Financial Performance - Nongfu's first-half profit climbed to the highest levels since at least 2019 [1] Industry Dynamics - The bottled water industry in China is showing signs of recovery [1] Company Reputation - Nongfu is recovering following a period of negative publicity [1]

Core Insights - The company reported a revenue of RMB 25.622 billion for the first half of 2025, representing a year-on-year growth of 15.6%, and a net profit of RMB 7.622 billion, up 22.1% year-on-year, driven by strong performance in both the tea beverage and packaged water segments [1] - The growth is attributed to the company's long-term strategy, innovation capabilities, and resource advantages, rather than just the success of individual products [1] Group 1: Quality as the Core Competitiveness - The company faced public scrutiny over the past year but has demonstrated that its commitment to quality and food safety has resonated positively with consumers, reinforcing the brand's value [2] - The tea beverage segment has seen sustained high growth due to the company's adherence to a minimalist formula in its "zero sugar, zero calorie, zero fat, zero flavoring, and zero preservatives" product line, alongside the return of seasonal products [2] - The management's meticulous oversight of production and supply chains has ensured consistent quality during expansion, which is crucial for maintaining consumer trust [2] Group 2: Market Recognition - In July 2025, the company ranked third in the Brand Finance report on global soft drink brand value, marking the first time a Chinese brand has entered the top three, indicating a significant shift in the global beverage market [3] - The growth in the first half of 2025 is seen as a long-term response from the market to the company's commitment to quality and food safety [3] Group 3: Water Source Strategy - The company's water source strategy is fundamental to its long-term development, with a focus on establishing factories and bottling operations at water sources to ensure product quality [5] - The company has expanded its water source locations to fifteen, enhancing its supply system and creating a competitive barrier that is difficult for others to replicate [5] - The packaged water segment generated RMB 9.44 billion in revenue, a 10.7% increase year-on-year, reinforcing the company's image of providing "good water" [5] Group 4: Future Expansion - New factories are under construction in various regions, which will further strengthen the implementation of the water source strategy and support the supply for tea beverages and packaged water [6] - The combination of "water source + factory" is expected to ensure stable product quality and enhance the company's resilience against market fluctuations [6] - The company's mid-year performance reflects a growth logic driven by innovation and a long-term commitment to core resources, emphasizing the importance of strategic focus in uncertain economic conditions [6]

格隆汇8月26日｜农夫山泉(9633.HK)2025年中期营收256.22亿元，同比增长15.6%，上年同期221.73亿 元；净利润76.22亿元，同比增长22.1%，上年同期62.4亿元；每股基本盈利为0.677元，同比增长 22.0%。 ...

（企业公告） (编辑：王璨 林辰) 8月26日，农夫山泉发布2025年中期业绩公告。当中披露，2025年上半年，集团录得总收益为256.22亿 元（人民币，下同），同比增长15.6%；母公司拥有人应占溢利约为76.22亿元，同比增长22.1%。 分产品看，包装饮用水产品的收益较去年同期增长10.7%至94.43亿元，在总收益占比为36.9%；茶饮料 产品的收益较去年同期增长19.7%至100.89亿元，在总收益占比为39.4%；此外，功能饮料产品录得收益 28.98亿元，较去年同期增长13.6%，占总收益的11.3%；果汁饮料产品继续维持稳定增长，录得收益 25.64亿元，较去年同期增长21.3%，占总收益的10.0%。 ...

农夫山泉(09633)发布截至2025年6月30日止6个月中期业绩，该集团取得收益人民币256.22亿元(单位下 同)，同比增加15.56%;母公司拥有人应占盈利76.22亿元，同比增加22.16%;每股盈利0.677元。 2025年上半年，本集团取得收益256.22亿元，较去年同期增长15.6%，其中，包装饮用水产品的收益较 去年上半年同期增长10.7%，在总收益占比为36.9%;饮料产品的收益较去年同期增长18.7%，在总收益 占比为62.7%。 本集团包装饮用水产品业务受去年网络舆情的影响在减退，今年上半年销售逐步回升。报告期内，本集 团包装饮用水产品取得收益94.43亿元，较去年同期增长10.7%，占总收益的36.9%。 报告期内，我们新增湖南八大公山、四川龙门山、西藏念青唐古拉山三个水源地投入使用。截至目前， 我们已在全国布局十五个主要的水源地。上半年，我们持续在全国范围内深化推广"天然水源，透明工 厂"寻源活动。活动期间，我们邀请世界游泳冠军、知名艺人、行业意见领袖等各界人士以及本集团的 员工和家属们，实地探访了农夫山泉十余处优质水源地及现代化生产基地，让更多人亲身体验农夫山泉 水源地的自然生态与 ...

Core Insights - The company achieved double-digit growth in both revenue and net profit in the first half of 2025, with total revenue reaching RMB 256.22 billion, a year-on-year increase of 15.6% [3] - The tea beverage segment surpassed bottled water for the first time, generating revenue of RMB 100.89 billion, a significant increase of 19.7%, accounting for 39.4% of total revenue [2][5] - The gross profit margin improved to 60.3%, up from 58.8% in the same period last year, primarily due to a decrease in raw material costs [3][6] Revenue Breakdown - Tea beverages: Revenue of RMB 100.89 billion, representing 39.4% of total revenue, with a growth rate of 19.7% [2][4] - Bottled water: Revenue of RMB 94.43 billion, accounting for 36.9% of total revenue, with a year-on-year growth of 10.7% [2][4] - Juice beverages: Revenue of RMB 25.64 billion, showing a growth of 21.3% [2][4] - Functional beverages: Revenue of RMB 2.898 billion, with a growth rate of 13.6% [2][4] Profitability and Cost Management - Net profit attributable to the parent company was approximately RMB 76.22 billion, reflecting a year-on-year increase of 22.1% [3] - Gross profit reached RMB 154.6 billion, up 18.6% year-on-year, with a gross profit margin increase of 1.5 percentage points [6] - Selling and distribution expenses as a percentage of total revenue decreased from 22.4% to 19.6% due to reduced advertising and promotional expenses [6] Strategic Developments - The company has initiated international expansion, with core products launched in the Hong Kong market, covering over 3,500 retail outlets [6]

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人民财讯8月26日电，农夫山泉8月26日晚间披露2025年中期业绩，2025年中期总收益为人民币256.22亿 元，同比增长15.6%；母公司拥有人应占溢利约为人民币76.22亿元，同比增长22.1%；每股基本盈利为 人民币0.677元，同比增长22.0%。 ...

格隆汇8月26日丨农夫山泉(09633.HK)公告，2025年中期业绩，总收益为人民币256.22亿元，同比增长 15.6%；母公司拥有人应占溢利约为人民币76.22亿元，同比增长22.1%；每股基本盈利为人民币0.677 元，同比增长22.0%。 公司始终坚持"水源地建厂"策略，构建了广泛而稳固的水源地网络。报告期内公司新增了湖南八大公 山、四川龙门山、西藏念青唐古拉山三个山泉水水源地，未来还将持续优化和完善水源地布局，在为消 费者提供高品质饮用水的同时，这将有助公司有效降低生产成本和提升供应效率，强化集团核心竞争优 势。 来源：格隆汇APP 公司积极推进产品"走出去"。2025年6月，"农夫山泉"饮用天然水、"东方树叶"无糖茶饮料、"茶π"果味 茶系列等核心产品正式登陆香港市场，覆盖超3,500家终端，涵盖全渠道零售网络。公司通过水源地寻 源、明星代言等一系列推广活动，不断强化"天然、健康"的品牌理念，以"渠道－产品－文化"三位一体 的策略，完成品牌高端化与国际化的关键验证。未来公司还将探索其他海外市场，努力拓展国际市场， 为集团开拓新的增长空间。 ...

农夫山泉上半年净利润为76.2亿元人民币，超出市场预期的72.8亿人民币。 来源：滚动播报 ...