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 Beverage (02460) fell more than 4% at the close, hitting a low of 13.9 Hong Kong dollars during the day, setting a new low since listing. As of the time of publication, it fell by 3.59%, to 13.98 Hong Kong dollars, with a turnover of 32.2719 million Hong Kong dollars.
According to the Wisdom Financial APP, China Resources Beverage (02460) fell more than 4% at the close, hitting a low of 13.9 Hong Kong dollars during the day, setting a new low since listing. As of the time of publication, it fell by 3.59%, to 13.98 Hong Kong dollars, with a turnover of 32.2719 million Hong Kong dollars.
On the news front, China Resources Beverage announced that on November 12, some coordinators exercised their rights to oversubscribe for additional shares, involving a total of 50.3704 million shares, accounting for approximately 14.48% of the total number of shares offered. Priced at 14.50 Hong Kong dollars per share, the net amount is approximately 0.719 billion Hong Kong dollars. It is reported that with the partial exercise of oversubscription rights, China Resources Beverage's IPO fundraising amount has increased to approximately 5.774 billion Hong Kong dollars.
CICC pointed out that since this summer, there has been an intense price war among bottled water companies. Nongfu Spring has been leading the price war with relatively large price fluctuations. The impact is significant on the dealers' end. It is expected that the duopoly competition in the bottled water market will remain unchanged; in the short term, major brands lowering prices will continue to have a halo effect among water beverage brands, with the dominance of Nongfu Spring continuing to increase, and as Nongfu promotes its green bottled water in the long term, its position will be further solidified.
