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%。 ...

Core Viewpoint - The company reported a total revenue of 25.622 billion RMB for the first half of 2025, reflecting a year-on-year growth of 15.6% and a net profit attributable to shareholders of approximately 7.622 billion RMB, which is a 22.1% increase compared to the previous year [1] Revenue Breakdown by Product - The revenue from packaged drinking water increased by 10.7% year-on-year to 9.443 billion RMB, accounting for 36.9% of total revenue [1] - The revenue from tea beverages grew by 19.7% year-on-year to 10.089 billion RMB, representing 39.4% of total revenue [1] - Functional beverages recorded revenue of 2.898 billion RMB, a year-on-year increase of 13.6%, making up 11.3% of total revenue [1] - Juice beverages maintained stable growth with revenue of 2.564 billion RMB, reflecting a year-on-year increase of 21.3%, and accounting for 10.0% of total revenue [1]

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%。 ...

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 ...