Investment Rating - The report maintains a "Buy" rating for China Resources Beverage [9][10] Core Viewpoints - The packaging water segment is under competitive pressure, while the company is focusing on shareholder returns [5][9] - The beverage segment is actively developing a second growth curve, with a notable increase in revenue [6][9] - The company is facing industry-wide challenges but is making strategic adjustments to product offerings and production capacity [9][10] Financial Performance Summary - For H1 2025, the company reported revenue of 6.206 billion HKD, a year-on-year decrease of 18.52%, and a net profit of 0.805 billion HKD, down 28.63% [8] - The gross margin for H1 2025 was 46.67%, a decline of 2.6 percentage points year-on-year, while the net profit margin was 13%, down 1.8 percentage points [8] - The packaging water business generated revenue of 5.25 billion HKD in H1 2025, a decrease of 23.1% year-on-year, accounting for 84.6% of total revenue [8] - The beverage business achieved revenue of 0.955 billion HKD in H1 2025, an increase of 21.3% year-on-year, representing 15.4% of total revenue [8] - The company launched 14 new products in H1 2025, enhancing its product mix [8] Future Outlook - Revenue projections for 2025-2027 are estimated at 12.009 billion HKD, 13.078 billion HKD, and 14.089 billion HKD, with expected year-on-year changes of -11%, +9%, and +8% respectively [10] - Net profit forecasts for the same period are 1.297 billion HKD, 1.595 billion HKD, and 1.829 billion HKD, with year-on-year changes of -21%, +23%, and +15% respectively [10] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 19, 16, and 14 for the years 2025, 2026, and 2027 respectively [10]
华润饮料（02460）：包装水面临竞争压力，重视股东回报