华润饮料上市后的首份半年报遭遇"倒春寒"。近日，这家以怡宝纯净水闻名的饮料巨头发布盈利预警， 预计2025年上半年净利润同比减少20%~30%，次日股价应声大跌。 文 | 《BUG》栏目 徐苑蕾 当下，华润饮料正经历着转型阵痛。有饮料经销商向《BUG》栏目透露，怡宝的经销商普遍面临"倒 挂"问题。很多经销商认为，问题的根源则在于厂家对价格体系的设计和管理失控，长期依赖补贴而非 市场良性运转。 另有经销商透露，为维持经销商体系运转，华润通过"后返费用"的方式，弥补经销商的亏损和本有的合 理利润，"这种模式不仅违背了正常的贸易规则，还增加了经营风险。" 2024年，华润饮料董事会主席张伟通年薪为227万元，较2023年的438.3万元下滑48%，收入差距主要在 于绩效相关奖金的减少。该奖金在2024年为57.1万元，而2023年为268.8万元。 净利预警，经销商爆渠道隐忧 去年10月，华润饮料在港交所正式上市，而显著的利润下滑，无疑为其上市后的首份半年报蒙上阴影。 华润饮料在近日发布的盈利预警公告中表示，预计2025年上半年净利润同比减少约20%至30%。该消息 随后迅速引发市场反应，公告次日公司股价大幅低开。 ...

Group 1: Market Performance - The beverage business in China has shown strong performance in Q1 2025, with PepsiCo reporting net revenue of $17.92 billion and organic revenue growth of 1.2%, while Coca-Cola achieved revenue of $11.129 billion with a 6% organic revenue increase and a net profit of $3.335 billion, up 5% [2] - Domestic beverage companies such as Master Kong, Uni-President, and Nongfu Spring reported significant revenue growth, with Master Kong's beverage revenue at 51.621 billion yuan (up 1.3%), Uni-President at 19.241 billion yuan (up 8.2%), and Nongfu Spring at 42.896 billion yuan [4] Group 2: Product Trends - The beverage industry is experiencing a shift with a decline in packaged drinking water production, which has dropped below 50% market share, while tea beverages and other categories are gaining traction, with tea beverage revenue growth rates of 8.2%, 13.1%, and 32.3% for Master Kong, Uni-President, and Nongfu Spring respectively [4][5] - Juice products are also seeing growth, with Nongfu Spring's juice revenue reaching 4.085 billion yuan (up 15.6%) and Uni-President's juice revenue at 3.605 billion yuan (up 5.9%) [5] Group 3: Marketing Strategies - Beverage brands are increasingly focusing on engaging with younger consumers through innovative marketing strategies, including pop-up stores, music festivals, and interactive campaigns [6][10] - Coca-Cola's "Share a Coke" campaign has been revitalized to resonate with younger consumers, incorporating social elements into its packaging and marketing [9] - Brands like Xiangpiaopiao are also adopting new marketing approaches, such as opening physical stores and leveraging social media to enhance brand visibility and engagement with young audiences [8][11] Group 4: Consumer Insights - The beverage market is characterized by a high penetration rate among younger consumers, particularly those aged 21-25, indicating a need for brands to align their marketing strategies with the preferences of this demographic [7] - The 2024 China Youth Marketing Strategy Report highlights that brands that resonate with young consumers' values and lifestyles are more likely to succeed in the competitive landscape [7][10]