slightly slowed compared to the first quarter, but the average selling price remained stable [1] - Year-on-year comparison shows that the profit margin improvement in the second quarter accelerated compared to the first quarter [1] Future Outlook - The group is expected to maintain revenue and profit growth momentum in the second half of the year [1] - Current price-to-earnings ratio indicates that the valuation is not overly high, providing a good risk-reward ratio [1] - Market sentiment towards the Chinese liquor industry is expected to improve [1] Target Prices and Ratings - H-share target price is maintained at HKD 58.8, and A-share target price is maintained at CNY 81.6 [1] - Ratings for both A and H shares have been upgraded from "Hold" to "Buy" [1]