Core Viewpoint - Goldman Sachs reports that China Resources Beverage will continue to push for channel reform, advance investments in new channels and products, and increase market share in packaged water in the second half of the year. This strategy may pressure short-term profits but is expected to achieve sustainable growth and business diversification in the long term [1] Financial Projections - The bank forecasts net profits of 1.08 billion yuan and 1.37 billion yuan for 2025 and 2026, respectively, with a 27% year-on-year rebound in 2026 due to sales recovery, leverage effects, and normalization of investment scale [1] - For the second half of this year, the bank estimates a net profit of 261 million yuan, a 48% year-on-year decline, attributed to increased upfront investments during the traditional off-season [1] Target Price and Rating - The target price for the company has been revised down from 12.1 HKD to 10.5 HKD, maintaining a "neutral" rating [1]