西藏水资源2025年中期报告

目錄CONTENTS FINANCIAL HIGHLIGHTS MANAGEMENT DISCUSSION AND ANALYSIS 業務回顧 BUSINESS REVIEW In the first half of 2025, the Group continued to be committed to thedevelopment of the water resources industry and the beer industry in Tibet,striving to enhance the user experience and optimize channel expansion,so as to enable Tibet ’s distinctive and premium products to reach moreconsumers and potential consumers. 在二零二五年上半年，本集團繼續致力於西藏水資源產業及啤酒產業的發展，努力提升客戶體驗，優化渠道擴展，使西藏的特色優質產品觸達更多的消費者及潛在消費者。 二零二五年上半年，中國經濟在一系列積極有為的宏觀政策護航下平穩向前。國內包裝飲用水及啤酒行業已進入存量競爭階段。隨著消費者健康意識增強，對高端產品的需求持續上升，本集團利用「西藏好水」的品牌優勢，積極拓展新業務渠道，持續深耕社區及到家服務，使我們的高端產品更便捷地觸達消費者，水業務總體銷量同比增長54.1%，收入同比增長117.6%。其中包裝飲用水產品在航空、電子商務、汽車服務及香港市場等特通管道的銷量維持穩定，酒店管道銷量有 所 增 長， 及 受 益 於 現 象 級 電 影 出 現 對 電影 市 場 的 帶 動 效 應， 於 電 影 院 綫 銷 量 有 超40%的 明 顯 上 漲。 啤 酒 行 業 呈 現 高 端 化 進程分化、區域競爭白熱化及管道結構重構的態勢，本集團啤酒業務受西藏傳統即飲管道業務持續萎縮及管道整合調整期等多重因素影響，銷量同比下降29.5%，收入同比下降39.9%。 In the first half of 2025, China ’s economy continued to move steadilyforwardunder the guidance of a series of proactive and effectivemacroeconomic policies. The domestic packaged drinking water and beerindustries entered a phase of stock-based competition. With growingconsumer awareness of health, there has been a sustained rise in demandfor premium products. Our group is leveraging the brand advantage of“Tibet’s good water ” to actively expand new business channels and hascontinued to deepen its presence in communities and enhance homedeliveryservices,making our premium products more accessible toconsumers. As a result, total water business sales volume increased by54.1% year-on-year, with revenue rising by 117.6% year-on-year. Amongthese, sales of packaged drinking water through specialized channels suchas aviation, e-commerce, automotive services, and the Hong Kong marketremained stable. Hotel channel sales saw growth, and thanks to theemergence of a blockbuster film that boosted the movie market, cinemachannel sales volume experienced a significant increase of over 40%.The beer industry is undergoing a fragmented premiumization process,intensified regional competition, and restructuring of channel formats.Our group’s beer business was impacted by multiple factors, includingthe continued decline of Tibet ’s traditional ready-to-drink channels and atransitional period of channel integration and adjustment. Consequently,beer sales volume dropped by 29.5% year-on-year, and revenue fell by39.9% year-on-year. 二零二五年上半年，本集團在西藏的銀行融資 規 模 略 有 下 降。 本 集 團 也 積 極 利 用 和 發揮 上 市 公 司 境 外 融 資 平 台 的 優 勢， 於 二 零二五年一月及三月成功完成兩次可換股債券發行，為穩定本集團業務運營提供了有力支持。本集團的投資者通過積極參與融資活動以及給予實際投入充分展現出對本集團未來發 展 的 認 可 和 信 心。 本 集 團 管 理 層 始 終 堅信，以回歸產品為基石，以提升客戶體驗為目標，以深耕品牌價值為導向，以為股東謀求最大收益為核心，聚勢謀遠。 In the first half of 2025, the scale of the Group ’s bank financing in Tibetslightly decreased. The Group also actively utilized and leveraged on theadvantages of the offshore financing platform of the listed companyand successfully completed two convertible bond issues in January andMarch 2025, which provided strong support for stabilizing the Group ’sbusiness operations. The investors of the Group have fully demonstratedtheir recognition of and confidence in the future development of theGroup through their active participation in financing activities and actualinvestment. The management of the Group has always firmly believedinfocusing on the return to the products as the cornerstone,theenhancement of customer experience as the goal, the deep ploughing ofbrand value as the guide, and the maximization of shareholders ’ returnsas the core, so as to gather the strengths of the Group and strive for thefuture. 財務回顧 FINANCIAL REVIEW REVENUE ANALYSIS 收入分析 在 二 零 二 五 年 上 半 年， 由 於 上 述「業 務 回顧 」章 節 提 及 的 因 素， 本 集 團 的 總 收 入 為人 民 幣1.69億 元， 相 比 二 零 二 四 年 上 半 年上 升 了21.4%。 水 業 務 分 部 的 收 入 為 人 民幣1.18億 元， 相 比 二 零 二 四 年 上 半 年 上 升了117.6%。啤酒業務分部的收入為人民幣5,000萬元，相比二零二四年上半年下降了39.9%。 In the first half of 2025, due to the reasons mentioned in the“BusinessReview” section above, the total revenue of the Group amounted toRMB169 million, representing an increase of 21.4% in comparison with thefirst half of 2024. The revenue generated from our water business segmentwas RMB118 million, representing an increase of 117.6% in comparisonwith the first half of 2024. The revenue generated from our beer businesssegmentwas RMB50 million,representing a decrease of 39.9%incomparison with the first half of 2024. In the first half of 2025, the overall gross profit margin of the Group was44.4%, which increased by 23.3 percentage points when compared to thefirst half of 2024. The gross profit margin of the water business segmentwas 55.3%, which increased by 35.9 percentage points when compared tothe first half of 2024, primarily due to higher selling prices and increasedsales volume of the water business, which led to a reduction in allocatedfixed costs. The gross profit margin of the beer business segment was18.8% in the first half of 2025, which decreased by 2.4 percentage pointswhen compared to the first half of 202