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.

Equity Bottom-Up

China Resources Beverage / Equity Bottom-Up

<ul><li>The Company’s 1H25 revenue/NP dropped 18.5/29% YoY, in line with the profit warning.</li><li>The weakness was attributable to a 23% YoY decline in the water biz (hit by weak demand, fierce competition and channel reform) and moderated beverage growth (+21% YoY) driven by volume growth but price decline.</li><li>We expect full-year revenue decline to narrow given low 2H24 base and positive sales in Jul-Aug. </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.

The Company’s 1H25 revenue/NP dropped 18.5/29% YoY, in line with the profit warning.The weakness was attributable to a 23% YoY decline in the water biz (hit by weak demand, fierce competition and channel reform) and moderated beverage growth (+21% YoY) driven by volume growth but price decline.We expect full-year revenue decline to narrow given low 2H24 base and positive sales in Jul-Aug. 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) - 1H25 Earnings Under ST Pressure...

<ul><li>CR Beverage's FY24 revenue was flat YoY at RMB13.5bn, missing CMBI's forecast by 6% due to stiffer packaged water competition and headwinds from the consumption climate, extreme weather in core areas and capacity limits of beverage products.</li><li>Net profit rose 23.1% YoY to RMB1.6bn, or 25% excluding listing costs, beating CMBI's estimate by 4%, as gross margin rose 3pct to 47.3% on a higher proportion of self-owned capacity.</li><li>The company has lifted its 2025 self-owned capacity proportion target to 70% from 60%, which should support sustained high growth in profit in our view. </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 FY24 revenue was flat YoY at RMB13.5bn, missing CMBI's forecast by 6% due to stiffer packaged water competition and headwinds from the consumption climate, extreme weather in core areas and capacity limits of beverage products.Net profit rose 23.1% YoY to RMB1.6bn, or 25% excluding listing costs, beating CMBI's estimate by 4%, as gross margin rose 3pct to 47.3% on a higher proportion of self-owned capacity.The company has lifted its 2025 self-owned capacity proportion target to 70% from 60%, which should support sustained high growth in profit in our view. 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) - FY24: Pleasant Surprises from Special Dividends and Target Hike

<ul><li>CR Beverage is one of the duopolists in China’s packaged drinking water market and dominates the purified water category with market share of 33% (by sales in 2023).</li><li>The company secured its position despite the deteriorated environment with share edged down by 1.37% in Sep 23-Aug 24(vs. -3.52%/-3.98% for Nongfu/Ganten).</li><li>We like the company's due to its 1) solid position in the purified water market, 2) the soon-to-take-off second growth curve backed by herbal tea drinks and functional beverages, 3) potential improvement in efficiency driven by self-owned capacity and national expansion, 4) being the only central SOEs within the sector. </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 is one of the duopolists in China’s packaged drinking water market and dominates the purified water category with market share of 33% (by sales in 2023).The company secured its position despite the deteriorated environment with share edged down by 1.37% in Sep 23-Aug 24(vs. -3.52%/-3.98% for Nongfu/Ganten).We like the company's due to its 1) solid position in the purified water market, 2) the soon-to-take-off second growth curve backed by herbal tea drinks and functional beverages, 3) potential improvement in efficiency driven by self-owned capacity and national expansion, 4) being the only central SOEs within the sector. 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) - A Purified Water Pioneer Evolving into Integrated Beverage Titan

China

China Resources Beverage (Holdings) Company Limited manufactures and distributes drink products. The Company produces drinking water, lemon tea, chrysanthemum tea, sour plum soups, oolong tea, fruit tea, milk tea, and other products. China Resources Beverage (Holdings) markets its products throughout Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China Resources Beverage (2460 HK)

CR Beverage (2460 HK) - 1H25 Earnings Under ST Pressure...

The Company’s 1H25 revenue/NP dropped 18.5/29% YoY, in line with the profit warning. The weakness was attributable to a 23% YoY decline in the...

CMB International

CR Beverage (2460 HK) - FY24: Pleasant Surprises from Special Dividends and Target Hike

The company has lifted its 2025 self-owned capacity proportion target to 70% from 60%, which should support sustained high growth in profit in our...

CMB International

CR Beverage (2460 HK) - A Purified Water Pioneer Evolving into Integrated Beverage Titan

CR Beverage is one of the duopolists in China’s packaged drinking water market and dominates the purified water category with market share of 33%...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)