致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 公司名稱: 華潤飲料（控股）有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02460 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | USD | | 0.0000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 100,000,000,000 | USD | | 0.0000005 | USD | | 50,000 | 本月 ...

高盛发表研究报告指，华润饮料表示下半年将持续推进渠道改革、新渠道与新产品的前置投资，以及提 升包装水产品的市场份额。策略或于短期内对盈利构成压力，但长期可实现持续增长与业务多元化。 该行预计2025年及26年净利润分别为10.8亿元及13.7亿元，2026年净利润按年反弹27%，因销量复苏、 杠杆效应以及投资规模正常化。至于今年下半年，该行预计净利润为2.61亿元，按年跌48%，因公司在 下半年传统淡季中加大前置投资。该行对其目标价由12.1港元下调至10.5港元，评级"中性"。 ...

Core Viewpoint - The company's 1H25 performance met expectations, with revenue of 6.206 billion yuan, down 18.5% year-on-year, and net profit attributable to shareholders of 805 million yuan, down 28.6% year-on-year [1]. Group 1: Packaging Water Business - The packaging water business is under pressure due to intensified industry competition, with revenue declining 23.1% year-on-year to 5.25 billion yuan [2]. - Factors contributing to the decline include increased promotional competition, channel reform adjustments, and operational rhythm impacts from 1H24 [2]. - Despite the overall decline, the company's retail sales growth in packaging water outperformed the industry, with market share increasing by 0.5 percentage points to 19.3% compared to the end of 2024 [1]. Group 2: Beverage Business - Beverage revenue grew by 21.3% year-on-year to 950 million yuan, driven by a focus on tea, juice, and sports drinks, and the introduction of 14 new SKUs in the first half of the year [2]. - The company is responding to consumer trends by implementing a large packaging strategy to alleviate price competition pressures [2]. Group 3: Financial Metrics and Profitability - The company's gross margin decreased by 2.6 percentage points to 46.7%, primarily due to the underperformance of the packaging water business, while the beverage segment saw an improvement in gross margin [2]. - Selling expenses increased by 2.9 percentage points to 30.4% due to higher marketing and channel expenses to address intensified competition [2]. - The net profit margin decreased by 1.8 percentage points to 13%, indicating pressure on profitability due to declining gross margins and increased expenses [2]. Group 4: Future Outlook - The company is expected to continue adjustments in product matrix and channel reforms in the second half of the year, which are seen as preparations for long-term growth [3]. - An improvement in operational conditions is anticipated during the beverage peak season, with expectations of year-on-year growth in both packaging water and beverage sales in July and August [3]. - Profitability forecasts for 2025 and 2026 have been revised down by 18% and 2% to 1.09 billion yuan and 1.53 billion yuan, respectively, with a target price reduction of 29% to 12 HKD [3].

该行下调华润饮料2025至2026年盈利预测各10%至20%，分别至10.74亿及14.51亿元，目标价由14.2港元 下调至13.7港元，相当未来12个月预测市盈率18倍，维持"跑赢大市"评级。 里昂发表研究报告指，华润饮料上半年的销售额与利润率被市场投入增加及渠道调整而拖累，该行预期 相关压力将于下半年持续，因公司仍将积极投入市场营销。虽然桶装水销量在7月至8月期间已逐步回升 至按年正增长，该行仍估计华润饮料2025全年净利润将按年跌34%至10.7亿元，但预期明年将迎来转折 点并复苏。 ...

机构：华安证券 研究员：邓欣/韦香怡 公司发布25H 1业绩： 25H1：收入62.06 亿元（同比-18.52%），归母净利润8.05 亿元（同比-28.63%）；25H1 公司毛利率 46.67%（同比-2.6pct），归母净利率13%（同比-1.8pct）； 中期股息：拟于10.24 日按9.17 日股东名册派发中期股息，每股0.118 元（0.129 HKD）。 业绩情况落于预告范围内。 包装水：阶段性承压 行业竞争：25H1 公司包装水业务实现营收52.5 亿元，同比-23.1%；收入占比84.6%，同比-5.1pcts；主 因包装水销量减少、公司加大营销资源投入，以及渠道优化调整； 产品结构：25H1 小规格水/中大规格水/桶装水实现营收31.9/18.3/2.3 亿元，分别同 比-26.2%/-19.4%/-1.5%；高吨价的小规格水下滑更多也给整体水收入端带来压力； 盈利端： 费用率： 25H1 公司销售/ 管理/ 研发费用率分别为30.36%/2.33%/0.24%，同比+2.92pct/+0.43pct/持平； 规模效应下降导致各项费率抬升； 利润率：25H1 公司毛利率46.67%（同比 ...

公司发布2025 年中报。25H1 实现营收62.06 亿元，同比-18.52%；归母净利润8.05 亿元，同 比-28.63%。 机构：华创证券 研究员：欧阳予/范子盼/严晓思/董广阳 事项： 阶段性压力不改中长期逻辑，关注经营调整与饮料培育。25H1 需求平淡竞争加剧、渠道调整及产品结 构变动的影响，给公司带来阶段性经营压力，但公司夯实基本盘、经营计划稳步：一是面对外部竞争， 去库保障渠道健康，增加投入稳住终端份额，并丰富包装水SKU 覆盖不同场景；二是持续培育饮料新 品，H1 推出至本清润炖梨味、佐味茶事1L 装新品、魔力水升级全新上市等；三是生产提效仍在稳步推 进，Q1 武夷山大包装线投产，浙江自建工厂有望Q4 投产，集团自有产能占比稳步提升。我们认为公司 包装水龙二地位仍然突出，阶段性经营压力不改中长期逻辑，建议持续关注经营调整进度，生产提效有 望驱动盈利改善，饮料第二曲线是打开空间的核心因素。 投资建议：长期逻辑不改，关注调整改善，维持"推荐"评级。25H1 公司在外部压力下重视经营健康推 动去库，同时增加投入保障终端基本盘，因此经营阶段性承压，我们下调公司25-27 业绩预测至 12.9/16. ...

证券研究报告 | 行业专题研究 gszqdatemark 2025 09 02 年 月 日 食品饮料 啤酒旺季平稳，饮料龙头势强 啤酒：收入环比略降速，成本红利稳兑现 软饮料：竞争加剧，龙头势强 增持（维持） 行业走势 -10% 0% 10% 20% 30% 40% 2024-09 2025-01 2025-05 2025-08 食品饮料 沪深300 作者 分析师 李梓语 执业证书编号：S0680524120001 邮箱：liziyu1@gszq.com 分析师 陈熠 执业证书编号：S0680523080003 邮箱：chenyi5@gszq.com 分析师 黄越 执业证书编号：S0680525050002 邮箱：huangyue1@gszq.com 相关研究 1、《食品饮料：大众品 25H1 总结：收入修复，业绩分 化》 2025-09-01 2、《食品饮料：零食板块 2025 中报总结：行业成长分 化，个股亮点显著》 2025-09-01 3、《食品饮料：用出清换改善——白酒行业 2025H1 中 报总结》 2025-08-31 ➢ A 股：啤酒 A+H 股：25H1 行业整体稳健，成本下降稳定贡献利润。 ...

但要看到，饮料市场依旧在增长周期。尼尔森IQ数据显示，在今年6月，国内饮料市场全渠道增速为 4.7%。 8月29日晚，华润饮料披露业绩。财报显示，在2025年上半年，华润饮料营收同比下滑18.52%至62.06亿 元，跌幅14.1亿元；归母净利润同比下滑28.63%至8.05亿元。 具体来看，在上半年，华润饮料包装饮用水/饮料分别实现营收52.51/9.55亿元，同比下滑23.11%/增长 21.28%。华润饮料包装饮用水主要产品为怡宝纯净水。 其中二季度，随着行业竞争加剧，叠加华润饮料推进库存优化、渠道调整，导致包装水主业承压。具体 来说，在上半年，小规格水/中大规格水/桶装水分别实现营收 31.9亿元/18.3亿元/2.3 亿元，同比下滑 26.2%/下滑19.4%/下滑1.5%。饮料业务则聚焦至本清润、魔力水、蜜水等产品系列持续推进，实现增 长。 此外，在上半年，华润饮料毛利率为46.67%，同比下滑2.6pcts。虽然原材料价格下降、生产端控费降本 提供正向帮助，但收入大幅下滑导致规模效应弱化、毛利较低的饮料占比增加、去库导致渠道投入增加 形成主要拖累。 比如，农夫山泉财报显示，上半年，其营收同比增长 ...

Summary of China Resources Beverage Conference Call Company Overview - **Company**: China Resources Beverage - **Period**: First half of 2025 Key Financial Performance - **Net Revenue**: Increased by 21.3% year-on-year to CNY 6.206 billion [2][3] - **Net Profit**: Decreased by 28.7% year-on-year to CNY 0.823 billion, with a net profit margin of 13.3% [2][3] - **Gross Margin**: Decreased by 2.6 percentage points to 46.7% [2][3] - **Sales Cost**: Decreased by 14.3% year-on-year to CNY 3.309 billion [3] Industry and Market Dynamics - **Packaging Water Revenue**: Decreased by 23.1% due to industry consumption slowdown, changes in terminal formats, and intensified market competition [3][8] - **Beverage Revenue**: Increased by 21.3%, attributed to brand building, channel distribution, and new product launches [3][8] Strategic Initiatives Product Development - **New Products**: Launched 14 new SKUs across four categories, including large packaging water and pocket-sized drinks [2][5] - **Sustainability**: Developing de-plasticized packaging products to reduce carbon footprint [5] Marketing and Branding - **Sports Marketing**: Collaborated with the Chinese national team and major sports events to enhance brand visibility [7][15] - **Promotional Activities**: Engaged in various marketing campaigns, including partnerships with sports champions and themed events [7][15] Channel Optimization - **Sales Strategy**: Combined online sales, community services, and direct visits to increase consumer purchase rates [10] - **Distributor Model**: Shifted to a specialized distributor model, increasing the number of exclusive distributors by over 50% [10][21] Operational Efficiencies Cost Reduction - **Production and Logistics**: Implemented measures to enhance self-sourcing rates and optimize supply chain management, leading to significant cost savings [12] - **Capacity Expansion**: Planned to increase self-built capacity to over 60% by the end of 2025, with new factories in operation [11][17] Future Outlook - **Packaging Water**: Expected gradual recovery in sales growth in the second half of 2025, with increased channel investments [8][16] - **Beverage Business**: Plans to add three new beverage production lines by 2026 to further enhance operational efficiency and market responsiveness [9][19] Challenges and Responses - **Market Competition**: Addressed challenges from intensified competition and profit pressure through promotional adjustments and resource allocation [12][20] - **Inventory Management**: Increased channel inventory to prepare for peak demand seasons, with expectations of normalization as demand stabilizes [18] Conclusion - **Long-term Strategy**: Focused on sustainable growth through product innovation, enhanced marketing efforts, and optimized distribution channels to navigate a competitive landscape [20][22]

Core Insights - The beverage market is experiencing intensified competition, as evidenced by the performance of major players like China Resources Beverage and Nongfu Spring [1][4]. Company Performance - China Resources Beverage reported a revenue decline of 18.52% year-on-year to 6.206 billion yuan in the first half of 2025, with a net profit drop of 28.63% to 805 million yuan [1]. - The revenue from packaged drinking water and beverages for China Resources Beverage was 5.251 billion yuan and 955 million yuan, showing a decline of 23.11% and an increase of 21.28% respectively [1]. - In contrast, Nongfu Spring achieved a revenue growth of 15.6% year-on-year to 25.622 billion yuan in the same period, with its packaged water sales increasing by 10.7% to 9.44 billion yuan [2]. Market Trends - The overall beverage market in China is still in a growth cycle, with a channel growth rate of 4.7% reported by Nielsen IQ in June [2]. - Despite the growth in the market, competition remains fierce, as indicated by the performance disparities among companies [4]. Comparative Analysis - In comparison, Master Kong's beverage revenue declined by 2.6% year-on-year to 26.359 billion yuan in the first half of 2025, with specific declines in tea and water sales [3]. - The performance of different beverage segments varies, with carbonated and other beverages showing a growth of 6.3% for Master Kong [3].