华润饮料2025中报

(股份代號 Stock Code : 2460)(Registered by way of continuation in the Cayman Islands with limited liability)(以存續方式於開曼群島註冊成立的有限公司） 2025中報Interim Report CONTENTS 2Corporate Information5Management Discussion and Analysis22Other Information33Report on Review of Condensed Consolidated Financial Statements35Condensed Consolidated Statement of Profit or Loss andOther Comprehensive Income36Condensed Consolidated Statement of Financial Position37Condensed Consolidated Statement of Changes in Equity38Condensed Consolidated Statement of Cash Flows39Notes to the Condensed Consolidated Financial Statements51Definitions CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors 20258292025829 Mr. ZHANG Weitong(Chairman of the Board)Mr. LI Shuqing(President)Mr. ZHOU Jianbo (appointed on August 29, 2025)Ms. WU Xia(Chief Financial Officer)(resigned on August 29, 2025) Non-executive Directors 202588202588 Mr. ZHANG Jianmin (appointed on August 8, 2025)Mr. LIN GuolongMr. XIAO NingMs. CAO YueDr. ZHAO DianMr. SUN Yongqiang (resigned on August 8, 2025) Independent Non-executive Directors Dr. CHOW Wing Kin AnthonyMr. LI YinquanDr. YAO YangMs. CHENG Po Chuen AUDIT COMMITTEE Dr. YAO Yang(Chairman)Mr. LIN GuolongMs. CAO YueDr. CHOW Wing Kin AnthonyMr. LI YinquanMs. CHENG Po Chuen NOMINATION COMMITTEE Mr. ZHANG Weitong(Chairman)Dr. ZHAO DianMr. LI YinquanDr. YAO YangMs. CHENG Po Chuen REMUNERATION AND APPRAISAL COMMITTEE 202588202588 Mr. LI Yinquan(Chairman)Mr. ZHANG Jianmin (appointed on August 8, 2025)Ms. CAO YueDr. CHOW Wing Kin AnthonyMs. CHENG Po ChuenMr. SUN Yongqiang (resigned on August 8, 2025) STRATEGY AND INVESTMENT COMMITTEE 20258292025829 Ms. CAO Yue(Chairwoman)Mr. LI ShuqingMr. ZHOU Jianbo (appointed on August 29, 2025)Mr. XIAO NingDr. ZHAO DianDr. YAO YangMs. WU Xia (resigned on August 29, 2025) AUTHORIZED REPRESENTATIVES Mr. ZHANG WeitongMr. CHUNG Ming Fai COMPANY SECRETARY Mr. CHUNG Ming Fai HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN THE PRC 22 Shenzhen High-tech Industrial Park (North District)22 Langshan RoadNanshan District, ShenzhenGuangdong Province, PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 2637 37/F, China Resources Building26 Harbour Road, WanchaiHong Kong CORPORATE INFORMATION REGISTERED OFFICE IN CAYMAN ISLANDS 4th Floor, Harbour PlaceP.O. Box 10240Grand Cayman KY1-1002Cayman Islands 4th Floor, Harbour PlaceP.O. Box 10240Grand Cayman KY1-1002Cayman Islands HONG KONG BRANCH SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong COMPLIANCE ADVISOR 21 Altus Capital Limited21 Wing Wo StreetCentral, Hong Kong PRINCIPAL BANKS Bank of China Limited,Shenzhen Shekou Wanggu BranchChina Merchants Bank, Shenzhen New Era BranchChina Construction Bank Co., Ltd., Shenzhen Donghu Branch LEGAL ADVISOR 127 Clifford Chance27th Floor, Jardine HouseOne Connaught PlaceCentralHong Kong AUDITOR •8835 Deloitte Touche TohmatsuRegistered PIE auditor35/F One Pacific Place88 QueenswayHong Kong COMPANY’S WEBSITE www.crbeverage.com www.crbeverage.com STOCK CODE 2460 4China Resources Beverage (Holdings) Company Limited MANAGEMENT DISCUSSION AND ANALYSIS MACRO AND INDUSTRY ENVIRONMENT 2 0 2 55.3%5% In the first half of 2025, the gross domestic product grew by5.3% year-on-year, with the economy overall maintaining stableoperations despite pressures. In the consumer market, the totalretail sales of consumer goods nationwide increased by 5% year-on-year in the first half of 2025, but growth momentum showeda divergent trend. Against this backdrop, the soft drink industryin China still holds significant market potential, with growingdemand for health-oriented, functional, and high-value-for-money products, and consumption scenarios expanding intonew areas such as office, sports, and household. In terms ofmarket landscape, brand competition has intensified, but leadingcompanies have maintained their market positions, with industryconcentration further increased. BUSINESS REVIEW 20256,205.618.5%84.6%15.4% The Group recorded a total revenue of RMB6,205.6 million in thefirst half of 2025, representing a decrease of 18.5% comparedto the corresponding period, of which, revenue from packageddrinking water products accounted for 84.6% of the total revenue,while revenue from beverage products accounted for 15.4% ofthe total revenue. The following table sets forth a breakdown ofthe Group’s revenue by product category and their respectivepercentage contribution to total revenue for the periodsindicated: MANAGEMENT DISCUSSION AND ANALYSIS PACKAGED DRINKING WATER PRODUCTS 2025630FEEL The Group manufactures and sells its packaged drinking waterproducts under its core brand “C’estbon”. As of June 30, 2025, theGroup’s packaged drinking water products comprised its bottledwater products under its brands “C’estbon” (), “L’eau” (), “Bonjour Forêt” () and “FEEL” and its barreled waterproducts under “C’estbon” () and “Jialinshan” (). 5,250.7