0553 GMT - China Resources Beer's baijiu business is likely to only recover in the longer term, after the segment's 1H revenue missed estimates, say China Galaxy International analysts in a note. The brewer said in an analyst briefing it is avoiding direct-to-consumer pushes for baijiu--a Chinese distilled liquor--to ease elevated channel inventory and distributor liquidity constraints, they note. The company is instead introducing a third-party custody or consignment model for its new baijiu stock-keeping units, where it will absorb inventory fluctuation to rebuild channel confidence. CGI cuts its 2026-2028 earnings-per-share estimates by 3.7%-3.8% on a weaker baijiu business and higher-than-expected cost pressure. It trims its target price to 31.30 Hong Kong dollars from HK$33.50. Shares rise 2.3% to HK$21.02.