CMB International has released a research report, initiating coverage on China Resources Beverages (02460), with a "Buy" rating and a Target Price of HKD 18.84, corresponding to a PE of 22 times for 2025. The firm believes that expansion in the north will support revenue growth and stabilize market share, based on a low base. The firm is Bullish on China Resources Beverages primarily due to: the company's strong position in the purified water market; the second growth curve led by Chinese herbal teas and functional beverages is ready to take off; the expansion of self-capacity and national layout will significantly improve Operation efficiency; as the only central enterprise in the sector, it has greater resilience against risk.