Xin Lang Cai Jing·2026-03-12 06:56Core Viewpoint - Daiwa maintains China Resources Beer (00291) as its industry favorite due to high visibility in product mix and average price upgrades, benefiting from strong growth momentum of the premium brand Heineken and a higher-than-industry sales proportion in home channels [1][5] Company Summary - China Resources Beer forecasts a net profit of RMB 2.92 billion to RMB 3.35 billion for 2025, representing a year-on-year decline of 30% to 39% [1][5] - Excluding the impairment of the liquor business, Daiwa estimates the company's net profit for the year to be between RMB 5.89 billion and RMB 6.14 billion, with the midpoint being 5% higher than Daiwa's previous expectation of RMB 5.74 billion [1][5] Industry Summary - The service-oriented consumption, primarily in dining, performed better than market expectations in February, potentially driving a quicker recovery in beer consumption through on-premise channels [1][5] - The industry is expected to benefit from a low base effect due to the "anti-waste" initiative starting in May, paving the way for potentially better-than-expected performance during the summer beer consumption peak [1][5]