The Zhitong Finance App learned that Lyon released a research report saying that China Resources Beer (00291)'s revenue in the first half of the year was 24.24 billion yuan, up 1.2% year-on-year, slightly lower than the bank's and market expectations of about 1%. Profit attributable to shareholders was RMB 5.169 billion, down 10.7% year-on-year, 5% and 11% lower than the bank's expectations and market expectations, respectively.

According to the report, the beer business revenue and gross margin trend was generally in line with expectations after excluding one-time projects. Beer business revenue was 23.67 billion yuan, up 2.2% year over year, in line with this forecast; beer sales increased 1.7% year over year, sales of sub-premium beer and above increased more than 10% year over year, and “Heineken” sales increased 20% year over year. The average sales price of beer increased 0.4% year over year.

The liquor business was the main drag, with revenue of 570 million yuan during the period, down 27% year-on-year; EBIT loss was 281 million yuan. Overall gross margin fell 1.2 percentage points year over year to 47.7%, and sales and administrative expenses ratio fell 0.9 percentage points year over year to 22.3% year over year. Core net profit fell 4.5% year-on-year to RMB 5.109 billion.

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