Consumer SentimentRisks include weak consumer sentiment, food safety issues, intensified competition, and rising raw-material costs.
Financial PerformanceThe company's FY24 revenue/net profit stood flat YoY at RMB 42.9bn/RMB 16bn, 10%/3% below CMBI estimates, mainly due to public-opinion-related headwinds, fiercer competition, and weak consumer sentiment hitting its packaged water market share.