HK Stock Market Move | Beer stocks rebounded today, Guangzhou Zhujiang Brewery's annual net profit increased by 30%. Institutions are optimistic about the industry's overall dividend yield continuing to rise.

Beer stocks rebounded today, as of press time, CHINA RES BEER (00291) rose by 3.89% to HKD 25.4; TSINGTAO BREW (00168) rose by 3.21% to HKD 51.4; BUD APAC (01876) rose by 2.27% to HKD 8.11. On the news front, on February 22, Guangzhou Zhujiang Brewery released its 2024 performance report. The data shows that in 2024, the company achieved beer sales of 1,439,600 tons, an increase of 2.62% year-on-year. Total operating income reached approximately 5.731 billion yuan, an increase of 6.56% year-on-year; net profit attributable to shareholders of the listed company reached approximately 813 million yuan, an increase of 30.32% year-on-year. Guotai Junan pointed out that the demand side of the beer sector in 2025 is expected to confirm the bottom, and there is still room for profit improvement. In addition, it is expected that the overall dividend payout ratio level of the industry in 2025 will increase year-on-year, with Tsingtao Brewery and CHINA RES BEER expected to continue to rise in 2025-26, while Carlsberg and AB InBev may maintain the dividend level of 2024 in 2025, and Yanjing has room for an increase in the mid-term dividend payout ratio. The bank expects that the capital expenditure of various beer companies in 2025-26 may trend downwards, with overall shareholder returns continuing to strengthen, highlighting the sector's continued emphasis on high dividends and stable growth characteristics.