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China Resources Beverage (Holdings) Company(02460)
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国盛证券:华润饮料(02460)注册地迁移至香港 维持“增持”评级
Zhi Tong Cai Jing· 2025-10-10 08:05
Core Viewpoint - Guosheng Securities maintains an "overweight" rating on China Resources Beverage, highlighting the company's strong position in the beverage industry and its focus on growth in the Hong Kong market [1] Group 1: Company Strategy and Market Position - The company emphasizes the importance of water as a necessity that can withstand business cycles, with a clear advantage from years of deep cultivation in the industry [1] - The company is focusing on increasing its self-produced ratio while decreasing its outsourcing ratio, which is expected to enhance profit margins [1] - The company is committed to maintaining stable operations in the Hong Kong market, benefiting from the new company registration system introduced by the Hong Kong government [1] Group 2: Business Development and Product Innovation - In the packaging water segment, the company adheres to a multi-brand and multi-water source development strategy, with a focus on the Yibao and Benyou brands [2] - In the beverage segment, the company launched 14 new SKU products in the first half of 2025, aiming to develop a second growth curve [2] - Key product developments include tea beverages, fruit juices, and other drinks such as sports drinks and coffee beverages [2]
国盛证券:华润饮料注册地迁移至香港 维持“增持”评级
Zhi Tong Cai Jing· 2025-10-10 08:04
Core Viewpoint - Guosheng Securities maintains an "overweight" rating on China Resources Beverage (02460), highlighting the company's strong position in the essential water category and its focus on beverage business development, which is expected to lead to revenue recovery [1] Group 1: Company Strategy - The company emphasizes the importance of the Hong Kong market and maintains stable operations, with the recent relocation of its registration aimed at simplifying cross-border compliance and enhancing operational continuity [1] - The relocation is based on several considerations, including the retention of legal entity status under Hong Kong's new registration system, the stability and predictability of the business environment, and the strengthening of investor confidence [1] Group 2: Financial Performance - The company is expected to see improved profit margins due to an increase in self-produced products and a decrease in outsourcing [1] - The report indicates that the company will continue to operate steadily without changes to its assets, investments, management, or financial status as a result of the relocation [1] Group 3: Product Development - In the packaging water segment, the company adheres to a multi-brand and multi-water source development strategy, focusing on brands like Yibao and Benyou [1] - For the first half of 2025, the company plans to launch 14 new SKU products, targeting the second growth curve with new offerings in tea beverages, fruit juices, and other drinks such as sports drinks and coffee [1]
华润饮料(02460) - 截至二零二五年九月三十日止月份之股份发行人的证券变动月报表
2025-10-08 09:28
公司名稱: 華潤飲料(控股)有限公司 呈交日期: 2025年10月8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 | 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9月30日 狀態: 新提交 致:香港交易及結算所有限公司 本月底法定/註冊股本總額: USD 5 ...
华润饮料(02460) - 建议迁册
2025-09-26 10:35
(以存續方式於開曼群島註冊成立的有限公司) (股份代號: 2460) 建 議 遷 冊 建 議 遷 冊 董事會建議本公司根據香港法例《 202 5年公司(修訂)(第2號)條例》向公 司註冊處申請從開曼群島遷冊至香港,並於取得公司註冊處發出的遷冊證明書後 於開曼群島申請撤銷註冊。 就遷冊而言,董事會後續 將按照香港法例之規定 ,於取得有關詳細資料後進一 步建議採納新組織章程細則,以取代現有大綱及細則。本公司將適時就 有關該 提案及與遷冊相關的其他提案的詳細資訊作出進一步公告。 一 般 事 項 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。 遷冊及(在獲得董事會批准的前提下)採納新組織章程細則均 須經股東批准。 鑒於通函須符合開曼群島法 例及香港法例項下之相關法律程序及規定,本公司 需要額外時間以取得相關司法管轄區的法律或監管諮詢及意見 。本公司將根據 與相關監管諮詢的實際進展,在取得更確切的資訊 後,於切實可行的情況下盡 快作出進一步公告,以通知本公司股 ...
华润饮料(02460) - 致非登记股东之函件 — 刊发2025年中期报告
2025-09-24 08:35
(Stock Code 股份代號:2460) (Registered by way of continuation in the Cayman Islands with limited liability) (以存續方式於開曼群島註冊成立的有限公司) NOTIFICATION LETTER 通知信函 Dear Non-registered Shareholder(s) (Note 1) , September 24, 2025 CHINA RESOURCES BEVERAGE (HOLDINGS) COMPANY LIMITED (the "Company") - Notification of publication of Interim Report 2025 The Chinese and English versions of the Company's Interim Report 2025 (the "Interim Report 2025 ") are available on its website (www.crbeverage.com) (the "Company's website") ...
华润饮料(02460) - 致登记股东之函件 — 刊发2025年中期报告
2025-09-24 08:34
(Registered by way of continuation in the Cayman Islands with limited liability) (以存續方式於開曼群島註冊成立的有限公司) (Stock Code 股份代號:2460) NOTIFICATION LETTER 通知信函 Dear Registered Shareholder(s), September 24, 2025 本公司的2025年中期報告(「2025年中期報告」)之中、英文版本已登載於本公司網站(www.crbeverage.com) (「本公司網站」)及香港交易及結算所有限公司披露 易網站(www.hkexnews.hk) (「披露易網站」)(「網站版本」)。本公司衷心建議瀏覽2025年中期報告及所有日後公司通訊( 附註 1) 的網站版本。 CHINA RESOURCES BEVERAGE (HOLDINGS) COMPANY LIMITED (the "Company") – Notification of publication of Interim Report 2025 The Chinese and Engl ...
华润饮料(02460) - 2025 - 中期财报
2025-09-24 08:32
(股份代號 Stock Code : 2460 ) (Registered by way of continuation in the Cayman Islands with limited liability) (以存續方式於開曼群島註冊成立的有限公司) 中報 2025 Interim Report CONTENTS 目錄 | 公司資料 | 2 | Corporate Information | | --- | --- | --- | | 管理層討論與分析 | 5 | Management Discussion and Analysis | | 其他資料 | 22 | Other Information | | 簡明合併財務報表審閱報告 | 33 | Report on Review of Condensed Consolidated Financial Statements | | 簡明合併損益及其他綜合收益表 | 35 | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | | 簡明合併財 ...
华润饮料(02460) - 截至二零二五年六月三十日止六个月中期股息股息货币选择表格
2025-09-19 08:36
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION 此乃要件 請即處理 If you are in any doubt as to any aspect of this document or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. 閣下如對本文件任何內容或應採取之行動有任何疑問,應諮詢 閣下之股票經紀或其他註冊證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 DIVIDEND CURRENCY ELECTION FORM FOR THE INTERIM DIVIDEND FOR THE SIX MONTHS ENDED 30 JUNE 2025 截至二零二五年六月三十日止六個月中期股息 股息貨幣 ...
华润饮料(2460.HK):竞争加剧业绩承压 饮料业务增势亮眼
Ge Long Hui· 2025-09-19 04:27
Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, attributed to intensified competition and structural adjustments within the industry [1] Financial Performance - Total revenue for H1 2025 was 6.206 billion yuan, a decrease of 19% year-on-year - Net profit attributable to shareholders was 0.805 billion yuan, down 29% year-on-year - Gross margin decreased by 3 percentage points to 46.67%, primarily due to a decline in bottled water sales and an increase in low-margin beverage products [1] Cost Structure - Sales and distribution expenses as a percentage of revenue increased by 3 percentage points to 30.36% - Administrative expenses as a percentage of revenue rose by 0.4 percentage points to 2.33% - Net profit margin decreased by 2 percentage points to 12.97% [1] Product Performance - Revenue from bottled water sales fell by 23% to 5.251 billion yuan, with small, medium, and large bottled water products experiencing declines of 26%, 19%, and 2% respectively - Beverage sales increased by 21% to 0.955 billion yuan, accounting for 15.39% of total revenue, with 14 new product SKUs launched in H1 2025 [1] Strategic Initiatives - The company plans to establish two new bottled water factories in Q3 and Q4 of 2025 and add two beverage cooperative factories to optimize production capacity in Southern and Eastern China - The ongoing adjustment of distribution channels aims to enhance family consumption scenarios and expand online purchasing options [1]
华润饮料(02460):公司事件点评报告:竞争加剧业绩承压,饮料业务增势亮眼
Huaxin Securities· 2025-09-17 09:18
Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company faces short-term pressure on profitability due to intensified competition and structural adjustments, with a decrease in gross margin by 3 percentage points to 46.67% in H1 2025 [5] - Despite challenges in the packaging water segment, the beverage business shows promising growth, with beverage sales increasing by 21% to 0.955 billion yuan in H1 2025 [6] - The company plans to enhance production capacity by adding two new packaging water factories and two beverage cooperative factories in the second half of 2025, which is expected to improve overall production costs and profitability [5] Financial Performance - In H1 2025, total revenue was 6.206 billion yuan, a decrease of 19% year-on-year, while net profit attributable to the parent company was 0.805 billion yuan, down 29% [4] - The company’s earnings per share (EPS) forecasts for 2025-2027 have been adjusted to 0.54, 0.64, and 0.74 yuan respectively, with corresponding price-to-earnings (PE) ratios of 20, 17, and 14 times [7] - The projected revenue for 2025 is 12.004 billion yuan, reflecting an 11.2% decline year-on-year, with a net profit forecast of 1.292 billion yuan, a decrease of 21.1% [10] Product and Market Strategy - The company has launched 14 new SKU products in H1 2025, enhancing its product offerings to meet diverse consumer needs [6] - The company is actively optimizing its distribution channels and expanding into emerging markets to cater to family consumption scenarios [6]