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China Resources Beer (Holdings) Co
(0291)
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Rating:70Outperform
Price Target:
HK$23.50
▼(-9.75% Downside)
Action:Upgraded
Date: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
Strong Balance Sheet / Low Leverage
Very low leverage (debt-to-equity ~0.09) provides lasting financial flexibility to fund capex, sustain dividends, or absorb shocks from input-cost swings. A conservative capital structure reduces refinancing risk and preserves options for strategic investment over the next 2–6 months.
Negative Factors
Margin and ROE Compression
Declining margins and ROE (net margin ~8.9%; ROE ~10% vs ~15–17% prior) signal reduced capital efficiency and pressure on profitability. Unless margins recover, lower returns constrain reinvestment capacity and could limit sustainable earnings growth and shareholder returns over 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Balance Sheet / Low Leverage
Very low leverage (debt-to-equity ~0.09) provides lasting financial flexibility to fund capex, sustain dividends, or absorb shocks from input-cost swings. A conservative capital structure reduces refinancing risk and preserves options for strategic investment over the next 2–6 months.
Read all positive factors
China Resources Beer (Holdings) Co (0291) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$69.04B
Dividend Yield3.42%
Average Volume (3M)10.99M
Price to Earnings (P/E)131.4
Beta (1Y)1.14
Revenue Growth-1.89%
EPS Growth-30.46%
CountryHK
Employees24,000
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Alcoholic
Share Statistics
EPS (TTM)0.14
Shares Outstanding3,244,177,000
10 Day Avg. Volume11,409,944
30 Day Avg. Volume10,993,231
Financial Highlights & Ratios
PEG Ratio-0.88
Price to Book (P/B)2.64
Price to Sales (P/S)2.24
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$36.52Price Target Upside40.25% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1.81
Revenue Forecast (FY)HK$39.37B
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
The company makes money mainly by selling beer products through its operating subsidiaries. Revenue is primarily generated from (1) wholesale and direct sales of beer to distributors, retailers, supermarkets/convenience stores, restaurants/bars (o...
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 | 37.97B | 38.63B | 38.93B | 35.26B | 33.39B |
| Gross Profit | 16.35B | 16.48B | 16.10B | 13.56B | 13.07B |
| EBITDA | 7.96B | 9.08B | 9.54B | 8.38B | 7.86B |
| Net Income | 3.37B | 4.74B | 5.15B | 4.34B | 4.59B |
Balance Sheet | |||||
| Total Assets | 68.66B | 69.31B | 71.52B | 56.50B | 51.05B |
| Cash, Cash Equivalents and Short-Term Investments | 9.97B | 3.82B | 5.52B | 11.80B | 5.78B |
| Total Debt | 3.40B | 2.30B | 5.29B | 1.21B | 131.00M |
| Total Liabilities | 32.68B | 33.72B | 37.35B | 30.05B | 26.56B |
| Stockholders Equity | 32.28B | 31.69B | 30.30B | 33.31B | 24.43B |
Cash Flow | |||||
| Free Cash Flow | 5.33B | 4.12B | 1.63B | 5.61B | 3.52B |
| Operating Cash Flow | 7.13B | 6.93B | 4.15B | 7.31B | 5.00B |
| 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
24.53
Negative
25.12
Negative
25.75
Negative
Market Momentum
-0.92
Positive
26.07
Positive
17.36
Positive
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 23.00, above the 50-day MA of 24.53, and above the 200-day MA of 25.75, indicating a bearish trend. The MACD of -0.92 indicates Positive momentum. The RSI at 26.07 is Positive, neither overbought nor oversold. The STOCH value of 17.36 is Positive, 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$429.61M | 5.72 | 10.82% | 4.07% | 3.68% | ― | |
71 Outperform | HK$70.18B | 15.23 | 15.04% | 4.69% | 1.61% | 6.76% | |
71 Outperform | HK$80.42B | 21.25 | 4.77% | 5.59% | -7.82% | -32.91% | |
70 Outperform | HK$69.04B | 131.42 | 1.40% | 3.42% | -1.89% | -30.46% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
47 Neutral | HK$259.15M | 18.97 | 4.24% | 1.30% | -37.35% | -59.07% | |
46 Neutral | HK$357.72M | -114.43 | -1.75% | ― | 0.90% | 94.78% |
* Consumer Defensive Sector Average
HK:0291
China Resources Beer (Holdings) Co
21.28
-2.67
-11.14%
HK:0168
Tsingtao Brewery Co
43.04
-5.28
-10.93%
HK:1876
Budweiser Brewing Co. APAC Ltd.
6.10
-1.21
-16.58%
HK:0236
San Miguel Brewery HK Ltd.
1.15
0.24
25.82%
HK:8146
Grace Wine Holdings Limited
0.44
0.30
223.53%
HK:0828
Dynasty Fine Wines Group Limited
0.18
-0.12
-39.87%
China Resources Beer (Holdings) Co Corporate Events
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...
China Resources Beer Wins Shareholder Backing for Dividend and Board Slate at AGM
May 20, 2026
China Resources Beer reported that shareholders approved all resolutions at its annual general meeting held on 20 May 2026, underscoring solid investor support for the company’s direction. The audited financial statements for the year ended ...
China Resources Beer Sets Final 2025 Dividend with Dual-Currency Option
May 20, 2026
China Resources Beer has declared a final ordinary dividend of RMB 0.557 per share for the financial year ended 31 December 2025, with shareholders approving the payout on 20 May 2026. The dividend will be paid mainly in Hong Kong dollars at HKD 0...
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...
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.