Ge Long Hui·2025-08-30 03:20Core Viewpoint - The company reported a revenue growth of 15.6% year-on-year for H1 2025, driven by recovery in bottled water sales and continued high growth in tea and functional beverages [1][2]. Financial Performance - In H1 2025, the company achieved total revenue of 25.62 billion yuan and a net profit attributable to shareholders of 7.62 billion yuan, reflecting a year-on-year increase of 15.6% and 22.2% respectively [1]. - The net profit margin improved to 29.7%, an increase of 1.6 percentage points compared to the previous year [2]. Segment Performance - Revenue from various beverage segments showed positive growth: bottled water (+10.7%), tea (+19.7%), functional drinks (+13.6%), juice (+21.3%), and other beverages (+14.8%) [1]. - The performance rates for water, tea, functional drinks, juice, and other beverages improved year-on-year, reaching 35.4%, 48.4%, 47.4%, 31.3%, and 36.4% respectively [1]. Cost and Efficiency - The gross profit margin was reported at 60.3%, an increase of 1.5 percentage points, attributed to lower raw material prices and improved capacity utilization [2]. - The sales expense ratio decreased by 2.8 percentage points due to reduced advertising and promotional expenses, as well as lower logistics costs [2]. Future Outlook - The company has adjusted its revenue growth forecasts for 2025-2027, expecting revenues of 50.53 billion, 57.28 billion, and 63.70 billion yuan respectively, with year-on-year growth rates of 17.2%, 13.3%, and 11.2% [3]. - The projected net profits for the same period are 15.16 billion, 17.45 billion, and 19.60 billion yuan, with expected growth rates of 25.0%, 15.1%, and 12.3% [3].