Goldman Sachs has issued a research report setting a target price of HK$34.73 for CHINA RES BEER (00291) with a "Buy" rating. Heineken reported strong first-quarter results on the previous day (23rd), noting that Heineken China's sales volume continues to outpace the market, recording nearly 30% growth, while Amstel's sales in China more than doubled compared to the first quarter of last year. The report mentioned that Heineken's robust growth momentum and sustained appeal align with the bank's monthly surveys and non-deal roadshow results from January to February, which indicated strong double-digit growth. This reinforces CHINA RES BEER's premiumization progress. Heineken still has ample room to further deepen its national footprint, and upgrades to the product portfolio offer potential for margin expansion. The report also stated that following the release of 2025 results on March 23, the bank reaffirmed its positive view on the company's strong execution capabilities. Market confidence is expected to gradually build, primarily based on Heineken's leading position in the premium beer market, management's execution in promoting new products in the sub-premium segment, and continuously improving operational efficiency through the "Three Major Refinement Strategies."