招银国际指出，今年夏天以来，水企间的包装水价格战猛烈，怡宝对于价格把握相对严格，娃哈哈各渠道及地域的定价相近，而农夫山泉主导价格战，定价波动相对较大，叠加绿瓶水对于自身红瓶水有替代性效应打压，目前在经销商端受影响较大。我们预计水饮市场双寡头竞争格局保持不变；预计短期内大品牌降价导致水饮品牌间虹吸效应延续，龙头渗透率持续提升，随着农夫长期推动绿瓶水，其地位将进一步稳固。China Resources Drinks (02460) fell more than 4% at the end of the session to an intraday low of HK$13.9, setting a new low on the market. As of press release, it decreased by 3.59% to HK$13.98, with a turnover of HK$32.2719 million.
The Zhitong Finance App learned that China Resources Drinks (02460) fell more than 4% at the end of the session. The intraday low was HK$13.9, setting a new low on the market. As of press release, it decreased by 3.59% to HK$13.98, with a turnover of HK$32.2719 million.
According to the news, China Resources Drinks announced that on November 12, the overall coordinator partially exercised the over-allotment rights, involving a total of 50.3704 million shares, accounting for about 14.48% of the total number of sales. The price per share was HK$14.50, and the net proceeds were approximately HK$0.719 billion. According to reports, in addition to the partial exercise of the over-allotment rights this time, the amount raised by China Resources Drinks's IPO rose to about HK$5.774 billion.
CMB International pointed out that since this summer, the price war for packaged water between water companies has been intense. Yibao has a relatively strict price grip. The pricing is similar across various channels and regions, while Nongfu Spring dominates the price war, and pricing fluctuations are relatively large. Combined with green bottled water, it has had an alternative effect on the red bottle of water, which is currently being greatly affected on the dealer side. We expect that the duopoly competition pattern in the drinking water market will remain unchanged; it is expected that in the short term, the siphon effect among water drink brands will continue due to price cuts among water drink brands, and the penetration rate of leading water will continue to increase. As farmers promote green bottled water for a long time, their position will be further stabilized.
