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]

Core Viewpoint - The competitive dynamics between Wahaha and Nongfu Spring have shifted dramatically, with Nongfu Spring recovering from a public relations crisis while Wahaha faces significant challenges [1][3]. Group 1: Market Performance - Nongfu Spring's stock price reached a three-year high of 48.2 HKD, marking an increase of over 110% from its lowest point of 22.73 HKD in September 2024, with a market capitalization exceeding 500 billion HKD [1][3]. - In contrast, Nongfu Spring's revenue from bottled water declined by 21.3% in 2024, with total revenue of 428.96 billion RMB, a mere 0.5% increase year-on-year [7][9]. Group 2: Public Relations and Reputation - The public relations crisis for Nongfu Spring began after the death of its founder, leading to a significant backlash and accusations against its founder, Zhong Shanshan, which resulted in a 51.8% drop in stock price from May to September 2024 [4][7]. - The narrative surrounding Zhong Shanshan shifted positively after the public learned about the legal disputes involving Wahaha's founder's trust assets, which contrasted sharply with Zhong's previously perceived image [8][9]. Group 3: Future Outlook - Analysts, including Citibank, have raised Nongfu Spring's target price from 38.6 HKD to 53.3 HKD, anticipating a recovery in its bottled water business by the second half of 2025 [3][9]. - The ongoing scrutiny of Wahaha's performance indicates a decline in sales, with reports of a nearly 20% drop in certain regions during peak sales seasons [9].

Core Insights - Nongfu Spring has achieved a significant milestone by ranking 3rd in the BrandFinance's "Top 50 Global Soft Drink Brands 2025," marking the first time a Chinese brand has entered the top three, following Coca-Cola and Pepsi [1][5]. Brand Value and Performance - In 2025, Nongfu Spring's brand value reached $11.1 billion, reflecting a year-on-year growth of 33.6% [5]. - The brand strength index (BSI) improved by 3.5 points to 91.1, with the brand strength rating upgraded to the highest AAA+ level, establishing it as a benchmark in the Asian non-alcoholic beverage sector [5]. Product Portfolio and Market Strategy - Nongfu Spring's product matrix spans 10 categories and over 100 SKUs, including bottled water, tea, juice, and functional drinks, creating a synergistic effect where consumers may purchase multiple products [5]. - The brand's health-oriented products, such as the "0 sugar, 0 calorie, 0 artificial flavor" label on its Dongfang Shuye tea, contributed to sales exceeding 12 billion yuan in 2024 [5]. Water Source Development - The company has established 15 major water sources and is accelerating the development of additional projects, reinforcing its commitment to a "natural and healthy" brand philosophy [6]. - The strategic development and protection of high-quality water sources create a significant competitive barrier for Nongfu Spring [6]. International Expansion Goals - Nongfu Spring aims to become a world-class international enterprise, actively exploring overseas market opportunities and leveraging China's biodiversity to promote healthy products globally [7]. - The brand's entry into the top ranks of a list traditionally dominated by international giants like Red Bull and Pepsi is expected to enhance the global dissemination of Chinese water and tea culture [7].

Core Insights - BrandFinance's report ranks Nongfu Spring as the 3rd most valuable non-alcoholic beverage brand globally in 2025, marking a significant milestone for the Chinese soft drink industry and indicating a shift in the Western-dominated beverage market [1][4] - Nongfu Spring's brand value reached $11.09 billion in 2025, reflecting a year-on-year growth of 33.6%, with a brand strength index (BSI) increase of 3.5 points to 91.1, achieving the highest AAA+ rating [1][6] - The company's success is attributed to its dual-engine strategy of "water + beverages" and a strong emphasis on health, which has allowed it to maintain a diverse product matrix [1][3] Company Strategy - Nongfu Spring has established 15 major water sources and is actively developing additional projects, reinforcing its commitment to a "natural and healthy" brand philosophy, which creates a significant competitive barrier [3] - The brand's image is enhanced through diverse bottle designs that cater to various consumer needs, combining high-end and localized strategies to sustain its brand value growth [3] Market Position - The company aims to become a world-class international enterprise, exploring overseas market opportunities and leveraging China's biodiversity to introduce more health products globally [4] - Nongfu Spring's consistent presence in the BrandFinance rankings reflects the scientific and sustainable nature of its brand building and business development [6]

Core Insights - BrandFinance's report ranks Nongfu Spring as the 3rd most valuable non-alcoholic beverage brand globally, marking the first time a Chinese brand has entered the top three, following Coca-Cola and Pepsi [1][3] Brand Value and Growth - In 2025, Nongfu Spring's brand value reached $11.09 billion, reflecting a year-on-year growth of 33.6% [3] - The Brand Strength Index (BSI) increased by 3.5 points to 91.1, achieving the highest AAA+ rating, establishing Nongfu Spring as a benchmark in the Asian non-alcoholic beverage sector [3] Product Diversification and Market Strategy - Nongfu Spring has developed a diversified product matrix that includes bottled water, tea, juice, and functional beverages, creating a synergistic effect where consumers may purchase tea alongside water [3] - The brand's "0 sugar, 0 calories, 0 artificial flavors" label for its Oriental Leaf tea has led to continuous market share growth, with a compound annual growth rate exceeding 86% over the past three years [3] Competitive Advantages - Nongfu Spring's brand value growth is closely linked to its strong position in premium water sources, with 15 major water sources and ongoing projects for further development [4] - The company's commitment to a "natural and healthy" brand philosophy has established significant competitive barriers [4] Brand Image and Global Expansion - The diverse aesthetic design of Nongfu Spring's packaging caters to various consumer needs, combining high-end and localized strategies to enhance brand value [4] - The company aims to become a world-class international enterprise, actively exploring overseas market opportunities and leveraging China's biodiversity to introduce more health products globally [4] Brand Evaluation Standards - BrandFinance's evaluation system includes core dimensions such as brand strength index, financial performance, and market competitiveness, making the "Global Soft Drink Brand Value 50" list a gold standard for measuring brand value [5]

格隆汇8月14日丨 农夫山泉(09633.HK)公布，公司将于2025年8月26日召开董事会会议，以（其中包 括）审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议 （如有）。 ...

董 事 會 會 議 通 告 農夫 山 泉股 份 有限 公司（「 本公司」）董 事會（「董事會」）謹 此宣 佈，董事 會 會 議將 於 2025 年 8 月 26 日（星 期 二 ）舉 行，藉 以（ 其中 包 括 ）審議 及 批准 本 公 司及 其 附屬 公 司截 至 2025 年 6 月 30 日止 六 個月 的 未經 審核 中 期業 績 及其 發 佈， 並 考慮 建 議派 發 中 期 股息 （ 如有 ）。 代表 董 事會 農夫山泉股份有限公司 董事 長 鍾睒睒 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） 香港， 2025年 8月 14日 於 本 公 告 日 期 ，本 公 司 董 事 會 包 括 執 行 董 事 鍾 ...