CR BEVERAGE(2460.HK)：LEAVE THE WORST BEHIND IN 2025
Ge Long Hui·2026-01-28 22:29
Packaged water market share is stabilizing. The company's internal data shows its packaged water market share edged up at end-Q3 from end-Q2, aligned with third-party data (Mashangying) trends we tracked. FY2025E self-owned capacity ratio >60%. The ratio is slightly above 60%, meeting the target but progress is slower than we expected due to: 1) Longer ramp-up at the Wuyishan factory; 2) The Wenzhou Wencheng "lights-out" factory (1.05mn tons) commenced production on Jan 1, 2026, later than the planned 2H25; ...