金星啤酒递表港交所 为中国最大的风味精酿啤酒企业
Zhi Tong Cai Jing·2026-01-14 01:52

Core Viewpoint - Henan Jinxing Brewery 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 Brewery is a leading craft beer company focused on brewing uniquely flavored Chinese beers. According to Zhi Shi Consulting, it ranks as the eighth largest brewery in China by retail sales for the year 2024 and is the fifth largest domestic brewery [3] - In the craft beer segment, the company is the third largest craft brewery in China and the largest flavored craft beer producer, holding a market share of 14.6% [4] Product Portfolio - The product range includes easy-to-drink lager and wheat beers, featuring series such as pure draft, original brew, and white beer. The company has also launched Chinese craft beers, including innovative tea-flavored products 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] Financial Performance - The company reported revenues of RMB 356.405 million, RMB 730.164 million, and RMB 1,109.744 million for the years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, respectively [7] - The gross profit margins for the same periods were 27.3%, 37.8%, and 47% [8] 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 [10] - 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% [12] - 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% [14] Market Position - By retail sales, Jinxing Brewery ranks as the eighth largest brewery in China and the fifth largest domestic brewery as of September 30, 2025. It is the fastest-growing company among the top ten breweries in China, with a retail sales CAGR of 23.7% from 2022 to 2024 [15][17]