Investment Rating - The investment rating for China Resources Beer is "Buy" with a 12-month price target of HK$33.50, representing an upside of 34.0% from the current price of HK$25.00 [9]. Core Insights - China Resources Beer (CRB) has shown continued solid performance in May, driven primarily by Heineken, which sustained over 20% year-on-year volume growth [6][7]. - The overall operating run-rate for CRB's beer volume growth in May was above the volume growth of SD% in 1Q25, with a mild increase in blended average selling price (ASP) and positive margin profiles [6][10]. - Management noted a healthy channel inventory maintained at largely one month of sales, with positive volume growth across mass-market to premium segments [6][10]. Summary by Sections Volume Growth and Performance - CRB's beer volume growth in May trended similarly to April, exceeding the volume growth of SD% in 1Q25 [6]. - Heineken remains the key volume driver, achieving over 20% year-on-year growth in May [7]. - Pure Draft experienced a narrower volume decline year-on-year in May compared to April and 1Q25, while SuperX maintained high single-digit to double-digit growth [7]. Channel and Regional Insights - Management observed a mild recovery in catering channels, particularly in hot pot, BBQ, and trendy restaurants, while nightlife channels remained muted [6][10]. - Performance in East and South China was noted as on track, with slightly better on-trade volume growth in these regions [10]. Instant Delivery and Online Channels - CRB is experiencing strong growth in instant delivery platforms, with growth rates ranging from double-digit to triple-digit percentages from a small base [10]. - Online channels, including instant delivery, currently account for low single-digit to mid-single-digit percentages of total volume, with management indicating that operating profit margins for these businesses are not significantly lower than traditional channels [10].

Core Insights - ALP has partnered with Gopuff to introduce an instant delivery feature for its nicotine pouches, enhancing customer accessibility and experience [1][3] - The new service allows customers to order ALP products through Alppouch.com and receive them almost instantly, utilizing Gopuff's extensive network of over 200 micro distribution centers across the U.S. [2][3] - This partnership marks a significant innovation in the nicotine pouch market, focusing on a customer-centric approach and leveraging Gopuff's advanced technology [3] Company Overview - ALP Supply Co. LLC specializes in the sale, marketing, and distribution of nicotine pouches in the United States, co-owned by Turning Point Brands and Tucker Carlson Network [6] - Gopuff, founded in 2013, is a leader in instant commerce, providing a wide range of products delivered to customers' doors in as fast as 15 minutes, supported by a robust logistics network [5]