CR Beverage (02460) has released its interim results for the six months ended June 30, 2026, reporting total revenue of RMB 5.455 billion, a decrease of 12.09% year-on-year. Profit attributable to shareholders of the company stood at RMB 592 million, down 26.43% compared to the same period last year, with basic earnings per share of RMB 0.25. The board has declared an interim dividend of RMB 0.087 per share.

During the first half of 2026, the packaged water business continued to focus on product innovation, packaging enhancements, and channel development as key pillars to tackle market competition and unlock new growth opportunities. The "C'estbon" brand launched new multi-pack products during the period, leveraging the core selling point of "more volume, greater value" to differentiate its competitive approach. At the same time, aligning with industry trends, the company increased the proportion of film-pack products, achieving cost reduction and efficiency gains while promoting environmental sustainability and catering to more diversified marketing strategy needs.

The "Benyou" brand adjusted its sales strategy to capture price advantages in value-driven segments, aggressively targeting lower-tier markets to expand sales scale. The company also developed dedicated distributors for Benyou, streamlining the channel chain to enhance competitive strength. The 210ml pocket-sized packaging was tailored for instant consumption scenarios such as short-distance travel and meal pairings, meeting the demand for portable consumption, and has achieved initial market traction. Through continuous expansion of sales coverage in the first half, it contributed incremental volume to the packaged water business. In the second half of the year, the group will further strengthen its product matrix, expand the sales territory of large-format packaging products, bolster emerging channel development, and explore coverage of incremental markets to support packaged water business growth.

While maintaining steady progress in the packaged drinking water segment, the group has continued to push forward its beverage business in recent years. In the first half of 2026, the group launched three new product SKUs across its beverage portfolio, with "Zhiben Qingrun," "Zuowei Chashi," and "Holiday Moment" continuously expanding flavor offerings and product specifications to satisfy consumer needs across immediate-drink and sharing occasions. During the reporting period, beverage products generated revenue of RMB 617.3 million, down 35.4% from the same period last year, accounting for 11.3% of total group revenue. The beverage business faced interim pressure; however, following the implementation of channel and pricing management adjustments, the health of the business has notably improved.

Looking ahead to the second half of the year, the industry faces a mix of opportunities and challenges, with consumer demand becoming increasingly diversified. Health, safety, and high cost-performance remain key demands in beverage consumption, while the market also places greater emphasis on scenario fit and consumption experience, raising the bar for industry operations. The group will steadfastly pursue its brand-driven development strategy, closely aligning its operational layout with core consumer needs. On one hand, it will continue to refine its full-scenario packaged water product system, deepen its presence in growth categories such as plant-based beverages and ready-to-drink tea, and actively build a second growth curve. On the other hand, it will expand terminal outlet coverage, enhance channel efficiency and quality, leverage national sports IP assets to deepen sports marketing, and simultaneously advance brand rejuvenation initiatives to connect with younger consumer demographics, steadily broadening brand awareness. Supported by a product matrix tailored to diverse consumer demands and an efficient, collaborative channel system, the group will continue to solidify its long-term development foundation and elevate its overall industry competitiveness.