此外，高立自2026年1月14日起获委任为执行董事、董事会主席及提名委员会主席；以及执行董事及总 裁李树清自2026年1月14日起获委任为授权代表。 （企业公告） 1月14日，华润饮料发布公告称，张伟通因工作需要，自2026年1月14日起辞任执行董事、董事会主席及 公司提名委员会主席职务，及不再担任中国香港联合交易所有限公司证券上市规则第3.05条所规定的公 司授权代表及中国香港法例第622章公司条例第16部所规定的在中国香港代表公司接收法律程序文件及 通知的公司授权代表。 (编辑：王璨 林辰) ...

高立先生自2026年1月14日起获委任为执行董事、董事会主席及提名委员会主席;以及执行董事及总裁李 树清先生自2026年1月14日起获委任为授权代表。 华润饮料(02460)发布公告，张伟通先生因工作需要，自2026年1月14日起辞任执行董事、董事会主席及 公司提名委员会主席职务，及不再担任香港联合交易所有限公司证券上市规则第3.05条所规定的公司授 权代表及香港法例第622章公司条例第16部所规定的在香港代表公司接收法律程序文件及通知的公司授 权代表。 ...

高立先生自2026年1月14日起获委任为执行董事、董事会主席及提名委员会主席;以及执行董事及总裁李 树清先生自2026年1月14日起获委任为授权代表。 智通财经APP讯，华润饮料(02460)发布公告，张伟通先生因工作需要，自2026年1月14日起辞任执行董 事、董事会主席及公司提名委员会主席职务，及不再担任香港联合交易所有限公司证券上市规则第3.05 条所规定的公司授权代表及香港法例第 622章公司条例第16部所规定的在香港代表公司接收法律程序文 件及通知的公司授权代表。 ...

（以存續方式於開曼群島註冊成立的有限公司） （ 股份代號： 2460） 董事名單與其角色和職能 附註： 張建民先生 林國龍先生 肖寧先生 王德剛先生 趙典博士 獨立非執行董事 周永健博士 李引泉先生 姚洋博士 鄭寶川女士 1 董事會設立四個委員會。下表提供各董事在該等委員會中所擔任的職位。 | | | 董事會委員會 | 薪酬與考核 | 戰略與投資 | | --- | --- | --- | --- | --- | | 董事 | 審核委員會 | 提名委員會 | 委員會 | 委員會 | | 高立先生 | | C | | | | 李樹清先生 | | | | M | | 周劍波先生 | | | | M | | 張建民先生 | | | M | | | 林國龍先生 | M | | | | | 肖寧先生 | | | | M | | 王德剛先生 | M | | M | C | | 趙典博士 | | M | | M | | 周永健博士 | M | | M | | | 李引泉先生 | M | M | C | | | 姚洋博士 | C | M | | M | | 鄭寶川女士 | M | M | M | | 華潤飲料（控股）有限公司 ...

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。 （以存續方式於開曼群島註冊成立的有限公司） 執行董事、董事會主席、提名委員會主席、授權代表及法律程序文件代理人之辭任 華潤飲料（控股）有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事 （「董事」）會（「董事會」）謹此宣佈，張偉通先生（「張先生」）因工作需要， 自2026年1月14日起辭任執行董事、董事會主席及本公司提名委員會（「提名委員 會」）主席職務，及不再擔任香港聯合交易所有限公司（「聯交所」）證券上市規則 （「上市規則」）第3.05條所規定的本公司授權代表（「授權代表」）及香港法例第 622章公司條例第16部所規定的在香港代表本公司接收法律程序文件及通知的本公司 授權代表（「法律程序文件代理人」）。 張先生已確認，彼與董事會概無意見分歧，亦無任何有關彼辭任的事宜須提呈本公司 股東及聯交所垂注。 董事會謹藉此機會衷心感謝張先生於本集團任職期間的辛勤努力。 （ 股份代號： 2460） (1) ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Insights - The company, as the first publicly listed mineral water company in China, is expected to benefit from national expansion, which will provide significant growth opportunities [6][68]. - The company has a strong strategic focus on its core business of natural mineral water, with plans to reduce losses in non-core segments [27][28]. - The mineral water industry is projected to grow steadily, with the company positioned to capture market share due to its unique water source and regional brand strength [60][66]. Financial Performance Summary - Revenue projections for the company are as follows: 2023A at 1,122 million CNY, 2024A at 1,198 million CNY, 2025E at 1,274 million CNY, 2026E at 1,450 million CNY, and 2027E at 1,722 million CNY, with growth rates of -12%, 7%, 6%, 14%, and 19% respectively [2]. - The net profit forecast shows a significant turnaround from a loss of 457 million CNY in 2023A to a profit of 30 million CNY by 2027E, with growth rates of -900%, 101%, 137%, 40%, and 47% respectively [2]. - Earnings per share (EPS) are expected to improve from -0.64 CNY in 2023A to 0.04 CNY in 2027E [2]. Market Position and Competitive Landscape - The company holds a 5% market share in the national mineral water market, with a strong presence in the Northeast region, where it has a reputation for high-quality water [6][69]. - The mineral water market in China is characterized by high concentration, with the leading brand holding an 80% market share, while the company is the only one among the top five brands to achieve sales growth in the past year [60][63]. - The overall packaging water market is expected to reach 224.23 billion CNY in 2025, with a growth rate of 3% [54]. Strategic Initiatives - The company is focusing on expanding its production capacity, with plans to increase output by 400,000 tons from its core water source and an additional 2 million tons from a secondary strategic source, potentially leading to a revenue increase of 2.633 billion CNY [6][68]. - A new logistics model combining rail, sea, and road transport is set to enhance cost efficiency and improve profit margins [6][28]. - The company is actively pursuing partnerships and collaborations to enhance its market reach, including significant contracts with major airlines and retail platforms [6][68].

Core Viewpoint - The announcement from Maogeping (01318.HK) regarding the planned share reduction by major shareholders has attracted significant market attention, indicating potential shifts in investor sentiment and company dynamics [1][5]. Shareholder Reduction Plan - Six major shareholders, including the founder and family members, plan to reduce their holdings by up to 17.2 million shares, representing 3.51% of the total issued shares, primarily through block trades within six months of the announcement [1][3]. - The reason for the reduction is stated as personal financial needs, with proceeds intended for investments in the beauty industry and personal lifestyle improvements [4]. Market Reaction - Despite the planned share reduction, Maogeping's stock price increased by 7.26% on January 7, closing at 87.95 HKD per share, with a total market capitalization of 431 billion HKD [5]. Company Background and IPO Journey - Maogeping's journey to the capital market has been complex, with multiple attempts at IPO since 2016, including a recent successful listing on the Hong Kong Stock Exchange on December 10, 2024, at an issue price of 29.80 HKD per share [6][7]. - The IPO attracted a total subscription amount of 173.814 billion HKD, making it the "frozen capital king" of 2024 in the Hong Kong market [7]. Financial Performance - The company has shown robust financial growth, with total revenue increasing from 1.577 billion CNY in 2021 to 2.886 billion CNY in 2023, reflecting a compound annual growth rate (CAGR) of 35.3% [7]. - Net profit also grew from 331 million CNY in 2021 to 664 million CNY in 2023, with a CAGR of 41.6% [7]. - In the first year post-IPO (2024), revenue reached 3.885 billion CNY, a year-on-year increase of 34.6%, and net profit was 881 million CNY, up 32.8% [7]. - For the first half of 2025, revenue was 2.588 billion CNY, a 31.3% increase year-on-year, with net profit at 670 million CNY, growing by 36.1% [7].

Summary of Dongpeng Beverage Conference Call Company Overview - Dongpeng Beverage is positioned as a leading player in the energy drink industry, with a focus on high cost-performance strategies and channel expansion to enhance management efficiency and ensure long-term profitability. The company has completed nationwide expansion with 4.3 million terminal outlets [2][5]. Key Insights and Arguments - **Valuation and Growth Potential**: Dongpeng Beverage is currently valued at approximately 24 times PE for 2026, indicating it is undervalued. Even with a potential slowdown to single-digit growth, maintaining a 20 times valuation is highly probable [2][3]. - **Cost Leadership and Efficiency**: The company’s core competitive advantage lies in its total cost leadership strategy and the empowerment of its information systems. The manufacturing cost per ton is projected to be 216 RMB in 2024, significantly lower than competitors' costs of 500-600 RMB [2][6]. - **Supply Chain Efficiency**: Dongpeng Beverage effectively utilizes supply chain efficiencies to pass cost savings back to channels and consumers, fostering a win-win situation. The sales force currently manages 587 terminal outlets per person, indicating room for improvement in personnel configuration [2][8][9]. - **Market Expansion**: The company plans to diversify into tea and coffee categories, leveraging its high cost-performance and channel penetration to tap into new user demographics, particularly blue-collar workers and young people in small towns [3][10]. Industry Dynamics - **Energy Drink Market**: The energy drink sector is experiencing rapid expansion, driven by the demand for energy-boosting products among urban blue-collar workers and white-collar professionals. Dongpeng has successfully identified and targeted previously untapped consumer segments [3][10]. - **Electrolyte Water Segment**: The electrolyte water market is expected to grow significantly, with Dongpeng's "Bushi La" product priced competitively at 5 RMB for 1 liter, outperforming other brands. The company anticipates sales exceeding 3 billion RMB by 2025 [3][11]. - **Emerging Categories**: The company is exploring opportunities in sugar-free tea and RTD coffee, both of which are in growth phases with undefined market structures. Dongpeng has introduced differentiated products like "Beihao Tea" and aims to capitalize on the growing demand for convenience and high-quality offerings [3][13][14]. Additional Important Points - **Management Efficiency**: Dongpeng Beverage's management efficiency is crucial for maintaining competitive advantage, especially in a slowing industry growth environment. The company aims to become a platform enterprise by nurturing blue ocean markets and capturing shares in red ocean markets [5][6]. - **Future Product Lines**: The introduction of juice tea and plans for Hong Kong-style milk tea in 2026 are part of the company's strategy to enhance its product portfolio and leverage existing channels [12][14]. - **Consumer Trends**: The company is responding to increasing consumer demand for high cost-performance products, which is expected to drive future growth across its various beverage categories [14].

致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 公司名稱: 華潤飲料（控股）有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02460 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 USD | | 0.0000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 100,000,000,000 USD | | 0.0000005 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 5 ...

Core Viewpoint - Different consumer sectors exhibit both differences and commonalities in recovery rhythms, with ROA being a leading indicator for operational recovery in consumer enterprises [1][2] Group 1: Recovery Rhythm Analysis - The recovery rhythm of various consumer sectors is influenced by industry supply and demand, as well as supply chain structures, with a focus on stock market competition as a mainstream phenomenon [2] - The stages of enterprise and channel adjustments are outlined, starting from oversupply to a new balance in supply and demand, with ROA serving as a key indicator throughout these stages [2] - Current recovery sequences indicate that soft drinks and snacks are leading, followed by food supply chains, condiments, dairy products, beer, and finally, liquor [2][3] Group 2: Investment Strategy - Emphasis on sectors where ROA stabilizes, indicating potential valuation recovery opportunities, with a preference for sectors that still show price or volume growth [3] - Price logic suggests that rising CPI may drive valuation recovery in traditional industries with high penetration rates, such as liquor, beer, and dairy products, which are likely to attract incremental capital [3][4] - Recommended companies in the liquor sector include Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu, while in dairy, focus on Yili and Mengniu [3] Group 3: Volume Logic - In the context of cost-effective consumption, companies with high supply chain efficiency are expected to gain volume, with specific recommendations for companies in the food supply chain and soft drinks [4] - Industries with low penetration rates may withstand economic cycles, with recommendations for low-alcohol beverages and functional foods that can enhance brand premium through specialization [4] - Companies benefiting from overseas market expansion include Angel Yeast and Bailong Chuangyuan [4]