Goldman Sachs' latest research shatters market perception: fresh-made drinks impact on RTD beverages is merely 2.8%, far below expectations! PET prices crash 13%, sugar prices drop 7%, with unit cost decline revised up to 6.3%. China Resources Beverage and Eastroc expected to see gross margin expansion of 2.8 and 2.3 percentage points respectively. Sugar-free drinks and functional beverages in upward cycle, with Eastroc's Hydration product hitting RMB 1.5B in sales. Goldman calls China beverage sector the most favored sub-industry in staples, with cost tailwinds continuing into H2.
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