Zhixin Finance APP learned that Goldman Sachs released a research report stating that China Resources Beer (00291) showed improvement in the third quarter of this year, with beer continuing to upgrade to high-end. Based on the average of 19 times in 2025 calculated from the complete global industry cycle over the past five years, the target price for the group is 38.1 Hong Kong dollars, maintaining a "buy" rating. In addition, the management expects future capital expenditures to decrease and is committed to gradually increasing the dividend payout ratio to 60%-70% in the coming years.

The bank pointed out that due to the destocking of SuperX sales in the first half of the year and the switch in packaging leading to positive growth, Heineken continued to maintain a year-on-year growth of over 20%, Snow Beer also continued to grow positively, and China Resources Beer's beer business improved continuously in the third quarter, stabilizing consumer consumption desires. At the same time, the trend towards premiumization remained relatively unchanged in the third quarter.

In terms of profits, benefiting from lower barley costs in the second half of the year, but commercial investments related to sports event marketing compared to the second quarter and the first half of the year have continued to decrease, which may lead to a decrease in profit levels. Currently, the group's sales/premium/ASP/cost trends continue to improve in the second half of the year, and the group is still aiming to achieve positive growth in the second half of the year, but management believes that government subsidies are still a factor influencing the situation.