据@四川观察 报道：近日，农夫山泉董事长钟睒睒接受采访时称，农夫山泉绿瓶水是一气之下生产 的，不希望整个家庭长期喝纯净水。 科普博主@项栋梁 11月22日发帖表示，已向杭州市西湖区市监局实名举报农夫山泉饮用纯净水（绿 瓶）涉嫌危害公众健康。 微博认证为"科学科普博主"的@项栋梁 称： 本人通过官方媒体《21世纪经济报道》得知，农夫山泉董事长钟睒睒公开表示，农夫山泉绿瓶纯净水长 期饮用一定会出问题，且推出该款产品是一气之下的决定。 鉴于钟睒睒为农夫山泉公司实际控制人，合理推断其主导了公司绿瓶纯净水的生产与质量控制，充分了 解该产品的生产内幕。现公司实控人出面自证其绿瓶纯净水产品不适宜长期饮用，会影响公众健康，有 理由相信该产品在生产质量与食品安全方面存在危害公众健康的问题。 同时，农夫山泉绿瓶水产品在包装上并未对相关安全问题作出健康警示，明知不适宜长期饮用却没有采 取任何限购措施，存在放任产品危害公共安全的主观故意。恳请市监部门从快从严调查处理，保障消费 者身体健康，维护饮用水行业声誉。 最后，这位科普博主补充说明称：人体所需矿物质和微量元素绝大部分从食物中获取，饮用水中相关物 质含量可以忽略不计。饮用水最重要 ...

证券时报，证券时报网，由人民日报社主管主办，是证券市场权威信息披露媒体，也是中国资本市场的 重要信息披露平台。 提供全天候7*24小时财经证券类资讯，内容丰富，包括时报快讯、股市新闻、财经资讯、基金净值、债 券、期货、上市公司公告等，为用户提供全方位、最新鲜的财经信息。 打造了"信披168"综合服务专区，资本市场投教"星火计划"，是权威、全面的资本市场服务平台。 ...

2024 年 11 月 12 日 来源：公司年报、国金证券研究所（汇率采用，1HKD=0.92CNY） 农夫山泉（09633.HK） 买入（首次评级） 港股公司深度研究 证券研究报告 如何看待农夫中长期成长空间？ 公司是包装水和无糖茶行业龙头，受益于消费端健康意识提升，旗 下天然水、东方树叶带动报表提速，20-23 年公司收入/利润 CAGR 分别为 23%/32%。今年 3 月以来公司受舆论压力影响，基本盘水业 务动销受损，4 月推出绿水有效缓解下滑压力。目前市场主要关心： 1）绿水上市对报表端影响如何？如何看待水业务中长期成长机 会？2）东方树叶突破百亿后空间怎么看？3）其他品类是否有望冲 击第三曲线？本文针对以上重点问题进行解答。 投资逻辑： 1）绿水短期对毛利率产生冲击，中长期预计随着人均饮用量增长、 天然水+纯净水组合拳将稳步提升市场份额。我们粗略估算绿水毛 利率较红水低 10pct，预计占比提升至 50%对毛利率影响约为 5pct。展望后续，我们认为红水具备天然水占位优势，且公司在水 源地、渠道、品牌等方面形成较强壁垒，低基数下有望企稳修复。 绿水促销活动仍将持续一段时间，竞争对手出于对利润率的诉 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2024 10 26 年 月 日 农夫山泉（09633.HK） 坚持长期主义，品牌铸就壁垒 "天然、健康"软饮龙头，包装水、饮料双轮驱动。公司前身成立于 1996 年，历经包装水品牌建设（1996-2002 年）、进军健康功能软饮（2003-2018 年）、全品类拓展延伸（2019 年-至今）三阶段发展，现已成为国内软饮料 行业巨头，核心业务包括包装水和饮料业务，其中包括茶饮料、功能饮料和 果汁饮料等在内的饮料业务增长势头较猛。2023 年公司实现营业收入 426.67 亿元，同比+28.36%；实现应占溢利 120.79 亿元，同比+42.19% 其中包装水业务/三大饮料业务分别占收入比重 47%/49%、分别同比 +11%/+55%，饮料营收规模首次超越包装水，双轮驱动实现高增长。 包装水市场稳健增长，强品宣铸就品牌壁垒。1）行业：根据灼识咨询数据， 2023 年中国包装饮用水市场规模达 2150 亿元，2018-2023 年 CAGR 为 +7.1%，行业整体仍保持中高个位数水平增长。从行业竞争格局来看，2023 年 CR5 为 58.6%，农夫 ...

Economic Performance and Market Trends - China's GDP for the first half of 2024 reached RMB 61.7 trillion, a year-on-year increase of 5.0%[15] - Total retail sales of consumer goods in China for the first half of 2024 reached RMB 23.6 trillion, a year-on-year increase of 3.7%[15] - The soft beverage market in China is shifting towards healthier and more natural products, with sugar-free tea experiencing rapid growth[17] Revenue and Product Performance - Revenue for the first half of 2024 was RMB 22,173 million, an increase of 8.4% compared to the same period last year[20] - Revenue from packaged drinking water products decreased by 18.3% to RMB 8,531 million, accounting for 38.5% of total revenue[20][23] - Revenue from beverage products increased by 36.7% to RMB 13,542 million, accounting for 61.1% of total revenue[20] - Tea beverage products revenue grew by 59.5% to RMB 8,430 million, representing 38.0% of total revenue[21][34] - Functional beverage products revenue increased by 3.8% to RMB 2,550 million, accounting for 11.5% of total revenue[21] - Juice beverage products revenue rose by 25.4% to RMB 2,114 million, representing 9.5% of total revenue[21] - The company's tea beverage products recorded a revenue of RMB8,430 million, representing a 59.5% increase compared to the same period last year, accounting for 38.0% of total revenue[37] - Functional beverage products generated a revenue of RMB2,550 million, a 3.8% increase year-over-year, contributing 11.5% to total revenue[42][45] - Juice beverage products achieved a revenue of RMB2,114 million, a 25.4% increase compared to the previous year, making up 9.5% of total revenue[43][48] - Other products, including soda water and coffee beverages, recorded a revenue of RMB548 million, a 7.3% decrease year-over-year, accounting for 2.5% of total revenue[54][55] New Product Launches and Marketing - The company launched a new 19-liter PET barreled natural drinking water product in January 2024, derived from high-quality natural water sources[27][31] - In April 2024, the company introduced a purified drinking water product, marking its return to the purified water market after 24 years[26][29] - From April to May 2024, over 200 video clips were posted by top vloggers about the company's water sources, with nearly 500 million exposures and more than 10 million interactions[30] - The company launched a new product, "Nongfu Spring" edible ice, which has been introduced in multiple convenience store chains across 14 cities[33] - The "Oriental Leaf" product sold out 50,000 cases in 17 hours for its first batch and the second batch sold out in just 1 hour[38] - The "Tea π" new flavor launch and themed exhibition reached over 5 million people across nine cities[41][44] - The "Scream" brand launched two new flavors and conducted campus activities to enhance its sports image[46] - The "Victory" Vitamin Water collaborated with Color Run 2024 and organized the "V-Break Dance Battle" for the third year[47] - The "Farmer's Orchard" upgraded its classic products to meet cleaner and healthier trends, gaining consumer attention[50][51] - The "TANBING" coffee launched a 900ml sugar-free black coffee at RMB9.9, expanding its product matrix and reinforcing its brand image[54][56] - The company launched a new blood orange flavor of "Water Soluble C100" after a decade, with each 445ml bottle containing ≥100mg of vitamin C[152][154] - The company introduced a 900ml large-sized sugar-free classic black coffee under the "TANBING" brand, made from dark roasted Arabica coffee beans[152][154] - The company upgraded its 100% tomato and carrot mixed fruit and vegetable juices, ensuring no added sugar or food additives while preserving freshness[152][154] Financial Performance and Expenses - Revenue increased by 8.4% to RMB22,173 million compared to RMB20,462 million in the first half of last year[60][62] - Gross profit grew by 5.9% to RMB13,032 million, with gross profit margin decreasing by 1.4 percentage points to 58.8%[60][62] - Profit for the period rose by 8.0% to RMB6,240 million from RMB5,775 million in the first half of last year[69][73] - Selling and distribution expenses increased by 5.9% to RMB4,971 million, accounting for 22.4% of total revenue[64][65] - Administrative expenses decreased by 4.8% to RMB913 million, representing 4.1% of total revenue[66][70] - Other income and gains increased by 15.4% to RMB1,040 million, mainly due to higher interest income from term deposits[67][71] - Inventory increased to RMB3,337 million, with inventory turnover days rising from 55.0 to 64.2 days[78] - Trade receivables and bills increased to RMB703 million, with turnover days rising from 4.4 to 5.1 days[79] - Long-term bank deposits, pledged deposits, cash, and bank balances totaled RMB27,136 million, up 5.8% from the end of 2023[77] - The company did not declare an interim dividend for the six months ended June 30, 2024[76][80] - The Group's long-term bank deposits, pledged deposits, cash, and bank balances increased by 5.8% to RMB27,136 million as of June 30, 2024, compared to RMB25,639 million as of December 31, 2023[81] - Interest-bearing borrowings increased by 23.6% to RMB3,857 million as of June 30, 2024, compared to RMB3,121 million as of December 31, 2023[81] - Inventories increased to RMB3,337 million as of June 30, 2024, up from RMB3,092 million as of December 31, 2023, with inventory turnover days rising from 55.0 days to 64.2 days[82] - Trade and bills receivables increased to RMB703 million as of June 30, 2024, up from RMB547 million as of December 31, 2023, with turnover days increasing from 4.4 days to 5.1 days[83] - Trade and bills payables increased to RMB1,859 million as of June 30, 2024, up from RMB1,770 million as of December 31, 2023, with turnover days increasing from 33.8 days to 36.2 days[85][88] - The Group's gearing ratio increased to 14.9% as of June 30, 2024, compared to 11.2% as of December 31, 2023, mainly due to increased use of bills receivable financing[86][89] - The Group recorded net current liabilities of RMB4,950 million as of June 30, 2024, primarily due to an increase in long-term time deposit arrangements[86][90] - The Group held HK$1,553 million, US$475 million, and a small amount of other foreign currencies as of June 30, 2024, with exchange rates for USD and HKD against RMB increasing[95][100] - Capital commitments amounted to approximately RMB5,708 million as of June 30, 2024, mainly for the construction of production plants and purchase of production equipment[97][102] - The Company plans to invest RMB5 billion in the "Nongfu Spring Jiande Drinking Water and Beverage Comprehensive Industrial Base Project," with a wholly-owned subsidiary established during the reporting period[105][107] Employee and Shareholder Information - Total number of employees exceeded 20,000 as of June 30, 2024, with total employee benefit expenses amounting to RMB1,983 million[112][114] - Employee share incentive scheme granted 6,636,400 H shares in March 2022, accounting for 0.059% of total issued shares and 0.1318% of issued H shares[117][119] - Grant price for employee share incentive scheme was HK$13.22 per share, 30% of the average closing price of H shares in the 120 trading days before the grant date[117][119] - 108 scheme participants were granted shares, including 4 directors and 1 employee from Yangshengtang Group[117][119] - 1,837,234 shares met the third vesting condition in April 2024, while 19,692 shares were forfeited due to unmet conditions and 29,282 shares were forfeited due to employee exits[122] - Employee share incentive scheme has a validity period of 10 years, with approximately 7 years remaining as of the report date[117][119] - Maximum number of H shares that can be acquired under the employee share incentive scheme is 5% of total issued share capital, with no single participant exceeding 1%[116][118] - 2,610,000 shares met the first vesting condition in April 2022, while 44,184 shares were forfeited[122] - 1,708,200 shares met the second vesting condition in April 2023, while 285,048 shares were forfeited due to unmet conditions and 102,760 shares were forfeited due to employee exits[122] - 6,636,400 shares were granted under the 2022 employee share incentive scheme, with 6,155,434 shares vested and 480,966 shares forfeited[123][127] - In April 2022, 2,610,000 awards met the first tranche vesting conditions, while 44,184 awards were forfeited[124] - In April 2023, 1,708,200 awards met the second tranche vesting conditions, while 285,048 awards were forfeited due to unmet conditions and 102,760 awards were forfeited due to employee resignations and demotions[125] - In April 2024, 1,837,234 awards met the third tranche vesting conditions, while 19,692 awards were forfeited due to unmet conditions and 29,282 awards were forfeited due to employee resignations and demotions[126] - The weighted average closing price prior to vesting date during the reporting period was HKD 45.080[130][133] - As of January 1, 2024, 1,886,208 awards were unvested, and by June 30, 2024, all unvested awards had been vested or forfeited[133] - The total number of awards granted to other employee participants was 6,067,400, with 1,666,424 vested and 48,974 forfeited during the reporting period[133] - Total number of awards unvested as at January 1, 2023 was 3,982,216 shares, with 1,708,200 shares vested during 2023 at a weighted average closing price of HKD45.080[135] - The company did not grant any awards during the reporting period[135] Sustainability and Corporate Responsibility - The company aims to reduce carbon emission intensity and comprehensive energy consumption intensity by 20% by 2030 against the 2019 baseline[139] - The company targets to make plastic packaging for water and beverage 100% recyclable/reusable/compostable by 2025[139] - The company released the 2023 Sustainability Report (ESG Report) in April 2024, showcasing its commitments and achievements in sustainable development[138] - The company focuses on sustainable water use, paying attention to water resource risks in operation locations[141] - The company is dedicated to reducing food waste and promoting the reuse of food residues as part of its circular economy initiatives[141] - The company has conducted biodiversity risk assessments and protection efforts, promoting sustainable agriculture[141] - The company is committed to energy conservation and emission reduction, promoting the use of clean energy[141] - The company has intensified monitoring emission efforts and solidified environmental audit processes to minimize negative environmental impacts[141] - The company continued its classic public welfare project, providing free water to outdoor workers during high temperatures for the ninth consecutive year[143][145] - The company visited multiple tea-producing regions to conduct on-site audits of tea leaf harvesting and processing, ensuring tea leaves meet raw material standards[144][146] - The company established a closed-loop quality assurance system covering raw materials, research and development, manufacturing, and sales channels[152][154] - The company implemented a three-tier sustainable development governance structure led by the Board, ensuring compliance with laws and regulations[153][155] - The company conducted a series of special audits to control risks comprehensively and safeguard the interests of shareholders and stakeholders[153][155] - The company continued to invest in rich learning resources and customized high-quality training programs for employees[149][150] - The company enforced policies related to employee occupational health and safety, conducting regular safety emergency drills and strengthening safety culture[149][150] Shareholder and Ownership Structure - Mr. Zhong Shanshan holds 6,211,800,000 domestic shares, representing 100% of the relevant class and 55.2333% of the total issued share capital[167] - Mr. Zhong Shanshan holds 1,303,252,410 H shares through controlled corporations, representing 25.8856% of the relevant class and 11.5881% of the total issued share capital[167] - Mr. Zhong Shanshan is the beneficial owner of 1,929,249,240 H shares, representing 38.3193% of the relevant class and 17.1543% of the total issued share capital[167] - Mr. Xiang Xiansong holds 32,400 H shares as a beneficial owner, representing 0.0006% of the relevant class and 0.0003% of the total issued share capital[167] - Mr. Rao Minghong holds 59,400 H shares as a beneficial owner, representing 0.0012% of the relevant class and 0.0005% of the total issued share capital[167] - Mr. Jiang Xiaodong holds 471,250 H shares as a beneficial owner, representing 0.0094% of the relevant class and 0.0042% of the total issued share capital[167] - The total issued share capital of the company as of June 30, 2024, is 11,246,466,400 shares[170] - Mr. Zhong Shanshan directly holds 98.38% equity interest in Yangshengtang and indirectly holds 1.62% through Hangzhou Youfu, wholly owned by him[171] - Yangshengtang, wholly-owned by Mr. Zhong Shanshan, purchased 7,000,000 H Shares of the Company from July 9 to July 26, 2024, increasing his indirect holdings to 1,310,252,410 H Shares, representing 26.02% of H Shares and 11.65% of total share capital[171] - Mr. Xiang Xiansong owns a beneficial interest in 32,400 H Shares of the Company, corresponding to vested incentive shares under the Employee Share Incentive Scheme[171] - Mr. Rao Minghong owns a beneficial interest in 59,400 H Shares of the Company, corresponding to vested incentive shares under the Employee Share Incentive Scheme[171] - Mr. Zhong Shanshan holds a 17.66% beneficial interest in Beijing Wantai Biological Pharmaceutical Enterprise Co., Ltd., with controlled corporations holding an additional 55.65%[172] - Mr. Zhong Shanshan holds a 63.50% interest in Xiamen Youmaike Medical Instruments Co., Ltd. through controlled corporations[172] - Mr. Zhong Shanshan holds a 60.00% interest in Beijing Tairun Innovation Technology Incubator Co., Ltd. through controlled corporations[172] - Mr. Zhong Shanshan holds a 94.93% interest in JWT (Beijing) Biotechnology Company Limited through controlled corporations[174] - Mr. Zhong Shanshan holds a 90.00% beneficial interest in Guanzi Management Consulting (Lishui) Partnership, with controlled corporations holding an additional 10.00%[174] - Mr. Zhong Shanshan holds a 24.81% beneficial interest in Guanzi Equity Investment (Lishui) Partnership, with controlled corporations holding an additional 74.94%[174] - Mr. Zhong Shanshan directly holds 98.38% equity interest in Yangshengtang, the controlling shareholder of the company, and indirectly holds 1.62% through Hangzhou Youfu[177] - Yangshengtang Pharmaceutical Co., Ltd., a non-wholly owned subsidiary of Yangshengtang, is 97.53% indirectly owned by Mr. Zhong Shanshan through Yangshengtang[177] - Beijing Wantai Biological Pharmaceutical Enterprise Co., Ltd. has a total share capital of 1,268,206,999 shares, with Mr. Zhong Shanshan directly holding 17.66% and indirectly holding 55.65% through Yangshengtang[177] - Xiamen Youmaike Medical Instruments Co., Ltd. is 63.50% owned by Beijing Wantai Biological Pharmaceutical Enterprise Co., Ltd., with Mr. Zhong Shanshan indirectly holding interest through the latter[177] - Beijing Tairun Innovation Technology Incubator Co., Ltd. is 60.00% owned by Beijing Wantai Biological Pharmaceutical Enterprise Co., Ltd., with Mr. Zhong Shanshan indirectly holding interest through the latter[177] - JWT (Beijing) Biotechnology Company Limited is 94.93% owned by Beijing Wantai Biological Pharmaceutical Enterprise Co., Ltd., with Mr. Zhong Shanshan indirectly holding interest through the latter[177] - Xiamen Innobiomax Biotechnology Co., Ltd. is 60.00% owned by Xiamen Innodx Biotechnology Co., Ltd., a wholly owned subsidiary of Beijing Wantai Biological Pharmaceutical Enterprise Co., Ltd., with Mr. Zhong Shanshan indirectly holding interest through the latter[181] - Guanzi Management Consulting (Lishui) Partnership (Limited Partnership) is 90.00% directly and 10.00% indirectly owned by Mr. Zhong Shanshan through Guanzi Private Equity Fund Management (Hangzhou) Co., Ltd.[181] - Guanzi Equity Investment (Lishui) Partnership (Limited Partnership) is 24.81% directly and 74.44% indirectly owned by Mr. Zhong Shanshan through Yangshen

上 市 公 司 证 券 研 究 报 告 食品饮料 公 司 点 评 / 公 司 点 评 报告原因：有业绩公布需要点评 | --- | --- | |----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（港币） | 28.40 | | 恒生中国企业指数 | 6331.14 | | 52 周最高 / 最低（港币） | 48.80/26.05 | | H 股市值（亿港币） | 3,194.00 | | 流通 H 股（百万股） | 5,034.67 | | 汇率（人民币/港币） | 1.0962 | 一年内股价与基准指数对比走势： -33% -13% 7% 27% 08/2809/2810/2811/2812/2801/2802/2803/2804/2805/2806/2807/28 HSCEI 农夫山泉 资料来源：Bloomberg 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan ...

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公 司 研 究 2024 年 08 月 29 日 公司点评 买入/首次 农夫山泉(09633) 目标价: 34.7 昨收盘:27.05 农夫山泉：H1 业绩符合预期，包装水市场份额有望逐步回补 走势比较 (40%) (28%) (16%) (4%) 8% 20% 23/8/29 23/11/1024/1/2224/4/424/6/1624/8/28 股票数据 总股本/流通(亿股) 50.35/0 总市值/流通(亿港元) 1,361.88/0 12 个月内最高/最低价 (港元) 48.8/26.3 相关研究报告 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 证券分析师：肖依琳 电话： E-MAIL：xiaoyl@tpyzq.com 分析师登记编号：S1190523100003 事件：公司公布 2024 年半年度报告，2024H1 实现收入 221.7 亿元， 同比+8.4%，实现归母净利润 62.4 亿元，同比+8.1%。 绿瓶纯净水表现亮眼，回补包装水份额下滑，无糖茶延续高增长。分 产品来看，2024H1 包装水/ 茶饮料/功能饮料/果 ...

公司研究 舆情影响致使包装饮用水承压，即饮茶延续高增 ——农夫山泉（9633.HK）2024 年中报点评 要点 增持（维持） 当前价：28.40 港元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com 总股本(亿股) 112.46 总市值(亿港元)： 3194.00 一年最低/最高(港元)： 26.05/47.92 近 3 月换手率： 10.48 股价相对走势 市场数据 | --- | --- | --- | --- | |--------------|-------|--------|--------| | 收益表现 \n% | \n1M | 3M | 1Y | | 相对 | -9.67 | -31.58 | -31.36 | | 绝对 | -6.71 | -35.32 | -35.14 ...

[Table_InvestInfo] 投资评级 优于大市 维持 [Table_MainInfo] 公司研究/食品 证券研究报告 农夫山泉（9633.HK）半年报点评 2024 年 08 月 31 日 短期网络事件致包装水业务承压，茶饮料 继续高增驱动整体业绩稳健增长 [Table_Summary] 投资要点： 事件：公司发布 2024 年半年报，2024 年上半年公司实现营收 221.73 亿元 （YOY8.36%），实现归母净利润 62.40 亿元（YOY8.04%）。 收入继续稳健向好增长，上半年盈利能力继续维持较高水平。24 年上半年收 入毛利端，受益于茶饮料和果汁的快速增长，公司营收同比增长 8.36%，此 外由于纯净水产品新品上市促销的影响、包装饮用水产品销量下降带来固定 成本分摊上升以及果汁原料价格的上升，毛利率同比下降 1.38pct 至 58.78%， 因此毛利额同比增长 5.87%。费用端，公司销售费用率同比下降 0.52pct（主 要系广告及促销开支对比去年同期有所提升，但物流费率受产品销售量的品 项结构影响），管理费用率同比降低 0.57pct，财务费用率基本稳定，因此期 间费用率整体同 ...