Lyon: The target price of CR Beer has been raised to 34.6 Hong Kong dollars, maintaining an "outperform" rating.

Lyon released a research report stating that China Resources Beer's average beer selling price in the second half of 2025 is expected to decrease by 4.6% annually, performing below expectations mainly due to increased consumer promotion activities during the period, with expectations of a return to normal performance this year. Management is optimistic about the growth of the average selling price in 2026, with beer sales and prices in the first two months of this year recording year-on-year growth. The bank believes that the sustainability of the recovery in the catering channel is a potential driver for this year, and has lowered its revenue and profit forecasts for 2026 and 2027 by 1% to 5%, raising its target price from HK$33.2 to HK$34.6, maintaining its "outperform" rating.