According to a research report from Caitong Securities, an "Overweight" rating is maintained on CR Beverage (02460). The company is expanding its consumer base and usage scenarios through upgrades in flavors and product specifications. Concurrently, it continues to strengthen sports marketing, strategically adjusts its channel management system for long-term development, and enhances its control over terminal sales channels. The institution forecasts the company's operating revenue for 2025-2027 to reach 11.5/12.3/13.1 billion yuan, with net profit attributable to parents being 1.1/1.2/1.3 billion yuan, corresponding to P/E ratios of 22X/20X/18X respectively.
Caitong Securities' key viewpoints are as follows: On January 14, 2026, the company announced that former Chairman Zhang Weitong stepped down due to work adjustments, and Gao Li, General Manager of the Finance Department of China Resources Group, succeeded him as Chairman for a three-year term. Simultaneously, the company's President, Li Shuqing, assumed the role of Authorized Representative and was concurrently appointed as the legal representative of C'estbon Beverage (China) Co., Ltd.
The return of seasoned veterans from the China Resources system is viewed positively for subsequent reforms and adjustments. Mr. Gao Li joined China Resources in 2007 and served as CFO of CR Beverage from 2012 to 2020, where he led the comprehensive cost management transformation and promoted the establishment of a lean sales expense control system. Mr. Li Shuqing joined China Resources in 1994 and assumed the role of President of CR Beverage in June 2024, primarily responsible for daily operations, strategy implementation, and production safety. Both Mr. Gao Li and Mr. Li Shuqing possess approximately 20 years of operational experience within the China Resources system, and their collaboration is expected to create synergistic advantages in financial control and comprehensive management.
The company continues to deepen its dual-engine strategy driven by water and beverages. Since 2025, the company has continuously enriched its product matrix. In packaged water, it launched C'estbon Sport Cap 555ml, 210ml pocket pack, and Benyou Chaban 5L, targeting sports, on-the-go, and tea brewing scenarios respectively. In beverages, 14 new or upgraded SKUs were launched in H1 2025. These include a new stewed pear flavor and a 300ml mini pack for Zhiben Qingrun, a 550ml sport cap and 1L large pack for the sports drink Magic, new Tieguanyin and rock tea flavors for Zuowei Chashi, and a new green grape flavor for the Mishui series.
Potential risks include slower-than-expected sales of new products, intensifying market competition, and fluctuations in upstream raw material prices.