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]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月26日｜农夫山泉(9633.HK)2025年中期营收256.22亿元，上年同期221.73亿元；净利润76.22亿 元，上年同期62.4亿元。 (责任编辑：宋政 HN002) ...

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%。 ...

Core Insights - The company reported a total revenue of RMB 25.622 billion for the mid-2025 period, representing a year-on-year growth of 15.6% [1] - The profit attributable to the parent company was approximately RMB 7.622 billion, reflecting a year-on-year increase of 22.1% [1] - Basic earnings per share were RMB 0.677, marking a year-on-year growth of 22.0% [1] Business Strategy - The company adheres to a "factory built at the water source" strategy, establishing a robust network of water sources [1] - During the reporting period, the company added three new spring water sources located in Hunan, Sichuan, and Tibet [1] - The ongoing optimization of the water source layout is expected to lower production costs and enhance supply efficiency, strengthening the company's competitive advantage [1] Market Expansion - The company is actively promoting its products internationally, with key products like "Nongfu Spring" natural drinking water and "Oriental Leaf" sugar-free tea officially entering the Hong Kong market in June 2025 [1] - The products are now available in over 3,500 retail outlets, covering a comprehensive retail network [1] - The company employs a strategy that integrates channel, product, and culture to reinforce its brand image of "natural and healthy," while also validating its high-end and international brand positioning [1] - Future plans include exploring other overseas markets to create new growth opportunities for the company [1]

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 ...

农夫山泉2025年上半年营收256.22亿元，上年同期221.73亿元。 来源：滚动播报 ...

8月26日下午，农夫山泉在港交所公告，2025年上半年总收益为人民币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%。 ...

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） （股 份 代 號：9633） 2025年中期業績公告 2025年中期業績摘要 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（合 稱「本集團」或「我 們」）截 至2025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業績 （「業績公告」），連 同2024年 同 期 的 比 較 數 字。 – 1 – – 2 – 中期簡明綜合全面收益表 截 至2025年6月30日止六個月 | 2025年 | | 年 | | --- | --- | --- | | 人民幣千元 | 2024 人民幣千元 | | （未 經 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [13]. Core Views - The company is a leading player in China's soft drink industry, effectively driving price inflation in the beverage sector through high-quality, high-priced products, thereby creating substantial profits for upstream suppliers and distributors [4]. - The company has shown resilience in overcoming negative public sentiment and is expected to gradually increase its market share and influence [4]. - The company has established a dual-engine development strategy focusing on packaged water and beverages, leading to rapid revenue and profit growth from 17.5 billion RMB in 2017 to 42.7 billion RMB in 2023, with a CAGR of 16% for revenue and 24% for net profit [7][18]. Summary by Sections Industry Layout - The company has strategically positioned itself in the health-oriented beverage market, launching natural water during the pure water era and sugar-free tea during the sugar tea trend, effectively extending its industrial chain [8]. - It has invested in 15 water sources nationwide, reducing transportation costs and enhancing supply chain stability by supporting local farmers [8]. Product Marketing - The company prioritizes quality in its marketing strategy, avoiding price wars and focusing on premium positioning, which has led to significant growth in its sugar-free tea brand "Oriental Leaf" [9]. - Effective advertising and event marketing have strengthened brand recognition, with slogans like "Nongfu Spring is a bit sweet" resonating with consumers [9]. Channel Management - The company has evolved its distribution model from joint ventures to exclusive distributors, ensuring profitability for distributors and enhancing loyalty [10]. - It employs a dual-channel strategy, focusing on large distributors while supporting smaller ones, which has improved overall channel efficiency [10]. Future Outlook - Despite facing challenges in 2024 due to public relations issues, the company is actively engaging in market recovery efforts and is expected to regain market share by 2025 [11]. - Revenue projections for 2025, 2026, and 2027 are estimated at 49.8 billion RMB, 55.7 billion RMB, and 61.2 billion RMB, respectively, with corresponding net profits of 14.5 billion RMB, 16.6 billion RMB, and 18.6 billion RMB [11].

Group 1 - Brand Finance has released the "2025 Global Food Brand Value List," where Six Walnut, a brand under Yangyuan Beverage, ranks among the top 50 global soft drink brands, alongside Coca-Cola and Pepsi [2] - Analyst Zhu Danpeng highlights that Six Walnut's significant rise in international rankings reflects its strong ability to navigate market cycles and contributes to the global recognition of Chinese beverage brands [2][3] - The global soft drink market is undergoing profound changes, with health and functionality becoming core drivers of brand value growth, as evidenced by the projected growth of China's plant protein beverage market to over 200 billion RMB by 2025, with an annual growth rate exceeding 20% [3] Group 2 - Six Walnut has established procurement bases in Xinjiang, Yunnan, and Taihang Mountain, implementing strict selection standards to ensure product quality, creating a stable supply chain [4] - The brand has innovated by launching low-sugar and sugar-free walnut milk products, catering to health-conscious consumers, and has developed various product lines to cover diverse consumer scenarios [4][5] - Six Walnut's long-term strategy focuses on quality control, supply chain collaboration, product innovation, and extending consumption scenarios, which enhances its competitive advantage in the plant protein beverage market [5][6] Group 3 - Six Walnut has consistently maintained a leading market share in the walnut milk beverage sector, establishing itself as a top producer in China, with significant barriers to competition [6][7] - The brand's recognition in the "2025 Global Soft Drink Brand Value List" signifies the growing strength and competitiveness of Chinese soft drink brands in the global market [6] - Six Walnut has received multiple accolades for brand value, including being the first Chinese soft drink brand to enter the Brand Finance list in 2022, showcasing the strength of Chinese beverages on the international stage [6][7]