Ge Long Hui·2025-11-18 05:39Core Viewpoint - Daiwa's report indicates that China Resources Beer is adapting to new retail channels and developing new flavors to cater to the rapidly changing preferences of young Chinese consumers [1] Company Strategy - The management of China Resources Beer emphasizes the importance of real-time retail and the introduction of new flavors such as juice beer and tea-flavored beer to meet consumer demands [1] - Daiwa believes that China Resources Beer possesses strong execution capabilities and flexible strategies to respond to the fast-changing preferences of Chinese consumers, maintaining a preference over its main competitors [1] Financial Outlook - Due to a potential slowdown in the growth rate of average selling prices and profit margins, Daiwa has lowered its core earnings per share forecast for China Resources Beer by 4% for the years 2025 to 2027 [1] - The "Buy" rating is reiterated, with the target price adjusted from HKD 38 to HKD 36, based on a target price-to-earnings ratio of 18 times for the next year [1]