华润饮料2460.HK 2026中期业绩发布会纪要

发布时间：2026-08-27 一、AI总结内容 一、核心要点 1. 2026年上半年，华润饮料（CR Beverage）营收54.55亿港元，同比下降0.1%；毛利率47.6%，同比提升0.9个百分点；期间销售及分销费用17.81亿港元，同比下降5.5%；有效税率26.1%，同比提升3.2个百分点；净利润6.83亿港元，净利率11.1%，高于去年全年9.2%。 2. 公司推出2026-2028年三年固定股息计划，承诺年度股息不低于0.37港元/股，2026年中期股息0.087港元/股，同时启动不超过5.3亿港元的股份回购计划，回购股份将注销。 3. 2026年是公司改革与业务调整关键年，上半年推进组织架构重组、产品优化、渠道升级、供应链调整及一线激励落地，实现渠道健康度、价格体系运行顺畅、客户信心、组织效率提升的阶段性成果。 二、运营与业务转型情况 1. 组织架构方面，上半年完成总部精简与专业化、区域架构分类授权、薪酬激励与绩效挂钩、成本管控与一线激励落地，新设8个区域及现代渠道业务单元，推进数字化转型（智能仓储、无人驾驶物流调度等），合肥、万利湖、新疆工厂获评智能工厂。 2. 产品端，瓶装水推出大规格多包、便携小规格产品，饮料端推出日本青润无糖草本茶、荔枝味饮品、左位茶室茉莉茶等，优化产品矩阵，上半年电商渠道线上线下联动收入同比增长150%；新产研系统聚焦品类赛道创新，推进Z世代赛道与健康系列产品升级。 3. 品牌营销方面，上半年从大众曝光转向情感共鸣营销，联动世乒赛、电竞等IP，推出毕业季、世界杯等主题营销，抖音世界杯相关内容获1500万播放，宠物、美食创作者合作实现千万播放与100%传播率；媒体策略转向互联网精准营销，采用内容驱动式投放，提升品牌与年轻用户的情感连接。 4. 渠道端，上半年推进扁平化结构改革，在南京、苏州等城市将经销商权限直接下放至终端，经销商自主运营率同比提升10个百分点，推进新兴渠道布局（即时零售、折扣店、电商），上半年电商、即时零售销量翻倍，与万家集团等合作覆盖2万家门店，H2将加速即时零售前置仓布局，计划实现40万个终端触达。 三、行业环境与后续展望 1. 行业层面，2026年上半年国内饮料行业受宏观经济放缓、消费结构分化、原材料（原油等）价格波动影响，产量与销量同比下降，传统线下渠道受冲击，行业竞争从渠道竞争转向供应链与数字化综合能力竞争。 2. 公司视角，上半年面临外部挑战与内部调整，传统线下渠道收缩、新兴渠道正快速增长，极端天气（如华南雨季）对销售产生阶段性影响；下半年将持续推进改革，聚焦品牌升级、渠道下沉、数字化转型，争取下半年实现销量同比增长，长期通过改革提升核心竞争力、数字化转型支撑5年战略落地。四、成本控制与原材料应对 1. 原材料方面，上半年受原油价格波动影响，PET等原材料价格上涨，公司通过灵活采购策略、库存管理、多式联运优化、规格升级（加大薄膜包装占比）、数字化降本等措施对冲压力；H2将采取选择性囤货、合同灵活调价、多式联运、AI与大数据优化成本等方式，维持稳定运营。五、Q&A关键信息 1. 针对国泰海通证券关于组织改革的问题，公司表示组织架构调整按计划推进，总部精简10个部门 ，一线激励机制落地，新兴渠道设置专项团队。2. 针对中金公司关于营销调整的问题，公司表示营销从大众传播转向内容驱动与情感共鸣，加大Z世代与运动IP布局，营销效率提升。3. 针对里昂证券关于渠道计划的问题，公司表示将深化传统渠道改革，拓展新兴渠道，优化价格与产品结构，提升渠道效率。4. 针对国泰君安证券关于行业与业绩的问题，公司表示行业承压，公司内部调整效果显现，下半年目标销量增长，长期有信心。5. 针对中信建投证券关于原材料的问题，公司表示正通过多种方式对冲PET等原材料价格压力，成本管控效果良好。 二、音频原文（转写） So, dear investors and allies, warmly welcome toCR Beverage 2026 interim result presentation call. Now, all these participants are in a listening only mode. Now, let me start with announcement. This meeting is only exclusive for invite investor and allies to the audio and written content. The meeting are only allowed to use internally rather than be publicly disseminated. CR Beverage have not allowed any media to rebroadcast the content, so any unauthorized reproduction andforwarding will be. Meaning that as infringements, their beverage will contain a right to pursuea legal legality, and besides, their beverage will want to assume any responsibility for any losses caused by this. We would like to remind allinvestors to make their decision quite cautiously. So today we also get Mr. Gao Li, Chairman ofthe Board and Executive Director, and also Mr.Li Shuxing, President and Executive Director, tobe with us, and also Madam Huang Hu, the CFO, to join today's call. Thank you so much, everyone, for your presence. living on. Does start it with our agenda. So now let's play the c r. Davidge video. Hello everyone, I'm Yixiao Bao. Recently, we have made some changes in marketing approaches. We have introduced. some emotional resonance experience, especially right now you can seethe brand extensive exposure has been changed. we focus on A change. from the hot media to plenty one focus on with integrating with the digital and social media we're activating sports route.Resources innovating the marketing formats, invoking using motion etc. To make sure we're goingto be able to put someone that listen graduallyfocus on the younger and more relatable image.Now today I'm gonna walk you through with our journeys. In children's day, we launch a series ofthe big. Sheets poster would help into the general motion of the adults and also shifting about. Recommunication from the hollow exposure to emotional insights. So we focus on the using motion continue to go seasons. 在长沙那处。 A it is green has been turning to gent papers. Such as there is no sample answer to the task oflife, as long as you keep writing, you get the perfect score. Pedestrians fell for photos, netizens flooded our comments, and residents would flow in through the cloud. And you can see the graduation see those wishes for growth ticket campaign which sent their support into a full emotional companionship. With user cross platform callfor collaboration, we responded sincerely. You can see the catching flu answer must have fallenhas become official water catching simple. We partner with a creator in pet lifestyle and also food vertical. achieved ten million views acrossplatform, one hundred percent of viral content rate, not even commented that seven really listenhuman touch is real. Now, can you say during the World Cup we're getting to swing of the fans,we create a humorous video and match radiation borders, turn the World Cup traffic into the usedbrand content asset? Series I got fifteen million views on抖音. We explore and revitalize the resources of China resources in Chengdu, we attended that gaming Liang Wang double meeting grade in Chongqing. We also experience spirit of team China's allies with thelocal bomb bomb poter. By immersing himself into the fans community and enhancing on-site interactions, relevant topics as we reach top three, training. Set in the Weibo, sa