China Resources Beverage (Holdings) Company Limited reported first-half 2026 revenue of RMB5.46 billion, a 12.1% year-on-year decline, as packaged drinking-water volumes softened and beverage sales fell sharply.
Gross profit slipped 10.3% to RMB2.60 billion; however, gross margin widened 0.9 percentage points to 47.6% on lower discounts and a richer product mix. Net profit attributable to shareholders dropped 26.4% to RMB0.59 billion, pushing net margin down to 11.1% from 13.3% a year earlier.
Segment performance diverged: • Packaged drinking water contributed 88.7% of total revenue at RMB4.84 billion, down 7.9%. • Beverage sales (tea, juice, sports drinks and coffee) fell 35.4% to RMB0.62 billion, representing 11.3% of revenue.
Operating cash flow reached RMB0.67 billion. Capital expenditure was RMB0.36 billion, mainly for new production lines and smart-factory upgrades. Total cash and fixed deposits stood at RMB7.33 billion, while interest-bearing debt was minimal at RMB13.42 million, leaving gearing unchanged at 0.4%.
The Board declared an interim dividend of RMB0.087 per share, payable on 26 October 2026 to shareholders on record as of 14 September. Earlier, shareholders approved a final dividend of RMB0.088 and a special dividend of RMB0.165 per share for FY 2025, totalling RMB0.25. A three-year dividend policy targets minimum annual payouts of RMB0.37 per share through 2028.
To enhance shareholder returns, directors authorised an on-market share-repurchase programme of up to HK$530 million, running until the next AGM.
Management cited raw-material inflation, channel diversification and intensified brand competition as key headwinds but highlighted resilience in health-oriented and value-for-money segments. Second-half priorities include expanding multi-pack water SKUs, deepening penetration in herbal and unsweetened tea categories, accelerating digital marketing, and pushing smart-manufacturing initiatives such as the Danjiangkou plant, slated to start operations by year-end 2026.
No material post-balance-sheet events were reported.