中金主要观点如下： 1H25收入恢复性增长，饮料业务表现亮眼 上半年公司水/茶饮/果汁/功能饮料收入分别同增10.7%/19.7%/21.3%/13.6%，各品类均实现同比双位数增 长，市占率进一步提升。包装水在去年低基数下取得良好复苏，今年公司战略聚焦红瓶水，在市占率恢 复导向下铺货率持续提升，根据中金现代（300830）渠道数据农夫水上半年市占率同比提升2.5ppt。茶 饮上半年在高基数下继续兑现高速增长，东方树叶凭借品牌力&产品力优势在开盖赢奖等多元化促销活 动下表现亮眼，陈皮白茶及菊花普洱(华南市场)新口味反馈较好。果汁上半年增速在所有板块中领先， 主要受益于低浓度果汁水溶C100功能性认可度提升，及100%果汁渗透率提高。其他品类中功能性饮 料，苏打水亦有不错表现，整体上半年收入增长稳健，饮料业务表现好于预期。 中金发布研报称，基本维持农夫山泉(09633)25/26年盈利预测。公司当前交易在35/30倍25/26年P/E，维 持目标价54港元，对应37/33倍25/26年P/E和7%上行空间，维持跑赢行业评级。公司公布1H25业绩：收 入256亿元，同比+15.6%;净利润76亿元，同比+22%， ...

Core Viewpoint - The global cranberry extract market is projected to reach USD 210 million by 2031, with a compound annual growth rate (CAGR) of 7.2% in the coming years [1]. Market Overview - The leading manufacturers in the global cranberry extract market include Nexira, Indena, Bio-Botanica, Diana Food, Givaudan, and Fruit d'Or Nutraceuticals, with the top five companies holding approximately 61.0% of the market share in 2024 [5]. - Cranberry powder extract dominates the market, accounting for about 98.4% of the total share [9]. - The healthcare industry is the largest downstream market for cranberry extract, representing approximately 79.5% of the demand [11]. Market Drivers - Increasing awareness of preventive healthcare is a major driver for the cranberry extract market, as consumers seek natural solutions to enhance immunity and urinary tract health [17]. - The growing preference for plant-based, clean-label, and natural products is significantly boosting the cranberry extract industry [17]. - Technological advancements in extraction methods, such as cold pressing and enzymatic methods, have improved the efficiency and quality of cranberry extracts, further driving market growth [17]. Market Challenges - The cultivation of cranberries is highly dependent on climatic conditions, leading to fluctuations in crop yields and potential supply and price volatility [18]. - Regulatory standards for cranberry extract usage vary by region, complicating compliance for manufacturers [18]. - There is ongoing consumer misunderstanding regarding the effectiveness of cranberry extracts in preventing urinary tract infections (UTIs), which poses challenges for marketers and formulators [19]. Industry Trends - There is a growing consumer preference for natural, organic, and clean-label cranberry extract products, aligning with broader trends towards healthier lifestyles and food label transparency [20]. - Cranberry extracts are increasingly popular in the cosmetics and personal care industries due to their antioxidant properties and potential skin health benefits [20]. - Advances in extraction and processing technologies are enhancing the efficacy, purity, and bioavailability of cranberry extracts, expanding their applications across various industries [20].