<div id="readability-page-1"><div><p>China’s beverage industry is amid a dramatic evolution, shifting from traditional mass-volume thirst quenchers to a fragmented, lifestyle-driven ecosystem. Valued at 206.2 billion US dollars in 2025, the market is powered by health consciousness, digital retail, and a taste for innovation.</p><p> Bottled water still dominates, fueled by safety concerns and corporate and school hydration policies, while RTD tea and coffee race ahead in cities like Hangzhou and Shenzhen. Here, tech savvy consumers embrace herbal infused cold brews, self heating cans, and TCM inspired formulations backed by the &#34;Healthy China 2030&#34; agenda.</p><p> Looking ahead, China’s beverage market is forecast to surge to USD 529.9bn by 2035, expanding at a robust CAGR of 9.9% from 2026–2035. This growth story rests on premiumization, functional positioning, and new retail models such as smart vending and social commerce, supported by the Ministry of Commerce’s promotion policies.</p><p> Bottled water will deepen its stronghold through mineral-enriched and lightly flavored variants, while Ready-To-Drink tea and coffee, energy and sports drinks, and lighter alcoholic options capture the imagination of a young, fitness oriented middle class increasingly drawn to wellness, convenience, and modernized TCM traditions.</p><p> Amidst this evolving industry, China Resources Beer, founded in 1992, now pulses at the center of China’s brewing world and thrives nationwide today. Based in Hong Kong, its reach spans Mainland China’s nearly every province, while overseas partnerships and exported brands signal a gradually broadening global footprint. Famous for Snow Beer, the firm melds scale with innovation, covering mainstream, premium, and super-premium brews plus an expanding baijiu line.</p><h2> Softer results</h2><p> Numbers tell a sober story for the period. The company recorded an 18.5% y/y dip in total revenue, landing at RMB 6.2bn in H1 25, with packaged drinking water accounting for 84.6% of that amount and beverages making up the remaining 15.4%. Packaged water sales slid 23.1% y/y, even as the beverage line produced a 21.3% y/y uptick, buoyed by the introduction of 14 new SKUs across H1 25.</p><p> Still, the mix could not arrest the overall drop, and net income trended downward by 28.7% y/y to RMB 823m. In addition, EPS halved, easing from RMB 0.6 to RMB 0.3.</p><h2> Favorable valuation</h2><p> Despite the dip in performance, the market has shown faith in the company: over the past 12 months the share price climbed a robust 13%, lifting market capitalization to HKD 88.3bn (USD 11.3bn). Investors are reminded that dividend discipline has been unwavering, averaging c.2% yield, and analysts foresee that payout broadening to about 5.2% in the years ahead.</p><p> The valuation, based on estimated 2026 earnings, sits at a forward P/E of 13.5x, comfortably below the three-year mean of 16.6x, which has helped cement an upbeat Street view.</p><p> All 35 coverage analysts carry ‘Buy’ ratings, and their collective average target price of HKD 36.4 suggests a 33.8% upside from today’s level, a rare unanimity that narrates confidence even as the business retools for growth. Such alignment between dividends, valuation, and analyst optimism gives the impression of a patiently optimistic market today.</p><h2> Risks</h2><p> As China Resources Beer navigates slower revenue currents, its shareholders are banking on the power of premiumisation and refreshed beverage lanes to steady the ship.</p><p> Yet the horizon isn’t without clouds: tepid packaged water demand, a crowded premium beer landscape, and the challenge of sustaining dividend expectations could test patience. The next chapter will hinge on whether innovation in drinks and broader channel expansion can counterbalance the structural softness in its core water business.</p><p>If the company can keep balancing its traditional strongholds with newer, higher-margin bets while still satisfying vigilant investors, it could turn today’s cautious optimism into a more confident march forward.</p></div></div>

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<p>华润啤酒正在应对中国饮料市场的变革，预计到 2035 年市场规模将达到 5299 亿美元。尽管 2025 年上半年收入下降了 18.5%，但公司依然保持乐观，过去一年股价上涨了 13%，分析师一致给予 “买入” 评级。分析师预测股息收益率将增加至 5.2%，目标价暗示有 33.8% 的上涨空间。然而，包装水需求下降和竞争激烈的高端啤酒市场带来了风险。公司的未来取决于创新和渠道扩展，以弥补核心业务的弱点</p>

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