Group 1 - The core viewpoint of the article indicates that China Foods (00506) experienced accelerated revenue growth in the first half of the year, driven by strong performance in carbonated and energy drinks, as well as a recovery in the water segment [1] - The company's net profit only increased by 2%, attributed to intensified industry competition and a weak macroeconomic environment [1] - Management anticipates that revenue growth will slow in the second half of the year due to macroeconomic weakness and high base effects, but aims to maintain growth and plans to launch more juice and energy drink products [1] Group 2 - UBS reported that emerging channels such as self-service vending machines, e-commerce, snack discount stores, and fast commerce contributed approximately 20% to China Foods' revenue, providing new income sources with profitability comparable to traditional channels [1] - The firm believes that channel innovation can support an increase in market share [1] - UBS maintains a "Buy" rating on the stock, raising the target price from HKD 4.86 to HKD 5.07 [1]

Core Viewpoint - The company maintains its profit forecast for 2025/2026 and has raised its target price by 40% to HKD 4.9, reflecting a potential upside of 20% based on market valuation adjustments [1] Financial Performance - For 1H25, the company reported revenue of CNY 12.278 billion, a year-on-year increase of 8.3%, and a net profit attributable to shareholders of CNY 578 million, up 2.2% year-on-year, with revenue meeting expectations but profit slightly below due to higher-than-expected expenses [2] Product Performance - The company experienced growth across various beverage categories in 1H25, with total revenue up 8.3% driven by both volume and price increases. Notable performances include: - Soft drinks revenue increased by 9.4% to CNY 9.38 billion, with double-digit growth in sugar-free carbonated products [3] - Juice revenue rose by 0.8% to CNY 1.67 billion, aided by the relaunch of the "Cooler" brand [3] - Packaged water revenue grew by 8.2%, recovering from a contraction in the previous year, with "Ice Dew" leading the recovery [3] - Coffee and other beverages saw a 13.8% increase in revenue to CNY 640 million, with energy drinks growing by 36% [3] Margin Analysis - The gross margin improved by 3.5 percentage points to 38.1% in 1H25, primarily due to price increases. However, the sales expense ratio rose by 3.8 percentage points to 26.3% due to increased investments in freezers and point-of-sale resources, which offset the gross margin improvement. The net profit margin decreased by 0.3 percentage points to 4.7% [4] Strategic Plans - The company plans to maintain high investment levels in the second half of the year to drive growth and is strategically expanding into the food distribution sector, with non-beverage revenue from vending machines nearing CNY 200 million in 1H25. The company aims to enter the health food market while consolidating its strengths in core beverage categories, with specific initiatives expected to be implemented next year [5]

Core Viewpoint - The company maintains its profit forecast for 2025/2026 and has raised its target price by 40% to HKD 4.9, reflecting a potential upside of 20% based on the adjusted P/E ratios [1] Group 1: Financial Performance - The company reported a revenue of RMB 12.278 billion for 1H25, an increase of 8.3% year-on-year, and a net profit attributable to shareholders of RMB 578 million, up 2.2% year-on-year [2] - The revenue growth was driven by both volume and price increases, with sales volume rising by 5.5% and average selling price (ASP) benefiting from product price hikes [3] Group 2: Product Category Performance - In 1H25, the revenue from carbonated drinks increased by 9.4% to RMB 9.38 billion, significantly contributing to overall revenue growth, with sugar-free carbonated products seeing double-digit growth [3] - Juice revenue grew by 0.8% to RMB 1.67 billion, primarily due to the relaunch of the "Cooler" brand [3] - Packaged water revenue increased by 8.2%, recovering from a contraction in the previous year, with "Ice Dew" driving this growth [3] - Coffee and other beverages saw a revenue increase of 13.8% to RMB 640 million, with energy drinks growing by 36%, particularly the core brand "Monster" [3] Group 3: Margin and Cost Analysis - The gross margin improved by 3.5 percentage points to 38.1% in 1H25, mainly due to the benefits of price increases [4] - The sales expense ratio increased by 3.8 percentage points to 26.3%, attributed to higher investments in freezers and expanding point-of-sale resources [4] - The net profit margin decreased by 0.3 percentage points to 4.7% due to the rise in sales expenses offsetting the gross margin improvement [4] Group 4: Strategic Plans - The company plans to continue high investment in the second half of the year to promote growth, having completed efficiency improvements in resource allocation [5] - The company is expanding beyond beverage distribution into food distribution, with non-beverage vending machine business reaching nearly RMB 200 million in 1H25 [5] - Long-term plans include strategically entering the health food sector while consolidating its advantages in core categories like carbonated drinks and juices, aiming for operational efficiency [5]

本报记者 梁傲男 8月26日，中国食品有限公司（以下简称"中国食品"）交出了一份亮眼的2025年中期成绩单。 报告显示，公司上半年实现营业收入122.78亿元，同比增长8.3%；毛利率提升至38.1%；调整后EBIT （息税前利润）达13.59亿元，同比增长6.9%。 这一系列优于市场预期的核心财务数据，不仅源于其核心板块业务的强势增长与新品创新迭代，更成为 中国食品有限公司董事总经理展在中所提出的"守正创新"发展理念的有力印证。尤其是在公司的"十四 五"规划接近收官之际，这一理念将继续指引公司稳步向"成为世界一流的食品饮料集团"迈进。 产品、营销创新与渠道深耕 2025年上半年，中国食品展现出强劲动力，汽水品类整体销售额同比增长9.4%，其中无糖汽水品类增 速高达15.2%，继续扮演增长引擎的角色，果汁收入同比实现正增长，其中"酷儿"品牌重新上市焕活， 收入同比大幅增长64%；功能饮料品类也表现惊艳，同比劲增35.6%，创下历史同期新高。瓶装水板块 的悦活品牌焕新升级，聚焦天然苏打水饮用场景，借助北京马拉松赛事打响体育营销第一枪。 中国食品的数字化转型升级，为传统快消企业如何通过全链条进化实现高质量增长，提 ...

（於百慕達註冊成立之有限公司） （股份代號：506） 董事會名單、角色及職能 中國食品有限公司董事會（「董事會」）共有8名董事，每名董事的姓名、角色及職能載列如下： | 董事會委員會 | 審核 | 薪酬 | 提名 | 環境、社會 | 執行 | | --- | --- | --- | --- | --- | --- | | 董事會 | 委員會 | 委員會 | 委員會 | 及管治 | 委員會 | | | | | | 委員會 | | | 執行董事： | | | | | | | 展在中（董事總經理） | - | - | - | - | C | | 非執行董事： | | | | | | | 慶立軍（主席） | - | - | C | - | - | | 曹高峰 | - | - | - | M | - | | 陳剛 | - | - | - | - | - | | 宋亮 | - | - | - | - | - | | 獨立非執行董事： | | | | | | | 李鴻鈞 | C | M | M | - | - | | 莫衛斌 | M | C | M | M | - | | 梁家麗，銀紫荊星章 | M | M | M | - ...

中国食品(00506)发布公告，沈新文先生辞任本公司执行董事，环境、社会及管治委员会成员及主席;以 及执行委员会成员，自2025年8月26日起生效;及宋亮先生获委任为本公司非执行董事，自2025年8月26 日起生效。 ...

Core Insights - The company reported a revenue of RMB 12.278 billion for the first half of 2025, representing an 8.3% year-on-year increase [1] - Adjusted EBITDA reached RMB 1.787 billion, up 6.2% compared to the previous year [1] - Profit attributable to shareholders was RMB 578 million, reflecting a 2.23% increase year-on-year, with earnings per share at 20.66 cents [1] Product and Market Performance - The company is authorized to operate Coca-Cola products across 19 provincial administrative regions, offering a diverse range of 10 categories and 25 brands [1] - Sales of Coca-Cola products continued to grow, with significant revenue acceleration compared to the overall market in mainland China, reinforcing the company's market leadership and competitive strength [1] - The smart retail business experienced rapid expansion, maintaining the top position in the industry during the reporting period [1] Future Outlook - The company aims to become a world-class food and beverage group, focusing on enhancing product pricing and developing non-Coca-Cola product lines, which also saw revenue growth during the year [1]

智通财经APP讯，中国食品(00506)发布公告，沈新文先生辞任本公司执行董事，环境、社会及管治委员 会成员及主席;以及执行委员会成员，自2025年8月26日起生效;及宋亮先生获委任为本公司非执行董 事，自2025年8月26日起生效。 ...

2025年上半年，国内经济稳步前行，消费需求稳定释放，中国食品精准施策优化价格体系、升级产品结 构、拓展渠道资源，实现销量与收入的量价协同增长。 期内，公司毛利率同比实现提升，得益于多数原材料采购价格同比下降的利好效应，部分抵消了铝价持 续高位运行带来的成本压力。公司同步强化资本性支出管控与经营性现金流精细化管理，不断优化资源 配置效率以保障财务韧性 格隆汇8月26日丨中国食品(00506.HK)公布中期业绩，2025年上半年，收入为人民币122.781亿元，同比 增长8.3%；毛利率为38.1%，同比增长3.5百分点，经调整EBITDA为人民币17.874亿元，同比增长 6.2%；公司拥有人应占溢利为人民币5.78亿元，同比增长2.23%。 ...

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 12,278.1 million, an increase of 8.3% compared to RMB 11,335.1 million in 2024[3] - Adjusted EBIT for the period was RMB 1,359.2 million, reflecting a growth of 6.9% from RMB 1,271.9 million in 2024[3] - Adjusted EBITDA reached RMB 1,787.4 million, a 6.2% increase compared to RMB 1,682.5 million in the same period last year[3] - Operating profit for the six months was RMB 1,356.4 million, compared to RMB 1,268.9 million in 2024[6] - Net profit for the period was RMB 978.1 million, slightly up from RMB 965.5 million in the previous year[6] - Basic and diluted earnings per share increased to RMB 20.66 from RMB 20.21[6] - Total revenue for the six months ended June 30, 2025, was RMB 12,278,061,000, representing an increase of 8.3% compared to RMB 11,335,111,000 for the same period in 2024[14] - The company reported a pre-tax profit of RMB 577,845,000 for the six months ended June 30, 2025, compared to RMB 565,232,000 for the same period in 2024, reflecting a slight increase of 2.3%[25] - The basic earnings per share for the six months ended June 30, 2025, was RMB 0.206, compared to RMB 0.202 for the same period in 2024[25] Assets and Cash Position - Total assets as of June 30, 2025, were RMB 18,749.2 million, compared to RMB 17,546.4 million at the end of 2024[7] - Cash and cash equivalents increased to RMB 5,046.9 million from RMB 4,014.4 million at the end of 2024[8] - As of June 30, 2025, the company had unencumbered cash and cash equivalents totaling approximately RMB 5.047 billion, up from RMB 4.014 billion at the end of 2024[53] - The company reported a net cash position of approximately RMB 5.047 billion with a leverage ratio of zero as of June 30, 2025[55] Dividends - The company did not declare an interim dividend for the period, consistent with the previous year[3] - The company declared a final dividend of RMB 427,975,000 for the year ending December 31, 2024, compared to RMB 413,989,000 for the previous year, marking an increase of 3.9%[23] - The company did not declare an interim dividend for the period ending June 30, 2024[61] Operational Highlights - Revenue from carbonated beverages was RMB 9,384,629,000, up from RMB 8,577,161,000, indicating a growth of 9.4% year-over-year[14] - The sales volume increased by 5.5% year-on-year, contributing to the overall revenue growth[33] - The gross profit margin improved to 38.1%, up by 3.5 percentage points from 34.6% in the previous year[3] - The gross profit margin improved by 3.5 percentage points, benefiting from a decrease in raw material procurement prices despite ongoing high aluminum costs[35] - The company maintained a market share of over 50% in the soda category, driven by double-digit growth in the no-sugar segment[36] - The juice category's overall revenue grew by 1% despite challenges in the low-concentration juice market, aided by strategic price increases[37] - The water category saw sales volume increase by over 20% year-on-year, leading to high single-digit revenue growth[39] - The company plans to focus on high-quality development in the water category and expand its product offerings in the soda water segment[39] - The core brand "Monster" achieved a significant sales breakthrough with nearly 50% year-on-year growth, leading the domestic market[42] - The online sales business "COFCO Enjoy" expanded its brand partnerships to 18, enhancing its non-cola market share and achieving double-digit revenue growth year-on-year[43] - The smart retail business "COFCO Smart" maintained the industry-leading position with over 31 provinces covered and more than 350 cities, driving significant revenue growth[44] Cost and Expenses - Interest expenses on lease liabilities decreased to RMB 1,822,000 from RMB 2,572,000, a reduction of 29.2%[19] - Income tax expenses rose by 24.9% to RMB 379 million, following a self-inspection by several subsidiaries[52] - Gross margin improved due to a decrease in most raw material procurement prices, partially offsetting the cost pressure from high aluminum prices[48] Corporate Governance - The company has adopted the Corporate Governance Code and has complied with all applicable code provisions, except for C.2.1 regarding the roles of the chairman and CEO until January 6, 2025[62] - After January 6, 2025, the roles of chairman and CEO have been separated, ensuring compliance with the Corporate Governance Code[63] - The company and its subsidiaries did not purchase, sell, or redeem any of the company's listed securities during the interim period[65] Other Information - The company received government grants totaling RMB 62,720,000 during the period, down from RMB 73,993,000 in the previous year[18] - The company has no significant reliance on any single customer, with no customer contributing 10% or more to total revenue during the reporting period[17] - There were no significant post-period events as of the announcement date[67] - The interim financial information for the six months ending June 30, 2025, has been reviewed by the company's auditors[66] - The company aims to enhance customer experience and operational efficiency through a comprehensive digital upgrade strategy[34] - The company is committed to sustainable high-quality development, with a focus on reducing energy consumption and emissions[34] - The company is actively promoting new product launches, such as the "Sprite No Sugar Ice Lemon Berry," targeting younger consumer demographics[36] - The company launched a new product "COSTA Light Black Coffee," targeting health-conscious consumers with a 0-fat feature and balanced fruity flavor[40] - The company plans to enhance product structure and optimize business combinations to improve gross margins amid external uncertainties[46]