According to a report published by BOC International, China Resources Brewery's main beer business developed steadily in the first half of the year, and high-end technology continued to advance, but the cost side faced headwinds. Revenue increased 1.2% year over year to 24.2 billion yuan, of which beer business revenue increased 2.2% year over year, and overall performance was steady. Beer sales increased 1.7% year on year, better than the performance of peers; sales of sub-premium products increased by more than 10% year on year, and the high-end trend continued. On the profit side, rising costs such as packaging materials had a certain drag on profit release. At the same time, the liquor business was still in the adjustment stage; after finally excluding the impact on revenue related to the Shenzhen headquarters, EBITDA fell by about 1.2% year on year in the first half of the year. Considering the pressure on raw material costs and the uncertainty of the pace of demand recovery, the bank lowered the company's profit forecast for 2026-28 by 3% to 6%, and lowered the target price to HK$32 to maintain a “buy” rating. It is still the preferred company in the beer industry, and is optimistic about the company's long-term development logic of high-end beer.

According to a report published by BOC International, China Resources Brewery's main beer business developed steadily in the first half of the year, and high-end technology continued to advance, but the cost side faced headwinds. Revenue increased 1.2% year over year to 24.2 billion yuan, of which beer business revenue increased 2.2% year over year, and overall performance was steady. Beer sales increased 1.7% year on year, better than the performance of peers; sales of sub-premium products increased by more than 10% year on year, and the high-end trend continued. On the profit side, rising costs such as packaging materials had a certain drag on profit release. At the same time, the liquor business was still in the adjustment stage; after finally excluding the impact on revenue related to the Shenzhen headquarters, EBITDA fell by about 1.2% year on year in the first half of the year. Considering the pressure on raw material costs and the uncertainty of the pace of demand recovery, the bank lowered the company's profit forecast for 2026-28 by 3% to 6%, and lowered the target price to HK$32 to maintain a “buy” rating. It is still the preferred company in the beer industry, and is optimistic about the company's long-term development logic of high-end beer.