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JPM Keeps Overweight on CHINA RES BEER; 2025 Results in Line
2026-03-24 10:54:10
CHINA RESOURCES BEER (00291.HK)'s 2025 results were consistent with the previous profit alert, according to a report from JPMorgan.

The company's adjusted EBIT for the beer business grew by 21% YoY, beating JPMorgan's expectations, while the baijiu business dragged down the overall performance as expected. Excluding one-off items like goodwill impairment in the baijiu business, the adjusted net profit would have aligned with expectations at RMB5.7 billion.

Considering the catalysts for stock price revaluation, which include the stabilizing baijiu business operations and a clearer path to shareholder returns, JPMorgan has kept an Overweight rating on CHINA RESOURCES BEER, with a target price of HKD38.
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