但要看到，饮料市场依旧在增长周期。尼尔森IQ数据显示，在今年6月，国内饮料市场全渠道增速为 4.7%。 8月29日晚，华润饮料披露业绩。财报显示，在2025年上半年，华润饮料营收同比下滑18.52%至62.06亿 元，跌幅14.1亿元；归母净利润同比下滑28.63%至8.05亿元。 具体来看，在上半年，华润饮料包装饮用水/饮料分别实现营收52.51/9.55亿元，同比下滑23.11%/增长 21.28%。华润饮料包装饮用水主要产品为怡宝纯净水。 其中二季度，随着行业竞争加剧，叠加华润饮料推进库存优化、渠道调整，导致包装水主业承压。具体 来说，在上半年，小规格水/中大规格水/桶装水分别实现营收 31.9亿元/18.3亿元/2.3 亿元，同比下滑 26.2%/下滑19.4%/下滑1.5%。饮料业务则聚焦至本清润、魔力水、蜜水等产品系列持续推进，实现增 长。 此外，在上半年，华润饮料毛利率为46.67%，同比下滑2.6pcts。虽然原材料价格下降、生产端控费降本 提供正向帮助，但收入大幅下滑导致规模效应弱化、毛利较低的饮料占比增加、去库导致渠道投入增加 形成主要拖累。 比如，农夫山泉财报显示，上半年，其营收同比增长 ...

此外，在上半年，华润饮料毛利率为46.67%，同比下滑2.6pcts。虽然原材料价格下降、生产 端控费降本提供正向帮助，但收入大幅下滑导致规模效应弱化、毛利较低的饮料占比增加、去 库导致渠道投入增加形成主要拖累。 但要看到，饮料市场依旧在增长周期。尼尔森IQ数据显示，在今年6月，国内饮料市场全渠道 增速为4.7%。 比如，农夫山泉财报显示，上半年，其营收同比增长15.6%至256.22亿元。其中，在包装水业 务，农夫山泉销售额同比增长10.7%至94.4亿元。同期，农夫山泉饮料业务收入同比增长 18.6%至161.8亿元。具体而言，即饮茶/功能饮料/果汁/其他产品收入100.9/29.0/25.6/6.3 亿 元，同比增长19.7%/增长13.6%/增长21.3%/增长14.8%。 亦要看到，农夫山泉的增长并不轻松。 记者丨贺泓源 李晴 编辑丨骆一帆 作为对比，2025年上半年，康师傅饮料收入同比下滑2.6%至263.59亿元。其中，茶饮料收入 同比下滑6.3%至106.7亿元；水销售额同比下滑6.0%至23.77亿元；果汁销售额同比下滑13.0% 至29.56亿元；碳酸及其他饮料收入同比增长6.3%至102 ...

Core Insights - The beverage market is experiencing intensified competition, as evidenced by the performance of major players like China Resources Beverage and Nongfu Spring [1][4]. Company Performance - China Resources Beverage reported a revenue decline of 18.52% year-on-year to 6.206 billion yuan in the first half of 2025, with a net profit drop of 28.63% to 805 million yuan [1]. - The revenue from packaged drinking water and beverages for China Resources Beverage was 5.251 billion yuan and 955 million yuan, showing a decline of 23.11% and an increase of 21.28% respectively [1]. - In contrast, Nongfu Spring achieved a revenue growth of 15.6% year-on-year to 25.622 billion yuan in the same period, with its packaged water sales increasing by 10.7% to 9.44 billion yuan [2]. Market Trends - The overall beverage market in China is still in a growth cycle, with a channel growth rate of 4.7% reported by Nielsen IQ in June [2]. - Despite the growth in the market, competition remains fierce, as indicated by the performance disparities among companies [4]. Comparative Analysis - In comparison, Master Kong's beverage revenue declined by 2.6% year-on-year to 26.359 billion yuan in the first half of 2025, with specific declines in tea and water sales [3]. - The performance of different beverage segments varies, with carbonated and other beverages showing a growth of 6.3% for Master Kong [3].