GOLDEN SUN SECURITIES·2025-08-27 01:03Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown strong recovery as a market leader, with impressive performance in its financial results for the first half of 2025, achieving a revenue of 25.622 billion RMB, a year-on-year increase of 15.6%, and a net profit attributable to shareholders of 7.622 billion RMB, up 22.1% year-on-year [1][3] - The packaging water business is gradually recovering from previous public sentiment issues, with revenue of 9.443 billion RMB, a 10.7% increase year-on-year, and a net profit of 3.347 billion RMB, reflecting a 22.0% growth [1][3] - The beverage segment, particularly tea and juice, has shown remarkable growth, with revenues of 10.089 billion RMB and 2.898 billion RMB, respectively, marking increases of 19.7% and 13.6% year-on-year [2][3] Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 60.3%, an increase of 1.55 percentage points year-on-year, primarily due to lower costs of PET, cartons, and sugar [3] - The company’s selling expenses decreased, leading to a net profit margin of 29.7%, up 1.61 percentage points year-on-year [3] - The projected net profit for 2025-2027 is expected to grow by 20.4%, 16.7%, and 15.7%, reaching 14.6 billion RMB, 17.0 billion RMB, and 19.7 billion RMB, respectively [3] Business Segment Analysis - The packaging water segment is expected to continue its recovery, supported by the company's strong brand and market influence [3] - The beverage segment is focused on innovation and the development of major products, contributing to overall industry growth [3] - The company plans to explore overseas markets to create new growth opportunities [3]