2Q26 Results: In Line; Shareholder Returns Enhanced

研报英文原文证据摘录

2Q26 Results: In Line; Shareholder Returns Enhanced

Update

July 30, 2026 06:29 PM GMT

Morgan Stanley Asia Limited+MEastroc Beverages | Asia Pacific Lillian Lou

Equity Analyst

2Q26 Results: In Line; Lillian.Lou@morganstanley.comCharlotte Zhou +852 2848-6502

Research Associate

Charlotte.Zhou@morganstanley.com +852 3963-2111

Shareholder Returns Enhanced Carlos Liu, CFA

Carlos.Liu@morganstanley.com +852 2848-5206

AlphaSignals Earnings Reaction

Unchanged In-line Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Eastroc Beverages (605499.SS, 605499 CH)

Key Takeaways China/Hong Kong Consumer | China

2Q26 sales and net profit grow 11% and 15% yoy, respectively, broadly in line with Stock Rating Overweight

Industry View In-Line

consensus and our estimates. Price target Rmb165.00

Up/downside to price target (%) 19

Growth in energy drinks and Water Boost slowed further in 2Q26 – to 1% and Shr price, close (Jul 30, 2026) Rmb138.20

11% yoy, respectively, from unfavorable weather and intensifying competition. 52-Week Range Rmb243.83-108.80

Sh out, dil, curr (mn) 734

Other business outperformed. In particular, tea beverage sales grow 209% yoy in Mkt cap, curr (mn) Rmb180,019.5

EV, curr (mn) Rmb182,680.5

1H26, accounting for 9% of total sales (3% in 1H25), Avg daily trading value (mn) Rmb859

Eastroc announced a 2026-28 shareholder return plan with dividend payout ratio Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

no less than 80%. Implied 2026 dividend yield is 4% (A-shares) and 5% (H- EPS (Rmb)** 6.5 6.9 8.0 9.1

EPS (Rmb)§ 8.6 7.6 8.9 10.3

shares). Revenue, net (Rmb mn) 20,875.324,007.228,242.233,015.6

EBITDA (Rmb mn) 5,583.3 6,498.9 7,294.4 8,405.4