智通财经APP获悉，国盛证券发布研报称，维持华润饮料(02460)"增持"评级。中长期看，水依旧是能够 穿越经营周期的刚需品类，公司深耕多年优势明确，同时高度重视饮料业务发展，收入整体有望恢复增 长。此外，在自产比例提升和代工比例下降的推动下，公司利润率提升逻辑明晰。 报告中称，华润饮料重视香港市场，保持经营稳定。公司迁册主要是基于以下考量：1)香港政府已引入 公司迁册制度，即可保留法律上的法人地位，也可确保业务运作的持续性，可减少跨国合规的复杂 性;2)香港的法治传统强调公平性、一致性和司法独立性，香港经营环境的稳定性和可预测性更为确 定;3)有助于公司进一步扎根香港，加强本地和国际投资者对公司的信心。除产生一定开支外，迁册不 会改变公司的相关资产、投资、管理和财务状况等，公司将继续保持稳健经营发展。 具体业务看，包装水方面，公司坚持好水不分水种的发展理念，致力于多品牌多水种发展，重点发力怡 宝和本优品牌。饮料方面，25H1公司推出14款新品SKU，致力于第二曲线打造：1)茶饮料方面，重点 培育至本清润、佐味茶事、愿事之茗、午后奶茶;2)果汁方面，重点发力蜜水和假日系列;3)其他饮料方 面，主要包括运动饮料 ...

具体业务看，包装水方面，公司坚持好水不分水种的发展理念，致力于多品牌多水种发展，重点发力怡 宝和本优品牌。饮料方面，25H1公司推出14款新品SKU，致力于第二曲线打造：1)茶饮料方面，重点 培育至本清润、佐味茶事、愿事之茗、午后奶茶;2)果汁方面，重点发力蜜水和假日系列;3)其他饮料方 面，主要包括运动饮料魔力和咖啡饮料焰焙。 报告中称，华润饮料重视香港市场，保持经营稳定。公司迁册主要是基于以下考量：1)香港政府已引入 公司迁册制度，即可保留法律上的法人地位，也可确保业务运作的持续性，可减少跨国合规的复杂 性;2)香港的法治传统强调公平性、一致性和司法独立性，香港经营环境的稳定性和可预测性更为确 定;3)有助于公司进一步扎根香港，加强本地和国际投资者对公司的信心。除产生一定开支外，迁册不 会改变公司的相关资产、投资、管理和财务状况等，公司将继续保持稳健经营发展。 国盛证券发布研报称，维持华润饮料(02460)"增持"评级。中长期看，水依旧是能够穿越经营周期的刚 需品类，公司深耕多年优势明确，同时高度重视饮料业务发展，收入整体有望恢复增长。此外，在自产 比例提升和代工比例下降的推动下，公司利润率提升逻辑明晰。 ...

Core Viewpoint - The Hong Kong government is actively promoting the relocation of overseas companies to Hong Kong, highlighting the positive response from companies in Canada with insurance and banking ties in Asia following the recent legislative changes [1] Group 1: Legislative Changes - The Hong Kong Legislative Council passed the Company (Amendment) (No. 2) Bill 2024 on May 14, facilitating the relocation of companies established abroad to Hong Kong [1] - The amended regulations will take effect on May 23, leading to significant interest in the relocation process [1] Group 2: Market Response - On the day the regulations took effect, the Companies Registry recorded 9,000 downloads of related documents and received over 100 inquiries, indicating strong market interest in relocating to Hong Kong [1] - The government anticipates that more companies will express interest in relocating to Hong Kong due to the new mechanisms [1] Group 3: Competitive Advantages - Hong Kong's unique position under "One Country, Two Systems" provides advantages of being connected to the mainland while engaging with the global market [1] - The region boasts a robust corporate governance framework and strong resources, making it attractive for overseas companies [1] - The relocation of companies will create opportunities for legal, accounting, and other professional services in Hong Kong [1]

Core Point - The Hong Kong Special Administrative Region government has announced the immediate acceptance of applications for company migration, effective from the publication of the "Companies (Amendment) (No. 2) Ordinance 2025" [1] Group 1 - The ordinance allows companies established outside of Hong Kong to apply for migration to the region [1] - Eligible company types for migration include private limited companies, public limited companies, private unlimited companies with share capital, and public unlimited companies with share capital, as well as similar types [1]

Group 1 - The Hong Kong SAR government announced the effectiveness of the Companies (Amendment) Ordinance 2025, allowing companies established outside Hong Kong to apply for registration in Hong Kong [1] - The types of companies eligible for registration include private limited companies, public limited companies, private unlimited companies with share capital, and public unlimited companies with share capital [1] - The Financial Secretary highlighted that the new registration mechanism will help companies navigate adverse external business environments and enhance Hong Kong's role as a "super connector" and "super value creator" [1] Group 2 - The Hong Kong Insurance Authority stated that the new framework provides a simple and cost-effective solution for companies seeking to relocate to Hong Kong [2] - Local insurance companies registered overseas have shown strong interest in the new system, indicating a desire to leverage opportunities from the Greater Bay Area [2]

Group 1 - The Hong Kong government estimates that approximately 537,200 permanent residents will spend half or more of their time in Guangdong Province in 2024, with about 109,900 of them being aged 65 or older, indicating significant potential in the silver market [1] - The Hong Kong Insurance Authority has been actively encouraging the industry to develop innovative products that integrate high-quality elderly care services in the Greater Bay Area, aiming to meet the needs of the elderly population [1] - Hong Kong's insurance density is the second highest in the world and the highest in Asia, with six of the world's top ten insurance companies operating in Hong Kong, highlighting the region's stability as a business location for the insurance industry [1] Group 2 - The new company migration system, effective from May 23, allows companies established abroad to retain their corporate identity while transferring their registered location back to Hong Kong, ensuring business continuity and benefiting from Hong Kong's efficient corporate governance and tax system [2] - The Hong Kong government encourages foreign insurance companies to utilize the migration mechanism to return to Hong Kong, especially those whose primary business is in Hong Kong, to mitigate adverse external business conditions [2]

Core Points - The Hong Kong Legislative Council passed the Company (Amendment) (No. 2) Ordinance 2024 on May 14, facilitating the migration of foreign companies to Hong Kong [1] - The revised ordinance allows non-Hong Kong incorporated companies to apply for migration if they meet requirements related to company background, integrity, member and creditor protection, and solvency [1] - Companies migrating to Hong Kong will retain their legal entity status and ensure business continuity, with their assets, rights, obligations, and legal responsibilities unaffected during the process [1] - Companies will be subject to taxation on similar profits in Hong Kong post-migration, but the government will provide unilateral tax credits to eliminate double taxation [1] - The revised ordinance will take effect on May 23, and the migration mechanism will accept applications from the same date [1]