Core Viewpoint - CICC has raised the profit forecast for Uni-President China (00220) for 2025 and 2026 by 3% to 2.29 billion and 2.62 billion yuan respectively, citing the company's resilient beverage business amid increasing competition [1] Group 1: Financial Performance - The company reported 1H25 revenue of 17.087 billion yuan, a year-on-year increase of 10.6%, and a net profit attributable to shareholders of 1.287 billion yuan, up 33.2% year-on-year [2] - In 2Q25, the net profit attributable to shareholders was 685 million yuan, reflecting a year-on-year increase of 34.6% [2] Group 2: Beverage Business Performance - The beverage segment achieved a revenue increase of 7.6% year-on-year in 1H25, despite intensified competition [3] - Tea beverage revenue grew by 9.1% year-on-year in 1H25, with double-digit growth in products like Double Brew and Spring Green Tea [3] - Juice and milk tea revenues increased by 1.7% and 3.5% year-on-year respectively, indicating stable growth [3] Group 3: Cost and Profitability - The company's gross margin improved by 0.5 percentage points year-on-year in 1H25, driven by cost reductions and enhanced capacity utilization [3] - The beverage gross margin increased by 1.4 percentage points year-on-year, while the food gross margin decreased by 0.4 percentage points due to rising palm oil prices [3] - The net profit margin rose by 1.3 percentage points to 7.5% in 1H25, supported by effective cost control measures [3] Group 4: Future Outlook - The company anticipates that the beverage business may face slight pressure in 3Q due to intensified competition, but expects overall steady growth for the year [4] - The company maintains a rational competitive strategy and aims to keep its expense investment steady, which is expected to support stable profit margins in the second half of the year [4]
中金：维持统一企业中国跑赢行业评级 目标价11.5港元