1H26 Preview

研报英文原文证据摘录

1H26 Preview

China (PRC) | Consumer Staples

China Resources Beer EquityJulyResearch9, 2026

FLASH NOTE1H26 Preview

We expect CRB to report 1H26 NP of RMB5.3bn, down 9% YoY, on sales RATING BUY

of RMB24bn (+0.3% YoY). Beer should deliver LSD vol and ASP growth, PRICE HK$22.44^

led by Heineken, although demand softened in May–June due to weak PRICE TARGET | % TO PT HK$37.70 | +68%

sentiment and poor weather. GPM may decline, but should be partly offset 52W HIGH-LOW HK$29.40 - HK$20.92

by cost savings. Baijiu remains challenged. Mgmt is likely to maintain 2026 FLOAT (%) | ADV MM (USD) 48.1% | 30.37

guidance. Reiterate our Buy rating, as we believe it is the best-performing MARKET CAP HK$72.8B | $9.3B

beer brand among leading brands. TICKER 291 HK

^Prior trading day's closing price unless otherwise

noted.

We expect CRB to report NP of RMB5bn, a 9% yoy decline, on 0.3% rise in sales to RMB24bn.

Recall, special items in 1H25 - 1) at company level, impairment of fixed asset and staff

compensation of RMB241m and earnings related to Shenzhen headquarters of RMB827m. 2)

at beer level, impairment of fixed asset and staff compensation of RMB241m and earnings

related to Shenzhen headquarters of RMB206m.

For beer operations, we expect sales and ASP to both increase by LSD, with the strongest

performance in Jan-Apr. May/Jun saw some slowdown due to weak consumer sentiment and

poor weather, especially in S China. That said, we expect premiumization to continue, with

sales volume growth in the sub-premium and premium segments accelerating vs 1H25's M-

HSD growth. Heineken remained the key driver for the sub-premium and premium segments,

while Amstel and Lao Xue were also strong. Vol was also helped by ODM orders for channels

like Peng Dong Lai and Wai-ma, although they have lower ASPs.