农夫山泉增长失速股价重挫8% 去年卖水收入下降两成

Core Viewpoint - Nongfu Spring, known as the "king of bottled water," has faced significant challenges in the past year, with a notable decline in revenue from its core bottled water business, leading to a sharp drop in stock price by 8% following the release of its 2024 annual performance report [3][4]. Financial Performance - In 2024, the company reported total revenue of 42.896 billion yuan, a year-on-year increase of only 0.5%, and net profit of 12.123 billion yuan, also up by 0.4%, marking a stark contrast to the double-digit growth seen from 2021 to 2023 [4][6]. - The revenue from the bottled water segment fell by 21.3% to 15.952 billion yuan, while the tea beverage segment saw a significant increase of 32.3%, reaching 16.745 billion yuan, with tea beverages now accounting for 39.0% of total revenue, surpassing bottled water's 37.2% [3][6][14]. Market Dynamics - The decline in bottled water sales is attributed to negative public sentiment and online attacks that began in late February 2024, which have adversely affected the brand and sales [5][6]. - The market share of bottled water has been decreasing, with its contribution to total revenue dropping from 57.4% in 2021 to 37.2% in 2024 [7][9]. - In response to the declining market share, Nongfu Spring has reintroduced its pure water plan and initiated a price war in the bottled water market, with promotional pricing leading to significant price reductions [7][8]. Competitive Landscape - The bottled water market remains highly competitive, with other players like China Resources Beverage and Master Kong also experiencing minimal growth or declines in their bottled water revenues [8][9]. - Nongfu Spring's tea beverage segment is growing, but competition in the unsweetened tea market is intensifying, with various established and new brands entering the space [10][17].