Flash | 19 Aug 2026 04:38:42 ET │ 12 pages China Resources Beer (0291.HK) First take on 1H26 results: Higher-than-expected GPM pressure CITI'S TAKE Baijiu biz — Its baijiu sales fell 27% YoY to Rmb570m in 1H26. Core EBITDA of baijiu biz fell 61% YoY to Rmb84m, with core EBITDA margin contracting 13.2ppt YoY to 14.7%. Core EBIT loss of baijiu biz widened 86% YoY to Rmb318m in 1H26 (vs a Rmb171m loss in 1H25). EBITDA of Guizhou Jinsha fell to Rmb90m in 1H26 (1H25: Rmb258m), per its announcement. It will focus ...

August 19, 2026 06:45 AM GMT China Resources Beer Holdings Co Ltd | Asia Pacific 1H26 Results: Steady Operation AlphaSignals Earnings Reaction Unchanged In-line Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways (=) Sales: Total sales were Rmb24.2bn (beer sales were Rmb23.7bn and baijiu sales were Rmb570mn). Beer business volume was up 1.7% and ASP up 0.5%. Affordable premium and a ...