China Resources Beverage (2460.HK): APAC Consumer & Leisure Corporate Day 2026 Takeaways: Active channel destocking in

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China Resources Beverage (2460.HK): APAC Consumer & Leisure Corporate Day 2026 Takeaways: Active channel destocking in

Equity Research

6 July 2026 | 2:16AM HKT

China Resources Beverage (2460.HK): APAC Consumer & Leisure

Corporate Day 2026 Takeaways: Active channel destocking in

Leaf Liu

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

Goldman Sachs (Asia) L.L.C.

Christina Liu

+852-2978-6983 | christina.liu@gs.com

Valerie ZhouBottom line: We hosted CR Beverage’s mgmt team at our APAC Consumer & Leisure +852-2978-0820 | valerie.zhou@gs.com

Corporate Day event on Jul 3. Mgmt characterized 1H26 as a transition period for Goldman Sachs (Asia) L.L.C.

both water/beverage, prioritizing channel destocking, price discipline and launching

new growth drivers (i.e. new barrel water, small pack 210ml, family channel

establishment and low tier penetration for key water business). Water sales is

expected to decline SD% in 1H26 due to active channel destocking, but mgmt

emphasized that sell-out remained more resilient, with channel inventory down

c.30% and online/offline price gaps largely normalized. Beverage sales is expected to

decline more due to channel destocking/adjustment. For the full year of 2026, the

company has largely completed the organizational reform, and maintained the

target of LSD% sales growth for water with more disciplined investment, while the

beverage business remains under transition with focus on destocking/promotion.

Looking into 2H26, the focus will shift to stronger execution, including new channels

development, operating efficiency and disciplined marketing investment, while NP

will be lapping a much easier comp base vs. 1H26. On pricing, Mgmt also reiterated

no plan for pricing adjustments for bottled water (the previously reported pricing