华润饮料：Leave the worst behind in 2025-20260127

27 Jan 2026 CMB International Global Markets | Equity Research | Company Update CR Beverage (2460 HK) CR Beverage (2460 HK) - Leave Leave the worst behind in 2025 We forecast CR Beverage's FY25E net profit to decline 35.5% to RMB1.06bn, with a steeper drop in 2H25E due to concentrated signing of large marketing contracts and increased supply chain investments. Capacity expansion is slightly slower than market expectations, while channel reform is progressing faster. Beyond the stabilization of packaged wate ...