北京商报讯（记者 张君花）12月23日，"再携手 共筑体育未来"中国国家队与华润饮料合作发布会在北 京举行。新的合作周期，华润饮料将继续作为中国国家队官方合作伙伴，为中国国家篮球队、中国国家 排球队、中国国家乒乓球队、中国国家羽毛球队、中国国家足球队等70余支队伍的运动员、教练员及赛 事保障团队提供健康饮品，助力中国体育健儿在国际国内赛场上再创佳绩。2019年，华润饮料成为中国 国家队/TEAM CHINA第一家合作伙伴。此次合作延续了双方从产品属性到精神内核的深度共振，华润 饮料凭借对品质与创新的追求，深度契合中国体育的拼搏精神。基于此，双方正致力于探索一条国民品 牌服务体育强国与健康中国战略的实践路径。在产品创新方面，华润饮料将国家队的专业需求与大众消 费升级趋势深度结合，持续深耕运动健康领域。依托旗下"怡宝""魔力"等多元化品牌矩阵，构建起覆盖 训练备战、赛事保障、健康管理的全链条服务体系。 ...

据了解，新的合作周期，华润饮料将继续作为中国国家队官方合作伙伴，为中国国家篮球队、中国国家 排球队、中国国家乒乓球队、中国国家羽毛球队、中国国家足球队等70余支队伍的运动员、教练员及赛 事保障团队提供高品质健康饮品，助力中国体育健儿在国际国内赛场上再创佳绩。 12月23日，"再携手共筑体育未来"中国国家队与华润饮料合作发布会在北京举行。 此次携手标志着双方合作迈入新阶段，双方将持续推动全民健身与全民健康深度融合，为体育强国、健 康中国建设注入澎湃新动能。 从产品属性到精神内核的深度共振 中国国家队/TEAM CHINA包含70多支、几千名常年为各项赛事训练备战的国家队团体，以及成千上万 的青少年国家队团体。作为国内体育组织最高级别的品牌计划，其赞助商只选择少数行业领军企业，并 且每个行业只选择唯一一家合作伙伴。 2019年，华润饮料成为中国国家队/TEAM CHINA第一家合作伙伴。此次合作延续了双方从产品属性到 精神内核的深度共振，华润饮料凭借对品质与创新的追求，深度契合中国体育的拼搏精神。基于此，双 方正致力于探索一条国民品牌服务体育强国与健康中国战略的实践路径。 合作发布会上，国家体育总局对华润饮料长期 ...

日前，华润饮料（02460.HK）发布了一则看似寻常的董事变更公告。 公告显示，原非执行董事曹越因工作安排辞任，取而代之的是拥有超过34年食品饮料行业经验的行业老将王德刚。 公开资料显示，王德刚是一名在食品饮料行业深耕34年的老将，曾在今麦郎食品股份有限公司担任饮品营销中心总经理，并在康师傅控股有限公司担任多个 高层职位。其加如华润饮料董事会后，不仅被任命为非执行董事，还被委任为战略与投资委员会主席。 外界对此普遍解读为华润饮料意图借助外部资深力量，在战略、产品与渠道层面寻求破局的关键信号。 根据华润饮料披露的2025年中报，报告期内实现营收62.06亿元，同比下滑18.52%；股东应占溢利位8.05亿元，同比下滑28.63%；毛利率同比减少2.2个百分 点至46.67%。而以怡宝为代表的核心业务包装饮用水收入同比下降23.1%，在农夫山泉、康师傅等巨头激烈竞争中增长受阻。 与此同时，华润饮料的饮料业务虽在2025年上半年实现了21%的同比增长，但其整体营收占比仅为15.39%，距离成为支撑公司稳健发展的"第二增长曲线"仍 有长路要走。 王德刚的加入并担任战略与投资委员会主席后，能否将其自身经验与华润体系结合 ...

居民健康意识提升，饮用水行业稳步扩容 国投证券发布研报称，华润饮料(02460)是纯净水龙头企业，怡宝作为头部品牌行业地位稳固。作为刚 需产品，包装水从长期来看需求较为稳定，同时公司饮料业务覆盖茶饮、果汁、运动功能三大热门类 别，持续推进包装水、饮料双轮驱动战略，长期竞争力较强。参考可比公司25年平均估值，给予买入- A投资评级，对应22x，6个月目标价13.86元人民币。(汇率：1CNY=1.1004HKD)。 投资建议：下半年公司计划增设2家工厂，其中自建的浙江工厂预计于Q4投产，生产效率有望得到提 升。该行预计公司2025年-2027年的收入增速分别为-11.97%、6.61%、8.64%，净利润的增速分别 为-7.10%、9.32%、5.49%。25年可比公司估值均值为21.49X。 国投证券主要观点如下： 风险提示：需求复苏不及预期风险，新品拓展不及预期风险，行业竞争加剧风险。 包装水是人们日常生活中的刚需产品，随着我国居民健康意识提升，中大规格瓶装水及桶装水在家庭和 户外出行等场景中的使用逐渐增加，小规格瓶装水凭借其灵活的优势，在体育运动等场景中也获得更加 广泛使用。据欧睿统计，24年我国瓶装水市 ...

公司25H1实现营业收入62.06亿元，同比-18.52%；实现归母净利润8.05亿元，同比-28.63%；实现扣非 归母净利润7.69亿元，同比-31.56%。分产品看，25H1包装饮用水/饮料分别实现营收52.5/9.6亿元，同 比-23.1%/+21.28%。其中，小规格瓶装水/中大规格瓶装水/桶装水分别实现营收31.9/18.3/2.3亿元，同 比-26.2%/-19.4%/-1.5%。饮料为公司打造的第二曲线，25H1共推出14款新品SKU，收入实现稳定增 长，营收占比提升至15.4%。渠道方面，公司持续提高终端网点覆盖率，目前拥有传统、KA、特通、 教育、休闲娱乐、电商、餐饮等渠道类型，并作为国家队官方饮用产品与国际体育赛事深度捆绑提高品 牌知名度。 投资建议：下半年公司计划增设2家工厂，其中自建的浙江工厂预计于Q4投产，生产效率有望得到提 升。该行预计公司2025年-2027年的收入增速分别为-11.97%、6.61%、8.64%，净利润的增速分别 为-7.10%、9.32%、5.49%。25年可比公司估值均值为21.49X。 风险提示：需求复苏不及预期风险，新品拓展不及预期风险，行业竞争加剧风 ...

综合来看，25H1 公司净利率为13.3%，同比-1.9pct。 包装水是人们日常生活中的刚需产品，随着我国居民健康意识提升，中大规格瓶装水及桶装水在家庭和 户外出行等场景中的使用逐渐增加，小规格瓶装水凭借其灵活的优势，在体育运动等场景中也获得更加 广泛使用。据欧睿统计，24 年我国瓶装水市场规模（RSP）为2450亿元，16-24 年复合增速约为5.7%， 预计25 年市场规模可达2517 亿元，同比+2.75%。公司作为包装水行业龙头，旗下怡宝是饮用纯净水头 部品牌之一，有望受益行业扩容。 包装饮用水整体承压，饮料端增速亮眼 公司25H1 实现营业收入62.06 亿元，同比-18.52%；实现归母净利润8.05 亿元，同比-28.63%；实现扣非 归母净利润7.69 亿元，同比-31.56%。分产品看，25H1 包装饮用水/饮料分别实现营收52.5/9.6 亿元，同 比-23.1%/+21.28%。其中，小规格瓶装水/中大规格瓶装水/桶装水分别实现营收31.9/18.3/2.3 亿元，同 比-26.2%/-19.4%/-1.5%。 上半年包装饮用水行业竞争加剧，叠加公司库存、渠道优化，小规格、中大规格瓶装 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 13.86 CNY over the next six months [7][9]. Core Insights - The report highlights that the bottled water market in China is expected to grow steadily, with a projected market size of 251.7 billion CNY in 2025, reflecting a year-on-year increase of 2.75% [1]. - The company has faced short-term performance pressure due to intensified competition in the bottled water sector, but it is well-positioned to benefit from long-term demand stability in essential products like packaged water [4]. - The beverage segment is seen as a second growth curve for the company, with a 21.28% increase in revenue from beverages in the first half of 2025 [2]. Financial Performance Summary - In the first half of 2025, the company reported a revenue of 6.206 billion CNY, a decrease of 18.52% year-on-year, with a net profit of 0.805 billion CNY, down 28.63% [2]. - The gross margin for the first half of 2025 was 46.7%, a decline of 2.6 percentage points compared to the previous year, primarily due to revenue decline and a shift in sales structure towards lower-margin beverage products [3]. - The company plans to enhance production efficiency by establishing two new factories, with one expected to commence operations in Q4 2025 [4]. Market and Competitive Landscape - The bottled water industry is experiencing increased competition, leading to significant revenue declines in small and medium-sized bottled water segments [2]. - The company has launched 14 new beverage SKUs in the first half of 2025, contributing to a revenue share increase to 15.4% from the beverage segment [2]. - The company is leveraging its brand recognition through partnerships with international sports events, enhancing its market presence [2]. Future Projections - Revenue growth projections for the company are -11.97% in 2025, followed by 6.61% in 2026 and 8.64% in 2027 [9]. - Net profit growth is expected to be -7.10% in 2025, with subsequent increases of 9.32% in 2026 and 5.49% in 2027 [9].

Investment Rating - The report assigns an "Accumulate" rating to China Resources Beverage (02460.HK) for its first coverage [6]. Core Insights - The packaging drinking water market is expected to grow, with a market size of 215 billion yuan in 2023, reflecting a year-on-year increase of 4.47%, and accounting for 23.65% of the soft drink market [6][35]. - China Resources Beverage holds a leading market share of 32.7% in the pure water segment, benefiting from strong supply chain and cost control capabilities [2][35]. - The company is expected to see revenue growth driven by national expansion and channel refinement, with long-term benefits from industry consolidation and increased market share of mid-sized products [14][35]. Summary by Sections 1. Company Overview - China Resources Beverage has been deeply engaged in the packaging water sector for over 40 years, establishing itself as a leader in the pure water market [19]. - The company has a stable controlling shareholder, with management primarily from the China Resources Group, ensuring operational stability [23]. 2. Market Demand and Competitive Position - The packaging drinking water market is characterized by strong demand, with a compound annual growth rate (CAGR) of 7.10% from 2018 to 2023, outpacing other segments of the soft drink market [35]. - The company’s market position is reinforced by its scale advantages, with a CR5 of 58.6% in the packaging water market, indicating a strong competitive landscape [56]. 3. Profitability and Growth Potential - The company’s revenue from packaging drinking water and beverage products for the first half of 2025 is projected to be 5.251 billion yuan and 955 million yuan, respectively, with a significant growth potential in the beverage segment [2][28]. - The gross margin for packaging water is expected to improve as the company increases its self-production ratio and capacity utilization [2][14]. 4. National Expansion and Channel Strategy - There is substantial room for regional expansion beyond the company's home base, with ongoing efforts to enhance brand image and marketing strategies [3][4]. - The company is focusing on refining its distribution channels and increasing its presence in first-tier and new first-tier cities [3][4]. 5. Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 11.2 billion, 12.5 billion, and 13.4 billion yuan, with net profits expected to reach 1.3 billion, 1.6 billion, and 1.8 billion yuan, respectively [14][4].

Core Viewpoint - Guosheng Securities maintains an "overweight" rating on China Resources Beverage, highlighting the company's strong position in the beverage industry and its focus on growth in the Hong Kong market [1] Group 1: Company Strategy and Market Position - The company emphasizes the importance of water as a necessity that can withstand business cycles, with a clear advantage from years of deep cultivation in the industry [1] - The company is focusing on increasing its self-produced ratio while decreasing its outsourcing ratio, which is expected to enhance profit margins [1] - The company is committed to maintaining stable operations in the Hong Kong market, benefiting from the new company registration system introduced by the Hong Kong government [1] Group 2: Business Development and Product Innovation - In the packaging water segment, the company adheres to a multi-brand and multi-water source development strategy, with a focus on the Yibao and Benyou brands [2] - In the beverage segment, the company launched 14 new SKU products in the first half of 2025, aiming to develop a second growth curve [2] - Key product developments include tea beverages, fruit juices, and other drinks such as sports drinks and coffee beverages [2]

Core Viewpoint - Guosheng Securities maintains an "overweight" rating on China Resources Beverage (02460), highlighting the company's strong position in the essential water category and its focus on beverage business development, which is expected to lead to revenue recovery [1] Group 1: Company Strategy - The company emphasizes the importance of the Hong Kong market and maintains stable operations, with the recent relocation of its registration aimed at simplifying cross-border compliance and enhancing operational continuity [1] - The relocation is based on several considerations, including the retention of legal entity status under Hong Kong's new registration system, the stability and predictability of the business environment, and the strengthening of investor confidence [1] Group 2: Financial Performance - The company is expected to see improved profit margins due to an increase in self-produced products and a decrease in outsourcing [1] - The report indicates that the company will continue to operate steadily without changes to its assets, investments, management, or financial status as a result of the relocation [1] Group 3: Product Development - In the packaging water segment, the company adheres to a multi-brand and multi-water source development strategy, focusing on brands like Yibao and Benyou [1] - For the first half of 2025, the company plans to launch 14 new SKU products, targeting the second growth curve with new offerings in tea beverages, fruit juices, and other drinks such as sports drinks and coffee [1]