Core Viewpoint - Henan Jinxing Brewery Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and Bank of China International as joint sponsors [1] Company Overview - Jinxing Brewery is a leading craft beer company focused on brewing uniquely flavored Chinese beers. According to Zhi Shi Consulting, it ranks as the eighth largest brewery in China by retail sales for the year 2024 and is the fifth largest domestic brewery [3] - In the craft beer segment, the company is the third largest craft brewery in China and the largest flavored craft beer producer, holding a market share of 14.6% [4] Product Portfolio - The product range includes easy-to-drink lager and wheat beers, featuring series such as pure draft, original brew, and white beer. The company has also launched Chinese craft beers, including innovative tea-flavored products like jasmine tea and Jinxing Maojian [4] - As of September 30, 2025, the company offers 50 SKUs of Chinese craft beer, contributing 78.1% of its revenue for the nine months ending September 30, 2025 [4] Financial Performance - The company reported revenues of RMB 356.405 million, RMB 730.164 million, and RMB 1,109.744 million for the years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, respectively [7] - The gross profit margins for the same periods were 27.3%, 37.8%, and 47% [8] Industry Overview - The Chinese beer market has grown from RMB 604.3 billion in 2019 to an expected RMB 734.7 billion in 2024, with a compound annual growth rate (CAGR) of 4.0%. It is projected to reach RMB 929.3 billion by 2029, with a CAGR of 4.8% from 2024 to 2029 [10] - The craft beer market in China has seen rapid growth, with its size increasing from RMB 12.5 billion in 2019 to RMB 63.2 billion in 2024, achieving a CAGR of 38.4% [12] - The flavored craft beer market has also expanded significantly, growing from RMB 1.5 billion in 2019 to RMB 11.1 billion in 2024, with a CAGR of 49.3% [14] Market Position - By retail sales, Jinxing Brewery ranks as the eighth largest brewery in China and the fifth largest domestic brewery as of September 30, 2025. It is the fastest-growing company among the top ten breweries in China, with a retail sales CAGR of 23.7% from 2022 to 2024 [15][17]

Core Viewpoint - Henan Jinxing Beer Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and Bank of China International as joint sponsors [1] Company Overview - Jinxing Beer is a leading craft beer company focused on brewing uniquely flavored beers with a Chinese twist. It ranks as the eighth largest beer company in China and the fifth largest domestic beer company based on retail sales for the year ending September 30, 2025 [4] - In the craft beer segment, it is the third largest craft beer company in China and the largest flavored craft beer company, holding a market share of 14.6% [4] - The product range includes easy-to-drink lager and wheat beers, as well as innovative Chinese craft beers like jasmine tea and Jinxing Maojian [4] - As of September 30, 2025, the company offers 50 SKUs of Chinese craft beer, contributing 78.1% of its revenue for the nine months ending September 30, 2025 [4] Distribution Network - Following the launch of its Chinese craft beers, the company has established a network of over 1,000 specialized distributors, complementing the traditional beer distribution system. By September 30, 2025, the distribution network covers 29 provinces nationwide [5] Financial Performance - Revenue for the company was approximately RMB 356.4 million in 2023, RMB 730.2 million in 2024, and RMB 1.11 billion for the nine months ending September 30, 2025 [7] - Profit figures for the same periods were approximately RMB 12.2 million, RMB 125.4 million, and RMB 305.3 million respectively [8] - The gross profit margin improved from 27.3% in 2023 to 47% in 2025 [11] Industry Overview - The Chinese beer market has grown from RMB 604.3 billion in 2019 to an expected RMB 734.7 billion in 2024, with a compound annual growth rate (CAGR) of 4.0%. It is projected to reach RMB 929.3 billion by 2029, with a CAGR of 4.8% from 2024 to 2029 [13] - The craft beer market in China has seen rapid growth, with its size increasing from RMB 12.5 billion in 2019 to RMB 63.2 billion in 2024, achieving a CAGR of 38.4%. It is expected to maintain a CAGR of 23.6% from 2024 to 2029 [15] - The flavored craft beer market has also expanded significantly, growing from RMB 1.5 billion in 2019 to RMB 11.1 billion in 2024, with a CAGR of 49.3%. It is anticipated to reach RMB 66 billion by 2029, with a CAGR of 42.8% from 2024 to 2029 [16] Competitive Position - Jinxing Beer ranks as the eighth largest beer company in China and the fifth largest domestic beer company as of September 30, 2025. It is the fastest-growing company among the top ten beer companies in China, with a retail sales CAGR of 23.7% from 2022 to 2024 [18]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 HENAN KINGSTAR BREWERY CO., LTD 河 南 金 星 啤 酒 股 份 有 限 公 司 （ 於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要 求而刊發，僅用作向香港公眾人士提供資料。 本 申 請 版 本 為 草 擬 本 ， 其 所 載 資 料 並 不 完 整 ， 亦 可 能 會 作 出 重 大 變 動 。 閣 下 閱 覽 本 文 件 ， 即 表 示 閣下知悉、接納並向河南金星啤酒股份有限公司（「本公司」，連同其附屬公司，統稱「本集團」）、 其聯席保薦人、整體協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（ 清盤及雜項條文）條例與香港公司註冊處處長登記前，本公 司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意 ...

Core Viewpoint - The article highlights the remarkable rise of Jinxing Beer, a 40-year-old local brand, which achieved significant sales success during the Douyin Double 11 shopping festival, leading to a 5324% increase in sales for a new category of tea-flavored beer [2][4]. Group 1: Market Context and Brand Strategy - In a highly monopolized market where the top five brands hold over 90% market share, Jinxing Beer has emerged as a strong competitor despite the overall decline in sales among many beer companies [1][3]. - The brand's strategy involved launching its products through Douyin's official live streaming, which was a mix of proactive and reactive decision-making [5][6]. - Jinxing Beer faced challenges in offline sales due to channel restrictions, prompting a shift towards online marketing and sales, where it had already built a substantial following [6][9]. Group 2: Product Characteristics and Consumer Trends - The tea-flavored beer, priced at approximately 20 yuan per liter, is positioned as a premium product, which allows for better profit margins and easier transportation due to its canned format [10]. - The changing consumer preferences indicate a trend towards drinking less but opting for higher-quality and healthier options, with a growing interest in refreshing flavors [13][14]. - The target demographic for Jinxing Beer is primarily young women aged 25-35, who are more inclined to share their drinking experiences on social media platforms like Douyin and Xiaohongshu [19][30]. Group 3: UGC and Marketing Dynamics - User-generated content (UGC) plays a crucial role in promoting Jinxing Beer, with two main consumption scenarios identified: solo drinking at home and social gatherings with friends [20][31]. - The product's design appeals to female aesthetics, differentiating it from traditional beer packaging, which enhances its visibility in online sales [26]. - The success of Jinxing Beer has led to the development of new flavors, such as jasmine and peach oolong, further solidifying its market presence and appealing to a broader audience [30][31]. Group 4: Future Outlook - The article suggests that the rise of tea-flavored beer may not just be a fleeting trend but could signify a long-term shift in consumer behavior towards more personalized drinking experiences [34][36]. - The success of Jinxing Beer underscores the importance of understanding and catering to emerging consumer demographics, particularly younger audiences seeking unique and enjoyable drinking experiences [36].