证券研究报告 | 行业点评 gszqdatemark 2025 07 22 年 月 日 食品饮料 包装水 2025：龙头势强，份额集中——饮料行业系列（三） 2025 年包装水行业延续激烈竞争态势，龙头企业持续博弈竞争，抢占市 场份额，当前处于饮料行业旺季，竞争持续发酵，我们认为行业集中度有 望进一步提升，龙头企业农夫山泉和华润饮料有望进一步受益。 农夫山泉：包装水稳健增长，饮料大单品延续高增。1）基本面角度来看， 公司包装水业务品牌力、渠道力、产品力突出，公司包装水份额有望持续 修复，乃至超越自身舆情前的高点。饮料业务全线布局明星大单品，茶饮 料方面，无糖茶"东方树叶"有望延续高市占率、高增速，有糖茶茶Π增 长稳健；功能饮料方面："尖叫"持续推新，力量帝维他命水符合健康化需 求，整体增长可期；果汁饮料方面：各浓度全线布局，核心单品 NFC、水 溶 C100 等果汁表现突出，农夫果园表现稳健。此外，原材料 PET、白砂 糖等原材料下行趋势明确，利润增速可期。2）估值角度来看，截至 2025 年 7 月 21 日，公司 PE(TTM)为 38.01X，近五年 PE(TTM)平均值为 54.25X， 行业龙头强产 ...

以下文章来源于那个NG ，作者黄瓜汽水 本文首发于虎嗅年轻内容公众号"那個NG"（ID：huxiu4youth）。在这里，我们呈现当下年轻人的面貌、故事和态度。 每当你以为东北人沉寂了的时候，他们总会以另一种方式强势归来。 那个NG . 用关注决定视界｜复杂世界的策展人 本文播客版由豆包AI播客功能自动生成 出品 | 虎嗅青年文化组 作者 | 黄瓜汽水 编辑、题图 | 渣渣郡 这个赛季，东北依旧强得可怕。一个东北人想在互联网起号，如同呼吸般自然。 现在他们拥有了一个全新代号：弗雷尔卓德。 火车过了山海关，你就必须遵守"弗雷尔卓德规则怪谈"。 对于打游戏的朋友来说，"弗雷尔卓德"这个名词并不陌生。在《英雄联盟》的官方介绍里，弗雷尔卓德地区偏远苦寒，当地 居民尚武勇猛。 弗雷尔卓德是一片环境恶劣、残酷无情的土地。这里的人们个个都是天生的武士，必须在绝境中谋求生存。弗雷尔卓德境内 的诸多部族都有强烈的自豪感和独立意识，在瓦洛兰大陆上与他们接壤的邻邦则会对他们有偏见。 好巧不巧，这些地缘特点全都和东三省对上了。于是，"弗雷尔卓德"梗正式在互联网世界扎根。 在东北这片土地上，流传过四种大众文学范式。 第一阶段，是旧社会 ...

火车过了山海关，你就必须遵守"弗雷尔卓德规则怪谈"。 对于打游戏的朋友来说，"弗雷尔卓德"这个名词并不陌生。在《英雄联盟》的官方介绍里，弗雷尔卓德地区偏远苦寒，当地居民尚武勇猛。 弗雷尔卓德是一片环境恶劣、残酷无情的土地。这里的人们个个都是天生的武士，必须在绝境中谋求生存。弗雷尔卓德境内的诸多部族都有强烈的自豪感和 独立意识，在瓦洛兰大陆上与他们接壤的邻邦则会对他们有偏见。 好巧不巧，这些地缘特点全都和东三省对上了。于是，"弗雷尔卓德"梗正式在互联网世界扎根。 每当你以为东北人沉寂了的时候，他们总会以另一种方式强势归来。 这个赛季，东北依旧强得可怕。一个东北人想在互联网起号，如同呼吸般自然。 现在他们拥有了一个全新代号：弗雷尔卓德。 图源：网络 在东北这片土地上，流传过四种大众文学范式。 第一阶段，是旧社会的响马匪帮文化。第二阶段，是以老工业基地为荣的共和国长子。第三阶段，是破败萧索的工人伤痛文学。目前我们共同走向了第四阶 段，杂糅以上三种文化的"正能量社会人文化"。 就像这次把"弗雷尔卓德"发扬光大的，是一群东北"混的人"。 几个在辽宁省大连市拍摄正能量短视频的社会人博主，从今年3月份开始拍摄"瓶盖子"系列 ...

在正式进入主题前，我想向在座的各位提一个小问题：如果考虑腕表的保值属性，以下几种材质中，哪种最适合作为投资选择？选项包括陶瓷、蓝宝石、不 锈钢、钛金属以及18K黄金。 我相信，虽然大家可能喜欢不同材质的表款，但如果从保值角度考虑，多数人会选择黄金腕表。最近，国际金价不断攀升，黄金腕表自然成为更稳妥的选 择。不过，黄金也有一个明显的缺点——它非常容易被划伤。比如刚买的金饰如果放在口袋里与钥匙接触，很快就会出现划痕。因为钥匙这类钢制物品特别 容易在黄金上留下刮痕。 实际上，几乎所有的钟表品牌都推出了黄金腕表，而且处理黄金这种材质的工艺已经非常成熟，能够把它制成很多种不同的色彩。最常见的是明亮而耀眼的 黄色黄金，颜色非常的张扬，大家一眼就可以看出来你戴的是一款黄金的腕表。也有较为低调的灰色黄金，适合那些比较低调、不喜张扬的人；还有一个就 是更深色的黄金，略带铜色，一种优雅大胆的色彩。 而宇舶推出的黄金材质，是一种很特别的存在。当别人看到你佩戴的腕表时，可能会问：这是什么材质？是黄金还是铜？它的颜色介于两者之间。这正是宇 舶研发的的魔力金材质（Magic Gold）——全球唯一一款具有防刮性能的18K黄金合金。 课堂 ...

Core Insights - The article highlights the 10th anniversary celebration of the New Scene HD Screening brand under Beijing Ao Zhe Wei Cultural Communication Co., Ltd, emphasizing its commitment to promoting high-definition live performances and cultural exchange [1][17] - The company has introduced 305 works from 10 countries and regions, achieving 242,000 screenings across 353 cities, reaching 1.74 million audience members [1] Group 1: New Season Launch - The 11th annual new season release features diverse artistic experiences, including the National Theatre Live's "Inter Alia," which explores the conflicts faced by women in balancing motherhood and career [2] - The HD version of the Pulitzer Prize-winning musical "Next to Normal" will debut in London's West End, featuring a strong cast including Caissie Levy and Jamie Parker [4][9] - The introduction of Japanese theater group GEKI×CINE marks a return to the Chinese market, showcasing works that blend various artistic elements, including "The Rose and the Samurai" series [7] Group 2: Audience Engagement and Distribution - Recent works like "Botticelli, Florence and the Medici Family" and "Inter Alia" have successfully entered national cinema distribution, receiving positive reviews and box office results [10] - Upcoming releases include Shakespeare's "Macbeth" and the concert film "Hans Zimmer and Friends: Desert Diamond," which features iconic film scores and exclusive behind-the-scenes content [13][16] Group 3: Cultural Exchange and Future Plans - The company aims to enhance cultural exchange by promoting high-quality Chinese stage art globally and hosting the Beijing International HD Stage Art Image Week to increase the recognition and influence of Chinese culture [17]

Investment Rating - The report initiates coverage with a "Buy" rating for China Resources Beverage [3][8][10]. Core Views - China Resources Beverage, as a leading bottled water company, benefits from both revenue and profit growth. The company is expected to enjoy the industry's penetration rate increase and has made initial progress in its beverage business with the "Zhiben Qingrun" chrysanthemum tea series. The company is projected to improve its profitability through various cost-reduction strategies [3][8][29]. Summary by Sections Company Overview - China Resources Beverage is a subsidiary of China Resources Group, focusing on bottled water and beverage businesses. Its core brand "Yibao" is a leading bottled water brand in China, with a market share of 18.4% in 2023 [5][15]. Bottled Water Business - The bottled water market in China has grown from 152.6 billion yuan in 2018 to 215 billion yuan in 2023, with a CAGR of 7.1%. The company aims to increase its self-production rate from 32% in 2023 to over 60% by the end of the 14th Five-Year Plan, which is expected to significantly enhance profitability [6][8][29]. Beverage Business - The company has been exploring the beverage sector since 2011, launching various products. The "Zhiben Qingrun" series has gained a market share of 38.5% in 2023. The company aims to improve channel efficiency and reduce sales expenses through continuous product launches and increased distribution [7][8][29]. Financial Forecast and Investment Advice - The company is expected to achieve revenues of 140.7 billion yuan, 150.6 billion yuan, and 161.4 billion yuan in 2025, 2026, and 2027, respectively. Corresponding net profits are projected to be 19.2 billion yuan, 22.4 billion yuan, and 26.1 billion yuan, with EPS of 0.8, 0.93, and 1.09 yuan, respectively [8][29].

Core Insights - The company reported a strong financial performance for 2024, achieving a revenue of 3.302 billion yuan and a net profit of 210 million yuan, marking a year-on-year growth of 97.93% [1] - The company continues to implement a global strategy, focusing on industrial internet and mobile internet sectors, which has led to significant overseas business growth [2] Financial Performance - In Q1 2025, the company generated a revenue of 759 million yuan, indicating sustained operational stability [1] - The overseas service business grew by over 20% in 2024, reflecting successful global expansion efforts [2] Business Strategy - The company has established a collaborative service network across five continents, enhancing its global industrial chain coordination [2] - It has received multiple awards for its contributions in the industrial internet sector, including recognition from major clients like Chilean National Copper Corporation and Alcoa [2] Mobile Internet Sector - The company has launched over 300 games globally, catering to diverse player demographics and languages [2] - Successful titles such as "Dot Hero" and "Sword Hero World 3" have provided strong support for the mobile internet business [3] Technological Innovation - The company focuses on technological innovation to address industry challenges, emphasizing safety, efficiency, and sustainability in its industrial internet services [4] - It has developed AI-driven solutions, including intelligent cleaning and inspection robots, which are being implemented in key industrial scenarios [5] Future Outlook - The company aims to enhance its core competitiveness through new product development, technological innovation, and exploring new business models [5] - It plans to expand its presence in key mature markets and emerging global markets, further broadening its business landscape [3][5]

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