Core Viewpoint - China Resources Beverage, the parent company of Yibao, has issued a profit warning, expecting a 20% to 30% decrease in net profit for the first half of the year, leading to a 13.08% drop in stock price on the announcement day [2][3][4]. Group 1: Financial Performance - The company reported a revenue of 13.52 billion yuan for the previous year, with a slight year-on-year growth of 0.05%, and a net profit of 1.637 billion yuan, which was a 23.12% increase [3]. - The beverage segment's revenue has increased to 10.3% of total revenue, marking the first time it has reached double digits, although the overall revenue from packaged water has seen a decline [4][12]. - The packaged water business accounted for 89.7% of total revenue, experiencing a 2.6% decline year-on-year, marking the first negative growth since 2018 [9]. Group 2: Market Competition - The drinking water market is facing intensified competition, particularly with the reintroduction of bottled water products by competitors like Nongfu Spring, which has led to aggressive pricing strategies [6][7]. - The price of mainstream bottled water products has dropped to around 1 yuan per bottle, with Nongfu Spring's new product priced even lower at 0.8 yuan [7][8]. - The increased competition has resulted in higher sales and distribution costs, contributing to the decline in profit margins for China Resources Beverage [6][8]. Group 3: Strategic Adjustments - The company is actively restructuring its business model by increasing marketing investments and adjusting its product mix to stabilize market presence and develop a second growth curve in non-water beverages [3][12]. - New product launches have been frequent, with the company introducing 1-2 new products each month across various categories, including herbal drinks, sports drinks, and ready-to-drink coffee [13]. - The herbal drink "Zhiben Qingrun" has seen significant growth, with a 122% increase in sales, although its market performance varies regionally [11][12].
华润饮料上半年净利润预降20%-30%，饮用水价格战拖累业绩，加速布局第二增长曲线