行业层面，根据灼识咨询报告，按零售额计，中国即饮软饮市场预计到2028年将扩大至人民币12,032亿元。中国即饮软饮市场相对集中，按2023年零售额计，前五大企业贡献的市场份额为42.6%，预计将继续上升。According to the disclosure by Hong Kong Stock Exchange on April 22nd, China Resources Beverage (Holdings) Limited (referred to as China Resources Beverage) has submitted an application for listing on the main board of Hong Kong Stock Exchange.
According to the disclosure by Hong Kong Stock Exchange on April 22nd received by the Smart Financial App, China Resources Beverage (Holdings) Limited (referred to as China Resources Beverage) has submitted an application for listing on the main board of Hong Kong Stock Exchange, with BofA Securities, Bank of China International, CITIC Securities and UBS Group as its joint sponsors.
According to a report by All View Consulting, China Resources Beverage is one of the earliest companies in China specializing in the production of packaging drinking water. It has grown into China's second-largest packaging drinking water company and the largest drinking purified water company (based on retail sales in 2023). According to the report by All View Consulting, the company's "Yibao" brand drinking purified water product achieved a retail sales of RMB 39.5 billion in 2023, making it the top brand in China's drinking purified water market.
On the industry level, according to a report by All View Consulting, based on retail sales, China's ready-to-drink soft drink market is expected to expand to RMB 1203.2 billion by 2028. China's ready-to-drink soft drink market is relatively concentrated, and based on retail sales in 2023, the top five enterprises contribute a market share of 42.6%, which is expected to continue to rise.
As of the final feasible date, the company mainly owns a product combination of 13 brands including "Yibao", "Zhibenqingrun", "Honey Water Series", "Holiday Series" and "Zuoweichashi", with a total of 56 SKUs. According to a report by All View Consulting, in 2023, in terms of regional distribution, the company's packaging drinking water products have the highest market share in the packaging drinking water markets of China's six major provinces (namely Guangdong, Hunan, Sichuan, Hainan, Guangxi and Hubei). In 2023, the packaging drinking water market in these six provinces accounted for approximately 30% of the total packaging drinking water market in China.
In terms of finance, China Resources Beverage achieved revenues of approximately RMB 11.34 billion, RMB 12.623 billion and RMB 13.515 billion in 2021, 2022 and 2023, respectively; and net profits of approximately RMB 0.858 billion, RMB 0.989 billion and RMB 1.331 billion in the same years.
The prospectus reminds that maintaining the best inventory level is crucial for the success of the business. As of December 31st, 2021, 2022 and 2023, China Resources Beverage's inventory surplus were RMB 41.41 million, RMB 58.81 million and RMB 37.74 million, respectively. In 2021, 2022 and 2023, the inventory turnover days were 19.1, 24.8 and 23.6 days, respectively. Failure to fully manage inventory risks may lead to obsolescence of inventory, decline in inventory value or inventory scrapping. In addition, compared with packaging drinking water products, the company's beverage products have a relatively short shelf life, and therefore face a higher risk of inventory obsolescence.