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China's largest beer company by volume, owner of the Snow Beer brand, with a Heineken partnership for premium brands.
China's largest beer company by volume, owner of the Snow Beer brand, with a Heineken partnership for premium brands.
Brews and sells beer through distributors, with Snow carrying the volume and mid-to-premium brands, including Heineken which it distributes in China, lifting the average price per bottle. China Resources, a state-owned conglomerate, is the controlling shareholder. Plants sit close to markets to keep freight costs down.
In one line: A Chinese AB InBev-scale domestic brewer, part state-owned.
Moat: narrow (scale, distribution, brand). Largest beer sales volume in China gives distribution scale, reinforced by the Heineken partnership for premium growth.
Headquarters: Beijing, China · Founded: 1994 · Employees: 24,000
Size China Res Beer (0291.HK) is a Hong Kong Consumer Staples company (Beverages: Alcoholic) with a market value of $8.66B, the 181st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$20.92 on 6 Nov 2026.
Performance Over six months the shares fell 18.0%, against +10.3% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 2.7% over the last twelve months (peer median -1.8%); the operating margin is 14.6% (peer median 15.6%).
Valuation It trades at 10.7× forward earnings against a peer median of 17.1× (4th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.2 points above its cost of capital (9.9% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$43.0B | HK$41.2B | HK$41.9B | HK$43.0B | HK$41.0B |
| Revenue growth | — | -2% | -3% | +5% | — |
| Gross profit | HK$18.3B | HK$17.7B | HK$17.9B | HK$17.8B | HK$15.7B |
| EBITDA | HK$8.94B | HK$8.57B | HK$7.83B | HK$7.84B | HK$6.12B |
| Net income | HK$3.25B | HK$3.66B | HK$5.14B | HK$5.69B | HK$5.05B |
| Free cash flow | HK$7.28B | HK$6.25B | HK$4.46B | HK$1.87B | HK$6.39B |
| Capital expenditure | HK$1.69B | HK$1.82B | HK$3.05B | HK$2.78B | HK$1.93B |
| Total debt | n/a | HK$3.12B | HK$2.13B | HK$5.82B | HK$1.36B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| China Res Beer 0291.HK | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% |
| Tsingtao Brewery 0168.HK | $9.12B | -21% | +1% | 16% | 10.8× | -5.0% |
| Bud Apac 1876.HK | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% |
| Heineken HEIA.AS | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0291.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.7% | +8.0% | 7th highest of 21 |
| 6-month return | -18.0% | +10.3% | 3rd lowest of 21 |
| Distance from 52-week high | -26.3% | -13.3% | 4th lowest of 21 |
| Revenue growth (TTM) | +2.7% | -1.8% | 5th highest of 20 |
| Operating margin | 14.6% | 15.6% | 8th lowest of 20 |
| Forward P/E | 10.7× | 17.1× | 4th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -1.5% | 1.9% | 7th least demanding of 18 |
| Growth delivered (Del g) | +3.1% | +7.3% | 5th lowest of 18 |
| Hurdle (Req g minus delivered) | -4.6 pp | -7.6 pp | 7th most demanding of 18 |
| ROIC minus cost of capital | +5.2 pp | +2.9 pp | 10th highest of 20 |
| EV / EBITDA | 6.4× | 13.3× | 2nd cheapest of 14 |
| Net debt / EBITDA | -1.7× | 1.7× | 2nd least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Res Beer 0291.HK | Hong Kong | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% | +3.1% |
| Thai Beverage Public Y92.SI | Singapore | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% | +3.2% |
| Jiangsu Yanghe Distillery 002304.SZ | China | $8.50B | -23% | -31% | 4% | 32.6× | n/a | n/a |
| Davide Campari-Milano CPR.MI | Italy | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% | +11.5% |
| Tsingtao Brewery 600600.SS | China | $9.03B | -16% | -4% | 16% | 16.2× | -5.1% | +3.4% |
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |
| Molson Coors Canada TPX-B.TO | Canada | $7.38B | -12% | n/a | n/a | n/a | n/a | n/a |
| Anhui Gujing Distillery 000596.SZ | China | $7.29B | -2% | -28% | 17% | 21.5× | 4.3% | +12.7% |
| Bud Apac 1876.HK | Hong Kong | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% | +0.7% |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| Jiangsu King's Luck Brewery Joint-stock 603369.SS | China | $6.40B | +25% | -5% | 33% | 16.2× | 1.9% | +15.3% |
| Radico Khaitan RADICO.NS | India | $6.37B | +33% | +16% | 17% | 66.7× | 45.1% | +20.5% |
| Anhui Yingjia Distillery 603198.SS | China | $5.35B | +17% | 0% | 41% | 17.1× | 5.3% | +11.7% |
| Sapporo Breweries 2501.T | Japan | $5.34B | +24% | -6% | 5% | 2.8× | 14.8% | +3.1% |
| Brown–Forman BF-B | United States | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% | +2.7% |
| Kirin 2503.T | Japan | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% | +5.6% |
| Beijing Yanjing Brewery 000729.SZ | China | $4.82B | -14% | +7% | 16% | 15.7× | -4.2% | +7.3% |
| Asahi Group Hldgs 2502.T | Japan | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% | +7.4% |
| Luzhou Laojiao 000568.SZ | China | $17.9B | -19% | -38% | 40% | 17.5× | 9.9% | +8.7% |
| Takara 2531.T | Japan | $3.84B | +75% | +9% | 4% | 34.6× | n/a | n/a |
| Pernod Ricard RI.PA | France | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% | +1.3% |