Eastroc Beverage (605499.SS): Cautious outlook for 2Q given weather/macro headwinds, while market share gains and L-T

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Eastroc Beverage (605499.SS): Cautious outlook for 2Q given weather/macro headwinds, while market share gains and L-T

Equity Research

19 June 2026 | 3:57PM HKT

Eastroc Beverage (605499.SS): Cautious outlook for 2Q given

weather/macro headwinds, while market share gains and L-T

We expect Eastroc’s 2Q sales growth to see a near-term slowdown, primarily due to Leaf Liu

+852-3966-4169 | leaf.liu@gs.com

persistent unfavorable weather in South China and softer consumption sentiment Goldman Sachs (Asia) L.L.C.

(Apr/May retail sales growth ex. automobile slowing to 1.8%/1.1%, and given Christina Liu

broader consumption growth in our May sector check-in), based on our channel +852-2978-6983Goldman Sachs (Asia)| christina.liu@gs.comL.L.C.

checks. By product category, we expect energy drink growth to moderate Valerie Zhou

sequentially in 2Q on a QoQ basis, while Bushuila is set to re-accelerate QoQ +852-2978-0820Goldman Sachs (Asia)| valerie.zhou@gs.comL.L.C.

supported by healthier channel inventory following a strong retail sell-through in

1Q, although it remains partly constrained by the ongoing weather drag. Currently,

we look for 13% sales growth with 8%/18%/49% yoy for energy drinks/sports

drinks/other drinks in 2Q. Factoring in near-term top-line pressures, we now look

for 17%/18% yoy sales/NP growth in 2026E, supported by 11% steady growth in

energy drinks with 35% compounding in other beverages (20% for Bushuila/59% for

other drinks).

That said, we continue to highlight several bright spots that support our positive

view on Eastroc’s execution for L-T growth outperforming industry: 1) Strength

in energy drinks/sports drinks remains solid to capture market share YTD: In

Apr-May, Eastroc maintained share gain trends for energy drinks and also largely