（企业公告） 近日，华润饮料发布截至2025年6月30日止六个月中期业绩公告，当中披露，集团2025年上半年录得收 入共计人民币62.06亿元，较同期下降18.5%，主要是由于包装水销量减少，以及加大营销资源投入，并 进行渠道优化调整的影响；公司拥有人应占期内利润人民币8.05亿元，上年同期为人民币11.28亿元。此 外，报告期内集团的毛利率为46.7%，毛利率同比减少2.6个百分点，主要是由于收入下降以及产品结构 变化的综合影响。 (编辑：王璨 林辰) 分产品看，报告期内，包装饮用水产品录得收入人民币52.51亿元，较去年同期下降23.1%，占总收入的 比例为84.6%；饮料产品录得收入人民币9.55亿元，较去年同期增长21.3%，占总收入的比例提升至 15.4%。2025年上半年，集团饮料领域共推出14款新品SKU，「至本清润系列」、「蜜水系列」持续丰 富口味及产品规格的延伸，满足消费者在即饮、分享及家庭使用等全场景下的差异化需求，积极打造第 二增长曲线。 ...

Core Viewpoint - China Resources Beverage (02460) reported a revenue of 6.206 billion RMB for the six months ending June 30, 2025, with a profit attributable to shareholders of 805 million RMB and a basic earnings per share of 0.34 RMB, proposing an interim dividend of 0.118 RMB per share [1] Group 1: Financial Performance - The company's total revenue for the reporting period was 6.206 billion RMB, with a profit attributable to shareholders of 805 million RMB [1] - The basic earnings per share stood at 0.34 RMB, and the proposed interim dividend is 0.118 RMB per share [1] Group 2: Product Performance - The core brand "Yibao" focuses on the production and sales of packaged drinking water products, which include bottled water products under the brands "Yibao," "Yibao Lu," "Benyou," and "FEEL," as well as barrel water products under the "Yibao" and "Jialinshan" brands [1] - Revenue from packaged drinking water products was 5.251 billion RMB, a decrease of 23.1% compared to the same period last year, accounting for 84.6% of total revenue [1] - In the beverage sector, the company launched 14 new SKU products in the first half of 2025, with revenue from beverage products reaching 955 million RMB, an increase of 21.3% year-on-year, representing 15.4% of total revenue [1]

Market Overview - The Hang Seng Index showed stability, closing up 0.40%, supported by sectors like banking and electricity [1] - The US and UK reached a trade agreement, reducing tariffs on UK car imports from 25% to a maximum of 10%, with a cap of 100,000 cars per year [1] - The agreement requires the UK to purchase an additional $5 billion in US agricultural products and a $10 billion Boeing procurement deal [1] US-China Trade Negotiations - Substantial trade negotiations between the US and China are set to take place, with expectations of a significant reduction in tariffs from 145% to 50% [2] - The negotiations are seen as exploratory, aimed at understanding each side's demands and limits [2] Economic Data - China's April exports in USD rose by 8.1% year-on-year, while imports fell by 0.2%, resulting in a trade surplus of $96.18 billion [4] - The data indicates a strong performance in trade despite the ongoing tariff conflicts, with April's figures being the second highest for the month historically [4] Sector Focus - The Chinese government is intensifying efforts to combat the smuggling of strategic minerals, which is crucial for national security and economic stability [7] - The crackdown on smuggling is expected to tighten supply and support prices, potentially enhancing company performance in the sector [7] Company Highlights - China Resources Beverage reported a revenue of 13.521 billion yuan and a net profit of 1.661 billion yuan for 2024, marking a 24.7% increase [9] - The company plans to distribute a total dividend of 0.483 yuan per share, reflecting a payout ratio of 70.8% [9] - The beverage segment is experiencing significant growth, with a 30.8% increase in revenue, contributing to 10.3% of total revenue [10] - The company is increasing its self-production capacity, aiming for over 60% by 2025, which will reduce reliance on outsourcing and lower manufacturing costs [10]