On August 21, Guosen Securities issued a report stating that China Resources Beer's revenue and net profit in the first half of the year were lower than expected, mainly due to unfavorable macroeconomic and weather factors, as well as the impact of a high base, leading to a decline in sales of mainstream beers. The report also stated that the management expects the total beer sales volume for the whole year to decrease by a single-digit percentage, but supported by expanding gross margins and controlling operating expenses, profit growth remains positive; even in the face of the overall trend of consumer downgrading, the company will continue to focus on developing high-end beer products. As for the integration of the baijiu business, it has not met expectations, and the company will focus on medium to low-end products and maintain its dual brand strategy. The bank maintains its "buy" rating on the company, with a target price lowered from HK$69.8 to HK$63.2.