高盛发表研究报告指，华润饮料日前发盈警，预料上半年盈利将按年下跌20%至30%，主要由于市场营销投入增加、产品组合调整及渠道改革，公司预期下半年将维持营销及渠道投资力度，从而在持续激烈的竞争环境中维持稳定市场份额。 高盛表示仍看好华润饮料的区域饮料业务扩张及渗透潜力，相信生产效率提升将推动包装水业务利润重拾扩张，但由于销售及渠道调整需时见效，将投资评级由“买入”下调至“中性”，目标价由16.4港元降至12.1港元。高盛将华润饮料2025至2027年销售预测下调约5%，以包装饮用水销售预期下调约6%，估计促销及渠道投资增将导致2025年毛利率收窄1.6个百分点，相应将盈利预测下调26%至27%。
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