Group 1 - The company achieved revenue of 6.206 billion yuan in H1 2025, a year-on-year decrease of 18.5%, and a net profit attributable to shareholders of 0.805 billion yuan, down 28.6% year-on-year [1] - The packaging water segment generated revenue of 5.25 billion yuan, a decline of 23.1% year-on-year, while the beverage business saw revenue of 0.95 billion yuan, an increase of 21.3% year-on-year [1] - The revenue breakdown for H1 2025 shows small specifications, medium-large specifications, and barrel water generating 3.19 billion, 1.83 billion, and 0.23 billion yuan respectively, with year-on-year changes of -26.2%, -19.4%, and -1.5% [1] Group 2 - The company is actively optimizing and expanding its channels, including traditional, KA, special channels, education, leisure, e-commerce, and dining channels [2] - Sales and management expense ratios increased by 2.9 and 0.4 percentage points year-on-year, with the net profit margin attributable to shareholders decreasing by 1.8 percentage points to 13% [2] - The company is focusing on long-term growth by optimizing production capacity and introducing new products, with three factories expected to be operational by 2025 [2] Group 3 - The company is enhancing its brand through large outdoor advertising and sports marketing [2] - The company aims to reduce reliance on the packaging water business by diversifying its product structure and preparing to develop its beverage business [2] - The projected EPS for 2025, 2026, and 2027 is 0.59, 0.75, and 0.85 yuan, corresponding to PE ratios of 17X, 14X, and 12X respectively, maintaining a "buy" rating [2]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - In the first half of 2025, the company achieved revenue of 6.206 billion HKD, a year-on-year decrease of 18.5%, and a net profit attributable to shareholders of 0.805 billion HKD, down 28.6% year-on-year [2][4]. - The company is facing intensified market competition, leading to pressure on revenue. The packaging water segment generated revenue of 5.25 billion HKD, down 23.1% year-on-year, while the beverage business saw revenue of 0.95 billion HKD, an increase of 21.3% year-on-year [6]. - The company is actively optimizing and expanding its distribution channels, which has resulted in an increase in expense ratios. The sales and management expense ratios rose by 2.9 and 0.4 percentage points respectively, with the net profit margin decreasing by 1.8 percentage points to 13% [6]. - The company is focusing on long-term growth despite short-term impacts, with plans to launch three new factories in 2025 and enhance its product development capabilities through partnerships with research institutions and universities [6]. Summary by Sections Financial Performance - Revenue for H1 2025 was 6.206 billion HKD, down 18.5% year-on-year, and net profit was 0.805 billion HKD, down 28.6% year-on-year [2][4]. Market Dynamics - The packaging water segment's revenue decreased by 23.1% to 5.25 billion HKD, while the beverage segment's revenue increased by 21.3% to 0.95 billion HKD [6]. - The company is facing increased competition in the packaging water industry, which is affecting revenue growth [6]. Strategic Initiatives - The company is enhancing its channel strategy by diversifying customer types and focusing on brand building through outdoor advertising and sports marketing [6]. - Plans for production capacity optimization include the launch of three new factories in 2025, aimed at reducing reliance on the packaging water business and expanding the beverage product line [6].

Core Viewpoint - UBS downgraded China Resources Beverage from "Buy" to "Neutral" due to reasonable valuation, lowering the target price from HKD 18.03 to HKD 11.7 [1] Financial Performance - For the first half of the year, China Resources Beverage reported a revenue decline of 19% and a net profit decrease of 29%, both below market expectations [1] - The revenue from the packaged water segment decreased by 23% year-on-year, while the beverage segment saw a revenue increase of 21% [1] Business Segment Analysis - The decline in bottled water revenue is attributed to increased rebates for distributors [1] - As the negative impacts of channel restructuring gradually dissipate, it is expected that bottled water sales will begin to recover in the second half of the year [1] Future Outlook - Looking ahead to 2026, UBS anticipates a potential turnaround in profitability due to sustained strong growth in the beverage segment and expected growth in bottled water sales [1]

中金发表报告指，华润饮料上半年业绩符合该行预期，收入62.06亿元，按年下跌18.5%，净利润8.05亿 元，按年跌28.6%。业绩符合此前预告。 该行预计，下半年公司丰富产品矩阵、深化渠道变革的调整有望延续，认为短期调整是为长期发展蓄 力。该行预计进入饮料旺季后公司经营状况有所改善，7至8月包装水及饮料销量或均实现按年增长。考 虑渠道竞争持续激烈，预计下半年公司或将保持渠道及终端费用的高投入，以稳固市场份额。 考虑行业竞争加剧，该行下调华润饮料2025/2026年盈利预测18%/2%至10.9/15.3亿元，下调目标价29% 至12港元，维持"跑赢行业"评级。 ...

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].

Core Viewpoint - The report from CICC indicates that China Resources Beverage's sales and profit margins in the first half of the year were negatively impacted by increased market investment and channel adjustments, with continued pressure expected in the second half due to ongoing marketing investments [1] Group 1: Financial Performance - The sales volume of bottled water has shown a gradual recovery to positive year-on-year growth during July and August [1] - The estimated net profit for China Resources Beverage in 2025 is projected to decline by 34% year-on-year to 1.07 billion [1] Group 2: Earnings Forecast - The earnings forecasts for China Resources Beverage for 2025 and 2026 have been lowered by 10% to 20%, now estimated at 1.074 billion and 1.451 billion respectively [1] - The target price has been reduced from HKD 14.2 to HKD 13.7, reflecting a forecasted price-to-earnings ratio of 18 times for the next 12 months [1] Group 3: Market Outlook - A turning point and recovery are anticipated for the company in the following year [1] - The rating for China Resources Beverage is maintained at "outperform the market" [1]

Group 1 - The company reported a revenue of 6.206 billion yuan for H1 2025, a year-on-year decrease of 18.52%, and a net profit attributable to shareholders of 805 million yuan, down 28.63% year-on-year [1] - The gross margin for H1 2025 was 46.67%, a decline of 2.6 percentage points year-on-year, while the net profit margin was 13%, down 1.8 percentage points year-on-year [1] - The company plans to distribute an interim dividend of 0.118 yuan per share on October 24, based on the shareholder register as of September 9 [1] Group 2 - The packaging water business faced pressure, with revenue of 5.25 billion yuan in H1 2025, a year-on-year decline of 23.1%, accounting for 84.6% of total revenue, down 5.1 percentage points [1] - The beverage segment showed growth, achieving revenue of 955 million yuan in H1 2025, an increase of 21.3% year-on-year, and accounting for 15.4% of total revenue, up 5.1 percentage points [1] - The company launched 14 new SKU products in H1 2025, including tea and juice varieties, to enhance its product portfolio [1] Group 3 - The company experienced an increase in expense ratios, with sales, management, and R&D expense ratios at 30.36%, 2.33%, and 0.24%, respectively, reflecting a rise due to decreased scale effects [1] - The company added one new packaging water production line and two beverage cooperative production lines in H1 2025, with plans to establish two more packaging water factories in H2 [1] - The company maintains a "buy" investment recommendation, citing resilience in operations and long-term industry potential despite current challenges [1]

Core Viewpoint - The company reported a decline in revenue and net profit for H1 2025, primarily due to intensified competition and channel adjustments in the packaging water segment, while the beverage segment showed steady growth [1][2]. Group 1: Financial Performance - H1 2025 revenue reached 6.206 billion yuan, a year-on-year decrease of 18.52%, with net profit attributable to shareholders at 805 million yuan, down 28.63% [1]. - The packaging water segment generated revenue of 5.251 billion yuan, a decline of 23.11%, while the beverage segment achieved 955 million yuan, an increase of 21.28% [1]. - The gross profit margin for H1 2025 was 46.67%, down 2.6 percentage points year-on-year, influenced by reduced revenue and increased sales expenses [2]. Group 2: Business Segments - The packaging water business faced challenges with revenue from small, medium, and large-sized water products declining by 26.2%, 19.4%, and 1.5% respectively [1]. - The beverage business focused on product series such as "Benqingrun," "Moli Water," and "Honey Water," benefiting from nationwide distribution and targeted marketing efforts [1]. Group 3: Operational Adjustments - The company is addressing external competition by optimizing inventory and increasing investments to maintain market share, while also expanding the SKU range for packaging water [3]. - New beverage products were launched in H1, including "Benqingrun Stewed Pear Flavor" and upgraded "Moli Water," indicating a commitment to innovation [3]. - Production efficiency improvements are underway, with new production lines expected to enhance capacity and operational performance [3]. Group 4: Investment Outlook - Despite current pressures, the long-term growth logic remains intact, with a recommendation to monitor operational adjustments and production efficiency improvements [4]. - The company has adjusted its earnings forecasts for 2025-2027, now projecting net profits of 1.29 billion, 1.62 billion, and 1.91 billion yuan respectively [4]. - A target price of 15 HKD is set for the next year, reflecting a PE ratio of approximately 20X for 2026 [4].