China Resources Beer - Public Comps and Valuation Multiples

China Resources Beer Overview

About China Resources Beer

China Resources Beer, or CR Beer, was originally a conglomerate enterprise with operations across retail, beer, food, and beverage industries. In September 2015, the company disposed of all its non-beer businesses and became a pure beer producer. Through a series of mergers and acquisitions, the company achieved its leadership position in China’s beer industry. Amid the premiumization trend in the domestic beer market, CR Beer acquired Heineken China in 2019, which allows CR Beer access to a premium international brand and also leverages its sophisticated distribution network to grow Heineken’s sales and market share. CR Beer is now China’s largest brewer, with a volume share of about 26%, versus 15% of Tsingtao and 19% of Budweiser APAC, based on Euromonitor data.

Founded

1965

HQ

Employees

26K+

Website

crbeer.com.hk

Sectors

Alcohol

Financials

LTM Revenue $5.9B

LTM EBITDA $1.5B

EV

$10.7B

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China Resources Beer Financials

As of August 2025, China Resources Beer reported last 12-month revenue of $5.9B and EBITDA of $1.5B.

In the same period, China Resources Beer generated $2.6B in LTM gross profit and $845M in net income.

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China Resources Beer P&L

In the most recent fiscal year, China Resources Beer reported revenue of $5.0B and EBITDA of $1.2B.

China Resources Beer expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$5.9B	XXX	$5.0B	XXX	XXX	XXX
Gross Profit	$2.6B	XXX	$2.1B	XXX	XXX	XXX
Gross Margin	44%	XXX	43%	XXX	XXX	XXX
EBITDA	$1.5B	XXX	$1.2B	XXX	XXX	XXX
EBITDA Margin	25%	XXX	24%	XXX	XXX	XXX
EBIT	$1.1B	XXX	$703M	XXX	XXX	XXX
EBIT Margin	19%	XXX	14%	XXX	XXX	XXX
Net Profit	$845M	XXX	$608M	XXX	XXX	XXX
Net Margin	14%	XXX	12%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for China Resources Beer including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $5.9B. EBITDA for the last twelve months was $1.5B. In the most recent fiscal year, China Resources Beer achieved $5.0B in revenue and $1.2B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$5.9B	Analyst estimates available to subscribers	$5.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$2.6B	Analyst estimates available to subscribers	$2.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	44.2% gross margin	Analyst estimates available to subscribers	42.6% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$1.5B	Analyst estimates available to subscribers	$1.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	25.2% EBITDA margin	Analyst estimates available to subscribers	23.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$1.1B	Analyst estimates available to subscribers	$703M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	18.9% EBIT margin	Analyst estimates available to subscribers	14.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$845M	Analyst estimates available to subscribers	$608M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	14.2% net profit margin	Analyst estimates available to subscribers	12.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for China Resources Beer

This financial data table provides comprehensive performance metrics for China Resources Beer, a company based in Hong Kong. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

China Resources Beer generated $5.9B in revenue over the last twelve months.
The company achieved $1.5B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $2.6B.
Net income over the last twelve months reached $845M.

Fiscal Year Performance

In the most recent fiscal year, China Resources Beer reported $5.0B in total revenue.
Fiscal year EBITDA was $1.2B.
The company maintained a gross profit margin of 42.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 23.5%.
Net profit margin reached 12.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for China Resources Beer. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

China Resources Beer Stock Performance

China Resources Beer has current market cap of HKD 93.0B (or $11.9B), and EV of HKD 83.1B (or $10.7B).

Market Cap Evolution

China Resources Beer Stock Data

As of September 12, 2025, China Resources Beer's stock price is HKD 29 (or $4).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$10.7B	$11.9B	XXX	XXX	XXX	XXX	$0.24

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China Resources Beer Valuation Multiples

China Resources Beer's trades at 2.1x EV/Revenue multiple, and 9.1x EV/EBITDA.

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China Resources Beer Financial Valuation Multiples

As of September 12, 2025, China Resources Beer has market cap of $11.9B and EV of $10.7B.

Equity research analysts estimate China Resources Beer's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

China Resources Beer has a P/E ratio of 15.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$11.9B	XXX	$11.9B	XXX	XXX	XXX
EV (current)	$10.7B	XXX	$10.7B	XXX	XXX	XXX
EV/Revenue	2.0x	XXX	2.1x	XXX	XXX	XXX
EV/EBITDA	7.8x	XXX	9.1x	XXX	XXX	XXX
EV/EBIT	10.4x	XXX	15.1x	XXX	XXX	XXX
EV/Gross Profit	4.4x	XXX	n/a	XXX	XXX	XXX
P/E	15.4x	XXX	19.6x	XXX	XXX	XXX
EV/FCF	13.4x	XXX	20.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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China Resources Beer Margins & Growth Rates

China Resources Beer's last 12 month revenue growth is 3%

China Resources Beer's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.1M for the same period.

China Resources Beer's rule of 40 is 27% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

China Resources Beer's rule of X is 32% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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China Resources Beer Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	3%	XXX	7%	XXX	XXX	XXX
EBITDA Margin	25%	XXX	24%	XXX	XXX	XXX
EBITDA Growth	8%	XXX	8%	XXX	XXX	XXX
Rule of 40	27%	XXX	26%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	32%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	22%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	28%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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