Zhi Tong Cai Jing·2025-08-27 09:30Group 1 - The core viewpoint of the report indicates that Qingdao Beer (600600) has achieved a net profit growth of 7.2% year-on-year in the first half of the year, with revenue increasing by 2.1%, both in line with expectations [1] - In the second quarter, sales growth slightly slowed compared to the first quarter, but the average selling price remained stable. The profit margin improvement in the second quarter accelerated compared to the first quarter [1] - Looking ahead, the company is expected to maintain its revenue and profit growth momentum in the second half of the year. The current price-to-earnings ratio is not considered high, indicating a good risk-reward ratio, and market sentiment towards the Chinese liquor industry is expected to improve [1] Group 2 - The H-share target price is maintained at HKD 58.8, while the target price for Qingdao Beer A-shares (600600.SH) is set at RMB 81.6. The rating for both A and H shares has been upgraded from "Hold" to "Buy" [1]