CLSA issued a research report stating that CHINA RES BEER (00291) delivered beer sales growth that outperformed the industry in the first half of 2025, with expectations that the growth trend will continue in the second half, despite the recovery in baijiu potentially requiring more time. The firm also expects profit margins to continue expanding in the second half and has raised its 2025 net profit forecast by 7%, reflecting better gross margin trends and one-time land disposal gains. CLSA raised its target price for CHINA RES BEER from HK$30.4 to HK$33.2, applying a 9x 12-month forward EV/EBITDA valuation for the beer business and 10x P/E ratio for the baijiu business (multiples unchanged), while maintaining an Outperform rating.