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。 重續現有持續關連交易 茲提述本公司日期為2022年12月14日的公告（"公告"），當中披露（其中包括）採購 框架協議及基礎研發及檢測服務框架協議項下擬進行之持續關連交易。 由 於 誠 如公 告 所披露 ， 採 購框 架 協議及 基 礎 研發 及 檢測服 務 框 架協 議 各將於 2 0 2 5年1 2月3 1日屆滿，而本公司期望於2 0 2 5年1 2月3 1日後繼續進行該等協議 項下的相關交易，故經本公司董事會決議，各訂約方於2 0 2 5年1 2月1 6日訂立 新採購框架協議及新基礎研發及檢測服務框架協議以重續該等協議，新採購框 架協議及新基礎研發及檢測服務框架協議自2 0 2 6年1月1日起至2 0 2 8年1 2月3 1 日止為期三年，並就截至2 0 2 8年1 2月3 1日止三個年度之新採購框架協議及新 基礎研發及檢測服務框架協議項下擬進行的上述交易設立年度上限 ...

Core Insights - The article discusses the year-end review of the beverage market, focusing on the top 100 new products from December 2024 to November 2025, and compares them with the same period from the previous year to identify trends and shifts in the market [1][4]. Summary by Sections Overview of the Year-End Review - The year-end review will analyze the top 100 new beverage products and their market performance over the specified period, highlighting new trends and shifts in consumer preferences [1]. Data Collection and Methodology - The data for the top 100 products is sourced from the "马上赢" brand CT and various models, covering a wide range of retail channels across major cities in China [3]. - The selection criteria for the top 100 products exclude private label products and multi-pack items, focusing solely on individual SKUs based on sales revenue [1][2]. Market Performance Analysis - The beverage market is categorized into ten subcategories, including packaged water, functional drinks, dairy drinks, ready-to-drink tea, and more [4][5]. - The analysis reveals that dairy drinks are the only category exceeding 20% market share, while ready-to-drink tea, functional drinks, and carbonated beverages also hold significant shares [8]. Year-on-Year Comparison - A comparison between the two periods shows that the market share of dairy drinks has decreased by approximately 2%, with a sales growth decline of over 13% [13]. - Functional drinks and ready-to-drink juices have shown positive growth, while traditional categories like carbonated drinks and Asian traditional beverages have experienced declines [12][13]. New Product Trends - The top 100 new products for the current year show a significant increase in non-refrigerated ready-to-drink juices and sweetened ready-to-drink teas, while categories like sugar-free ready-to-drink tea and sports drinks have seen a reduction in new product entries [19][14]. - Notably, the top brands include "元气森林" and "康师傅," each with multiple products in the top rankings, indicating strong competition and innovation in the beverage sector [19][22]. Pricing and Specifications - The average price per 100ml for new products varies across categories, with non-refrigerated ready-to-drink juices and sweetened ready-to-drink teas generally priced higher [28]. - The distribution of product specifications indicates a growing preference for larger packaging sizes, reflecting changing consumer consumption patterns [25]. Launch Timing Insights - The timing of new product launches has shifted, with a noticeable increase in products launched in February and March compared to the previous year, suggesting a trend towards earlier market entry [31].

12月12日，有网友晒出图片，开瓶后的东方树叶中出现白色半透明球形菌团，最大直径达乒乓球大小， 不少人将其当作"天然茶宠"把玩。 责任编辑：杨赐 12月12日，有网友晒出图片，开瓶后的东方树叶中出现白色半透明球形菌团，最大直径达乒乓球大小， 不少人将其当作"天然茶宠"把玩。 另有用户晒出攻略，将饮用过半的东方树叶置于常温环境数日后，茶汤中自然生成絮状或团状菌 体，"无需接种，靠茶叶养分就能生长"。 对于上述情况，农夫山泉官方客服向新浪财经表示："只是普通饮品，若有异常请立即停止饮用"。 另有用户晒出攻略，将饮用过半的东方树叶置于常温环境数日后，茶汤中自然生成絮状或团状菌 体，"无需接种，靠茶叶养分就能生长"。 对于上述情况，农夫山泉官方客服向新浪财经表示："只是普通饮品，若有异常请立即停止饮用"。 责任编辑：杨赐 ...

智通财经记者 | 宋佳楠 他特别强调，民间传统发酵的"红茶菌"是人工可控环境下的醋酸菌与酵母菌复合体，与自然滋生的不明 菌团有本质区别，后者误食可能引发腹泻、过敏等问题，尤其需避免老人儿童接触。 作为现象主角的东方树叶，是农夫山泉2011年推出的无糖茶品牌，以"0糖0卡0防腐剂"为卖点，历经"最 难喝饮料"争议后于近年逐步逆袭为市场龙头。其产品采用Log6级别无菌冷灌装技术（每百万瓶产品中 微生物污染风险低于1瓶），配料仅含茶叶、水及食品调节剂。 除了用东方树叶养"茶菌宠物"，此前不少网友还开辟出这款茶饮的其他另类用法。例如有消费者选择绿 茶、茉莉花茶口味的东方树叶，冷藏后用化妆棉浸湿敷于晒后泛红的面部，据称能利用茶叶中的茶多酚 近期，社交媒体上流传的东方树叶"培育攻略"引发热议。网友晒出的图片显示，开瓶后的东方树叶中出 现白色半透明球形菌团，最大直径达乒乓球大小，不少人将其当作"天然茶宠"把玩。 12月11日，据经视直播报道，农夫山泉客服人员对此回应称，茶叶饮料开瓶后应当天尽快饮用，产品若 出现"茶菌"不建议继续饮用。若消费者在未开瓶产品中发现异物，可直接与客服联系。 网友在社交平台上晒出的东方树叶"茶菌宠 ...

Core Insights - The beverage market is undergoing significant changes, with a focus on new product trends and market share dynamics as the year-end approaches [1][4] - The analysis will cover the top 100 new beverage products from December 2024 to November 2025, comparing them with the previous year's data to identify trends and shifts in consumer preferences [1][4] Market Overview - The beverage market is categorized into ten subcategories, including packaged water, functional drinks, dairy beverages, ready-to-drink tea and milk tea, ready-to-drink juice, ready-to-drink coffee, soda, rice beverages, Asian traditional drinks, and plant-based protein drinks [4][5] - The only subcategory exceeding 20% market share is dairy beverages, while ready-to-drink tea and milk tea, functional drinks, soda, and ready-to-drink juice each hold over 10% [8][10] Category Performance - Dairy beverages experienced a decline of approximately 2% in market share, with a year-on-year sales growth drop of over 13%, indicating a significant downturn [10] - Functional drinks and ready-to-drink juices saw positive growth, with sales increasing by around 4%, while ready-to-drink tea and milk tea, along with packaged water, showed slight declines in sales growth [10][11] - Plant-based protein drinks also faced a decline in market share and sales growth, attributed to a lack of new consumer interest [10] New Product Trends - The number of new products in the top 100 list has shifted, with non-refrigerated ready-to-drink juices and sugary ready-to-drink teas seeing significant increases in new product entries [17][20] - Conversely, categories like no-sugar ready-to-drink tea and sports drinks have seen a reduction in new product numbers, despite overall sales growth in the latter category [17][20] Group Distribution - Leading brands such as Yuanqi Forest and Kang Shifu each had nine products in the top 100, indicating strong market presence and product diversification [20][22] - Other notable brands include Nongfu Spring and Uni-President, each contributing several new products to the top 100 list [20][22] Pricing and Specifications - The average price per 100ml for new products varies across categories, with non-refrigerated ready-to-drink juices and sugary ready-to-drink teas generally priced higher than their no-sugar counterparts [29][31] - The trend towards larger packaging sizes is evident, with a threefold increase in the number of large-sized products (1000ml-1999ml) in the top 100, reflecting consumer preferences for value and sharing [26][29] Launch Timing - The timing of new product launches has shifted, with a noticeable increase in products launched in February and March 2025 compared to the previous year, indicating a trend towards earlier product introductions [31]

Summary of the Beverage Industry Expert Call Industry Overview - The call focused on the beverage industry in China, particularly discussing contract growth and competition dynamics among major brands such as Eastroc, Nongfu, Wahaha, Tingyi, and UPC [1][2]. Key Companies and Their Performance Eastroc - Achieved 35% sales growth in 2025, reaching Rmb1.2 billion [2]. - Set a 2026 baseline growth target of 38%, with energy drinks expected to grow by over 25% and Bushuila by over 40% [2]. - Plans to increase refrigerator coverage by 15% and achieve 100% Point of Sale (PoS) coverage in schools and hospitals [2]. - New products like Daka (RTD coffee) and Guozhicha are expected to grow by over 60% in 2026 [2]. Nongfu - Projected 18% overall sales growth in 2025, driven by 15% growth in packaged water and 21% in tea beverages [3]. - Aims for a 15% overall contract growth target in 2026, with specific targets of 12% for water and 20% for other beverages [3]. - Focus on large-package drinking water (12.9L) for family use and new product launches [3][7]. Wahaha - Experienced a decline in market share from 17.6% in 2025 to 15% [8]. - The expert expressed caution regarding operational uncertainties and noted a lack of new product launches or channel investment [8]. - Achieved Rmb296 million in contract sales in 2025, which was below the contracted growth target of 50% [8]. Tingyi - Recorded a 4% sales decline in 2025 but targets a 5% growth in 2026 [9]. - The company faces competitive pressure from Eastroc and Nongfu, particularly regarding pricing and new product launches [9]. Competitive Landscape - The beverage market in China is bifurcating, with strong brands like Eastroc and Nongfu gaining momentum while others like Wahaha face operational challenges [1]. - The expert highlighted the importance of channel management and investment in refrigerators for brand exposure and consumer engagement [2][7]. Additional Insights - The expert noted that the Rmb1-bonus policy (20% winning rate) will continue until the 2026 Chinese New Year, with a 5-8% rebate for retailers expanding new products [2]. - There is a significant focus on expanding refrigerator coverage to enhance brand visibility, with a target of over 50% coverage in 2026 [7]. - The expert observed a divergence in distributor confidence across regions, indicating varying levels of market stability [8]. Conclusion - The beverage industry in China is characterized by strong growth potential for leading brands, particularly Eastroc and Nongfu, while facing challenges from operational uncertainties and competitive pressures for others like Wahaha and Tingyi. The focus on new product development and channel expansion will be critical for maintaining growth momentum in the coming years [1][2][3][8][9].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 農夫山泉股份有限公司 FF301 II. 已發行股份及/或庫存股份變動 FF301 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09633 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,034,666,400 | RMB | | 0.1 | RMB | | 503,466,640 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | | | 5,034,666,400 | RMB | | 0. ...

Core Insights - The article highlights that the largest domestic beverage company in China, Nongfu Spring, is focusing on three strategic areas for 2026: strengthening its bottled water business, expanding its tea beverage offerings, and promoting new products like ready-to-drink coffee [1][3][9] Bottled Water Business - Nongfu Spring aims to solidify its bottled water segment as a strategic priority, focusing on wholesale and traditional customers while enhancing water knowledge education and sports marketing [3][5] - The company holds a leading market share of approximately 30% in the bottled water category, indicating its commitment to deepening its competitive advantage [3][5] - Recent financial reports show a revenue of 9.443 billion yuan from bottled water, reflecting a year-on-year growth of 10.7%, contributing to 36.9% of total revenue [5][8] Tea Beverage Expansion - The company plans to increase its presence in the tea beverage market by introducing new packaging sizes, including 900ml and 335ml options for its Oriental Leaf brand [7][8] - Tea beverages generated 10.089 billion yuan in revenue, making it the largest revenue contributor among all business segments [8][10] - Despite the slowdown in the growth of sugar-free tea, Nongfu Spring is strategically expanding its product specifications to capture a larger market share [8][9] Ready-to-Drink Coffee Development - Nongfu Spring is set to promote its ready-to-drink coffee products, particularly the newly launched "Tanru Coffee" priced at 5 yuan for 400ml, targeting a gap in the market [9][13] - The ready-to-drink coffee segment currently holds less than 2% market share, with a year-on-year decline of 13.48% expected in 2024 [9][14] - The company leverages its extensive distribution network of over 2 million retail terminals to facilitate the introduction of its coffee products [14][15]

Core Viewpoint - Jiangtian Technology plans to issue up to 176.18 million shares to raise approximately 531 million yuan, primarily for the construction of intelligent production lines and a technology research and development center, reducing the initial fundraising target by about 80 million yuan [2] Group 1: Company Overview - Jiangtian Technology is a manufacturing enterprise focused on label printing, providing integrated solutions including substrate selection, color and ink customization, process optimization, and efficient supply [2] - The company has introduced imported flexographic printing technology early on, serving global clients such as Unilever, Procter & Gamble, Shell, Total, Wyeth, and Mondelēz, as well as domestic brands like Nongfu Spring, Xiangpiaopiao, Heytea, Yili, Mengniu, Haidilao, and Blue Moon [2] Group 2: Financial Performance - Revenue for Jiangtian Technology is projected to reach 384 million yuan, 508 million yuan, and 538 million yuan for the years 2022, 2023, and 2024 respectively, totaling over 40% growth over three years [3] - Net profit for the same period is expected to be 74.45 million yuan, 96.46 million yuan, and 102 million yuan, with gross margins maintaining a high level close to 30% [3] - The share of film-based self-adhesive labels is expected to increase from 71.69% in 2022 to 84.58% recently, with the main product's price declining from 7.98 yuan/square meter to 6.71 yuan/square meter over three years [3] Group 3: Customer Concentration and Risks - Jiangtian Technology's largest customer, Nongfu Spring, accounted for nearly half of the company's revenue, with sales to this client reaching 113 million yuan, 205 million yuan, and 190 million yuan from 2022 to 2024, representing 29.40%, 40.29%, and 35.33% of total revenue respectively, and increasing to 42.02% in the first half of this year [3] - The second-largest customer, Xintianli, has a complex relationship with Jiangtian Technology, as its controlling person's spouse is a partner in Jiangtian's third-largest shareholder, holding 6.25% of the company [4] - The company faces challenges from intensified industry competition, price pressure on products, and a relatively concentrated customer structure [4]

Group 1 - The company announced a donation of 15 million HKD, consisting of 10 million HKD in cash and 5 million HKD in supplies, aimed at emergency relief and post-disaster recovery efforts [1] - The company has initiated an emergency response, with the first batch of drinking water and beverages delivered to shelters and disaster sites [1] - The company expresses its commitment to continuously monitor the disaster situation and collaborate with the community for recovery efforts [3]