JPMorgan released a research report forecasting that CHINA RES BEER (00291) will achieve low single-digit revenue growth and double-digit adjusted EBITDA growth in Q3 2025, outperforming peers TSINGTAO BREW (00168) and BUD APAC (01876). The report highlights a polarizing trend in the beer industry, with premiumization coexisting alongside downgrading trends. While the baijiu business continues to face pressure, conditions have improved compared to summer, though potential goodwill impairment charges may arise without affecting dividends. CHINA RES BEER plans to increase its dividend payout ratio from 52% in 2024 to 60% in 2025, further rising to 70-80% during 2027-2028. Management reaffirmed its full-year 2025 targets, expecting adjusted profit (excluding one-time income from joint venture relocation agreements in H1 2025) to grow by high single-digit to double-digit percentages year-over-year, with low single-digit revenue growth.