Investment Rating - The report rates the industry positively, highlighting the growth potential of the craft beer segment and the leading position of the company in this market. Core Insights - The company is positioned as a leader in the Chinese craft beer market, benefiting from the expansion of the craft beer segment and innovative product offerings. It has shown significant revenue and profit growth, with a retail revenue CAGR of 23.7% from 2022 to 2024, and a remarkable increase in net profit by 928% year-on-year in 2024 [9][20]. Company Overview - The company, established in 1982, has evolved into a leading brand in the Chinese craft beer sector, with a diverse product portfolio that includes lager and wheat beers, as well as innovative tea-flavored craft beers [9][10]. - As of Q1-Q3 2025, the company ranked eighth in the Chinese beer industry and fifth among domestic brands, while being the third largest craft beer company in China [9]. Financial Performance - Revenue increased from 3.56 billion to 7.3 billion yuan from 2023 to 2024, representing a year-on-year growth of 104.87%. For Q1-Q3 2025, revenue further surged to 11.1 billion yuan, marking a 191.16% increase year-on-year [20][23]. - Net profit rose from 0.12 billion to 1.25 billion yuan during the same period, with a staggering year-on-year growth of 1095.84% in Q1-Q3 2025, reaching 3.05 billion yuan [20][23]. Business Performance - The company focuses on the craft beer segment, with a product matrix that includes traditional and innovative offerings. The craft beer segment accounted for 78.1% of total revenue in Q1-Q3 2025, with a year-on-year growth of 2331.97% [38][42]. - Traditional beer categories, such as the 1982 raw beer and new generation beer, have shown declining performance, indicating a shift in consumer preference towards craft beers [42]. Distribution Channels - The company primarily relies on offline distribution, which accounted for 81% of total revenue in 2024. The online direct sales channel has also seen significant growth, with a year-on-year increase of 2172.17% in 2024 [49]. - The company has expanded its distribution network across various regions, with a focus on increasing its presence in the central and southern regions of China [49]. Future Strategy - The company plans to diversify its product offerings under the "Blue Horse" brand, introducing new products such as rice wine and non-alcoholic tea beer to capture a broader market [71]. - Marketing efforts will focus on enhancing brand visibility through collaborations with influencers and targeted campaigns on social media platforms [71]. Industry Situation - The overall beer market in China is expanding, with a projected market size growth from 604.3 billion yuan in 2019 to 734.7 billion yuan in 2024, reflecting a CAGR of 4.0% [77]. - The craft beer segment is experiencing rapid growth, with a CAGR of 38.4% from 2019 to 2024, indicating a strong consumer shift towards premium and innovative beer products [77][78].

Core Viewpoint - The company, Jinxing Beer, has submitted its prospectus for an IPO, positioning itself as the eighth largest beer company in China and the fifth largest domestic brewery, with a strong focus on craft beer innovation and market expansion [1][2]. Company Overview - As of the nine months ending September 30, 2025, Jinxing Beer ranks as the third largest craft beer company in China and the largest flavored craft beer producer, holding a market share of 14.6% [1]. - The company has introduced a new category of "Chinese craft beer," integrating traditional Chinese cultural elements into its product design, notably through the creative fusion of tea and beer [1]. Product Development - The first Chinese craft beer, Jinxing Maojian, was launched in August 2024, followed by additional flavors such as jasmine tea, candied hawthorn, and sugar tangerine, with a total of 50 SKUs contributing to 78.1% of revenue for the nine months ending September 30, 2025 [1][6]. Market Growth - The craft beer market in China has seen significant growth, with the market size increasing from RMB 12.5 billion in 2019 to an estimated RMB 63.2 billion in 2024, reflecting a compound annual growth rate (CAGR) of 38.4% [2][3]. - The domestic craft beer market is projected to grow from RMB 2.5 billion in 2019 to RMB 36 billion in 2024, with a CAGR of 70.6% [3]. Financial Performance - Revenue nearly doubled from RMB 356.4 million in 2023 to RMB 730.2 million in 2024, with a further increase to RMB 1.1 billion for the nine months ending September 30, 2025 [4][6]. - Gross profit rose from RMB 97.3 million in 2023 to RMB 276.2 million in 2024, and further to RMB 521.3 million for the nine months ending September 30, 2025, with gross margins improving significantly [6]. Sales Channels - The company has diversified its sales channels, with distributor contributions to revenue decreasing from 97.6% in 2023 to 94.8% by September 30, 2025, indicating a balanced dual-channel strategy [9][11]. - Direct sales through self-operated online stores have also seen significant growth, driven by new product launches and targeted marketing campaigns [9]. Supply Chain and Transparency - The company collaborates directly with leading tea suppliers for high-quality tea used in fermentation, ensuring traceability and transparency in its products [2]. - The company has established a robust distribution network with over 1,000 new distributors, covering 29 provinces in China [1].

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 ...