Market Overview - The A-share market showed strong performance with all three major indices rising, and the Shanghai Composite Index reached a new high for the year [1][2] Lithium Battery Industry - The lithium battery supply chain saw significant gains, with Tianqi Lithium and Ganfeng Lithium experiencing substantial stock price increases, and lithium carbonate futures contracts hitting the daily limit [4][6] - The price of battery-grade lithium carbonate rose by 8,000 yuan, averaging 78,000 yuan per ton [6] - The recent suspension of mining operations at CATL's Jiangxiawo lithium mine has raised concerns about supply, potentially impacting monthly supply by approximately 0.8 million tons, which accounts for 8% of domestic supply [7][8] Technology Sector - The technology sector, particularly AI and computing power supply chains, performed well, with significant gains in stocks like New Yisheng and Zhongji Xuchuang [2][9] - The humanoid robot sector surged following the World Robot Conference, with companies like Shuangyi Technology and Chaojie Co. seeing their stock prices hit the daily limit [9][12] Financial Sector - The financial sector showed active performance, with gains in brokerage, insurance, and diversified financials, while the banking sector experienced a slight decline [2] Defense and Consumer Goods - The defense and military industry, as well as the liquor and real estate sectors, contributed positively to market sentiment [2]

Group 1 - China Resources Beverage (02460) announced that Mr. Sun Yongqiang will resign as a non-executive director and a member of the remuneration and assessment committee effective from August 8, 2025 [1] - Mr. Zhang Jianmin will be appointed as a non-executive director and a member of the remuneration and assessment committee effective from August 8, 2025 [1]

Group 1 - The core point of the article is the announcement of a change in the board of directors at China Resources Beverage, with Sun Yongqiang resigning as a non-executive director and member of the remuneration and assessment committee effective August 8, 2025 [1] - Zhang Jianmin will be appointed as a non-executive director and member of the remuneration and assessment committee, also effective August 8, 2025 [1]

（以存續方式於開曼群島註冊成立的有限公司） （ 股份代號： 2460） 董事名單與其角色和職能 華潤飲料（控股）有限公司董事（「董事」）會（「董事會」）成員載列如下： 執行董事 張偉通先生 （董事會主席） 李樹清先生 （總裁） 吳霞女士 （首席財務官） 非執行董事 獨立非執行董事 周永健博士 李引泉先生 姚洋博士 鄭寶川女士 1 董事會設立四個委員會。下表提供各董事在該等委員會中所擔任的職位。 | | | 董事會委員會 | | | | --- | --- | --- | --- | --- | | | | | 薪酬與考核 | 戰略與投資 | | 董事 | 審核委員會 | 提名委員會 | 委員會 | 委員會 | | 張偉通先生 | | C | | | | 李樹清先生 | | | | M | | 吳霞女士 | | | | M | | 張建民先生 | | | M | | | 林國龍先生 | M | | | | | 肖寧先生 | | | | M | | 曹越女士 | M | | M | C | | 趙典博士 | | M | | M | | 周永健博士 | M | | M | | | 李引泉先生 | M | M | C ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （以存續方式於開曼群島註冊成立的有限公司） （ 股份代號： 2460） (1) 董事變更及董事會下屬委員會組成之變更; 及 (1) 董事變更及董事會下屬委員會組成之變更 非執行董事及薪酬與考核委員會成員之辭任 華潤飲料（控股）有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事 （「董事」）會（「董事會」）謹此宣佈，孫永強先生（「孫先生」）因其他工作安排， 自2025年8月8日起辭任非執行董事及本公司薪酬與考核委員會（「薪酬與考核委員 會」）成員職務。 孫先生已確認，彼與董事會概無意見分歧，亦無任何有關彼辭任的事宜須提呈本公司股 東及香港聯合交易所有限公司（「聯交所」）垂注。 董事會謹藉此機會衷心感謝孫先生於本集團任職期間所作出的寶貴貢獻。 委任非執行董事及薪酬與考核委員會成員 董事會進一步宣佈，張建民先生（「張先生」）自2025年8月8日起獲委任為非執行董 事及薪酬與考核委員會成員。 張先生，現年 ...

Core Viewpoint - The bottled water industry is experiencing significant market share changes, with China Resources Beverage's "Yibao" and Nongfu Spring likely to benefit from these shifts [1] Group 1: Company Insights - Nongfu Spring's unsweetened tea products are showing strong growth, with an acceleration expected in July, despite a general decline in overall demand for unsweetened tea compared to last year [1] - China Resources Beverage's "Yibao" is positioned to gain from the market share changes in the bottled water sector [1] - Master Kong Holdings' recovery in the second half of the year will depend on its marketing investment levels [1] Group 2: Industry Trends - The overall performance of liquid milk products is weak, indicating challenges within that segment of the beverage industry [1]

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7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華潤飲料（控股）有限公司 呈交日期: 2025年8月5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 ...

Core Viewpoint - China Resources Beverage, the parent company of Yibao, has issued a profit warning, expecting a 20% to 30% decrease in net profit for the first half of the year, leading to a 13.08% drop in stock price on the announcement day [2][3][4]. Group 1: Financial Performance - The company reported a revenue of 13.52 billion yuan for the previous year, with a slight year-on-year growth of 0.05%, and a net profit of 1.637 billion yuan, which was a 23.12% increase [3]. - The beverage segment's revenue has increased to 10.3% of total revenue, marking the first time it has reached double digits, although the overall revenue from packaged water has seen a decline [4][12]. - The packaged water business accounted for 89.7% of total revenue, experiencing a 2.6% decline year-on-year, marking the first negative growth since 2018 [9]. Group 2: Market Competition - The drinking water market is facing intensified competition, particularly with the reintroduction of bottled water products by competitors like Nongfu Spring, which has led to aggressive pricing strategies [6][7]. - The price of mainstream bottled water products has dropped to around 1 yuan per bottle, with Nongfu Spring's new product priced even lower at 0.8 yuan [7][8]. - The increased competition has resulted in higher sales and distribution costs, contributing to the decline in profit margins for China Resources Beverage [6][8]. Group 3: Strategic Adjustments - The company is actively restructuring its business model by increasing marketing investments and adjusting its product mix to stabilize market presence and develop a second growth curve in non-water beverages [3][12]. - New product launches have been frequent, with the company introducing 1-2 new products each month across various categories, including herbal drinks, sports drinks, and ready-to-drink coffee [13]. - The herbal drink "Zhiben Qingrun" has seen significant growth, with a 122% increase in sales, although its market performance varies regionally [11][12].

Overview - The demand for natural and healthy beverages, such as chrysanthemum tea, is increasing due to rising health awareness among consumers. Chrysanthemum tea is known for its benefits like detoxification and liver health, aligning with current consumer preferences for health-oriented drinks. The market for chrysanthemum tea beverages in China is projected to reach 2.337 billion yuan in 2024, with a year-on-year growth of 16.84%. However, chrysanthemum tea currently holds a small share of the overall tea beverage market, indicating significant future growth potential [1][13]. Market Policies - The Chinese government has implemented various policies to support the development of the food and beverage industry, including chrysanthemum tea beverages. Key policies include the "Food Business License and Filing Management Measures," "Measures for Accelerating the Integration of Domestic and Foreign Trade," and "Food Safety Risk Control List," which create a favorable regulatory environment for the industry [4][6]. Industry Chain - The chrysanthemum tea beverage industry consists of an upstream supply chain that includes chrysanthemum, water, sweeteners, acidifiers, flavorings, and packaging materials. The midstream involves production companies, while the downstream includes sales channels such as supermarkets, convenience stores, and e-commerce platforms. The consumer base is broad, particularly appealing to health-conscious individuals [7][11]. Current Development - The market for chrysanthemum tea beverages is expanding rapidly, driven by increasing consumer health awareness. The industry is expected to grow significantly, with the market size projected to reach 2.337 billion yuan in 2024, reflecting a 16.84% increase from the previous year. Despite this growth, chrysanthemum tea's share of the overall tea beverage market remains relatively small, suggesting ample room for expansion [13][21]. Competitive Landscape - The chrysanthemum tea beverage market in China is characterized by high concentration, with leading companies like China Resources Beverage, Shenhui, Vitasoy, and Huierkang holding significant market shares. Competition is intense, with both established and emerging brands engaging in price wars, new product launches, and aggressive marketing strategies. Notably, brands like Yuanqi Forest have rapidly gained market share since entering the sector in 2022 [15][17]. Industry Representative Companies - China Resources Beverage is a state-owned enterprise and a major player in the ready-to-drink beverage sector, with projected revenues of 13.52 billion yuan and a gross profit of 6.397 billion yuan in 2024, reflecting a gross margin of 47.31% [17]. Shenhui is a mid-sized beverage company that combines traditional methods with modern technology to produce its chrysanthemum tea products [19]. Future Trends - The future of the chrysanthemum tea beverage market is expected to focus on low-sugar and no-sugar options, with companies likely to use natural sweeteners like stevia and monk fruit extract. Additionally, there will be an emphasis on enhancing the health benefits of products, potentially incorporating ingredients like vitamin C and probiotics to provide consumers with comprehensive health benefits [21].

Core Viewpoint - China Resources Beverage has issued a profit warning, expecting a 20% to 30% year-on-year decline in net profit for the first half of 2025, leading to a significant drop in stock price following the announcement [2][3] Financial Performance - The company reported a revenue of 12.124 billion RMB from packaged drinking water in 2024, a decrease of 2.6% compared to 2023, with its revenue share dropping from 92.1% to 89.7% [8] - The beverage segment generated 1.397 billion RMB in revenue in 2024, marking a 30.8% increase, but still only accounted for 10.3% of total revenue [9] Marketing and Strategy - Increased marketing expenditures have led to a higher marketing expense ratio, which has negatively impacted profits. The company has engaged in high-profile marketing strategies, including partnerships with sports events and athletes [3][5] - The company is undergoing channel reforms, shifting from traditional distribution to a more integrated approach, which includes introducing e-commerce and specialized distributors [5][6] Industry Context - The bottled water market in China is experiencing stagnation, with the production volume in 2024 falling below 50% of total beverage production for the first time [7] - Competitors like Nongfu Spring are gaining market share, with their tea beverage segment surpassing bottled water as the primary revenue source [10] Challenges and Future Outlook - The company faces significant challenges in its transformation from a bottled water leader to a diversified beverage group, including competition from established brands and the need for product innovation [11][15] - There is a pressing need for the company to enhance its digital and channel strategies to improve market penetration, especially in lower-tier markets [14]