Reported Earnings • Apr 25
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: CN¥1.04 (down from CN¥1.46 in FY 2024). Revenue: CN¥38.0b (down 1.7% from FY 2024). Net income: CN¥3.37b (down 29% from FY 2024). Profit margin: 8.9% (down from 12% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 37%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Beverage industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Declared Dividend • Mar 25
Final dividend of CN¥0.56 announced Shareholders will receive a dividend of CN¥0.56. Ex-date: 22nd May 2026 Payment date: 8th July 2026 Dividend yield will be 4.2%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio). However, it is covered by cash flows (72% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 9.2% to bring the payout ratio under control. EPS is expected to grow by 58% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Mar 24
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: CN¥1.04 (down from CN¥1.46 in FY 2024). Revenue: CN¥38.0b (down 1.7% from FY 2024). Net income: CN¥3.37b (down 29% from FY 2024). Profit margin: 8.9% (down from 12% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 37%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Beverage industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Announcement • Mar 23
China Resources Beer (Holdings) Company Limited, Annual General Meeting, May 20, 2026 China Resources Beer (Holdings) Company Limited, Annual General Meeting, May 20, 2026. Announcement • Mar 12
China Resources Beer (Holdings) Company Limited to Report Fiscal Year 2025 Results on Mar 23, 2026 China Resources Beer (Holdings) Company Limited announced that they will report fiscal year 2025 results on Mar 23, 2026 Board Change • Oct 14
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Non-Executive Director Henry Stephen Lai was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Declared Dividend • Aug 21
First half dividend of HK$0.51 announced Shareholders will receive a dividend of HK$0.51. Ex-date: 2nd September 2025 Payment date: 22nd October 2025 Dividend yield will be 3.3%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (47% earnings payout ratio) and cash flows (73% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 20
First half 2025 earnings released: EPS: CN¥1.78 (vs CN¥1.45 in 1H 2024) First half 2025 results: EPS: CN¥1.78 (up from CN¥1.45 in 1H 2024). Revenue: CN¥23.9b (flat on 1H 2024). Net income: CN¥5.79b (up 23% from 1H 2024). Profit margin: 24% (up from 20% in 1H 2024). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Beverage industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Aug 19
China Resources Beer (Holdings) Company Limited Announces Interim (Semi-Annual) Cash Dividend for the Six Months Ended 30 June 2025, Payable on 22 October 2025 China Resources Beer (Holdings) Company Limited announced Interim (Semi-annual) Cash Dividend for the Six Months Ended 30 June 2025, payable on 22 October 2025. For the period, the company announced RMB 0.464 per share. Ex-dividend date is 02 September 2025. Record date is 04 September 2025. Book close period From 04 September 2025 to 04 September 2025. Announcement • Aug 09
China Resources Beer (Holdings) Company Limited to Report First Half, 2025 Results on Aug 19, 2025 China Resources Beer (Holdings) Company Limited announced that they will report first half, 2025 results on Aug 19, 2025 Announcement • Jun 29
China Resources Beer (Holdings) Company Limited Announces Board Changes China Resources Beer (Holdings) Company Limited announces that Mr. Hou Xiaohai has tendered his resignation as an executive Director and the Chairman of the Board, and ceased to be the chairman of the Finance Committee and a member of each of the Executive Committee and the Share Option General Committee under the Board with effect from the conclusion of the Board meeting held on 27 June 2025, as he wishes to devote more time to his other personal engagements. Following the resignation of Mr. Hou, the position of the Chairman of the Board will remain vacant until the Company appoints a suitable successor. Mr. Zhao Chunwu, an executive Director and the President of the Company, will temporarily assume the duties and responsibilities of the Chairman of the Board during the transition period. The Company has a sound governance structure, and the Board believes that the resignation will not affect the normal operation of the Group. As of the date of this announcement, the Board is in normal operation, and the Group is carrying out business operations in an orderly manner. In order to comply with code provision C.2.1 in Part 2 of Appendix C1 to the Rules Governing the Listing of Securities on the Stock Exchange, the Company is looking for a suitable candidate with appropriate professional qualifications or relevant expertise to be appointed as the Chairman of the Board as soon as practicable. The Nomination Committee of the Company will identify and nominate a suitable candidate for the Board's approval in due course to fill the vacancy. Further announcement(s) will be made by the Company in connection with the above, as and when appropriate. The Board and its members would like to take this opportunity to express their sincere gratitude to Mr. Hou for his dedication and outstanding contributions to the Group during his term of service. Announcement • May 20
China Resources Beer (Holdings) Company Limited Approves Final Dividend for the Year Ended 31 December 2024, payable on or around 4 July 2025 China Resources Beer (Holdings) Company Limited at the Annual General Meeting held on 20 May 2025 approved to declare a final dividend of RMB 0.387 per ordinary share for the year ended 31 December 2024 payable on or around 4 July 2025 to Shareholders whose names appear on the register of members of the Company on 26 May 2025. The final dividend is to be payable in cash in Hong Kong dollars which will be converted from RMB at the average CNY Central Parity Rate announced by the People's Bank of China for the five business days prior to and including the date of the AGM. Upcoming Dividend • May 15
Upcoming dividend of CN¥0.39 per share Eligible shareholders must have bought the stock before 22 May 2025. Payment date: 04 July 2025. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Hong Kong dividend payers (7.7%). In line with average of industry peers (3.0%). Recent Insider Transactions • May 13
Executive Chairman of the Board recently sold HK$18m worth of stock On the 7th of May, Xiaohai Hou sold around 638k shares on-market at roughly HK$28.04 per share. This transaction amounted to 63% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Xiaohai's only on-market trade for the last 12 months. Reported Earnings • Apr 19
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥1.46 (down from CN¥1.59 in FY 2023). Revenue: CN¥38.6b (flat on FY 2023). Net income: CN¥4.74b (down 8.0% from FY 2023). Profit margin: 12% (in line with FY 2023). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 9.2%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Beverage industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 20
Final dividend of CN¥0.39 announced Shareholders will receive a dividend of CN¥0.39. Ex-date: 22nd May 2025 Payment date: 4th July 2025 Dividend yield will be 2.8%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but not adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 19
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥1.46 (down from CN¥1.59 in FY 2023). Revenue: CN¥38.6b (flat on FY 2023). Net income: CN¥4.74b (down 8.0% from FY 2023). Profit margin: 12% (in line with FY 2023). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 9.2%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Beverage industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Mar 18
China Resources Beer (Holdings) Company Limited, Annual General Meeting, May 20, 2025 China Resources Beer (Holdings) Company Limited, Annual General Meeting, May 20, 2025. Announcement • Mar 06
China Resources Beer (Holdings) Company Limited to Report Fiscal Year 2024 Results on Mar 18, 2025 China Resources Beer (Holdings) Company Limited announced that they will report fiscal year 2024 results on Mar 18, 2025 Announcement • Mar 04
China Resources Beer (Holdings) Company Limited Announces Resignation of Tang Liqing as Non-Executive Director and Member of the Finance Committee The board of directors of China Resources Beer (Holdings) Company Limited announced that Mr. Tang Liqing (‘Mr. Tang’) has tendered his resignation as a non-executive Director and as a member of the finance committee of the Company with effect from 4 March 2025, as he has reached the retirement age. Announcement • Nov 26
China Resources Beer (Holdings) Company Limited Appoints Wang Chengwei as Non-Executive Director The board of directors of China Resources Beer (Holdings) Company Limited announced that Mr. Wang Chengwei ("Mr. Wang") has been appointed as a non-executive Director with effect from 25 November 2024. Mr. Wang, aged 51, currently serves as an external director of the business unit at China Resources Corporate Service (Shenzhen) Limited, he has previously served as vice president of China Resources Beverage (Holdings) Company Limited. He joined CR Beverage in August 2009 and served as the corporate development director. He was successively responsible for overseeing multiple significant departments such as the corporate development department, the branch in eastern China, the legal department, the general management department, intelligentisation and digitalisation department and strategic and management department of CR Beverage. Mr. Wang has played an important role in conducting industry research, implementing strategic decisions, improving legal compliance management, strengthening risk management, and promoting digital transformation at CR Beverage. Prior to that, he joined China Resources Group in August 1997 and consecutively served in the human resources department, legal department and corporate development department, and served as the director, manager and senior manager of the corporate development department. Mr. Wang has approximately 15 years of experience in the beverage industry. Mr. Wang holds a master's degree in Legal Theory from China University of Political Science and Law. Mr. Wang obtained his Lawyer Qualification Certificate in the People's Republic of China ("PRC"), the Registered Qualification Certificate for Enterprise Legal Adviser of PRC, and the Lawyer's Certificate. Announcement • Nov 21
China Resources Beer (Holdings) Company Limited Appoints Guo Wei as A Non-Executive Director China Resources Beer (Holdings) Company Limited announces that with effect from 18 November 2024, Ms. Guo Wei, a non-executive Director, has been appointed as a member of the nomination committee of the Company. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$25.95, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Beverage industry in Hong Kong. Total loss to shareholders of 51% over the past three years. Declared Dividend • Aug 21
First half dividend of HK$0.41 announced Shareholders will receive a dividend of HK$0.41. Ex-date: 3rd September 2024 Payment date: 23rd October 2024 Dividend yield will be 4.9%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but not covered by cash flows (127% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Aug 20
Price target decreased by 8.2% to HK$41.04 Down from HK$44.71, the current price target is an average from 30 analysts. New target price is 81% above last closing price of HK$22.65. Stock is down 49% over the past year. The company is forecast to post earnings per share of CN¥1.72 for next year compared to CN¥1.59 last year. Reported Earnings • Aug 20
First half 2024 earnings released: EPS: CN¥1.45 (vs CN¥1.43 in 1H 2023) First half 2024 results: EPS: CN¥1.45 (up from CN¥1.43 in 1H 2023). Revenue: CN¥23.7b (flat on 1H 2023). Net income: CN¥4.71b (up 1.2% from 1H 2023). Profit margin: 20% (in line with 1H 2023). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Beverage industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Announcement • Aug 19
China Resources Beer (Holdings) Company Limited Announces Interim Dividend for the Six Months Ended 30 June 2024, Payable on 23 October 2024 China Resources Beer (Holdings) Company Limited Announced Interim Dividend of RMB 0.373 Per Share for the Six Months Ended 30 June 2023. Dividend Payable on 23 October 2024, Record Date of 05 September 2024 and Ex-Dividend Date of 03 September 2024. Announcement • Aug 08
China Resources Beer (Holdings) Company Limited to Report First Half, 2024 Results on Aug 19, 2024 China Resources Beer (Holdings) Company Limited announced that they will report first half, 2024 results on Aug 19, 2024 Upcoming Dividend • May 15
Upcoming dividend of CN¥0.65 per share Eligible shareholders must have bought the stock before 22 May 2024. Payment date: 04 July 2024. Payout ratio is a comfortable 40% but the company is paying out more than the cash it is generating. Trailing yield: 1.8%. Lower than top quartile of Hong Kong dividend payers (7.5%). Lower than average of industry peers (2.3%). Buy Or Sell Opportunity • May 14
Now 20% undervalued Over the last 90 days, the stock has risen 30% to HK$37.75. The fair value is estimated to be HK$47.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Reported Earnings • Apr 25
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: CN¥1.59 (up from CN¥1.34 in FY 2022). Revenue: CN¥38.9b (up 10% from FY 2022). Net income: CN¥5.15b (up 19% from FY 2022). Profit margin: 13% (in line with FY 2022). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 1.7%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Beverage industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 22
Now 25% undervalued Over the last 90 days, the stock has risen 8.3% to HK$35.95. The fair value is estimated to be HK$47.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Announcement • Mar 20
China Resources Beer (Holdings) Company Limited Proposes Final Dividend for the Year Ended 31 December 2023 China Resources Beer (Holdings) Company Limited proposed final dividend of RMB 0.349 per ordinary share for the Year Ended 31 December 2023, payable on July 04, 2024. Ex-dividend date is on May 22, 2024 and Record date is on May 24, 2024. Date of shareholders' approval is on May 20, 2024. Declared Dividend • Mar 20
Final dividend of CN¥0.65 announced Shareholders will receive a dividend of CN¥0.65. Ex-date: 22nd May 2024 Payment date: 4th July 2024 Dividend yield will be 2.6%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (40% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 43% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 20
China Resources Beer (Holdings) Company Limited, Annual General Meeting, May 20, 2024 China Resources Beer (Holdings) Company Limited, Annual General Meeting, May 20, 2024. Reported Earnings • Mar 19
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: CN¥1.59 (up from CN¥1.34 in FY 2022). Revenue: CN¥38.9b (up 10% from FY 2022). Net income: CN¥5.15b (up 19% from FY 2022). Profit margin: 13% (in line with FY 2022). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 1.7%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Beverage industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Jan 29
China Resources Beer (Holdings) Company Limited Announces Resignation of Zhang Kaiyu as Non-Executive Director and as Member of Nomination Committee The board of directors of China Resources Beer (Holdings) Company Limited announced that Ms. Zhang Kaiyu has tendered her resignation as a Non-executive Director and as a member of the Nomination Committee of the Company with effect from 29 January 2024 due to having reached the retirement age. Price Target Changed • Jan 15
Price target decreased by 8.5% to HK$56.98 Down from HK$62.25, the current price target is an average from 30 analysts. New target price is 82% above last closing price of HK$31.35. Stock is down 48% over the past year. The company is forecast to post earnings per share of CN¥1.59 for next year compared to CN¥1.34 last year. Announcement • Nov 24
China Resources Beer (Holdings) Company Limited Announces Board Changes , Effect from 1 December 2023 The board of directors of China Resources announced that with effect from 1 December 2023, Mr. Richard Raymond Weissend has tendered his resignation as a non-executive Director in order to devote more time to other business commitments. The Board further announces that with effect from 1 December 2023, Mr. Daniel Robinson ("Mr. Robinson") will be appointed as a non-executive Director. Mr. Daniel Robinson, aged 46, serves as the managing director of Heineken Management (Shanghai) Co. Ltd. since October 2023. Heineken Management China provides support to the Group in premium brand building, marketing communication and activation, trade marketing and production. Heineken Management China is a subsidiary of Heineken N.V., which holds an indirect 40% interest in CRH (Beer) Limited. He joined HEINEKEN Romania as a managing director in October 2018 and also served two mandates as the president of the Brewers Association of Romania. Mr. Robinson served as a managing director in HEINEKEN Europe Export and Global Duty Free from January 2016 to October 2018. Prior to this and from 2005 to 2015, Mr. Robinson held senior commercial roles inHEINEKEN U.K. Mr. Robinson holds a Bachelor's degree in Modern History from the University of Liverpool. There will be no service contract between Mr. Robinson and the Company for his position as a non-executive Director. Mr. Robinson shall hold office until the next annual general meetingof the Company after his appointment and shall then be eligible for re-election at such meeting pursuant to the articles of association of the Company. Thereafter, Mr. Robinson shall be subject to retirement by rotation at least once every three years at the annual general meeting pursuant tothe articles of association of the Company. The Director's fee of Mr. Robinson is RMB 180,000 per annum which is determined by the Board under the authority granted by the Shareholders at the annual general meeting and with reference to his duties and responsibilities in the Company andthe recommendation made by the Compensation Committee of the Company. Announcement • Sep 21
China Resources Beer (Holdings) Company Limited Announces Appointment of Guo Wei as Non-Executive Director The board of directors of China Resources Beer (Holdings) Company Limited announced that, with effect from 20 September 2023, Ms. Guo Wei has been appointed as a non-executive Director. Ms. Guo Wei, aged 47, currently serves as an external director of the business unit at China Resources Corporate Service (Shenzhen) Limited (()) and a non- executive director of China Resources Pharmaceutical Group Limited, the shares of which are listed on the main board of The Stock Exchange of Hong Kong Limited (the ``Stock Exchange''). Ms. Guo was a non-executive director of China Resources Pharmaceutical from May 2019 to September 2021, and was a deputy financial director of the Finance Department of China Resources (Holdings) Company Limited from April 2017 to November 2022. Ms. Guo was a director of China Resources Double-Crane Pharmaceutical Company Limited (, the shares of which are listed on the Shanghai Stock Exchange and a non-wholly owned subsidiary of China Resources Pharmaceutical) from December 2015 to September 2021 and a director of China Resources Sanjiu Medical & Pharmaceutical Company Limited, the shares of which are listed on the Shenzhen Stock Exchange and a non-wholly owned subsidiary of China Resources Pharmaceutical) from April 2018 to September 2021. Ms. Guo holds a bachelor's degree in economics from University of International Business and Economics, China and a master's degree in law from Peking University, China. Board Change • Aug 23
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Non-Executive Director Henry Stephen Lai was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Aug 23
Upcoming dividend of HK$0.31 per share at 1.3% yield Eligible shareholders must have bought the stock before 30 August 2023. Payment date: 20 October 2023. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Hong Kong dividend payers (7.9%). Lower than average of industry peers (1.8%). Reported Earnings • Aug 19
First half 2023 earnings released: EPS: CN¥1.43 (vs CN¥1.17 in 1H 2022) First half 2023 results: EPS: CN¥1.43 (up from CN¥1.17 in 1H 2022). Revenue: CN¥23.9b (up 14% from 1H 2022). Net income: CN¥4.65b (up 22% from 1H 2022). Profit margin: 20% (up from 18% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Beverage industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Aug 04
China Resources Beer (Holdings) Company Limited to Report First Half, 2023 Results on Aug 18, 2023 China Resources Beer (Holdings) Company Limited announced that they will report first half, 2023 results on Aug 18, 2023 Announcement • Jul 06
China Resources Beer (Holdings) Company Limited Announces Resignation of Lai Ni Hium, Frank as Non-Executive Director The board of directors of China Resources Beer (Holdings) Company Limited announced that Mr. Lai Ni Hium, Frank (``Mr. Lai'') has tendered his resignation as a Non-executive Director of the Company with effect from 5 July 2023, as he would like to focus on his other personal commitment. Mr. Lai has confirmed that he has no disagreement with the Board and there is no other matter related to his resignation that needs to be disclosed or brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited. Announcement • Jun 03
China Resources Beer (Holdings) Company Limited Announces Change of Chief Financial Officer The board of China Resources Beer (Holdings) Company Limited announced that Mr. Wei Qiang ("Mr. Wei") has tendered his resignation as the Chief Financial Officer of the Company with effect from 2 June 2023 in order to devote more time to his other work commitments within the Group. After his resignation, Mr. Wei will remain as an executive Director. Further, immediately after his resignation as the Chief Financial Officer, Mr. Wei has been appointed as the Vice President of the Company with effect from 2 June 2023. The Company will enter into a service contract with Mr. Wei in relation to his appointment as the Vice President. In addition to the Director's fee and emolument as an executive Director, Mr. Wei is also entitled to the additional emolument for serving as the Vice President of the Company and a number of senior management roles in certain subsidiaries of the Company, comprising a monthly salary of RMB 92,000, annual housing provident fund and social insurance of approximately RMB90,000 and a discretionary bonus. The emolument was determined and will be reviewed by the compensation committee of the Company making reference to Mr. Wei's performance and responsibilities, the performance of the Group and the prevailing market practice. Save as disclosed above, Mr. Wei did not receive other emolument from his other positions in the Group. The Board further announces that with effect from 2 June 2023, Mr. Zhao Wei ("Mr. Zhao"), has been appointed as the Chief Financial Officer of the Company. Mr. Zhao has joined Tianjin China Resources Beer Company Limited in 2003 as the assistant finance director, and served high ranking positions in various departments of the following companies, including but not limited to the general manager of the fund management department, general manager of management accounting and statistics department and director of the finance department of China Resources Snow Breweries (China) Investment Co. Ltd. He was re-designated to act as the Chief Financial Officer of China Resources Pharmaceutical Commercial Group Co. Ltd. in 2020. Prior to that, Mr. Zhao has served as a project manager in Konka Group Co. Ltd. He has over 20 years of experience in financial management. Mr. Zhao holds a Doctor's degree in Engineering from Tianjin University. Announcement • May 20
China Resources Beer (Holdings) Company Limited Approves Final Dividend for the Year Ended December 31, 2022, Payable on or Around 7 July 2023 China Resources Beer (Holdings) Company Limited announced at the AGM held on May 19, 2023 that the company approved to declare a final dividend of RMB 0.302 per ordinary share for the year ended 31 December 2022 payable on or around 7 July 2023 to Shareholders whose names appear on the register of members of the Company on 25 May 2023. Reported Earnings • Mar 26
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: CN¥1.34 (down from CN¥1.41 in FY 2021). Revenue: CN¥35.3b (up 5.6% from FY 2021). Net income: CN¥4.34b (down 5.3% from FY 2021). Profit margin: 12% (down from 14% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) exceeded analyst estimates by 6.8%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Beverage industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 16% share price gain to HK$54.25, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 34x in the Beverage industry in Hong Kong. Total returns to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$60.32 per share. Buying Opportunity • Nov 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be HK$60.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 49%. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings is also forecast to grow by 17% per annum over the same time period. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Non-Executive Director Henry Stephen Lai was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment deteriorated over the past week After last week's 16% share price decline to HK$39.70, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 25x in the Beverage industry in Hong Kong. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$65.94 per share. Buying Opportunity • Sep 05
Now 20% undervalued Over the last 90 days, the stock is up 2.0%. The fair value is estimated to be HK$64.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 49%. Revenue is forecast to grow by 19% in 2 years. Earnings is forecast to grow by 37% in the next 2 years. 
