Guosheng Securities: CR BEVERAGE (02460) relocates its registration to Hong Kong, maintains "hold" rating.

Guosen Securities released a research report stating that they maintain a "Buy" rating on CR BEVERAGE (02460). In the medium to long term, water remains a necessity that can withstand the business cycle. The company has clear advantages and has been deeply cultivating the market for many years, while also placing a high emphasis on the development of the beverage business, with overall revenue expected to recover and grow. Furthermore, with the push for an increase in self-production ratio and a decrease in outsourced production ratio, the company's profit margin improvement logic is clear. The report mentioned that CR BEVERAGE values the Hong Kong market and maintains operational stability. The main reasons for the company's relocation are as follows: 1) The Hong Kong government has introduced a corporate relocation system, which allows the company to maintain its legal corporate status and ensure the continuity of business operations, reducing the complexity of cross-border compliance; 2) Hong Kong's legal tradition emphasizes fairness, consistency, and judicial independence, providing a more stable and predictable operating environment; 3) It helps the company further establish its roots in Hong Kong, strengthening the confidence of local and international investors in the company. Apart from certain expenses, the relocation will not change the company's related assets, investments, management, and financial condition, and the company will continue to maintain steady operational development. In terms of specific business operations, in the packaged water sector, the company adheres to the development concept that good water is not limited to a specific type, focusing on the development of multiple brands and types of water, with a strong emphasis on the Yi Bao and Ben You brands. In the beverage sector, in the first half of 2025, the company launched 14 new SKU products, focusing on creating a second curve: 1) In the tea beverage sector, the company is focusing on cultivating Zhiben Qingrun, Zuoweichashi, Yuanshizhiming, and Wuhou milk tea; 2) In the juice sector, the focus is on the Honey Water and Holiday series; 3) In other beverage sectors, main products include sports drinks Magic Power and coffee beverage Flame Roast.