GOLDEN SUN SECURITIES·2025-08-19 10:37Investment Rating - The report maintains a "Buy" rating for China Resources Beer [5] Core Views - The company continues to achieve high-end product growth, with a historical high gross margin of 48.9% in H1 2025, driven by the high-end strategy and cost savings in raw material procurement [2][4] - The beer business shows balanced growth across regions, with revenue of 23.16 billion RMB in H1 2025, up 2.6% year-on-year, and sales volume of 6.487 million kiloliters, up 2.2% year-on-year [1][2] - The white liquor business faces industry pressure, with revenue declining by 33.7% year-on-year to 0.781 billion RMB in H1 2025, prompting the company to implement management measures to drive development [2] Summary by Sections Beer Business - Revenue reached 23.16 billion RMB in H1 2025, a 2.6% increase year-on-year - Sales volume was 6.487 million kiloliters, up 2.2% year-on-year - Average selling price increased by 0.4% year-on-year - High-end beer products saw significant growth, with premium and above beer sales increasing by 10% year-on-year [1][2] White Liquor Business - Revenue fell to 0.781 billion RMB in H1 2025, a decrease of 33.7% year-on-year - Major single products contributed nearly 80% of revenue - The company is focusing on management initiatives to drive business development [2] Financial Performance - Gross margin reached a historical high of 48.9%, up 2.0 percentage points year-on-year - The beer business gross margin was 48.3%, up 2.5 percentage points year-on-year - The net profit margin increased by 4.4 percentage points year-on-year to 24.2% [2][4] Future Outlook - The company aims to continue its high-end development strategy, with expectations for net profit growth of 27.7%, 6.9%, and 9.2% for 2025, 2026, and 2027, respectively [2][4]