(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 ...

(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 ...

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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]

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]

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 ...