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以进促稳，奋楫致远 2026/08 1 China Foods Limited （HK.00506） Results Presentation 2026H1 中国食品有限公司 （HK.00506） 2026上半年业绩发布会
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免责声明 Disclaimer 本演示文稿信息仅供个人参考，准确性未经保证，且不包 含所有重要信息。严禁分发、复制或传递予任何第三方。 The information contained in this presentation is intended solely for your personal reference. Such information is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning China Foods Limited. They may not be distributed, reproduced or re-distributed or passed on, directly or indirectly, to any person, in whole or in part, for any purpose. 本演示文稿信息不构成出售或认购任何证券的要约或招揽 ，亦不应作为任何合同或承诺的基础。 The information contained in this presentation does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis for or be relied on in connection with any contract or commitment whatsoever. 本演示文稿可能包含前瞻性陈述。潜在投资者应注意，实 际结果可能与前瞻性陈述中所列内容存在重大差异。 This presentation may contain forward-looking statements. Prospective investors are cautioned that actual results may differ materially from those set forth in any forward-looking statements herein. 本幻灯片信息未经独立核实，对于其公平性、准确性、完 整性概不作出任何申述或保证，不应作为决策唯一依据。 The information contained in these slides herein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of any information or opinion contained herein. 2
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会议议程 Agenda 01 2026上半财年 财务亮点 Financial Highlights 02 2026上半财年 业务回顾 Business Review 03 未来发展 战略展望 Strategic Outlook 04 现场互动 问答环节 Q&A Session
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2026上半财年财务亮点 2026H1 Financial Highlights 2026上半年：业绩稳健增长，利润再创新高 2026H1: Solid sales growth achieving a record-breaking profit 127.6亿 营业收入 同比稳健增长 +4.0% 10.6亿 同比净利润增长 同比增长 +8.0% 8.1亿标箱 销量增长 同比增长 +9.6% 4 Rev. RMB 12.76bn, YoY +4.0% Sales volume 810MUC, +9.6% Net profit RMB 1.06bn, YoY +8.0%
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业务概览 Business overview 5 中粮可口可乐 COFCO CocaCola 中粮智尚 COFCO Zhishang 悦享会 Yuexiang club 营养健康 Nutrition & Health • 10大品类：汽水、果汁、水、能量、咖啡、茶、功能、运 动、植物基和乳制品 10 Categories: Soda, juice, water, energy, coffee, tea, functional, sports, plant, and dairy • 19省区域覆盖，400+城广泛触达 • 19 Provinces，400+ Cities coverage • 25个品牌强大组合 25 Brands matrix • 新零售线上会员体系，打造更好消费体验 New retail membership online ecosystem, delivering a superior consumer experience • 全平台覆盖 Omn-platform coverage • 全国物流体系 National wide logistics • 新成立事业部 Newly established BU • 高附加值的多元化健康新品 Diversified high-value-added new health products • 全新增长极的重要战略举措 A key strategic initiative as a new growth engine • 智慧无人零售业态 Smart self-service retail format • 全场景覆盖 Full-scenario coverage • 全链条服务 End-to-end services
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净利润和净利率逆势增长 Growth in both net profit and net margin despite significant market headwinds EBITDA：+6.0% 净利润 Net profit：+8.0% 净利率 Net margin：+0.3ppt 部分品类价格竞争加剧及原油系化工塑料、铝等主要原 材料成本上行的背景下，公司大力实施费比管控与组织 增效，实现EBITDA和净利润的逆势增长 Facing competitive pressure and cost inflation, we achieved counter-trend EBITDA and net profit gains by tightening expense ratios and streamlining operations. 销量 Sales volume +9.6% 销售费用率 Sales Expense Rate -1.7% 业务回顾 - 中国食品 Business Review - China Food 6
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收入表现回顾 Revenue overview 95.8亿元，同比 +2.1% RMB 9.58bn, YoY +2.1% 销量 (Sales volume) 同比+8.5% 经营利润 (operating profit) 同比+8.0% 雪碧经典柠檬茶：全渠道上市，兼具情 绪价值与提神功能 Sprite Lemon Tea: Launched across all channels 可口可乐无糖柠檬味：围绕CVS渠道配 合终端强露出与跨品类捆绑策略 CocaCola Zero Lemon – CVS focus, strong in-store visual merchandising, and cross-category bundling 益生元：换新上市，高端化定价精准锚 定餐饮及辣食场景 Prebiotics: Newly relaunched, with premium pricing for foodservice and spicy-food scenarios 可口可乐 +3.7% Coca-cola 无糖可口可乐 +10.5% Coca-cola zero 芬达 +3.2% Fanta 无糖芬达 +60.2% Fanta zero 业务回顾 - 饮料 Business Review - Beverage 汽水：核心品类稳健增长，创新品类多点突破 Soda: Core Steady, Innovation Breakthrough 核心品类销售额稳步提升 Core category revenue posted steady growth 7
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收入表现回顾 Revenue overview 主要增长来源于「酷儿」品牌和功能果汁新 品带来的增量 Primarily driven by the Qoo brand and incremental contributions from new functional juice products 酷儿 「酷儿」通过涂鸦主题活动、IP版包装与谷 子经济重新激活品牌，销量同比增长 101.2%，贡献果汁品类40%的收入增量 Qoo: Reinvigorated via graffiti events, IP packaging, and goods-based engagement. YoY sales +101.2%, contributing 40% of juice category revenue growth 「美汁源」 维生素C与益生元 两款强化营养新品 成功上市 Minute Maid successfully launched two new fortified nutrition products featuring Vitamin C and Prebiotics • 上半年贡献增量收入约2,200万元，建立美汁 源第二增长曲线 • 6月推出餐饮特供「双爽柠柠310ML拉罐」 • H1 incremental revenue: RMB 22mn, building second growth engine • June launch: foodservice-exclusive Double Lemon 310ml can 果汁：重塑经典IP，开拓高毛利新品 Juice: Revitalizing classic brand IP and developing high-margin new products 8 17.8亿元，同比 +6.3% RMB 1.78bn, YoY +6.3% 业务回顾 - 饮料 Business Review - Beverage
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包装水：依托渠道优势，深挖场景需求 Water: Channel-driven expansion into diverse consumption scenarios 9 6.14亿元，同比 +6.5% RMB 614mn, YoY +6.5% 收入表现回顾 Revenue overview 业务回顾 - 饮料 Business Review - Beverage 冰露 Ice Dew • 持续深化广度铺货 • 销量同比提升12% • 铺货客户达70万家，同比提升49% • We continued to broaden our distribution coverage, driving a 12% YoY increase in sales volume. Our distribution network now covers 700,000 outlets, representing a 49% rise from the prior year 纯悦 Chun Yue • Our scenario-driven approach to tap into deeper consumer needs, delivering an 8% YoY sales volume increase • Successfully engaged outdoor-focused consumer groups via activations in special channels， e.g. Alipay digital promotions, co-branded scenic-spot bottles, and trasportation • 细化场景，深挖需求 • 销量同比提升8% • 通过支付宝线上活动、景区联名定制 瓶及酒店、交通等特渠场景招募户外 消费群体 悦活 Lohas • Rev. (H1) reached RMB 121million, YoY +33% • Pioneered the test launch of Aquarius “900mL bottle” in 5 core markets: Beijing, Sichuan, Hebei, Shandong, and Liaoning • Precisely captured the summer trend for large-size, value-for-money hydration options • 上半年收入1.21亿元，同比+33% • 率先在北京、四川、河北、山东、辽 宁5个核心市场测试上市「水动乐 900mL」畅饮装 • 精准捕捉夏季大包装性价比补水风口
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总收入增长 Revenue growth +53%同比去年 销量增长 Sales volume growth +40%同比去年 魔爪能量 Monster Energy 收入增长 Revenue growth +65% 能量饮料：实现爆发式增长 Energy Drinks: Delivered explosive growth • 「魔爪」品牌持续领跑 • 1月上市的无糖新品「超越幻紫葡萄」自带网红属性，迅速贡献5,000万元收入 • 通过「能量周一」数字派样、CVS深耕与校园体育营销，大幅提升年轻群体复购 • Monster: continued category leadership. • New sugar-free SKU "Beyond Phantom Purple Grape" (Jan launch) generated RMB 50mn in sales, with strong social buzz • Higher repurchase rate among the youth via "Energy Monday" digital sampling, CVS intensification, and campus sports marketing 10 业务回顾 - 饮料 Business Review - Beverage
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持续推进品类多元化 Ongoing category diversification • 非可口可乐产品销售金额>3,000 万元（+63%） • 新存量品牌「吉意欧」并承接猫超与京东业务，带来超过 800 万元的增量规模 • Non-Coca-Cola sales: >RMB 30mn (+63%). • New brand "Jiyi'ou" + Tmall/JD operations added >RMB 8mn incremental revenue 悦享会 Yuexiang Club 新零售会员体系核心阵地 打造更好消费体验 New Retail Membership System 收入超 7.2 亿元，取得双位数增长 中台粉丝规模接近 9,500 万（+41%） 活跃用户达 2,490 万（+169%） 业务回顾 - 悦享会 (新零售) Business Review - Yuexiang Club 业务规模及会员资产，实现质的突破 A new qualitative milestone in both business scale and member assets 11 全局电商渠道从0到1 Omni-channel: 0 to 1 • 抖音「悦活营养食品旗舰店」顺利开店 • 私域「快乐会」小程序通过与微信支付开展折扣引流，访 问转化率跃升至 73%，成交单量同比大增167% • Douyin: flagship store launched • Mini-program "Happy Club" + WeChat Pay discounts: conversion 73%, orders +167% YoY growth • Revenue: RMB 722mn • Platform followers: 95 mn (+41%) • Active users: 24.9mn (+169%)
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165,691台 同比增长 +48% 较去年底 +22% 新增14个城市 5.7亿元 直营可控收入同比 +27% 非饮料收入8,188万元 2,178 元/台/月 直营单机收入 同比 +9% 规模持续扩张，稳居行业前列 Sustained robust scale growth, and securing a leading position 业务回顾 - 智尚 (智慧零售) Business Review - COFCO Zhishang (Smart Retail) 12 165,691 PoS YoY +48%; +22% vs. end of last year New entry into 14 cities Rev.:RMB 570mn Direct revenue: YoY +27% Non-beverage rev.: RMB 81.9mn Rev. per POS: RMB 2,178 per month YoY +9%
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业务回顾 - 营养健康 Business Review - Nutrition and Health 方兴未艾 未来可期 Strong momentum, bright prospects 一月正式启动 Officially launched in Jan. 三月完成注册 Registration completed in Mar. 四月完成首批订单签署 1st batch of orders signed in Apr. • 依托营养健康研究院自研专利菌株 • 完成配方开发 • 规划5条产品线17个SKU 13 • Self-developed bacterial strain (patented) by COFCO Nutrition & Health Research Institute • Formulation completed • Pipeline: 5 product lines / 17 SKUs
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2026战略展望：重塑增长引擎 2026 Strategic Outlook: Re-energizing Growth 立足当下 以进促稳 持续优化产品组合 加大无糖品类和魔爪产品推广 持续拓展新兴渠道 锁定主要原材料成本 着眼未来 奋楫致远 深化三大事业部格局 中粮智尚：中国领先的智慧生活服务平台 中粮悦享会：中国最专业的线上运营平台 营养健康：重要增长极 数智转型 高质筑底 AI赋能全链路运营 数据驱动智能决策 构建开放生态系统 14 Grounded in the present, we pursue progress for stability • Optimized product portfolio • Intensify push on “Zero” SKUs and Monster • Continue exploring emerging channels • Locked in costs of key raw materials Focused on the future, we strive with purpose for lasting success Deepen the structure of 3 BUs • Zhishang: Leading smart lifestyle platform • Yuexiang Club: Premier online operation platform • Nutrition & Health: key growth engines Anchored in digital-smart transformation, we lay a foundation of superior quality • Leverage AI to empower end-to-end operations • Drive data-driven-intelligent decision-making • Build an open ecosystem
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问答环节 Q&A Session 欢迎各位投资者与媒体朋友提问，针对业绩表现与未来战略规划，我们将逐一解答。 15
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谢谢 16 以进促稳，奋楫致远