The Zhitong Finance App learned that Bank of America Securities released a research report stating that it lowered China Resources Beer (00291)'s 2026 and 2027 earnings forecasts by 15% and 14% to reflect weak performance expectations in the third quarter, China's macroeconomic uncertainty and continued cost pressure, and lowered the target price from HK$29.1 to HK$26.6, reaffirming the “buy” rating.

The bank expects China Resources Beer's core net profit to drop by double digits year on year to about 4.7 billion yuan in 2026, beer revenue will record a low single-digit decline, and liquor revenue will drop by more than 20%. Gross margin is expected to be eroded by more than 1 percentage point, mainly due to rising aluminum costs and falling production dragging down capacity utilization.

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