CR Beverage - H JPM 2026 Global China Summit Takeaways

研报英文原文证据摘录

CR Beverage - H JPM 2026 Global China Summit Takeaways

J P M O R G A N Asia Pacific Equity Research

28 May 2026

CR Beverage - H Neutral

2460.HK, 2460 HK

JPM 2026 Global China Summit Takeaways Price (27 May 26):HK$7.82

Price Target (Dec-26):HK$10.00

CR Beverage management attended our Global China Summit last week. With cost Consumer

ACinflation expected to pick up from June, we believe the market may gradually price Jessie Xu

in the impact on 2H26 gross margins from here. Key takeaways are below. (852) 2800-8590

jessie.j.xu@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

• 2026 outlook / priorities: Management focused on organizational Morgan Broking (Hong Kong) Limited

overhaul, channel health and inventory normalization in 1Q26, and is Sylvia Hu

rolling out strategic adjustments starting 2Q. For 2026, they plan heavier (86-21) 6106-6284

sylvia.hu@jpmorgan.com

investment in beverages, targeting double-digit growth (DD%) and scaling SAC Registration Number: S1730526010001

beverage revenue from RMB 1.5bn to RMB 1.8bn; packaged water is J.P. Morgan Securities (China) Company Limited

guided to low single-digit growth (LSD%).

• Water category backdrop: The packaged water market size declined

slightly in 2025 and remains under visible pressure; 1Q 2026 trends are

broadly similar to last year. Category growth is described as low single

digits, making beverages the “easier” growth lever.

• Water price competition: Price competition is roughly unchanged YTD

vs last year and may intensify in peak season (typically 3Q) via heavier

promotions. Management notes the current intensity reflects both

deflationary demand and previously low PET price levels.

• Beverage promotion (“RMB 1 Enjoy”) ramp: Beverage seasonality is