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） (1)建 議 修 訂 公 司 章 程 及 取 消 監 事 會； (2)建 議 修 訂 股 東 會 議 事 規 則 及 董 事 會 議 事 規 則， (3)董 事 換 屆 選 舉； (4)董 事 薪 酬； (5)建議變更上市所得款項用途及延長使用期限 農夫山泉股份有限公司（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）董 事（「董 事」）會（「董事會」）宣 佈，於2026年3月24日，董 事 會 通 過 了 以 下 決 議(1)建議修訂 公 司 章 程 及 取 消 監 事 會；(2)建 議 修 訂 股 東 會 議 事 規 則 及 董 事 會 議 事 規 則，廢 ...

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） 截 至2025年12月31日止年度之 全年業績公告 2025年全年業績摘要 綜合損益表 截 至2025年12月31日止年度 | | | | 2025年 | 年 | | | --- | --- | --- | --- | --- | --- | | | | 附 註 | 人民幣千元 | 2024 人民幣千元 | | | 收 | 益 | 3 | 52,552,910 | | | | 銷售成本 | | | (20,744,806) | 42,895,992 | | | | | | | (17,980,277) | | | 毛 | 利 | | 31,808,104 | | | | ...

Core Viewpoint - Nongfu Spring (09633) shows a short-term buy signal with a critical support level at 42.2 HKD, indicating potential for upward movement in stock price [1][2]. Group 1: Stock Performance and Analyst Ratings - As of March 20, 2026, Nongfu Spring's stock price is 43.12 HKD, reflecting a slight increase of 0.37% with a trading volume of approximately 67.95 million HKD [1]. - Citi upgraded Nongfu Spring's rating from "Outperform" to "Highly Confident Outperform" and raised the target price from 35 HKD to 45.4 HKD, citing strong growth in the water business as a key catalyst for the next three months [1]. - The water business is expected to see a year-on-year revenue growth of 10% in March due to a low base effect [1]. Group 2: Technical Analysis - Technical indicators suggest that Nongfu Spring is forming a bottom, with the first support level at 42.2 HKD and a second support level at 40.9 HKD [2]. - The first resistance level is at 44.6 HKD, with a significant technical barrier at the 20-day moving average of approximately 45.2 HKD; a successful breakout could target 47.0 HKD [2]. - Overall technical indicators show a strong buy signal, with a signal strength of 11 and a relative strength index (RSI) of 35, indicating a relatively low position [2]. Group 3: Market Sentiment and Trading Strategies - Despite a reduction of 573,000 shares by southbound funds on March 19, there has been a net increase of 3.066 million shares over the past five trading days, indicating sustained interest from investors [1]. - The podcast analysis on March 19 noted that the stock price had been on a downward trend since reaching a high of 51.85 HKD, with initial support forming around 42.6 HKD [5]. - The current price of 43.16 HKD is above the support level of 42.2 HKD, suggesting improved short-term buying strength [5]. Group 4: Warrant Market Analysis - The warrant market is heavily concentrated with all call options, primarily with exercise prices ranging from 44 to 50 HKD, indicating that market products are designed with the assumption of a significant price increase [6]. - Three recommended call warrant products are available for investors, each with different leverage and premium rates, suitable for varying investment strategies [7][8].

Core Viewpoint - The completion and operation of the Nongfu Spring factory in Yunnan's Jiaozi Snow Mountain enhance the company's production capacity in the Southwest region and strengthen its strategic advantage in water sources [1]. Group 1: Factory Overview - The factory's water source is derived from the snowmelt of Jiaozi Snow Mountain, which has been monitored for five years, ensuring a stable and pure water quality with essential minerals [3]. - The factory project has a total investment exceeding 1 billion yuan, equipped with internationally advanced production equipment and processes, and designed with local characteristics [5]. - The factory has introduced five advanced production lines, achieving full automation from water treatment to packaging, with the beverage sterile line capable of producing 60,000 bottles per hour [5]. Group 2: Employment and Economic Impact - The factory currently employs nearly 200 people, with over 90% being local residents, and is expected to create thousands of indirect jobs through supporting industries [7]. - Since 2025, Nongfu Spring has been actively investing in Yunnan, including the establishment of tea processing factories that have significantly increased local farmers' income [7]. - The completion of the Jiaozi Snow Mountain factory signifies Nongfu Spring's commitment to Yunnan and aims to create a demonstration production base for the entire tea industry chain [7].

Core Insights - The entry of leading companies into emerging markets often signals a defensive strategy rather than an offensive expansion, indicating a shift in market dynamics [1][4][10] - The electrolyte beverage market is rapidly growing in China, projected to exceed 30% year-on-year growth by 2025, driven by heightened health awareness and changing consumption scenarios [2][3] - The traditional bottled water market is facing saturation, prompting companies like Nongfu Spring to diversify into electrolyte drinks as a response to slowing growth in their core business [8][12] Industry Dynamics - The rise of electrolyte beverages reflects a broader structural change in the Chinese consumer market, where consumers are increasingly prioritizing functionality and value over brand prestige [10][11] - The competition in the beverage industry is shifting from brand-based competition to functionality and scenario-based competition, with a focus on health benefits and cost-effectiveness [11][13] - The entry of Nongfu Spring into the electrolyte beverage sector is seen as a strategic pivot, as the company seeks to establish new growth narratives amid declining growth in bottled water [12][13] Market Reactions - Following Nongfu Spring's announcement to enter the electrolyte beverage market, its stock price declined, indicating investor concerns about the company's growth structure and profitability [3][6] - The market's reaction suggests that investors perceive this move as a defensive measure rather than a proactive growth strategy, raising questions about the company's ability to maintain its profit margins in a highly competitive segment [6][9] - The electrolyte beverage market's low customer loyalty and high sensitivity to price and promotions further complicate Nongfu Spring's potential for success in this new category [9]

Group 1 - The company, Nongfu Spring (09633.HK), announced that its board meeting will be held on March 24, 2026, to review and approve the annual performance for the year ending December 31, 2025, and to consider the proposal for the final dividend distribution, if any [1]

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） 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 2026 年 3 月 24 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 12 月 31 日 止 年 度業 績 及其 發佈 ， 並考 慮 建議 派發 末 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， 2026年 3月 12日 於本公告日期，本公司董事會包括執行董事鍾 ...

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: 2026年2月28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 | 2. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 内資股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,211,800,000 | RMB | | 0.1 RMB | | 621,180,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 6,211,800,000 | RMB | | 0.1 RMB | | 621,180,000 | 第 1 頁 共 10 頁 v 1.2.0 本月底法定/註冊股本總額： RMB 1,124,646,640 ...

Core Insights - The main point of the article is that Nongfu Spring, China's largest beverage company, is entering the electrolyte drink market with a new product that emphasizes "low sugar, low burden," and aims to capture the daily hydration segment despite existing competition [1][6]. Market Opportunity - Nongfu Spring's new electrolyte drink features "four types of electrolytes + dual vitamins," and is marketed as "professional hydration" with flavors of lemon and grapefruit, each bottle containing 550ml [3]. - The drink contains over 500mg of electrolytes for grapefruit flavor and over 350mg for lemon flavor, with a sugar content of 4.5g per 100ml, catering to low-sugar consumers [3][6]. - The market for electrolyte drinks in China is projected to grow by 32.7% year-on-year by 2025, driven by increasing consumer health awareness [6][8]. Competitive Landscape - The electrolyte drink market is competitive, with established brands like Pocari Sweat and Pulse, as well as newer entrants like Yuanqi Forest and Dongpeng Beverage [1][9]. - Nongfu Spring's pricing strategy positions its new product at approximately 3.67 yuan per bottle, which is competitive compared to other brands in the market [9][11]. Distribution and Marketing Strategy - Nongfu Spring has a significant distribution advantage with over 2 million retail terminals, allowing for quicker market penetration and visibility for the new product [11]. - The company is leveraging its existing channels for distribution, which can enhance the product's market presence without the need for building new channels from scratch [11]. - Marketing efforts are crucial, as established brands have already created strong emotional connections with consumers; Nongfu Spring needs targeted promotions to build recognition for its new product [13]. Challenges - The new product faces challenges from market saturation and the need for clear differentiation to avoid being lost among competitors [9][13]. - Effective marketing and promotional strategies will be essential for Nongfu Spring to establish its new electrolyte drink in a crowded market [13].

Core Viewpoint - A recent incident involving Nongfu Spring's bottled water has raised concerns about product safety, as a consumer reported finding white flocculent substances in a bottle produced in 2017 that had been stored for nine years. The company has not yet responded officially to the claims [4][8]. Company Response - Nongfu Spring's customer service stated that the white substances are mineral deposits, which are a result of the minerals present in the water. They emphasized that the typical shelf life of bottled mineral water is two years, and the nine-year-old product is no longer safe for consumption [4][8].