BOCI released a research report expecting CHINA RES BEER (00291.HK) -0.150 (-0.571%) Short selling $44.94M; Ratio 16.146% to post low-to-mid single digit YoY growth in beer business revenue in 1H25, on the back of stabilizing average selling prices and low single digit sales volume growth. In terms of baijiu, the broker forecasted 1H25 sales to decline, and the industry's profitability to deteriorate. BOCI also believed that the introduction of a policy in recent months not allowing luxury alcohol to be consumed during official receptions in recent months will limit the demand for baijiu in mainland China, and the impact will last longer than expected.Related NewsCLSA: Resignation of CHINA RES BEER Chair Affects ST Sentiment; TP $30.4With lower capital expenditure, BOCI predicted 2025/ 2026/ 2027 dividend payout ratio to be 60%/ 65%/ 70%, with rating kept at Buy and a target price of $31.1.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-04 16:25.)