风雨2024过后，农夫山泉的韧性更强了

Core Viewpoint - The company faced significant challenges in 2024 due to a public relations crisis, yet demonstrated resilience through its long-term brand strength and evolving product offerings, particularly in the tea beverage segment. Group 1: Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of 42.896 billion yuan, a year-on-year increase of 0.5% [1] - Net profit reached 12.123 billion yuan, reflecting a 0.4% increase compared to the previous year [1] - The net profit margin improved from 29.1% to 36.8%, indicating enhanced profitability despite revenue growth slowing [1] Group 2: Impact of Public Relations Crisis - The company experienced its largest public relations crisis in 2024, primarily due to organized online attacks that began in late February [2] - The negative publicity, fueled by various unfounded rumors, significantly impacted the sales of its bottled water products, which saw a 21.3% decline to 15.952 billion yuan [1][2] - Despite the crisis, the company maintained its market leadership in bottled water, with no regulatory investigations into product quality issues reported [3] Group 3: Product and Market Developments - The tea beverage segment emerged as the largest revenue contributor in 2024, generating 16.745 billion yuan, accounting for 39% of total revenue [4] - The company’s tea brand, Dongfang Shuye, achieved a market share exceeding 70% in the sugar-free tea market, showcasing strong growth potential [5] - The company is expanding its agricultural initiatives, including investments in tea processing facilities in Yunnan, which have significantly increased production capacity and product quality [5][6] Group 4: Strategic Investments and Future Outlook - The company has made substantial investments in new water sources, including projects in Anhui and other regions, marking its largest investment scale to date [6] - The dual-engine strategy of "water + tea" is expected to enhance the company's resilience and competitive edge in the market [6] - The company is exploring international markets, with the global bottled water market projected to grow from approximately $280 billion in 2022 to $356.63 billion by 2027, indicating potential for future expansion [6][7]