宗馥莉计划启用娃小宗新品牌的消息在业内引发强烈震动。9月27日，高盛发布深度研究报告，详细分析了娃哈哈商标归属纠纷可能带来的影响。高盛预 测，娃小宗与娃哈哈品牌之争，堪比当年王老吉大战加多宝，这一事件或将重构中国瓶装水格局，农夫山泉有望成为最大受益者，而华润饮料、东鹏饮料 （605499）也将间接受益。在报告中，高盛将农夫山泉12个月目标价从之前的53.2港元上调至60.5港元。 Part.01 娃哈哈换标3000亿瓶装水市场生变 通过分析红牛、王老吉/加多宝等过往品牌纠纷案例，高盛研究发现，涉及商标/所有权纠纷的品牌，通常会受到长期负面影响，这将改变品类竞争格局， 并为主要竞争对手提供市占率提升机会。 2016年红牛(中国)因授权纠纷，全年销售额同比下降中双位数；2017年同比下降10%-20%；2017-2024年红牛(中国)的复合年增长率仅为低个位数。与之对 比，其直接竞争对手东鹏饮料展现出强劲市占率提升能力——市占率从2018年的约15%提升至2024年的超30%。 2016-2017年，加多宝与广州医药集团(王老吉商标所有者)就王老吉商标归属爆发纠纷，期间加多宝即饮茶业务销售额同比下降10%-20% ...

Core Viewpoint - The ongoing price war in China's bottled water market has intensified, particularly among major players like Nongfu Spring, Wahaha, and Yibao, leading to significant market share shifts and financial impacts on the companies involved [2][5][10]. Group 1: Market Dynamics - Nongfu Spring launched its green bottle purified water at a retail price of 1 yuan per bottle, directly targeting the core markets of Yibao and Wahaha [2][8]. - The competition has escalated to a "water war" among the three companies, with each investing heavily in subsidies and pricing strategies to capture market share [5][10]. - As of August 2025, Wahaha's market share increased from 14.22% to 17.7%, while Yibao's share dropped from 25.11% to 20.34% [10][12]. Group 2: Pricing Strategies - Retail prices for bottled water have plummeted, with Nongfu Spring's red bottle water being sold at around 0.8 yuan per bottle, nearly matching the wholesale price [5][10]. - Yibao has also engaged in aggressive pricing tactics, including promotional offers that have seen prices drop to as low as 0.01 yuan per bottle [8][10]. - The intense competition has led to a phenomenon of "price inversion," where distributors sell products below cost to meet sales targets and maintain market presence [12][13]. Group 3: Financial Performance - Yibao's financial results for the first half of 2025 showed a significant decline, with revenue dropping by 18.52% to 6.206 billion yuan and net profit decreasing by 28.74% to 0.823 billion yuan [16]. - The gross margin for Yibao fell from 49.3% to 46.7%, indicating pressure on profitability due to the ongoing price war [16]. - The overall bottled water market has seen a shift, with Yibao's previously steady market share now facing unprecedented challenges due to aggressive pricing from competitors [14][16].

Core Viewpoint - The competition among the three major players in the bottled water market, namely Nongfu Spring, Wahaha, and C'estbon, has intensified, with Nongfu Spring launching a new product and reducing prices to gain market share [1] Group 1: Market Dynamics - In April 2024, Nongfu Spring introduced a new green bottle purified water at a retail price of 1 yuan per bottle, targeting the core market of C'estbon and Wahaha [1] - Wahaha has seen a gradual increase in market share, rising from 14.22% in April 2024 to 17.7% by August 2025 [1] - C'estbon's market share has declined from 25.11% to 20.34% during the same period, a drop of nearly 5 percentage points [1] Group 2: Competitive Landscape - The competition is characterized as a "water war" among the three companies, with each investing heavily to secure their positions in the market [1] - Despite fluctuations, Nongfu Spring maintains a leading position in the market, indicating a relatively stable performance compared to its competitors [1]

（以存續方式於開曼群島註冊成立的有限公司） （股份代號： 2460） 建 議 遷 冊 建 議 遷 冊 董事會建議本公司根據香港法例《 202 5年公司（修訂）（第2號）條例》向公 司註冊處申請從開曼群島遷冊至香港，並於取得公司註冊處發出的遷冊證明書後 於開曼群島申請撤銷註冊。 就遷冊而言，董事會後續 將按照香港法例之規定 ，於取得有關詳細資料後進一 步建議採納新組織章程細則，以取代現有大綱及細則。本公司將適時就 有關該 提案及與遷冊相關的其他提案的詳細資訊作出進一步公告。 一 般 事 項 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 遷冊及（在獲得董事會批准的前提下）採納新組織章程細則均 須經股東批准。 鑒於通函須符合開曼群島法 例及香港法例項下之相關法律程序及規定，本公司 需要額外時間以取得相關司法管轄區的法律或監管諮詢及意見 。本公司將根據 與相關監管諮詢的實際進展，在取得更確切的資訊 後，於切實可行的情況下盡 快作出進一步公告，以通知本公司股 ...

Market Overview - The global stock markets showed mixed performance, with the Hang Seng Index rising by 0.53% and the Hang Seng Technology Index increasing by 1.94%, reflecting a year-to-date gain of 42.77% [1][3] - The US stock markets experienced a decline, with the Dow Jones falling by 0.94% and the S&P 500 decreasing by 1.33%, while the Nasdaq dropped by 1.77% [1][3] Sector Performance - In the Hong Kong market, materials, information technology, and healthcare sectors led the gains, while consumer staples, real estate, and financial sectors lagged [3] - The A-share market saw gains in media, communication, and non-ferrous metals, while textiles, agriculture, and comprehensive sectors underperformed [3] Company Insights - Xiaomi Group launched its flagship Xiaomi 17 smartphone, priced at 4,499 RMB, which is competitive compared to the iPhone 17 priced at 5,999 RMB, highlighting Xiaomi's strategy to position itself against Apple [4] - The company aims to enhance its ecosystem with new IoT products and electric vehicle services, indicating a focus on high-end market segments [4] - Xiaomi's target price is set at 62.96 HKD, reflecting a 26.3 times expected P/E ratio for 2026, maintaining a "Buy" rating [5] Investment Recommendations - Geely Automobile is rated "Buy" with a target price of 25.00 HKD, indicating a potential upside of 37% [5] - Luckin Coffee is also rated "Buy" with a target price of 44.95 USD, suggesting a 19% upside [5] - Tencent and Alibaba are both rated "Buy," with target prices of 705.00 HKD and 158.80 USD respectively, indicating potential upsides of 9% and N/A [5]

（Stock Code 股份代號：2460） (Registered by way of continuation in the Cayman Islands with limited liability) （以存續方式於開曼群島註冊成立的有限公司） NOTIFICATION LETTER 通知信函 Dear Non-registered Shareholder(s) (Note 1) , September 24, 2025 CHINA RESOURCES BEVERAGE (HOLDINGS) COMPANY LIMITED (the "Company") - Notification of publication of Interim Report 2025 The Chinese and English versions of the Company's Interim Report 2025 (the "Interim Report 2025 ") are available on its website (www.crbeverage.com) (the "Company's website") ...

(Registered by way of continuation in the Cayman Islands with limited liability) （以存續方式於開曼群島註冊成立的有限公司） （Stock Code 股份代號：2460） NOTIFICATION LETTER 通知信函 Dear Registered Shareholder(s), September 24, 2025 本公司的2025年中期報告（「2025年中期報告」）之中、英文版本已登載於本公司網站(www.crbeverage.com) （「本公司網站」）及香港交易及結算所有限公司披露 易網站(www.hkexnews.hk) （「披露易網站」）（「網站版本」）。本公司衷心建議瀏覽2025年中期報告及所有日後公司通訊( 附註 1) 的網站版本。 CHINA RESOURCES BEVERAGE (HOLDINGS) COMPANY LIMITED (the "Company") – Notification of publication of Interim Report 2025 The Chinese and Engl ...

Financial Performance - The Group recorded total revenue of RMB6,205.6 million in the first half of 2025, representing a decrease of 18.5% compared to the same period last year[18]. - Beverage products recorded revenue of RMB 954.9 million, an increase of 21.3% year-on-year, making up 15.4% of total revenue[29]. - The Group's profit for the period decreased by 28.7% to RMB823.0 million from RMB1,154.9 million in the first half of 2024, with a net profit margin decline from 15.2% to 13.3%[95]. - Gross profit was RMB2,896.1 million, representing a decrease of 22.8% from RMB3,752.6 million year-on-year, with a gross margin of 46.7%, down 2.6 percentage points[68][73]. - Other income increased by 92.8% to RMB217.3 million, accounting for 3.5% of total revenue, mainly due to higher interest income and government grants[69][74]. - The Group recorded revenue of RMB6,205.6 million, a decrease of 18.5% compared to RMB7,616.0 million in the same period last year, primarily due to a decrease in packaged water sales volume and increased marketing investments[66][70]. Market Trends and Strategy - The overall GDP growth in China for the first half of 2025 was 5.3%, with total retail sales of consumer goods increasing by 5% year-on-year[15]. - The soft drink industry in China continues to show significant market potential, with increasing demand for health-oriented and functional products[15]. - The competitive landscape in the beverage market has intensified, but leading companies have maintained their market positions[15]. - The Group aims to become the preferred brand for addressing the basic and diversified beverage needs of Chinese consumers[17]. - The Group's strategy focuses on developing high-quality ready-to-drink soft beverages to meet diverse consumer needs[17]. - The Group's beverage business aims to establish a second growth curve by meeting diverse consumer needs across various scenarios[29]. Product Development and Innovation - The Group launched 14 new SKUs in the beverage category during the first half of 2025, enhancing flavor options and product specifications[29]. - The premium product "L'eau" (怡寶露) Natural Mineral Water introduced a collector's edition series, enhancing its brand reputation through elegant packaging[28]. - The "Mi Shui Series" (蜜水系列) fruit beverage launched new sizes, including a 1L option for "Lemon Mi Shui" and a new "Green Grape Mi Shui" in multiple sizes[34]. - The "Zuo Wei Cha Shi" (佐味茶事) brand upgraded its products to align with health trends, focusing on zero sugar and zero calories[33]. - The Group's coffee beverage "Yan Bei" introduced new flavors, including latte and mocha, enhancing its product offerings[39]. - The R&D team launched innovative beverages, including "Zhi Ben Qing Run Stewed Pear with Loquat," marking a significant breakthrough in the Chinese style healthy drinks sector[58][62]. Production and Capacity Expansion - The Group is expanding its production capacity with the Wuyi Mountain large packaging production line operational in Q1 2025, and plans to establish two new factories in the second half of the year[52]. - The second phase of the Yixing Factory has commenced operations, and the construction of a new factory in Hubei Province is progressing as planned[56]. - The Group's self-owned production capacity will continue to increase, enhancing production autonomy and reducing overall production costs, which supports future market share expansion and profit growth[54][56]. - The Group has added two partner factories to optimize production capacity in South China and East China, aiming to reduce operational costs and improve market response efficiency[52]. Marketing and Brand Strategy - The Group has strengthened its brand presence by becoming the official partner of TEAM CHINA and sponsoring major sports events, including the 34th ITTF–ATTU Asian Cup and FIBA Men's Asia Cup 2025 Qualifiers[41]. - C'estbon provides safe drinking water services to over 70 national sports teams, supporting their performance in international competitions[48]. - The Group's marketing strategy includes collaboration with popular IPs, such as "B.Duck," to enhance brand visibility and appeal to younger consumers[49]. - The Group's long-term marketing approach focuses on sports sponsorships and partnerships to solidify its brand identity as a provider of professional sports beverages[41]. - The Group's brand "Zhi Ben Qing Run" continues to promote traditional culture through collaborations with notable figures and events, reinforcing its classic identity[49]. Financial Position and Liabilities - The cost of sales amounted to RMB3,309.5 million, down 14.3% from RMB3,863.4 million in the previous year, attributed to lower packaged water sales volume and raw material prices[67][72]. - The Group's distribution and selling expenses amounted to RMB1,884.3 million, a decrease of 9.9% compared to RMB2,090.4 million in the same period last year, primarily due to reduced transport costs associated with sales volume[82]. - The Group's administrative expenses were RMB144.4 million, a slight decrease of 0.3% from RMB144.8 million in the same period last year[83]. - Trade and other payables increased from RMB3,718.7 million to RMB4,344.4 million, with trade payables turnover days increasing from 36.9 days to 41.3 days[103]. - The Group's total bank deposits and cash amounted to RMB12,387.8 million, maintained through centralized cash management[105]. - The Group's leverage ratio as of June 30, 2025, was 0.6%, remaining stable compared to 0.5% as of December 31, 2024[107]. Shareholder Information and Corporate Governance - As of June 30, 2025, China Resources Company Limited holds a controlling interest of 1,200,000,000 shares, representing approximately 50.04% of the total shareholding[179]. - The company has established an Audit Committee consisting of two non-executive Directors and four independent non-executive Directors to oversee financial reporting and internal control systems[155]. - The Company has complied with all applicable code provisions set forth in the Corporate Governance Code during the Reporting Period[141]. - The Company maintains a balanced composition of executive and independent non-executive Directors to ensure strong independence on the Board[140]. - The Company has adopted the Model Code for securities transactions by Directors and confirmed compliance during the Reporting Period[145]. Future Plans and Investments - The company plans to fully utilize unutilized proceeds by September 30, 2029, for strategic expansion and optimization of production capacity, sales channel expansion, and R&D enhancements[160]. - The company has no current plans for potential investments or acquisitions in 2025, indicating a focus on internal growth strategies[160]. - The Group currently has no plans for significant investments or acquisitions beyond those disclosed in the prospectus[112].

Global Market Overview - The Hang Seng Index closed at 26,344, down 0.76% for the day but up 31.33% year-to-date [1] - The S&P 500 and Nasdaq in the US saw increases of 0.44% and 0.70% respectively, with year-to-date gains of 13.81% and 18.01% [1] - The Shanghai Composite Index rose by 0.22%, reflecting a year-to-date increase of 14.23% [1] Sector Performance - In the Hong Kong market, the Hang Seng Financial Index fell by 0.85%, while the Hang Seng Industrial and Commercial Index decreased by 0.68% [2] - The Hang Seng Property Index dropped by 1.25%, indicating a year-to-date increase of 23.48% [2] - The energy and consumer staples sectors in the Chinese stock market experienced declines, while materials, healthcare, and information technology sectors saw gains [3] Monetary Policy and Economic Outlook - The People's Bank of China is expected to continue a loose monetary policy, with potential reserve requirement ratio cuts of 50 basis points and interest rate cuts of 10 basis points in Q4 [3] - The steel industry in China will implement capacity controls, prohibiting new capacity additions from 2025 to 2026, with an expected annual growth of around 4% in value added [3] Company Focus - Geely Automobile (175 HK) is rated as a buy with a target price of 25.00, representing a 34% upside potential [4] - Luckin Coffee (LKNCY US) is also rated as a buy, with a target price of 44.95, indicating a 20% upside [4] - Tencent (700 HK) has a target price of 705.00, suggesting a 10% upside potential [4] Technology Sector Insights - Nvidia plans to invest $100 billion to support OpenAI in building a 10GW data center, leading to a nearly 4% increase in its stock price [3] - The semiconductor sector is highlighted with companies like Horizon Robotics (9660 HK) and North Huachuang (002371 CH) rated as buy, with target prices indicating significant upside potential [4] Investment Opportunities - The report identifies several companies with strong growth potential, including BYD Electronics (285 HK) and Salesforce (CRM US), both rated as buy with substantial upside targets [4] - The healthcare sector is represented by companies like BeiGene (ONC US) and 3SBio (1530 HK), both rated as buy, indicating confidence in their future performance [4]

Core Insights - The report highlights a positive outlook for the Chinese internet and software sectors, particularly focusing on the valuation enhancement opportunities within the Chinese internet software segment [4] - The report emphasizes the strong liquidity trends in the A+H stock market and a more optimistic narrative surrounding AI applications, suggesting that AI software applications may match the growth of hardware sectors in the medium to long term [4] Market Performance - The Hang Seng Index closed at 26,545, showing a year-to-date increase of 32.33%, while the Hang Seng Technology Index rose by 40.87% [1] - The report notes mixed performance in the Chinese stock market, with Hong Kong stocks in materials, energy, and consumer discretionary leading gains, while healthcare, utilities, and conglomerates saw declines [3] Sector Analysis - The report identifies key companies in the internet and software sectors that are expected to drive growth, including Alibaba, Baidu, Microsoft, Tencent, and Kuaishou, due to their strong cloud business growth and AI-driven revenue potential [4] - It also suggests that companies like Datadog and Kingdee International have room for valuation improvement and should be monitored for substantial progress in AI monetization [4] Stock Recommendations - The report provides a list of stocks with buy ratings, including Geely Automobile (target price 25.00, current price 18.96), Li Auto (target price 80.00, current price 65.15), and Tencent (target price 705.00, current price 642.00), indicating potential upside [5] - Specific recommendations include companies in various sectors such as healthcare (BeiGene, target price 359.47), consumer staples (Proya, target price 129.83), and technology (Xiaomi, target price 62.96) [5]