The Zhitong Finance App learned that Macquarie released a research report saying that maintaining the unified enterprise China (00220) “outperforming the market” rating, the target price was lowered from HK$8 to HK$7, in line with peer valuations. The company's capital expenditure increased from 546 million yuan the previous year to 1,079 million yuan last year. It mainly invests in refrigeration facilities in sales channels. It is estimated that related investments will continue in the next few years.

According to the report, the company's net profit for the fourth quarter of last year was 200 million yuan, up 1.6 times from the previous year, exceeding market expectations of 103 million yuan, mainly because operating and tax expenses fell short of expectations. The gross profit margin for beverages in the second half of last year was 32.8%, up 1.2 percentage points year on year. It benefited from lower PET resin (beverage packaging) costs, improved product portfolios, and reduced channel subsidies, which partially offset the impact of rising sugar prices. Food gross margin increased 2.5 percent year over year, benefiting from a drop in palm oil prices.