新股消息 | 金星啤酒递表港交所 为中国最大的风味精酿啤酒企业

Core Viewpoint - Henan Jinxing Beer Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and Bank of China International as joint sponsors [1] Company Overview - Jinxing Beer is a leading craft beer company focused on brewing uniquely flavored beers with a Chinese twist. It ranks as the eighth largest beer company in China and the fifth largest domestic beer company based on retail sales for the year ending September 30, 2025 [4] - In the craft beer segment, it is the third largest craft beer company in China and the largest flavored craft beer company, holding a market share of 14.6% [4] - The product range includes easy-to-drink lager and wheat beers, as well as innovative Chinese craft beers like jasmine tea and Jinxing Maojian [4] - As of September 30, 2025, the company offers 50 SKUs of Chinese craft beer, contributing 78.1% of its revenue for the nine months ending September 30, 2025 [4] Distribution Network - Following the launch of its Chinese craft beers, the company has established a network of over 1,000 specialized distributors, complementing the traditional beer distribution system. By September 30, 2025, the distribution network covers 29 provinces nationwide [5] Financial Performance - Revenue for the company was approximately RMB 356.4 million in 2023, RMB 730.2 million in 2024, and RMB 1.11 billion for the nine months ending September 30, 2025 [7] - Profit figures for the same periods were approximately RMB 12.2 million, RMB 125.4 million, and RMB 305.3 million respectively [8] - The gross profit margin improved from 27.3% in 2023 to 47% in 2025 [11] Industry Overview - The Chinese beer market has grown from RMB 604.3 billion in 2019 to an expected RMB 734.7 billion in 2024, with a compound annual growth rate (CAGR) of 4.0%. It is projected to reach RMB 929.3 billion by 2029, with a CAGR of 4.8% from 2024 to 2029 [13] - The craft beer market in China has seen rapid growth, with its size increasing from RMB 12.5 billion in 2019 to RMB 63.2 billion in 2024, achieving a CAGR of 38.4%. It is expected to maintain a CAGR of 23.6% from 2024 to 2029 [15] - The flavored craft beer market has also expanded significantly, growing from RMB 1.5 billion in 2019 to RMB 11.1 billion in 2024, with a CAGR of 49.3%. It is anticipated to reach RMB 66 billion by 2029, with a CAGR of 42.8% from 2024 to 2029 [16] Competitive Position - Jinxing Beer ranks as the eighth largest beer company in China and the fifth largest domestic beer company as of September 30, 2025. It is the fastest-growing company among the top ten beer companies in China, with a retail sales CAGR of 23.7% from 2022 to 2024 [18]