白酒业务方面，25H1 白酒收入7.81 亿元，同比-33.7%，其中大单品摘要占白酒收入接近80%，政策趋 严使得商务、高端宴席等明显受损，对销售拖累明显。 机构：东吴证券 研究员：苏铖/郭晓东 投资要点 事件：华润啤酒公告2025 年中报，25H1 实现营收239.42 亿元，同比+0.8%，归母净利润57.89 亿元，同 比+23.0%，不计特别项目的EBIT 为71.05 亿元，同比+11.3%，不计特别项目的EBITDA 为83.36 亿元， 同比+10.7%。公司派发中期股息0.464 元/股，同比+24.4%，中期派息率保持26%。 啤酒韧性升级，白酒主动调整。啤酒业务方面，25H1 啤酒收入231.61亿元，同比+2.6%，量价拆分来 看，25H1 销量648.7 万吨，同比+2.2%，吨价3570 元/吨，同比+0.4%。上半年面临消费弱β，公司积极 拥抱新消费趋势，一方面传统大单品仍韧性增长，次高档及以上销量增速中至高单位数，其中喜力销量 增长超20%，老雪销量增长超70%，红爵销量增长超100%；另一方面，开发德式小麦啤酒、茶啤、果 啤、青稞啤酒等特色产品，满足个性化和差异化消费需求，亦 ...

港股晨报 2025 年 8 月 22 日 国证国际证券（香港）有限公司 • 研究部 1. 国证视点：港股三大指数集体收跌，医药逆市上扬 港股周四，三大指数震荡走弱集体收跌，恒生指数跌-0.24%，国企指数跌- 0.43%，恒生科技指数收跌-0.77%。大市成交跌至 2,394.87 亿元，主板总卖空 金额为 361.93 亿元，占可卖空股票总成交金额之比率为 16.74%。 南向资金北水方面，港股通交易净流入 74.61 亿港元。港股通 10 大成交活跃 股中，北水净买入最多的是腾讯控股 700.HK、美团 3690.HK、小米集团-W 1810.HK、中兴通讯 763.HK；净卖出最多的是阿里巴巴 9988.HK、中芯国际 981.HK、众安在线 6060.HK。 北向资金方面，8 月 21 日北向资金共成交 3097.72 亿元，占两市总成交额的 12.78%。寒武纪-U 688256.SH、工业富联 601138.SH、北方稀土 600111.SH 位列沪股通成交前三，成交额分别为 23.63 亿、18.92 亿、16.82 亿；中际旭 创 300308.SZ、新易盛 300502.SZ、东方财富 30 ...

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4842 期 2025 年 8 月 21 日 星期四 研究观点 【公司研究】 富途控股（FUTU，买入）："牌照+科技+生态"三维壁垒护航，抢占跨境财富管理赛 道 海天国际 (1882，买入）：全球化布局的经营韧性突显 华润啤酒（291,买入）：高端化持续兑现，盈利质量跃升 【公司评论】 评级变化 万国黄金集团 (3939，未评级）：降本增效带动业绩增长，金岭矿潜力巨大 中国罕王 (3788，未评级）：澳洲金矿可研报告披露，盈利未来可期 【宏观经济评论】 | 公司 | 代码 | 评级 | 目标价(港元） | | | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 海天国际 | 1882 | 买入 买入 30.00 | | 30.0 ...

证券研究报告·海外公司点评·食物饮品(HS) 华润啤酒（00291.HK） 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 38,932 | 38,635 | 39,155 | 40,389 | 41,791 | | 同比(%) | 10.40 | (0.76) | 1.35 | 3.15 | 3.47 | | 归母净利润（百万元） | 5,153 | 4,739 | 6,017 | 6,106 | 6,548 | | 同比(%) | 18.62 | (8.03) | 26.97 | 1.48 | 7.23 | | EPS-最新摊薄（元/股） | 1.59 | 1.46 | 1.85 | 1.88 | 2.02 | | P/E（现价&最新摊薄） | 16.38 | 17.81 | 14.02 | 13.82 | 12.89 | [Table_Tag] [Table_Summary] 投资要点 ◼ 高端化、成本红利 ...

Core Viewpoint - Budweiser APAC reported a decline in revenue, net profit, and sales volume for the first half of the year, indicating ongoing challenges in the market [1][2][3]. Financial Performance - Budweiser APAC's net profit for the first half of the year was $409 million, a decrease of 24.4% year-on-year [1][2]. - The total sales volume was 4.363 million kiloliters, down 6.1% compared to the previous year [1][2]. - Revenue decreased to $3.136 billion, reflecting a 5.6% decline [2]. - Gross profit was $1.613 billion, with a gross margin of 51.4%, slightly down from 51.5% [2]. Market Challenges - The company's performance in China was significantly impacted by weak channel dynamics and increased competition from local brands [4][5]. - Budweiser APAC's primary market focus has been on high-end products priced at 10 RMB and above, but competition from domestic brands has intensified [4]. - The traditional distribution channels, particularly in dining and nightlife, faced challenges due to slow recovery and regulatory concerns [5]. Competitive Landscape - Heineken, a major competitor, reported a contrasting performance in China, with a 30% increase in sales of high-end products [6][7]. - Heineken's collaboration with China Resources Beer has strengthened its market position, making it a formidable competitor to Budweiser in the high-end segment [7]. Strategic Adjustments - Budweiser APAC is focusing on expanding its non-drinking channels and enhancing its product positioning to adapt to market changes [8][9]. - The company is investing in high-end products and has initiated partnerships with platforms like Meituan and Ele.me for online retail promotions [8][9]. - The management acknowledges the need for a strategic shift to address current challenges and drive long-term growth [9].

Group 1: Consumer Sentiment and Market Trends - The overall retail sales in the first quarter of 2025 showed a year-on-year growth of 4.6%, with service retail sales increasing by 5% [1] - Despite positive signals like the release of "Nezha 2" and a 7% increase in Spring Festival tourism spending, consumer price index (CPI) and producer price index (PPI) are both declining, indicating a drop in product and raw material prices [1] - Personal short-term and long-term loans are decreasing, suggesting that consumer spending power remains insufficient [1] Group 2: Sportswear Industry Insights - The sportswear market is experiencing a dual challenge from both "affordable alternatives" and "premium alternatives," with consumers becoming more selective about their spending [2] - The sneaker culture is perceived as losing its appeal, and brands are struggling to innovate and attract the new generation of consumers [2][3] - The market for traditional sports like basketball and soccer is stagnating, while new sports such as climbing and boxing are emerging but not yet fully capitalized on by brands [3] Group 3: Beer Industry Recovery - Beer sales showed a slight recovery in early 2025, with optimism among companies due to reduced inventory pressure compared to the previous year [8] - High-end beer segments are witnessing growth, with brands like Heineken and new premium offerings gaining traction [10] - The beer market is shifting towards younger consumers, with brands needing to better understand and connect with this demographic [12] Group 4: Outdoor Products Market Dynamics - The outdoor products sector continues to thrive, with growth comparable to previous years, despite a general retail downturn [15] - Consumer interest is shifting from status-driven luxury purchases to fulfilling personal interests, which benefits the outdoor segment [15] - There is significant growth potential in the outdoor market, particularly as more consumers engage in activities like hiking and camping [16] Group 5: Brand Positioning and Future Outlook - Foreign brands face challenges in the Chinese market, with local brands gaining an advantage and opportunities for growth [18] - The outdoor market's penetration rate is still low compared to developed countries, indicating room for expansion [16] - Companies are adopting a long-term strategy, focusing on genuine consumer interest rather than fleeting trends [17]