Zhi Tong Cai Jing·2025-08-27 09:46Core Viewpoint - Zhongyin International has upgraded Qingdao Beer Co., Ltd. (00168) rating to "Buy" with a target price of HKD 58.8, reflecting positive expectations for the company's performance in the second half of the year [1] Financial Performance - In the first half of the year, Qingdao Beer reported a net profit growth of 7.2% year-on-year and a revenue increase of 2.1%, both in line with expectations [1] - The second quarter saw a slight slowdown in sales growth compared to the first quarter, but the average selling price remained stable [1] - Profit margin improvement in the second quarter accelerated compared to the first quarter [1] Future Outlook - The company 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, suggesting a favorable risk-return profile [1] - Market sentiment towards the Chinese liquor industry is anticipated to improve [1] Target Prices - The H-share target price is maintained at HKD 58.8, while the A-share target price is set at RMB 81.6 [1] - Both A and H shares have been upgraded from "Hold" to "Buy" [1]