China Resources Beer (Holdings) Co Ltd (HK:0291)
:0291
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China Resources Beer (Holdings) Co
(0291)
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Rating:70Outperform
Price Target:
HK$29.00
▲(11.37% Upside)
Action:UpgradedDate:04/26/26
The score is driven primarily by strong underlying financial stability (low leverage) and improved 2025 cash generation and revenue growth, tempered by 2025 margin/return compression. Technicals are neutral-to-soft with mild bearish momentum signals, while valuation is supported by the dividend but clouded by a negative P/E.
Positive Factors
Conservative balance sheet / low leverage
Very low debt-to-equity (~0.09 in 2025) provides durable financial flexibility: it reduces refinancing and interest-rate risk, supports sustained dividend capacity or opportunistic M&A, and allows the company to absorb cyclical volume shocks without impairing operations or capex plans.
Negative Factors
Earnings quality and margin compression
Declining net and operating margins signal weaker earnings conversion and raise questions about sustainable cost control or pricing mix. Persistent margin compression reduces free cash conversion and makes performance more vulnerable to raw-material inflation or increased marketing spend.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / low leverage
Very low debt-to-equity (~0.09 in 2025) provides durable financial flexibility: it reduces refinancing and interest-rate risk, supports sustained dividend capacity or opportunistic M&A, and allows the company to absorb cyclical volume shocks without impairing operations or capex plans.
Read all positive factors
China Resources Beer (Holdings) Co (0291) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$84.93B
Dividend Yield3.42%
Average Volume (3M)10.99M
Price to Earnings (P/E)23.3
Beta (1Y)1.15
Revenue Growth-1.89%
EPS Growth-30.46%
CountryHK
Employees26,059
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Alcoholic
Share Statistics
EPS (TTM)-0.87
Shares Outstanding3,244,177,000
10 Day Avg. Volume11,409,944
30 Day Avg. Volume10,993,231
Financial Highlights & Ratios
PEG Ratio-1.03
Price to Book (P/B)2.37
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$35.00Price Target Upside34.39% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering19
EPS Forecast (FY)1.84
Revenue Forecast (FY)HK$39.28B
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 beer products. The company offers its products under the Heineken, Li, Löwen Fruit Beer, Snow Xiao Pi Qi, Amstel, and Edelweiss br...
How the Company Makes Money
The company makes money mainly by selling beer to customers in China through its production and distribution operations. Revenue is generated from (1) sales of beer under its brand portfolio, where earnings depend on sales volumes and the average ...
China Resources Beer (Holdings) Co Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
86
Very Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 41.20B | 38.63B | 38.93B | 35.26B | 33.39B |
| Gross Profit | 17.74B | 16.48B | 16.10B | 13.56B | 13.07B |
| EBITDA | 8.57B | 9.08B | 9.54B | 8.38B | 9.53B |
| Net Income | 3.66B | 4.74B | 5.15B | 4.34B | 4.59B |
Balance Sheet | |||||
| Total Assets | 76.44B | 69.31B | 71.52B | 57.31B | 51.05B |
| Cash, Cash Equivalents and Short-Term Investments | 11.10B | 3.82B | 5.52B | 11.80B | 7.09B |
| Total Debt | 3.12B | 2.30B | 5.29B | 1.21B | 131.00M |
| Total Liabilities | 36.39B | 33.72B | 37.35B | 31.55B | 26.56B |
| Stockholders Equity | 35.93B | 31.69B | 30.30B | 33.31B | 32.95B |
Cash Flow | |||||
| Free Cash Flow | 5.33B | 4.12B | 1.63B | 5.87B | 4.32B |
| Operating Cash Flow | 7.13B | 6.93B | 4.15B | 7.75B | 6.13B |
| Investing Cash Flow | -2.29B | -2.13B | -9.69B | -1.06B | -2.75B |
| Financing Cash Flow | -1.72B | -6.49B | 927.00M | -811.00M | -1.37B |
China Resources Beer (Holdings) Co Technical Analysis
Negative
26.04
Price Trends
26.36
Negative
26.58
Negative
26.68
Negative
Market Momentum
0.12
Negative
48.72
Neutral
37.71
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 26.04 is above the 20-day moving average (MA) of 25.85, below the 50-day MA of 26.36, and below the 200-day MA of 26.68, indicating a neutral trend. The MACD of 0.12 indicates Negative momentum. The RSI at 48.72 is Neutral, neither overbought nor oversold. The STOCH value of 37.71 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | HK$455.76M | 6.04 | 10.82% | 4.07% | 3.68% | ― | |
71 Outperform | HK$85.80B | 8.15 | 14.96% | 4.69% | 1.61% | 6.76% | |
70 Outperform | HK$84.93B | 23.27 | 1.45% | 3.42% | -1.89% | -30.46% | |
63 Neutral | HK$101.65B | 26.31 | 8.50% | 5.59% | -7.82% | -32.91% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
54 Neutral | HK$294.36M | 26.24 | 4.24% | 1.30% | -37.35% | -59.07% | |
42 Neutral | HK$487.80M | -61.50 | -16.93% | ― | 0.90% | 94.78% |
* Consumer Defensive Sector Average
HK:0291
China Resources Beer (Holdings) Co
26.18
-0.30
-1.11%
HK:0168
Tsingtao Brewery Co
54.00
1.44
2.73%
HK:1876
Budweiser Brewing Co. APAC Ltd.
7.71
-0.09
-1.10%
HK:0236
San Miguel Brewery HK Ltd.
1.22
0.57
88.56%
HK:8146
Grace Wine Holdings Limited
0.60
0.40
195.57%
HK:0828
Dynasty Fine Wines Group Limited
0.21
-0.11
-33.86%
China Resources Beer (Holdings) Co Corporate Events
China Resources Beer Sets 2026 AGM to Approve Dividend, Board and 10% Buyback Mandate
Apr 23, 2026
China Resources Beer has convened its next annual general meeting for 20 May 2026 in Hong Kong, where shareholders will review the audited financial statements for the year ended 31 December 2025 and consider a proposed final dividend. Investors w...
China Resources Beer Lifts Dividend as Premium Brews Offset Baijiu Impairment
Mar 23, 2026
China Resources Beer, a major player in China’s beer and baijiu market, reported 2025 group turnover of RMB37.99 billion, broadly flat year on year but up RMB6.54 billion over the current five‑year plan period. Excluding special items,...
China Resources Beer Proposes Final 2025 Dividend With Dual-Currency Option
Mar 23, 2026
China Resources Beer (Holdings) Company Limited has proposed a final ordinary dividend of RMB 0.557 per share for the financial year ended 31 December 2025, reinforcing its practice of returning cash to shareholders from its beer operations. The p...
China Resources Beer Sets March 2026 Board Meeting to Approve 2025 Results
Mar 12, 2026
China Resources Beer (Holdings) Company Limited has scheduled a board meeting in Hong Kong on 23 March 2026 to review and approve the annual results for the year ended 31 December 2025. The board will also consider recommending a final dividend, a...
China Resources Beer Flags Profit Slump on Baijiu Goodwill Impairment
Mar 10, 2026
China Resources Beer has warned shareholders that its 2025 profit is expected to fall sharply to about RMB2.92 billion to RMB3.35 billion, down roughly 30% to 39% from RMB4.76 billion a year earlier. The anticipated decline underscores pressure on...
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.