21世纪经济报道记者贺泓源、实习生李晴 饮料市场的竞争明显加剧了。 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。 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 ...

以下文章来源于19号商研社 ，作者李馨婷 19号商研社 . 看透消费，看透你。互联网新闻信息服务许可证编号：44120230006 本文来自微信公众号： 19号商研社 ，作者：李馨婷，编辑：周嘉宝，原文标题：《水战2025：1元 水成常态，娃哈哈杀进一线》，题图来自：AI生成 2025年，包装饮用水赛道仍暗潮涌动。 近日，两大饮用水企业龙头农夫山泉和华润饮料相继发布2025年中期业绩。期内，农夫山泉 （09633.HK） 收入256.22亿元，同比增长15.6%，毛利154.56亿元，毛利率达到60.32%；净利润约 为76.22亿元，同比增长22.1%，净利率逼近30%。 其中，饮用水业务收入虽重回增长轨道，但受近两年"价格战"影响，该分部收入规模和盈利能力均未 达到2023年同期水平。截至8月29日收盘，农夫山泉股价报收49.98港元/股，总市值超5500亿港元， 年内累计升幅超50% 怡宝母公司华润饮料 （02460.HK） 上半年实现收入62.06亿元，期内利润8.23亿元，分别同比下降 18.5%和28.7%。此外，华润饮料各种规格的饮用水产品收入均录得下滑。 在"二代"接班人宗馥莉的渠道策略推动下 ...

Core Insights - The bottled water market remains competitive in 2025, with significant developments from leading companies like Nongfu Spring and China Resources Beverage [2][10]. Group 1: Company Performance - Nongfu Spring reported a revenue of 25.622 billion yuan for the first half of 2025, a year-on-year increase of 15.6%, with a net profit of approximately 7.622 billion yuan, up 22.1% [2]. - China Resources Beverage's revenue for the same period was 6.206 billion yuan, reflecting a decline of 18.5%, with a profit of 0.823 billion yuan, down 28.7% [3][11]. - Despite a return to growth, Nongfu Spring's bottled water revenue of 9.443 billion yuan in 2025 was still below the 10.442 billion yuan recorded in 2023 [12]. Group 2: Market Dynamics - The price war in the bottled water sector has led to a normalization of prices, with "1 yuan water" becoming common, affecting profitability across the industry [13][9]. - New entrants like Pinduoduo and Yuanqi Forest have begun to capture market share from traditional water companies, intensifying competition [5][18]. - The competitive landscape is shifting, with companies diversifying into beverage categories beyond bottled water to seek new growth opportunities [6][21]. Group 3: Product Innovations - In response to market changes, Nongfu Spring has launched new products in the tea and juice segments, with its tea beverage revenue reaching 10.09 billion yuan, a 19.7% increase [23]. - China Resources Beverage has also introduced 14 new products across various beverage categories, increasing its beverage revenue to 0.955 billion yuan, up 21.3% [24]. - The ice tea segment is becoming a focal point for competition, with multiple brands entering the market, although established players like Master Kong and Uni-President dominate this category [29][34].

[Table_StockNameRptType] 华润饮料（02460） 港股公司点评 包装水面临竞争压力，重视股东回报 | | | | 报告日期： | 2025-09-01 | | | --- | --- | --- | | [Table_BaseData] 收盘价（港元） | | 11.41 | | 近 12 个月最高/最低（港元）16.78/10.30 | | | --- | --- | | 总股本（百万股） | 2,398 | | 流通股本（百万股） | 2,232 | | 流通股比例（%） | 93.08 | | 总市值（亿港元） | 274 | | 流通市值（亿港元） | 255 | [公司价格与恒生指数走势比较 Table_Chart] -48% -22% 4% 30% 56% 10/24 1/25 4/25 7/25 华润饮料 恒生指数 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：韦香怡 执业证书号：S0010525060001 邮箱：weixiangyi@hazq.com [Table_CompanyR ...

Investment Rating - The report maintains a "Recommended" rating for China Resources Beverage (02460.HK) with a target price of 15 HKD [1][8]. Core Views - The company reported a revenue of 6.206 billion HKD for H1 2025, a decrease of 18.52% year-on-year, and a net profit of 805 million HKD, down 28.63% year-on-year. The report highlights that the company is facing temporary operational pressure but emphasizes the importance of operational adjustments and beverage product development for long-term growth [1][8]. Financial Summary - **Revenue and Profit Forecasts**: - Total revenue for 2024 is projected at 13.521 billion HKD, with a decline to 11.872 billion HKD in 2025E, followed by a recovery to 13.069 billion HKD in 2026E and 14.052 billion HKD in 2027E [3][14]. - Net profit is expected to decrease from 1.637 billion HKD in 2024 to 1.286 billion HKD in 2025E, before rising to 1.620 billion HKD in 2026E and 1.907 billion HKD in 2027E [3][14]. - **Key Financial Ratios**: - The projected earnings per share (EPS) for 2025 is 0.54 HKD, with a price-to-earnings (P/E) ratio of 19.7 [3][14]. - The company’s asset-liability ratio is 44.65%, indicating a moderate level of debt [4]. - **H1 2025 Performance**: - The gross profit margin for H1 2025 was 46.67%, down 2.6 percentage points year-on-year. The net profit margin was 13.26%, a decrease of 1.9 percentage points year-on-year [8][9]. Business Segment Performance - **Beverage and Packaging Water**: - The packaging water segment saw a revenue decline of 23.11% to 5.251 billion HKD, while the beverage segment grew by 21.28% to 955 million HKD in H1 2025. The report notes that the company is focusing on product series such as "Benqingrun" and "Moli Water" to drive growth [8][9]. - **Cost Management**: - The report indicates that while raw material prices have decreased, the overall revenue decline has weakened scale effects, leading to increased costs in sales and marketing efforts [8][9]. Strategic Outlook - The report suggests that despite the current operational challenges, the long-term growth logic remains intact. The company is focusing on inventory optimization, channel adjustments, and the introduction of new beverage products to enhance its market position [8][9]. - The report emphasizes the importance of production efficiency improvements and the development of new beverage lines as key factors for future profitability [8][9].

（企业公告） 近日，华润饮料发布截至2025年6月30日止六个月中期业绩公告，当中披露，集团2025年上半年录得收 入共计人民币62.06亿元，较同期下降18.5%，主要是由于包装水销量减少，以及加大营销资源投入，并 进行渠道优化调整的影响；公司拥有人应占期内利润人民币8.05亿元，上年同期为人民币11.28亿元。此 外，报告期内集团的毛利率为46.7%，毛利率同比减少2.6个百分点，主要是由于收入下降以及产品结构 变化的综合影响。 (编辑：王璨 林辰) 分产品看，报告期内，包装饮用水产品录得收入人民币52.51亿元，较去年同期下降23.1%，占总收入的 比例为84.6%；饮料产品录得收入人民币9.55亿元，较去年同期增长21.3%，占总收入的比例提升至 15.4%。2025年上半年，集团饮料领域共推出14款新品SKU，「至本清润系列」、「蜜水系列」持续丰 富口味及产品规格的延伸，满足消费者在即饮、分享及家庭使用等全场景下的差异化需求，积极打造第 二增长曲线。 ...

华润饮料(02460)2025年中报的价值被市场低估了。 8月29日，华润饮料发布了2025年中期业绩报告。根据中报显示，2025年上半年，华润饮料营收达62.05亿元，同比减少18.5%;净利润8.23亿元，同比减少 28.7%;毛利率仍微减2.6个百分点，但仍维持在46.7%的高位。 这份中报财报，是在7月盈警之后，投资人得以一窥华润饮料财务全貌的重要窗口。部分投资人因半年报数据而忧心忡忡，然而，长期价值投资者却用实际 行动提前投下信任票——华润饮料当日获得1264.23万港元资金的净流入，悄然完成加仓动作。 长期价值投资者之所以选择加仓，是因为他们看懂了华润饮料这份"阵痛"背后的战略定力、长期韧性与未来爆发力，即： 为实现长期战略目标进行"前置投入"，主动"用利润换空间"，实现从单一包装水向"水+饮料"双轮驱动强势转型的坚定布局，为未来五年的增长埋下伏笔。 水饮双轮驱动，第二曲线逐渐成型 在激烈的市场竞争与行业系统性压力之下，华润饮料展现出了强大的战略定力与创新活力。 2025年上半年，饮料行业面临着前所未有的挑战。行业首次跑输社零增速，PPI同比下降2.8%，实体零售门店数量持续萎缩，便利店、食杂店销 ...

饮料业务：持续推新，积极打造第二曲线。25H1 公司饮料业务实现收入9.55 亿元，同比+21.29%，占 营收比重+5.1pct 至15.4%。25H1 公司推出14 款新品SKU，致力于第二曲线打造：1）茶饮料方面，重 点培育至本清润、佐味茶事、愿事之茗、午后红茶；2）果汁方面，重点发力蜜水和假日系列；3）其他 饮料方面，主要包括运动饮料魔力和咖啡饮料焰焙。 收入承压叠加产品结构变化，利润率下行。25H1 公司实现毛利率46.67%，同比-2.60pct，主要系收入下 降和产品结构变化的影响所致。 25H1 公司销售/ 管理/ 研发费用率同比+2.92/+0.43/+0.00pct 至30.36%/2.33%/0.24% 。25H1 实现归母净 利率12.97% ， 同比-1.84pct。 机构：国盛证券 研究员：李梓语/黄越 事件：公司发布2025 年中报，2025H1 公司实现营业收入62.06 亿元，同比-18.52%；实现归母净利润 8.05 亿元，同比-28.63%。 包装水业务：经营短期承压，多品牌多水种发展。25H1 公司包装水业务实现收入52.51 亿元，同 比-23.11%，占营收比重- ...

Core Viewpoint - China Resources Beverage (02460.HK) reported a significant decline in revenue and profit for the six months ending June 30, 2025, primarily due to decreased sales of packaged water and increased marketing expenditures [1] Financial Performance - The company recorded revenue of RMB 6,205.6 million, a decrease of 18.5% compared to RMB 7,616.0 million in the same period last year [1] - Gross margin for the reporting period was 46.7%, down by 2.6 percentage points year-on-year, attributed to revenue decline and changes in product mix [1] - Net profit fell by 28.7% from RMB 1,154.9 million in the first half of 2024 to RMB 823.0 million in the reporting period, with net profit margin decreasing from 15.2% to 13.3% [1]

格隆汇8月30日丨华润饮料(02460.HK)发布公告，吴霞因其他工作安排，自2025年8月29日起辞任执行董 事及战略与投资委员会成员职务。于辞任上述职务后，吴女士仍担任公司首席财务官。此外，周剑波自 2025年8月29日起获委任为执行董事及战略与投资委员会成员。 ...