（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 ...

（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") ...

(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 ...

Financial Performance - The Group recorded total revenue of RMB6,205.6 million in the first half of 2025, representing a decrease of 18.5% compared to the same period last year[18]. - Beverage products recorded revenue of RMB 954.9 million, an increase of 21.3% year-on-year, making up 15.4% of total revenue[29]. - The Group's profit for the period decreased by 28.7% to RMB823.0 million from RMB1,154.9 million in the first half of 2024, with a net profit margin decline from 15.2% to 13.3%[95]. - Gross profit was RMB2,896.1 million, representing a decrease of 22.8% from RMB3,752.6 million year-on-year, with a gross margin of 46.7%, down 2.6 percentage points[68][73]. - Other income increased by 92.8% to RMB217.3 million, accounting for 3.5% of total revenue, mainly due to higher interest income and government grants[69][74]. - The Group recorded revenue of RMB6,205.6 million, a decrease of 18.5% compared to RMB7,616.0 million in the same period last year, primarily due to a decrease in packaged water sales volume and increased marketing investments[66][70]. Market Trends and Strategy - The overall GDP growth in China for the first half of 2025 was 5.3%, with total retail sales of consumer goods increasing by 5% year-on-year[15]. - The soft drink industry in China continues to show significant market potential, with increasing demand for health-oriented and functional products[15]. - The competitive landscape in the beverage market has intensified, but leading companies have maintained their market positions[15]. - The Group aims to become the preferred brand for addressing the basic and diversified beverage needs of Chinese consumers[17]. - The Group's strategy focuses on developing high-quality ready-to-drink soft beverages to meet diverse consumer needs[17]. - The Group's beverage business aims to establish a second growth curve by meeting diverse consumer needs across various scenarios[29]. Product Development and Innovation - The Group launched 14 new SKUs in the beverage category during the first half of 2025, enhancing flavor options and product specifications[29]. - The premium product "L'eau" (怡寶露) Natural Mineral Water introduced a collector's edition series, enhancing its brand reputation through elegant packaging[28]. - The "Mi Shui Series" (蜜水系列) fruit beverage launched new sizes, including a 1L option for "Lemon Mi Shui" and a new "Green Grape Mi Shui" in multiple sizes[34]. - The "Zuo Wei Cha Shi" (佐味茶事) brand upgraded its products to align with health trends, focusing on zero sugar and zero calories[33]. - The Group's coffee beverage "Yan Bei" introduced new flavors, including latte and mocha, enhancing its product offerings[39]. - The R&D team launched innovative beverages, including "Zhi Ben Qing Run Stewed Pear with Loquat," marking a significant breakthrough in the Chinese style healthy drinks sector[58][62]. Production and Capacity Expansion - The Group is expanding its production capacity with the Wuyi Mountain large packaging production line operational in Q1 2025, and plans to establish two new factories in the second half of the year[52]. - The second phase of the Yixing Factory has commenced operations, and the construction of a new factory in Hubei Province is progressing as planned[56]. - The Group's self-owned production capacity will continue to increase, enhancing production autonomy and reducing overall production costs, which supports future market share expansion and profit growth[54][56]. - The Group has added two partner factories to optimize production capacity in South China and East China, aiming to reduce operational costs and improve market response efficiency[52]. Marketing and Brand Strategy - The Group has strengthened its brand presence by becoming the official partner of TEAM CHINA and sponsoring major sports events, including the 34th ITTF–ATTU Asian Cup and FIBA Men's Asia Cup 2025 Qualifiers[41]. - C'estbon provides safe drinking water services to over 70 national sports teams, supporting their performance in international competitions[48]. - The Group's marketing strategy includes collaboration with popular IPs, such as "B.Duck," to enhance brand visibility and appeal to younger consumers[49]. - The Group's long-term marketing approach focuses on sports sponsorships and partnerships to solidify its brand identity as a provider of professional sports beverages[41]. - The Group's brand "Zhi Ben Qing Run" continues to promote traditional culture through collaborations with notable figures and events, reinforcing its classic identity[49]. Financial Position and Liabilities - The cost of sales amounted to RMB3,309.5 million, down 14.3% from RMB3,863.4 million in the previous year, attributed to lower packaged water sales volume and raw material prices[67][72]. - The Group's distribution and selling expenses amounted to RMB1,884.3 million, a decrease of 9.9% compared to RMB2,090.4 million in the same period last year, primarily due to reduced transport costs associated with sales volume[82]. - The Group's administrative expenses were RMB144.4 million, a slight decrease of 0.3% from RMB144.8 million in the same period last year[83]. - Trade and other payables increased from RMB3,718.7 million to RMB4,344.4 million, with trade payables turnover days increasing from 36.9 days to 41.3 days[103]. - The Group's total bank deposits and cash amounted to RMB12,387.8 million, maintained through centralized cash management[105]. - The Group's leverage ratio as of June 30, 2025, was 0.6%, remaining stable compared to 0.5% as of December 31, 2024[107]. Shareholder Information and Corporate Governance - As of June 30, 2025, China Resources Company Limited holds a controlling interest of 1,200,000,000 shares, representing approximately 50.04% of the total shareholding[179]. - The company has established an Audit Committee consisting of two non-executive Directors and four independent non-executive Directors to oversee financial reporting and internal control systems[155]. - The Company has complied with all applicable code provisions set forth in the Corporate Governance Code during the Reporting Period[141]. - The Company maintains a balanced composition of executive and independent non-executive Directors to ensure strong independence on the Board[140]. - The Company has adopted the Model Code for securities transactions by Directors and confirmed compliance during the Reporting Period[145]. Future Plans and Investments - The company plans to fully utilize unutilized proceeds by September 30, 2029, for strategic expansion and optimization of production capacity, sales channel expansion, and R&D enhancements[160]. - The company has no current plans for potential investments or acquisitions in 2025, indicating a focus on internal growth strategies[160]. - The Group currently has no plans for significant investments or acquisitions beyond those disclosed in the prospectus[112].

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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]