# China Resources Beer Holdings (0291.HK)

Canonical: https://gigainvestors.com/s/0291.HK

Analysis as of: 2026-10-16T07:36:19.077Z. Financial observations: FY2015–FY2025.

Listing currency: HKD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 19.59 per share; close as of 2026-10-15.

Estimated value: low HKD 21.38 per share, central HKD 23.91 per share, high HKD 27.29 per share. Buy at or below the central value HKD 23.91 per share. Valuation as of 2026-10-16T07:36:19.077Z; scenarios are not confidence intervals.

Expected annual return: 11.9% at the stated quote. About 11.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: pass

- Positive operating margins follow a sustained upward trend (at least 90% explained, low residual variation), with no net losses or latest decline; improvement passes the margin-variation check

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.54×

- Sustained margin improvement: Yes

- Variation explained by rising trend: 92.1%

- Variation around the rising trend: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.04×

- FY2018: 0.02×

- FY2019: 0.04×

- FY2020: 0.09×

- FY2021: 0.10×

- FY2022: 0.11×

- FY2023: 0.14×

- FY2024: 0.14×

- FY2025: 0.16×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 24.3%

- ROIC, second-lowest year: 6.0%

- Typical minus recent gross margin: -4.2 pp

- Typical gross margin (annual median): 38.4%

- Recent gross margin (lower of latest and 3-year median): 42.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.7%

- ROIC including acquisitions, ten-year median: 14.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.7%

- FY2017: 6.0%

- FY2018: 5.4%

- FY2019: 10.6%

- FY2020: 24.2%

- FY2021: 24.4%

- FY2022: 35.6%

- FY2023: 29.7%

- FY2024: 29.4%

- FY2025: 33.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 22B

- Net income, five-year total: CNY 22B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 1.8 pp

- Working capital / revenue, final three-year average: 16.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.03×

- FY2022: 0.99×

- FY2023: 0.99×

- FY2024: 0.90×

- FY2025: 1.18×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.0% vs 29.7%

- Per-share earnings: 0.20 to 1.46 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: CNY 32B

- Cumulative retained earnings: CNY 15B

- Diluted shares, 10-year annual growth: 2.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 27.9%

- Per-share value change: CNY 1.26

- Per-share value, starting three-year median: CNY 0.20

- Per-share value, ending three-year median: CNY 1.46

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 12B

- Cumulative net income, 10 years: CNY 28B

- ROIC, first three-year median: 6.0%

- ROIC, last three-year median: 29.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.20

- FY2017: CNY 0.36

- FY2018: CNY 0.30

- FY2019: CNY 0.40

- FY2020: CNY 0.65

- FY2021: CNY 1.41

- FY2022: CNY 1.34

- FY2023: CNY 1.59

- FY2024: CNY 1.46

- FY2025: CNY 1.04

### accounting: pass

- Sloan accruals: -5.5%

- Receivables to sales index (DSRI): 1.46×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.11×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.67×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.7%

- FY2017: -7.6%

- FY2018: -7.5%

- FY2019: -6.7%

- FY2020: -5.5%

- FY2021: -0.8%

- FY2022: -4.4%

- FY2023: 1.4%

- FY2024: -3.2%

- FY2025: -5.5%

## Holders

## Price story

Down 70% since Oct 2021 · sales -1.7%

Story as of 2026-10-16T10:00:07.202Z; price observation 2026-10-15.

Price needs cash profits to shrink 2% a year for ten years

### Sales · FY2024–2025

sales -1.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 29B 

- FY2017: CNY 30B 

- FY2018: CNY 32B 

- FY2019: CNY 33B 

- FY2020: CNY 31B 

- FY2021: CNY 33B 

- FY2022: CNY 35B 

- FY2023: CNY 39B 

- FY2024: CNY 39B 

- FY2025: CNY 38B 

### Gross margin · FY2025

gross margin 43.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 33.7% 

- FY2017: 33.7% 

- FY2018: 35.1% 

- FY2019: 36.8% 

- FY2020: 38.4% 

- FY2021: 39.2% 

- FY2022: 38.5% 

- FY2023: 41.4% 

- FY2024: 42.6% 

- FY2025: 43.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are CNY 38 billion.

- Source: https://eodhd.com/api/fundamentals/CHK.STU.json#2025-12-31 (filed 2026-10-16T07:36:19.077Z); FY2025: revenue 37985000000; grossProfit 16360000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0291.HK: China Resources Beer (Holdings) Company Limited, an investment holding company, engages in the manufacture, distribution, and sale of alcoholic beverages in Mainland China. It offers beer and baijiu products under the Guizhou and Jinsha Huisha brands. The company was formerly known as China Resources Enterprise, Limited and changed its name to China Resources Beer (Holdings) Company Limited in October 2015. The company is based in Wan Chai, Hong Kong. China Resources Beer (Holdings) Company Limited operates as a subsidiary of CRH (Beer) Limited.

### Why customers stay

Margins ranged from 41.4% to 43.1% during 2023–25; it earns 24.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/CHK.STU.json#2023-12-31 (filed 2026-10-16T07:36:19.077Z); FY2023: grossProfit / revenue = 41.4%.

- Source: https://eodhd.com/api/fundamentals/CHK.STU.json#2024-12-31 (filed 2026-10-16T07:36:19.077Z); FY2024: grossProfit / revenue = 42.6%.

- Source: https://eodhd.com/api/fundamentals/CHK.STU.json#2025-12-31 (filed 2026-10-16T07:36:19.077Z); FY2025: grossProfit / revenue = 43.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:19.077Z); 10-year return on capital observations [[2016,0.06693566860777928],[2017,0.06035051730288976],[2018,0.054021260603457535],[2019,0.10598964326812428],[2020,0.24238433474896373],[2021,0.24402052751147224],[2022,0.35559401230958837],[2023,0.29742159803927465],[2024,0.29360124623467837],[2025,0.33783221533497493]]; median 0.243202431130218. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/api/fundamentals/CHK.STU.json#2016-12-31 (filed 2026-10-16T07:36:19.077Z); FY2016: growth capex 0; upkeep 1863000000; owner earnings 487000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CHK.STU.json#2017-12-31 (filed 2026-10-16T07:36:19.077Z); FY2017: growth capex 3998145; upkeep 1711001855; owner earnings 1175000000. Growth capex / owner earnings = 0.003402676595744681.

- Source: https://eodhd.com/api/fundamentals/CHK.STU.json#2018-12-31 (filed 2026-10-16T07:36:19.077Z); FY2018: growth capex 0; upkeep 1247000000; owner earnings 1384000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CHK.STU.json#2019-12-31 (filed 2026-10-16T07:36:19.077Z); FY2019: growth capex 0; upkeep 1490000000; owner earnings 1503200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CHK.STU.json#2020-12-31 (filed 2026-10-16T07:36:19.077Z); FY2020: growth capex 0; upkeep 1047000000; owner earnings 2753000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CHK.STU.json#2021-12-31 (filed 2026-10-16T07:36:19.077Z); FY2021: growth capex 0; upkeep 1471000000; owner earnings 4730800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CHK.STU.json#2022-12-31 (filed 2026-10-16T07:36:19.077Z); FY2022: growth capex 99000000; upkeep 1562000000; cash acquisitions 490000000; owner earnings 4321600000. Growth capex plus acquisitions / owner earnings = 0.13629211403184005.

- Source: https://eodhd.com/api/fundamentals/CHK.STU.json#2023-12-31 (filed 2026-10-16T07:36:19.077Z); FY2023: growth capex 243000000; upkeep 2277000000; cash acquisitions 9829000000; owner earnings 5118400000. Growth capex plus acquisitions / owner earnings = 1.9678024382619568.

- Source: https://eodhd.com/api/fundamentals/CHK.STU.json#2024-12-31 (filed 2026-10-16T07:36:19.077Z); FY2024: growth capex 0; upkeep 2813000000; cash acquisitions 0; owner earnings 4246000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/CHK.STU.json#2025-12-31 (filed 2026-10-16T07:36:19.077Z); FY2025: growth capex 0; upkeep 1799000000; cash acquisitions 0; owner earnings 3979400000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:19.077Z); Dividend observations: [[2016,0],[2017,487000000],[2018,519000000],[2019,487000000],[2020,561000000],[2021,1281000000],[2022,1739000000],[2023,1911000000],[2024,3363000000],[2025,2764000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 51.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0291.HK SharesStats.PercentInsiders = 51.922000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:19.077Z); Ten-year compound average after fade. Initial solved rate -0.0410397031780973. Price 19.59; FX 1.1727222788982186; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -3.4771104699920996 → FY2025 1.2266285460163584. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 16.50 per share

- 2016-11: HKD 16.42 per share

- 2016-12: HKD 15.40 per share

- 2017-01: HKD 15.80 per share

- 2017-02: HKD 17.62 per share

- 2017-03: HKD 17.68 per share

- 2017-04: HKD 18.72 per share

- 2017-05: HKD 19.66 per share

- 2017-06: HKD 19.70 per share

- 2017-07: HKD 19.74 per share

- 2017-08: HKD 19.64 per share

- 2017-09: HKD 21.15 per share

- 2017-10: HKD 22.50 per share

- 2017-11: HKD 21.45 per share

- 2017-12: HKD 28.05 per share

- 2018-01: HKD 29.55 per share

- 2018-02: HKD 30.20 per share

- 2018-03: HKD 34.00 per share

- 2018-04: HKD 33.95 per share

- 2018-05: HKD 38.10 per share

- 2018-06: HKD 38.10 per share

- 2018-07: HKD 35.30 per share

- 2018-08: HKD 33.40 per share

- 2018-09: HKD 31.45 per share

- 2018-10: HKD 27.25 per share

- 2018-11: HKD 26.50 per share

- 2018-12: HKD 27.35 per share

- 2019-01: HKD 27.50 per share

- 2019-02: HKD 29.25 per share

- 2019-03: HKD 33.05 per share

- 2019-04: HKD 35.85 per share

- 2019-05: HKD 34.30 per share

- 2019-06: HKD 37.10 per share

- 2019-07: HKD 37.00 per share

- 2019-08: HKD 44.50 per share

- 2019-09: HKD 41.55 per share

- 2019-10: HKD 40.35 per share

- 2019-11: HKD 41.00 per share

- 2019-12: HKD 43.10 per share

- 2020-01: HKD 36.25 per share

- 2020-02: HKD 36.10 per share

- 2020-03: HKD 35.40 per share

- 2020-04: HKD 36.95 per share

- 2020-05: HKD 41.05 per share

- 2020-06: HKD 43.20 per share

- 2020-07: HKD 53.90 per share

- 2020-08: HKD 50.40 per share

- 2020-09: HKD 47.40 per share

- 2020-10: HKD 48.05 per share

- 2020-11: HKD 57.25 per share

- 2020-12: HKD 71.40 per share

- 2021-01: HKD 68.50 per share

- 2021-02: HKD 58.50 per share

- 2021-03: HKD 60.95 per share

- 2021-04: HKD 62.75 per share

- 2021-05: HKD 69.65 per share

- 2021-06: HKD 69.75 per share

- 2021-07: HKD 58.15 per share

- 2021-08: HKD 64.00 per share

- 2021-09: HKD 57.50 per share

- 2021-10: HKD 64.50 per share

- 2021-11: HKD 63.80 per share

- 2021-12: HKD 63.85 per share

- 2022-01: HKD 58.05 per share

- 2022-02: HKD 61.85 per share

- 2022-03: HKD 48.05 per share

- 2022-04: HKD 46.50 per share

- 2022-05: HKD 49.10 per share

- 2022-06: HKD 58.50 per share

- 2022-07: HKD 54.20 per share

- 2022-08: HKD 54.85 per share

- 2022-09: HKD 54.65 per share

- 2022-10: HKD 37.00 per share

- 2022-11: HKD 53.55 per share

- 2022-12: HKD 54.55 per share

- 2023-01: HKD 58.95 per share

- 2023-02: HKD 57.95 per share

- 2023-03: HKD 63.00 per share

- 2023-04: HKD 60.35 per share

- 2023-05: HKD 49.40 per share

- 2023-06: HKD 51.60 per share

- 2023-07: HKD 49.95 per share

- 2023-08: HKD 46.10 per share

- 2023-09: HKD 42.95 per share

- 2023-10: HKD 41.40 per share

- 2023-11: HKD 35.20 per share

- 2023-12: HKD 34.20 per share

- 2024-01: HKD 28.15 per share

- 2024-02: HKD 33.95 per share

- 2024-03: HKD 36.05 per share

- 2024-04: HKD 36.00 per share

- 2024-05: HKD 31.35 per share

- 2024-06: HKD 26.25 per share

- 2024-07: HKD 24.40 per share

- 2024-08: HKD 24.25 per share

- 2024-09: HKD 34.00 per share

- 2024-10: HKD 28.85 per share

- 2024-11: HKD 26.20 per share

- 2024-12: HKD 25.25 per share

- 2025-01: HKD 23.45 per share

- 2025-02: HKD 24.90 per share

- 2025-03: HKD 28.10 per share

- 2025-04: HKD 27.40 per share

- 2025-05: HKD 25.05 per share

- 2025-06: HKD 25.00 per share

- 2025-07: HKD 26.15 per share

- 2025-08: HKD 27.98 per share

- 2025-09: HKD 27.44 per share

- 2025-10: HKD 26.60 per share

- 2025-11: HKD 27.80 per share

- 2025-12: HKD 26.22 per share

- 2026-01: HKD 26.22 per share

- 2026-02: HKD 27.60 per share

- 2026-03: HKD 25.64 per share

- 2026-04: HKD 26.84 per share

- 2026-05: HKD 24.20 per share

- 2026-06: HKD 21.28 per share

- 2026-07: HKD 23.66 per share

- 2026-08: HKD 19.32 per share

- 2026-09: HKD 18.78 per share

- 2026-10: HKD 19.59 per share

## Annual estimated value (HKD per share)

- FY2019: low HKD 5.79 per share, central HKD 6.50 per share, high HKD 7.45 per share

- FY2020: low HKD 6.81 per share, central HKD 7.55 per share, high HKD 8.54 per share

- FY2021: low HKD 7.82 per share, central HKD 8.65 per share, high HKD 9.74 per share

- FY2022: low HKD 15.71 per share, central HKD 17.39 per share, high HKD 19.63 per share

- FY2023: low HKD 20.37 per share, central HKD 22.97 per share, high HKD 26.43 per share

- FY2024: low HKD 19.69 per share, central HKD 22.27 per share, high HKD 25.70 per share

- FY2025: low HKD 21.38 per share, central HKD 23.91 per share, high HKD 27.29 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations