Consumer SentimentBeverage revenue rose 31%, shy of the 40% guidance, impacted by weak consumer sentiment and capacity constraints.
Economic RisksKey risks include an economic downturn, price wars, food quality and safety risks, and raw material price fluctuations.
Revenue PerformanceFY24 revenue was flat YoY at RMB13.5bn, missing CMBI's forecast by 6% due to stiffer packaged water competition and headwinds from the consumption climate, extreme weather in core areas and capacity limits of beverage products.