Ge Long Hui·2025-10-30 03:46Core Viewpoint - Bank of China International reports that Qingdao Beer’s revenue and net profit for the first three quarters increased by 1.4% and 5.7% year-on-year, slightly below expectations [1] Group 1: Financial Performance - Total revenue for the third quarter decreased by 0.2% year-on-year, with volume increasing by 0.3% and price decreasing by 0.5% due to ongoing price deflation pressure from factory to retail for essential consumer goods [1] - Sales of mid-to-high-end products increased by 6.8% year-on-year, showing an improvement from 4.8% in the previous quarter, indicating positive structural changes [1] Group 2: Investment Outlook - The target price for Qingdao Beer’s H-shares is maintained at HKD 58.8, corresponding to a price-to-earnings ratio of 15.9 times and 15.3 times for the forecasts of 2025 and 2026, respectively [1] - The rating for Qingdao Beer is set as "Buy" [1]