晨星发布研报称，将护城河较窄的华润啤酒(00291)的公允价值估值下调3%至37.5港元，同时将2025- 2029年的盈利预测下调4-5%。该行仍认为该股估值被低估，2025年4.4%的股息率也支撑这一观点。 该行将华润啤酒的白酒业务五年销售的复合年增长率预测，从7%下调至3%,反映行业需求前景疲软。同 时预计该公司旗下公司"金沙酒业"品牌组合在高端白酒市场的表现将落后于其他品牌。 2025年下半年，华润啤酒的啤酒和白酒业务在消费者渠道持续面临挑战，消费者信心依然疲软。该行将 2025年的销售额和净利润预期下调0.2%和4%，以反映下半年营运成本上升和白酒盈利能力下降。此 外，由于低端啤酒价格承压，该行将2026年的价格增长预期下调2个百分点。喜力啤酒的渠道扩张仍是 啤酒业务销量增长的主要驱动力。 ...

Core Viewpoint - The company reported a slight decrease in consolidated revenue by 2% to HKD 595 million for the six months ending June 30, 2025, and recorded a loss attributable to shareholders of HKD 15 million, translating to a loss per share of HKD 0.0389 [1] Financial Performance - Consolidated revenue decreased by 2% to HKD 595 million [1] - Loss attributable to shareholders was HKD 15 million compared to a profit of HKD 2.5 million in 2024 [1] - Loss per share was HKD 0.0389, compared to earnings per share of HKD 0.0064 in 2024 [1] Reasons for Loss - The loss was primarily attributed to the impact of U.S. tariff policies disrupting trade between the U.S. and China, which also affected global supply chains [1] - Increased operational costs due to the establishment of production facilities in Vietnam and Malaysia [1] - Significant increases in employee costs, promotional, and exhibition expenses related to the development of eyewear distribution and lens business in China and Southeast Asia [1] - Increased bank loan interest expenses by HKD 2.9 million due to funding for overseas production bases [1]