External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Highlights: National Day holiday spending remained modest, broadly in line with Dragon Boat Festival trends. 1) Services: Taking 3 days of leave allowed a 13-day break, encouraging long-distance travel.</li><li>County-level destinations saw strong visitor growth and longer stays.</li><li>Dining may have held up better than overall spending, while cinema and duty-free spending were weaker. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Highlights: National Day holiday spending remained modest, broadly in line with Dragon Boat Festival trends. 1) Services: Taking 3 days of leave allowed a 13-day break, encouraging long-distance travel.County-level destinations saw strong visitor growth and longer stays.Dining may have held up better than overall spending, while cinema and duty-free spending were weaker. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer - Holiday spending: modest momentum, resilient services

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Bottom-Up

China Resources Beverage / Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/china-resources-beverage-holdings-company-limited">China Resources Beverage</a> holds a strong number two position in China's vast packaged water market and is the leader in the purified water segment with its flagship brand, C'estbon.</li>
 <li>The company is strategically diversifying its portfolio beyond packaged water, aiming to build a 'second growth curve' in higher-margin beverage categories like teas, juices, and functional drinks.</li>
 <li>While facing intense competition from market leader Nongfu Spring and margin pressures from rising costs, its valuation appears less demanding than peers, and it benefits from the backing of the state-owned China Resources Group.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
China Resources Beverage holds a strong number two position in China's vast packaged water market and is the leader in the purified water segment with its flagship brand, C'estbon.
  The company is strategically diversifying its portfolio beyond packaged water, aiming to build a 'second growth curve' in higher-margin beverage categories like teas, juices, and functional drinks.
  While facing intense competition from market leader Nongfu Spring and margin pressures from rising costs, its valuation appears less demanding than peers, and it benefits from the backing of the state-owned China Resources Group.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: China Resources Beverage (2460 HK) - Aug 2026

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.</li>
<li>Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.</li>
<li>In this note, we try to identify the possible primary placements that could take place over the rest of the year.</li>
</ul>


2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.
Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.
In this note, we try to identify the possible primary placements that could take place over the rest of the year.


Hong Kong 2025 Placements - Year so Far and Trends for Potential Primary Placements

<ul><li>CR Beverage’s FY25 revenue fell 18.6% YoY to RMB 11.0bn, 3%/4% below Bloomberg consensus/CMBI estimate.</li><li>Net profit dropped 39.8% YoY to RMB 990mn, missing Bloomberg consensus/CMBI estimate by 7%, mainly due to lackluster packaged water sales and heavy marketing spending.</li><li>We expect earnings to bottom out in FY26E given: 1) Ongoing deep headquarters restructuring and R&amp;D overhaul underpinning our confidence in reform delivery, alongside sales recovery; 2) Sales growth emerged in 2M26 with a lighter comparable base ahead. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Beverage’s FY25 revenue fell 18.6% YoY to RMB 11.0bn, 3%/4% below Bloomberg consensus/CMBI estimate.Net profit dropped 39.8% YoY to RMB 990mn, missing Bloomberg consensus/CMBI estimate by 7%, mainly due to lackluster packaged water sales and heavy marketing spending.We expect earnings to bottom out in FY26E given: 1) Ongoing deep headquarters restructuring and R&amp;D overhaul underpinning our confidence in reform delivery, alongside sales recovery; 2) Sales growth emerged in 2M26 with a lighter comparable base ahead. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Beverage (2460 HK) - Expect Earnings to Bottom Out in FY26E

<ul><li>We forecast CR Beverage's FY25E net profit to decline 35.5% to RMB1.06bn, with a steeper drop in 2H25E due to concentrated signing of large marketing contracts and increased supply chain investments.</li><li>Capacity expansion is slightly slower than market expectations, while channel reform is progressing faster.</li><li>Beyond the stabilization of packaged water market share, we see more positives: 1) The new Chairman has comprehensive experience and is expected to implement significant reforms, particularly at sales end; 2) Frontline sales staff may receive more positive incentives; 3) The company may consider raising dividend payout ratio. I</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We forecast CR Beverage's FY25E net profit to decline 35.5% to RMB1.06bn, with a steeper drop in 2H25E due to concentrated signing of large marketing contracts and increased supply chain investments.Capacity expansion is slightly slower than market expectations, while channel reform is progressing faster.Beyond the stabilization of packaged water market share, we see more positives: 1) The new Chairman has comprehensive experience and is expected to implement significant reforms, particularly at sales end; 2) Frontline sales staff may receive more positive incentives; 3) The company may consider raising dividend payout ratio. IContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CR Beverage (2460 HK) - Leave the worst behind in 2025

China

China Resources Beverage is a professional ready-to-drink soft beverage company in China. It primarily manufactures and sells packaged water products, including bottled and barreled water under brands like C'estbon, and various other ready-to-drink soft beverages such as tea, juice, sports drinks, and coffee. The company is headquartered in Shenzhen, Guangdong, China, and was founded in 1984.

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China Resources Beverage (2460 HK)

Consumer - Holiday spending: modest momentum, resilient services

County-level destinations saw strong visitor growth and longer stays. Dining may have held up better than overall spending, while cinema and duty...

CMB International

Primer: China Resources Beverage (2460 HK) - Aug 2026

China Resources Beverage holds a strong number two position in China's vast packaged water market and is the leader in the purified water...

αSK Primers

Hong Kong 2025 Placements - Year so Far and Trends for Potential Primary Placements

1H25 saw a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024. In this...

Sumeet Singh

CR Beverage (2460 HK) - Expect Earnings to Bottom Out in FY26E

Net profit dropped 39.8% YoY to RMB 990mn, missing Bloomberg consensus/CMBI estimate by 7%, mainly due to lackluster packaged water sales and heavy...

CMB International

CR Beverage (2460 HK) - Leave the worst behind in 2025

We forecast CR Beverage's FY25E net profit to decline 35.5% to RMB1.06bn, with a steeper drop in 2H25E due to concentrated signing of large...

CMB International

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