M N 2024 年 3 月 28 日 招银国际环球市场 | 睿智投资 | 公司更新 农夫山泉 (9633 HK) 2H23营收/净利分别增长 33%/62%，无糖茶业务占比显著提升 目标价 57.8港元 农夫山泉 2H23 营收及净利润分别录得+33.4%/62.2%，超出预期。全年营收和 (此前目标价 57.8港元) 净利均创下新高，毛利率回升2.1个百分点至59.5%，净利率达到28%的历史高 潜在升幅 40.0% 位，部分得益于茶饮业务同比 83%的高速增长，收入贡献占比达近 30%，拉低 当前股价 41.3港元 包装水业务占比至 48%。展望 2024 年，公司目标各业务板块均实现双位数增 中国必选消费 长。同时，公司不以追求维持高毛利为重点策略，并预计长期利润率将回落至 黄铭谦 25%左右区间。得益于消费力的恢复及茶饮的持续推新和渗透，2H 整体表现优 (852) 3900 0838 于1H，且2024年前两个月的业务发展均符合预期。公司表示，3月中旬开始的 josephwong@cmbi.com.hk 舆论主要影响线上直播间销售，目前事件负面影响正在减弱。 李昀嘉 盈利增速大于收入增速可期，材料 ...

华福证券 软饮料 2024年03月27日 公 司 农夫山泉（09633.HK） 持有（维持评级） 研 究 基本盘稳健，茶饮业务高速增长 当前价格： 41.25港元 目标价格： 43.86港元 事件：农夫山泉发布2023年年报，公司23年实现主营业务收入426.67 亿元，同比增长28.36%，实现归母净利润120.79亿元，同比增长42.19%。 基本数据 根据年报，公司23年下半年实现主营业务收入222.05亿元，同比增长 总股本/流通股本(百万股) 11,246.47/5,034.67 流通市值(百万港元) 207,679.99 33.44%%，归母净利润实现63.04亿元，同比增长62.19%，环比上半年 每股净资产(港元) 2.81 明显提速。 资产负债率(%) 41.85 一年内最高/最低价(港元) 46.75/37.95  包装饮用水和饮料双引擎格局进一步夯实，功能饮料/果汁均维持 一年内股价相对走势 双位数增长。 公 司 截至2023年，公司包装水和饮料业务合计贡献了77.16%的收入， 财 双轮驱动进一步夯实，其余功能饮料和果汁业务仍维持较好的双位数 报 增长，分别实现收入达49.02/35 ...

公司研究 证 券研究 报 告 食品饮料 2024年03月28日 农夫山泉（09633.HK）2023年报点评 推 荐 （维持） 目标价：52港元 茶饮突破百亿，盈利超出预期 当前价：41.25港元 事项： 华创证券研究所  农夫山泉发布2023年年报，23年全年实现主营收入426.67亿元，同增28.4%； 归母净利润120.79亿元，同增42.2%。23H2实现主营收入222.05亿元，同 证券分析师：欧阳予 增33.4%；归母净利润63.04亿元，同增62.2%。 评论： 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001  多品类取得双位数增长，即饮茶增长再度加速。23H2包装水实现营收98.20 证券分析师：范子盼 亿，同增 10.2%，主要系消费场景稳步复苏，公司亦通过 4L 把手装升级回 归拓展消费场景。23H2 饮料营收同增 60.3%至 123.85 亿，体量首次超越包 邮箱：fanzipan@hcyjs.com 装水。分品类看，23H2即饮茶/功能饮料/果汁/其他饮料营收73.73/24.45/18.47 执业编号：S0360520090001 /7.20 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 NONGFU SPRING CO., LTD. 農夫山泉股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 9633 （股份代號： ） 2023 12 31 截 至 年 月 日 止 年 度 之 全 年 業 績 公 告 2023 年全年業績摘要 • 總收益為人民幣42,667百萬元，同比增加28.4%； • 母公司擁有人應佔溢利為人民幣12,079百萬元，同比增加42.2%； • 每股基本盈利為人民幣1.07元，同比增加40.8%； • 建議派發期末股息每股普通股人民幣0.75元。 農夫山泉股份有限公司（「本公司」或「農夫山泉」）董事會（「董事會」）欣然公佈本 公司及其附屬公司（「本集團」）截至2023年12月31日止年度（「報告期」）之按國際 財務報告準則（「國際財務報告準則」）編製的綜合業績，連同2022年同期的比較 數字。 ...

研究报告Research Report 28 Feb 2024 农夫山泉 Nongfu Spring (9633 HK) 首次覆盖：品牌为王、渠道致胜，高周转成就大规模 The Dual Advantages of Brand and Channel, High Turnover Achieves Large-scale : Initiation [观Ta点bl聚e_焦yem Inevie1s] tment Focus [T首ab次le_覆Inf盖o] 优于大市Initiate with OUTPERFORM (Please see APPENDIX 1 for English summary) 软饮料为壁垒低、高度竞争的行业，同时单瓶利润薄、需要高周 评级 优于大市OUTPERFORM 转，比拼企业的综合能力。包装水龙头经过多次变迁，“1元水”时 现价 HK$44.75 代娃哈哈领跑，“1.5 元水时代”康师傅凭借深度分销与价格优势领 目标价 HK$50.00 先，“2 元水”时代怡宝凭借轻资产与渠道组合拳短暂领先后，最终 农夫山泉王者归来。目前包装水已进入中低速增长阶段，行业未 市值 HK$225.30b ...

福州烟台山景区下，一条人流如织、车水马龙的街道上，一家门面并不显眼的零食店内，一张写着各类快消品比价的易拉宝却引入注目： “定价2元一瓶500毫升的农夫山泉，店里卖1.2元。” “定价3元一听的雪碧，店里卖1.8元。” “……” （地歌网作者拍摄） 时间才到正月大年初三（2月12日），加盟商就开始正常营业；而望向店内，来买零食的大多是年轻宝妈和学生，每个人手里基本都拎着购物篮。 这家坐落在福州烟台山下的零食店，仅仅是去年零食折扣行业如火如荼的缩影。 2023年以来，随着经济环境的变化，消费降级的趋势料将持续，供应商出清尾货的需求依然很大，KA零食品牌也在不断寻找传统商超之外的新渠道。 近年来迅速崛起的零食折扣渠道迎来大机遇。 硬币的正面，头部新势力正通过扩张、并购来集中力量抢占市场份额。2023年9月，万辰集团合并旗下4个零食品牌，并收购外部品牌 “老婆大人”，门店总数突破4300家；11月，零食很忙、赵一鸣零食官宣合并，品牌门店合计破6500家。 同时，腰尾部玩家加速出清。2023年6月，成立七年的“a1零食研究所”被曝已关闭80%的门店，覆盖区域收缩至福州、厦门两城。 硬币的背面，良品铺子等头部零食品 ...

智通财经APP获悉，招银国际发布研究报告称，考虑到农夫山泉(09633)业绩潜在超预期可能性，维持“买入”评级，并把公司加进我们短期推荐名单(茅台、伊利、新秀丽)。预计下半年净利润达到55亿元人民币，同比增39%；全年净利润超额完成至26.5%，略高于管理层和市场预期，目标价57.8港元。 该行预计，公司下半年营收同比增长31%，优于上半年的增速以及市场预期和之前的管理层指引。另预计公司平均单价在没有提价举措前提下维持稳定，而产品升级以至于新品推出将为单价带来低单涨幅。按品类来看，瓶装水维持稳定增长，大约在9%左右（全年约10%）；茶饮料增速爆发，下半年增速翻倍（全年约80%）；果汁饮料和功能饮料分别有望取得超过20%的增长（全年20%+左右）。毛利率方面，由于PET的采购价格在去年下半年出现下行情况，该行认为下半年毛利率能企稳在59%左右，拉动全年毛利率同比提升2个百分点到59.4%。公司在下半年按季节性需求加大宣传投入，但全年来看三费倍率维持稳定，费率增速与营收增速同步（约27%）。 ...

農夫山泉股份有限公司 NONGFU SPRING （於中華人民共和國註冊成立的股份有限公司） (A joint stock company incorporated in the People’s Republic of China with limited liability) CO., 股份代號 Stock Code : 9633 LTD. ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 NONGFU SPRING CO., LTD. 農夫山泉股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 9633 （股份代號： ） 2023 年 中 期 業 績 公 告 2023 年中期業績摘要 • 總收益為人民幣20,462百萬元，同比增長23.3%； • 母公司擁有人應佔溢利約為人民幣5,775百萬元，同比增長25.3%； • 每股基本盈利為人民幣0.51元，同比增長24.4%。 農夫山泉股份有限公司（「本公司」或「農夫山泉」）董事（「董事」）會（「董事會」）欣然 公佈本公司及其附屬公司（合稱「本集團」或「我們」）截至2023年6月30日止六個 月（「報告期」）的按國際財務報告準則（「國際財務報告準則」）編製的未經審核中 期簡明綜合業績（「本公告」），連同截至2022年6月30日止同期的比較數字。 ...

Financial Performance - Nongfu Spring's total revenue for 2022 reached RMB 33.2 billion, representing a year-on-year increase of 11.9%[1] - The company's net profit for 2022 was RMB 7.2 billion, up 14.8% compared to the previous year[1] - Total revenue for 2022 reached RMB 33,239 million, an increase of 11.9% compared to 2021[28] - Profit attributable to owners of the parent increased to RMB 8,495 million in 2022, up from RMB 7,162 million in 2021[28] - Gross profit for 2022 was RMB 19,095 million, compared to RMB 17,656 million in 2021[28] - The company's gross profit margin improved to 59.7% in 2022, up from 58.8% in 2021[1] - Net profit for 2022 increased by 18.6% to RMB8,495 million compared to RMB7,162 million in 2021[73] - Earnings per share increased to RMB 0.76 in 2022, up from RMB 0.64 in 2021[28] - The company will recommend a cash dividend of RMB0.68 per share for the year ended December 31, 2022, amounting to a total dividend of approximately RMB7,647.6 million[32] - The company proposed a final cash dividend of RMB0.68 per share for the year ended December 31, 2022, totaling approximately RMB7,647.6 million[74][79] - The company's profit for the year increased by 18.6% from RMB7,162 million in 2021 to RMB8,495 million in 2022[78] Revenue Breakdown by Product Segment - Nongfu Spring's packaged drinking water segment contributed RMB 17.0 billion to total revenue, accounting for 51.2% of total sales[1] - The beverage segment, including tea, functional, and juice drinks, generated RMB 16.2 billion in revenue, representing 48.8% of total sales[1] - Revenue from packaged drinking water products accounted for 54.9% of total revenue in 2022, reaching RMB18,263 million, a 7.1% increase from 2021[42] - Revenue from tea beverage products accounted for 20.8% of total revenue in 2022, reaching RMB6,906 million, a significant increase from 15.4% in 2021[41] - Revenue from functional beverage products accounted for 11.5% of total revenue in 2022, reaching RMB3,838 million, slightly down from 12.4% in 2021[41] - Revenue from juice beverage products accounted for 8.7% of total revenue in 2022, reaching RMB2,879 million, slightly down from 8.8% in 2021[41] - Revenue from other products accounted for 4.1% of total revenue in 2022, reaching RMB1,353 million, down from 6.0% in 2021[41] - Packaged drinking water products revenue in 2022 was RMB18,263 million, a 7.1% increase from 2021, accounting for 54.9% of total revenue[43] - Tea beverage products revenue in 2022 was RMB6,906 million, a 50.8% increase from 2021, accounting for 20.8% of total revenue[45][46] - Functional beverage products revenue in 2022 was RMB3,838 million, a 3.9% increase from 2021, accounting for 11.5% of total revenue[51][53] - Juice beverage products revenue in 2022 was RMB2,879 million, a 10.1% increase from 2021, accounting for 8.7% of total revenue[52] - Revenue from juice beverage products in 2022 was RMB2,879 million, a 10.1% increase compared to 2021, accounting for 8.7% of total revenue[55] - Revenue from other products decreased by 22.7% to RMB1,353 million in 2022, accounting for 4.1% of total revenue[57][58] Operational Highlights - The company's operating cash flow increased by 18.5% year-on-year to RMB 9.8 billion in 2022[1] - The company's R&D expenditure in 2022 was RMB 320 million, representing 1.0% of total revenue[1] - The company completed and put into operation a new production base in Daming Mountain, Guangxi, increasing the number of water sources to 12[29] - The company continued to strengthen channel construction and development of sales outlets, particularly during the COVID-19 pandemic[30] - Information technology development was enhanced, including upgrades to the digital marketing system and optimization of production and logistics management[30] - The company introduced new packaging sizes for drinking water, such as 4.5L and 6L, to promote sales of larger-sized packaged drinking water[42] - The company launched new 4.5L and 6L capacity specifications for packaged drinking water to improve the product matrix[43] - "Tea π" introduced two new flavors, "Citrus Pu'er Lemon Tea" and "Green Grape Oolong Tea," and expanded its product matrix with 900ml packages[45][47] - "Oriental Leaf" launched seasonal limited products, including "Longjing Spring Tea" and "Osmanthus Oolong," to promote Chinese tea culture[48][49] - The company launched a new carbonated tea product, "Sparkling Tea Drink," with three innovative flavors in March 2022[50] - "Scream" beverage collaborated with Ultraman for co-branded bottles and themed activities, while "Vitamin Water" engaged in music and dance events[54] - "Nongfu Orchard" underwent a comprehensive upgrade, launching five new 30% mixed juice beverages with new branding and packaging in 2022[52] - The Group launched new flavors for "Tea π" and upgraded the "Farmer's Orchard" product line in 2022[59][62] - The Group upgraded its digital marketing system and launched order management and warehousing logistics systems in 2022[63] Corporate Governance and Board Structure - The company's executive directors include Mr. Zhong Shanshan (Chairman and General Manager), Mr. Guo Zhen, Mr. Zhou Li, Ms. Zhou Zhenhua, and Mr. Liao Yuan[11] - The company's independent non-executive directors include Mr. Stanley Yi Chang, Mr. Yang Lei Bob, and Mr. Lu Yuan[12] - The company's supervisor committee includes Mr. Zhong Jigang (Chairman), Mr. Liu Xiyue, and Mr. Rao Minghong[13] - The Board consists of five executive Directors, one non-executive Director, and three independent non-executive Directors, ensuring a strong independence element[130] - The Board consists of nine Directors, including five executive Directors, one non-executive Director, and three independent non-executive Directors as of December 31, 2022[132][134] - The Board is responsible for determining business strategies, investment plans, and implementing resolutions passed at Shareholders' general meetings[136][137] - The Board has established three special committees: Audit Committee, Nomination Committee, and Remuneration Committee to advise on decisions[138][141] - The Company has set up the Office of Public Policy & Sustainable Development to assist the Board in identifying and monitoring sustainable development risks[138] - The Chairman of the Board and General Manager roles are both performed by Mr. Zhong Shanshan[140] - The Board approved the "Mechanism for the Board to Obtain Independent Views and Opinions" to ensure independent perspectives are available[143] - The Board regularly reviews compliance with domestic and overseas regulatory requirements and internal corporate governance policies[142] - The Supervisor Committee oversees the performance of duties by the Board and senior management, as well as financial activities and risk management[138] - No changes in Directors, Supervisors, and senior management during the Reporting Period[145] - The term of the seventh session of the Board of Directors and Supervisory Committee will expire on March 5, 2023, with the eighth session to be established[146] - Nomination of candidates for the eighth session of the Board of Directors and Supervisory Committee, including Mr. Zhong Shanshan, Ms. Wu Limin, Mr. Xiang Xiansong, and Ms. Han Linyou as executive Directors[146] - Mr. Rao Minghong re-elected as the employee representative Supervisor of the eighth session of the Supervisory Committee on March 2, 2023[147] - The eighth session of the Board of Directors and Supervisory Committee will have a term of three years, effective from the date of approval at the Annual General Meeting[148] - Adjustments to senior management, including the appointment of Ms. Wu Limin as Chief Financial Officer and Authorized Representative, effective from the date of approval at the Annual General Meeting[150] - During the Reporting Period, the Company held 4 Board meetings and 2 general meetings, with all Directors attending all meetings[154] - The senior management provided timely information to the Board regarding business activities and development, with executive Directors frequently communicating with non-executive Directors[155] - The Company arranged and funded suitable training for Directors, ensuring compliance with the Corporate Governance Code and enhancing awareness of good corporate governance practices[157] Audit and Financial Controls - The Audit Committee reviewed the annual result announcement for the year ended December 31, 2022, confirming compliance with all applicable accounting standards and regulations, and sufficient disclosures were made[170] - The Audit Committee reviewed the Group's financial, operational, and compliance controls, as well as risk management for 2022, and was satisfied with the effectiveness and sufficiency of the internal control mechanism[170] - The Audit Committee recommended re-appointing Pan-China Certified Public Accountants LLP as the domestic auditors and Ernst & Young as the overseas auditors for 2023, subject to shareholder approval[170] - The Audit Committee held three meetings during the reporting period, with all members attending all meetings[168] - The Audit Committee reviewed the interim report for the six months ended June 30, 2022, confirming compliance with applicable accounting principles, standards, and requirements[169] - The Audit Committee reviewed the remuneration of the auditors for 2022 and made recommendations for their re-appointment[170] - The Audit Committee ensured coordination between the internal audit department and the external audit agency[165] - The Audit Committee reviewed the Company's policies and practices on financing and accounting[165] - The Audit Committee ensured proper channels were established for employees to report potential improprieties in financial reporting or internal controls confidentially[165] - The Audit Committee reviewed the Explanatory Letter on Audit submitted by the external audit agency and any material questions raised regarding accounting records or internal controls[165] Sustainability and Corporate Responsibility - The company reduced water intensity by 12.7% compared to 2020, achieving 63.4% of the 2030 strategic target for water intensity reduction[115] - The company achieved 99% recyclable plastic packaging for water and beverage products[118] - The company established a three-level sustainable development structure with the Board of Directors as the top leader, assisted by the Office of Public Policy & Sustainable Development[109] - The company actively identified and updated the impact of climate change on its business in real time, formulating systematic response strategies[113] - The company improved energy efficiency and promoted clean energy replacement, while strengthening low-carbon management in the value chain[114] - The company optimized waste water, exhaust gas, and waste management, reducing the impact of operations on the natural environment[117] - The company committed to sustainable agriculture development, focusing on the potential impacts of agricultural production on water resources, soil health, and climate change[118] - The company has released its 2022 Sustainability Report, focusing on promoting social sustainable development[124] - The company has adopted sound governance and disclosure practices, aiming to establish a highly ethical corporate culture[127] - The company is committed to building a sustainable supply chain and improving supplier performance in environment, human rights, and integrity[122] Shareholder Communication and Governance - The Company has adopted a Shareholder Communication Policy to ensure equal and timely access to information for shareholders and investors[199][200] - The Company publishes updated business operations, financial data, and corporate governance practices on its website for public access[199][200] - The Board of Directors reviewed the implementation and effectiveness of the Shareholder Communication Policy during the reporting period and found it to be appropriate and effective[199] - Shareholders holding more than 3% of voting shares can propose new agenda items for the general meeting, with the convener required to issue a supplementary notice within 2 days[198] - The Company's Articles of Association were not amended during the reporting period[198] Employee and Management Incentives - Total employee benefit expenses, including directors' remuneration, amounted to RMB3,261 million in 2022[102] - The Group granted 6,636,400 H Shares under the Employee Share Incentive Scheme, representing 0.059% of total issued shares and 0.1318% of issued H Shares[106] - 2,610,000 incentive shares met the First Tranche Vesting conditions, while 44,184 shares were confiscated and sold in the open market[107] - The grant price for the Employee Share Incentive Scheme was HK$13.22 per share, calculated as 30% of the average closing price of H Shares in the 120 trading days before the grant date[107] - The Company's Employee Share Incentive Scheme was approved by the Remuneration Committee during the reporting period[188][189] Financial Position and Capital Management - Total assets grew to RMB 39,255 million in 2022, up from RMB 32,896 million in 2021[28] - Cash and bank balances increased to RMB 15,211 million in 2022, compared to RMB 14,784 million in 2021[28] - The company's long-term bank deposits, pledged deposits, cash, and bank balances increased by 21.4% to RMB19,316 million as of December 31, 2022, compared to RMB15,909 million in 2021[75][80] - Inventories increased by 16.5% to RMB2,108 million as of December 31, 2022, with inventory turnover days decreasing from 54.8 days to 50.5 days[82][83] - Trade and bills payables increased to RMB1,425 million as of December 31, 2022, with turnover days increasing from 30.8 days to 33.3 days[85][87] - The company's gearing ratio decreased to 10.5% as of December 31, 2022, compared to 12.5% in 2021, due to slower growth in interest-bearing borrowings relative to equity[88][91] - The company held HK$1,469 million, US$443 million, and a small amount of other foreign currencies as of December 31, 2022, with increased exchange rates for USD and HKD against RMB[76][90][94] - Capital commitments amounted to approximately RMB1,542 million as of December 31, 2022, primarily for the construction of production plants and purchase of production equipment[96][97] - The company did not have any significant contingent liabilities as of December 31, 2022[95] - The company gradually used the proceeds from the initial public offering for the intended purposes set out in the Prospectus from September 8, 2020, to December 31, 2022[98] - Total IPO proceeds and over-allotment option net proceeds amounted to HK$9,377 million, with HK$4,896 million (52.2%) utilized as of December 31, 2022, leaving HK$4,481 million unutilized[99] - Brand building utilized HK$1,003 million out of HK$2,344 million allocated, with HK$1,341 million remaining[100] - Purchasing sales equipment utilized HK$371 million out of HK$2,344 million allocated, with HK$1,973 million remaining[100] - Purchasing production facilities and building new factories utilized HK$1,434 million out of HK$1,875 million allocated, with HK$441 million remaining[100] - Strengthening fundamental capabilities utilized HK$212 million out of HK$838 million allocated, with HK$626 million remaining[100] Product Development and Innovation - The company introduced new packaging sizes for drinking water, such as 4.5L and 6L, to promote sales of larger-sized packaged drinking water[42] - The company launched new 4.5L and 6L capacity specifications for packaged drinking water to improve the product matrix[43] - "Tea π" introduced two new flavors, "Citrus Pu'er Lemon Tea" and "Green Grape Oolong Tea," and expanded its product matrix with 900ml packages[45][47] - "Oriental Leaf" launched seasonal limited products, including "Longjing Spring Tea" and "Osmanthus Oolong," to promote Chinese tea culture[48][49] - The company launched a new carbonated tea product, "Sparkling Tea Drink," with three innovative flavors in March 2022[50] - "Scream" beverage collaborated with Ultraman for co-branded bottles and themed activities, while "Vitamin Water" engaged in music and dance events[54] - "Nongfu Orchard" underwent a comprehensive upgrade, launching five new 30% mixed juice beverages with new branding and packaging in 2022[52] - The Group launched new flavors for "Tea π" and upgraded the "Farmer's Orchard" product line in 2022[59][62] Market Strategy and Expansion - The company implemented a multi-brand strategy and has built a super brand in the PRC soft beverage market[4] - The company's nationwide sales network covers all provinces, municipalities, and prefecture-level administrative divisions across China[3] - The company will continue to expand sales channels and market share in 2023, while exploring innovative and high-quality products to meet changing consumer needs[125] - The company will strengthen its understanding of consumer needs and adapt to market changes post-pandemic[125] - The company plans to strengthen the development and reserve of high-quality water resources and talent resources to ensure long-term sustainable development[33] Quality and Safety Management - Product external inspection and national random inspection qualification rate reached 100%[121] - The company has revised its internal health and safety system and set production safety management objectives to protect employee occupational health and safety[120] - The company adheres to the philosophy of developing "natural and healthy" products, integrating quality and safety into the entire product lifecycle[121] Corporate Culture and Ethics - The company achieved 100% employee coverage for the signed Code of Business Conduct and anti-corruption training[111] - The company has adopted sound