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China Resources Beer (Holdings) Co
(0291)
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Rating:62Neutral
Price Target:
HK$20.50
▲(3.69% Upside)
Action:Downgraded
Date:08/06/26
The score is primarily supported by strong financial stability (low leverage) and improved 2025 revenue and cash flow performance. It is held back by a weaker technical setup (price below key moving averages with soft momentum) and a stretched valuation (very high P/E), despite a supportive dividend yield.
Positive Factors
Revenue rebound
The sharp 2025 revenue rebound indicates renewed demand and improved commercial execution across the company’s beer portfolio. Sustained top-line recovery would support manufacturing scale, distributor engagement, brand investment, and the company’s ability to build earnings over the next several quarters.
Negative Factors
Net margin compression
The decline in net margin shows that stronger revenue has not translated proportionally into bottom-line earnings. If this compression persists, it could reduce the benefits of scale, constrain reinvestment capacity, and weaken the durability of earnings growth despite healthy gross and EBITDA margins.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound
The sharp 2025 revenue rebound indicates renewed demand and improved commercial execution across the company’s beer portfolio. Sustained top-line recovery would support manufacturing scale, distributor engagement, brand investment, and the company’s ability to build earnings over the next several quarters.
Read all positive factors
China Resources Beer (Holdings) Co (0291) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$62.65B
Dividend Yield6.07%
Average Volume (3M)13.11M
Price to Earnings (P/E)18.7
Beta (1Y)1.09
Revenue Growth2.71%
EPS Growth-48.12%
CountryHK
Employees24,000
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Alcoholic
Share Statistics
EPS (TTM)0.87
Shares Outstanding3,244,177,000
10 Day Avg. Volume16,746,656
30 Day Avg. Volume13,113,775
Financial Highlights & Ratios
PEG Ratio-0.88
Price to Book (P/B)2.64
Price to Sales (P/S)2.06
P/FCF Ratio15.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$30.06Price Target Upside52.04% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering17
EPS Forecast (FY)1.69
Revenue Forecast (FY)HK$38.56B
China Resources Beer (Holdings) Co Business Overview & Revenue Model
Company Description
China Resources Beer (Holdings) Company Limited, an investment holding company, manufactures, distributes, and sells alcoholic beverages in Mainland China. It offers beer and baijiu products. The company was formerly known as China Resources Enter...
How the Company Makes Money
China Resources Beer makes money mainly by selling beer products in China. Its core revenue stream is beer sales to distributors and customers across multiple channels, including off-trade (e.g., supermarkets, convenience stores, and e-commerce) a...
China Resources Beer (Holdings) Co Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
86
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 43.01B | 41.20B | 41.89B | 43.02B | 41.01B | 40.24B |
| Gross Profit | 18.27B | 17.74B | 17.86B | 17.79B | 15.71B | 15.68B |
| EBITDA | 8.94B | 8.57B | 7.83B | 7.84B | 6.12B | 5.64B |
| Net Income | 3.25B | 3.66B | 5.14B | 5.69B | 5.05B | 5.53B |
Balance Sheet | ||||||
| Total Assets | 74.71B | 68.66B | 69.31B | 71.52B | 56.50B | 51.05B |
| Cash, Cash Equivalents and Short-Term Investments | 18.12B | 9.97B | 3.82B | 5.52B | 11.80B | 5.78B |
| Total Debt | 5.29B | 3.40B | 2.30B | 5.29B | 1.21B | 131.00M |
| Total Liabilities | 35.54B | 32.68B | 33.72B | 37.35B | 30.05B | 26.56B |
| Stockholders Equity | 35.57B | 32.28B | 31.69B | 30.30B | 33.31B | 24.43B |
Cash Flow | ||||||
| Free Cash Flow | 426.08M | 5.33B | 4.12B | 1.63B | 5.61B | 3.52B |
| Operating Cash Flow | 1.17B | 7.13B | 6.93B | 4.15B | 7.31B | 5.00B |
| Investing Cash Flow | -1.51B | -2.29B | -2.13B | -9.69B | -1.06B | -2.75B |
| Financing Cash Flow | -995.92M | -1.72B | -6.49B | 927.00M | -811.00M | -1.37B |
China Resources Beer (Holdings) Co Technical Analysis
Negative
19.77
Price Trends
21.45
Negative
22.62
Negative
23.95
Negative
Market Momentum
-0.84
Positive
37.15
Neutral
26.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0291, the sentiment is Negative. The current price of 19.77 is below the 20-day moving average (MA) of 20.03, below the 50-day MA of 21.45, and below the 200-day MA of 23.95, indicating a bearish trend. The MACD of -0.84 indicates Positive momentum. The RSI at 37.15 is Neutral, neither overbought nor oversold. The STOCH value of 26.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0291.
China Resources Beer (Holdings) Co Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | HK$69.00B | 15.25 | 14.64% | 6.68% | 1.08% | 4.93% | |
69 Neutral | HK$403.46M | 10.95 | 5.16% | 5.56% | -8.21% | ― | |
63 Neutral | HK$80.62B | 18.48 | 5.51% | 7.32% | -2.79% | -6.76% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
62 Neutral | HK$62.65B | 18.70 | 9.57% | 6.07% | 2.71% | -48.12% | |
50 Neutral | HK$233.80M | 41.54 | 1.80% | 2.11% | -49.66% | -73.78% | |
43 Neutral | HK$239.83M | -57.69 | -3.96% | 112.17% | -9.97% | 94.31% |
* Consumer Defensive Sector Average
HK:0291
China Resources Beer (Holdings) Co
19.02
-7.89
-29.31%
HK:0168
Tsingtao Brewery Co
40.44
-8.21
-16.87%
HK:1876
Budweiser Brewing Co. APAC Ltd.
6.05
-1.77
-22.61%
HK:0236
San Miguel Brewery HK Ltd.
1.08
-0.08
-7.06%
HK:8146
Grace Wine Holdings Limited
0.29
0.16
132.00%
HK:0828
Dynasty Fine Wines Group Limited
0.16
-0.13
-45.08%
China Resources Beer (Holdings) Co Corporate Events
China Resources Beer Updates Connected Financial Deals With CR Bank and CR Trust
Aug 20, 2026
China Resources Beer has restructured its financial cooperation with affiliated institutions CR Bank and CR Trust, both connected persons under Hong Kong Listing Rules. The brewer relies on these group entities for deposit services and broader fin...
China Resources Beer Lifts Premium Sales and Cash Position in First-Half 2026
Aug 19, 2026
China Resources Beer reported a modest increase in unaudited consolidated turnover to RMB24.24 billion for the first half of 2026, up 1.2% year-on-year, with EBIT at RMB6.88 billion and profit attributable to shareholders at RMB5.17 billion. Despi...
China Resources Beer Sets Dual-Currency Interim Dividend for First Half 2026
Aug 19, 2026
China Resources Beer has declared an ordinary interim cash dividend of RMB 0.446 per share for the six months ended 30 June 2026, payable by default in Hong Kong dollars at HKD 0.516 per share. Shareholders may partially elect to receive the payou...
China Resources Beer Sets August Board Meeting to Review Interim Results and Dividend
Aug 3, 2026
China Resources Beer (Holdings) Company Limited has scheduled a board meeting in Hong Kong on 19 August 2026 to review and approve, where appropriate, the interim results for the six months ended 30 June 2026. The board will also consider recommen...
China Resources Beer Signs Connected Dining Services Deal with China Resources Digital
Jun 26, 2026
China Resources Beer has signed a Dining Services Framework Agreement with affiliated entity China Resources Digital, under which the latter will provide corporate dining-related services via its “Run Yan” ordering platform through the...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.