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Consumer Non-Durables

China Resources Beer (Holdings) Co. Ltd.

Company Background

China Resources Beer is a state-owned major beverage maker and a core subsidiary of China Resources (Holdings), a conglomerate that operates electricity, food and other businesses. China Resources beer's business is well known for its "Snow" beverage, accounting for about 20% of the Chinese beer market.

Founded in 1992, the company also runs a distribution business, with about 4,800 shops, including those in the China Resources Vanguard chain. It also operates a food business under its Pacific Coffee unit and has established a mineral water brand "C'estbon" in its beverage business. The company also offers soft drink brands through a joint venture it established in 2011 with Japanese beverage giant Kirin Holdings.

In May 2015, China Resources Beer announced it will sell all its non-beer businesses to its parent company, aiming to spin off its distribution business, which has been in the red, and focus on its competitive beer business.

In 2014, the company had the largest share of China's beer market for the ninth straight year. Previously, another leading Chinese beer maker Tsingtao Brewery held the country's top market share. It is said there were 800 beer companies in China, and China Resources Enterprise acquired them one after another to reach the top. SABMiller Asia Pacific, a unit under British beer maker SABMiller, has a 49% stake in brewing company China Resources Snow Breweries, a unit under China Resources Beer and also a joint venture, providing technical cooperation for beer production.

Despite its commanding lead in the domestic beer market, China Resources Beer is little known abroad. Although China is the world's largest beer consumer, in 2014 the domestic market contracted from a year earlier, due to the country's economic slowdown and other negative factors. This shows there are signs of uncertainty about the company's outlook.

Business Summary

China Resources Beer (Holdings) Co. Ltd. operates as an investment holding company. It principally engages in the manufacture, sales and distribution of beer products. The company was founded in 1992 and is headquartered in Hong Kong.

Financial Highlights

Dec 2019 HKDUSD
Gross Profit13,807.70M1,762.26M
Operating income2,216.80M282.92M
Income before tax2,496.88M318.67M
Net income1,487.69M189.87M
Diluted EPS0.450.05
Dividends Per Share0.180.02
Total Assets46,523.50M5,970.82M
Total liabilities23,301.46M2,990.51M
Total equity22,002.77M2,823.83M
Operating cash flow4,694.41M599.14M
Currency in HKDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 34,486.88M 33,526.60M 34,283.57M 37,744.99M 37,634.68M
Gross Profit 4,269.07M 11,274.07M 11,537.78M 13,236.27M 13,807.70M
Operating income 1,625.72M 1,631.11M 1,678.89M 1,833.53M 2,216.80M
Income before tax 2,125.28M 2,031.87M 2,094.00M 1,814.58M 2,496.88M
Net income 822.73M 734.93M 1,354.87M 1,157.21M 1,487.69M
EBITDA 3,758.41M 3,641.96M 3,646.06M 3,792.62M 4,171.67M
Diluted EPS -1.76 0.25 0.41 0.35 0.45
Dividends Per Share 0 0.09 0.17 0.13 0.18
Total Assets 51,043.86M 47,559.79M 48,799.30M 44,782.96M 46,523.50M
Total liabilities 27,283.54M 26,866.87M 24,824.00M 21,604.06M 23,301.46M
Total equity 12,001.89M 19,636.40M 22,113.40M 21,493.45M 22,002.77M
Operating cash flow 5,754.18M 5,006.67M 4,881.01M 4,715.31M 4,694.41M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 4,448.44M 4,319.07M 4,399.38M 4,815.92M 4,803.28M
Gross Profit 550.66M 1,452.38M 1,480.56M 1,688.82M 1,762.26M
Operating income 209.70M 210.12M 215.44M 233.94M 282.92M
Income before tax 274.13M 261.75M 268.70M 231.52M 318.67M
Net income 106.12M 94.67M 173.86M 147.64M 189.87M
EBITDA 484.79M 469.17M 467.87M 483.90M 532.42M
Diluted EPS -0.22 0.03 0.05 0.04 0.05
Dividends Per Share 0 0.01 0.02 0.01 0.02
Total Assets 6,586.17M 6,134.25M 6,242.47M 5,719.88M 5,970.82M
Total liabilities 3,520.38M 3,465.28M 3,175.52M 2,759.36M 2,990.51M
Total equity 1,548.60M 2,532.70M 2,828.77M 2,745.24M 2,823.83M
Operating cash flow 742.22M 644.98M 626.34M 601.63M 599.14M

Valuation Measures

Dec 2019
Operating margin5.89%
Profit margin3.95%

Key executives

  • Chief Executive Officer & Executive Director: Xiao Hai Hou
  • CFO, Secretary & Executive Director: Po Sing Lai
  • Chief Human Resources Officer & Senior VP: Xian Liang Wang


  • China State-Owned Assets Supervision & Admn Commission (51.9%)
  • Hillhouse Capital Advisors Ltd. (4.1%)
  • The Vanguard Group, Inc. (1.7%)
  • Matthews International Capital Management LLC (1.7%)
  • Fidelity Management & Research Co. LLC (1.6%)
  • Canada Pension Plan Investment Board (1.4%)
  • Morgan Stanley Asia Ltd. (Investment Management) (1.2%)
  • BlackRock Fund Advisors (0.9%)
  • Massachusetts Financial Services Co. (0.8%)
  • Norges Bank Investment Management (0.8%)

Contact Details

  • Website:
  • Address: 39/F, China Resources Building, 26 Harbour Road, Hong Kong, Hong Kong
  • Phone: +852.2827.1028

Related Companies

  • Wan Hsin Co. Ltd.
  • Heineken NV /China Brewing Business/
  • Delaware Industrial Ltd.
  • China Resources Development & Investment Co. Ltd.
  • Ng Fung Frozen Meats & Aquatic Products Co. Ltd.
  • China Resources Textiles Co. Ltd.
  • China Resources Property Ltd.
  • CRE Beverage Trading Ltd.
  • China Resources Enterprise Ltd. /Non-Beer Business/
  • China Resources Kirin Beverages (Greater China) Co. Ltd.
  • Gain Land Ltd.
  • China Resources Vanguard (Hong Kong) Co. Ltd.
  • China Resources Retail (Group) Co., Ltd.
  • Shenzhen CR Care Investment Co. Ltd.
  • China Resources Logistics (Pak Sik Enterprises) Ltd.
  • China Resources Logistics (Group) Ltd.
  • Festive Wise Ltd.
  • Jiangsu Huilin Commerce Co. Ltd.
  • China Resources Vanguard Guangzhou Superstore Co. Ltd.
  • C'estbon Food & Beverage (Shenzhen) Co. Ltd.
  • Tactical Solutions, Inc.
  • Preparis Ltd.
  • China Resources Petrochems Holdings Ltd.
  • Best Growth International Ltd.
  • Zhejiang Cikelong Supermarket Ltd.
  • China Resources Snow Breweries Ltd.
  • China Resources Vanguard Co., Ltd.
  • Surefaith Investments Ltd.
  • Wealth Choice Investments Ltd.
  • Aiming Investments Ltd.


  • Budweiser Brewing Co. APAC Ltd.
  • Anheuser-Busch InBev SA/NV
  • Asahi Group Holdings,Ltd.
  • San Miguel Food & Beverage, Inc.
  • San Miguel Corp.
  • Top Frontier Investment Holdings, Inc.
  • Yinchuan Xinhua Commercial Group Co., Ltd. Class A
Last Updated on 1 Jun, 2020

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