2 1 Shi Ji Jing Ji Bao Dao·2025-08-27 23:54Core Viewpoint - The tea beverage market is experiencing a divergence, with Nongfu Spring showing strong growth while Master Kong faces a decline in tea beverage revenue [1][4]. Group 1: Nongfu Spring Performance - In the first half of 2025, Nongfu Spring reported a revenue increase of 15.6% to 25.622 billion yuan and a net profit increase of 22.1% to 7.622 billion yuan [1]. - The packaged water segment saw a sales increase of 10.7% to 9.44 billion yuan, while the beverage segment's revenue grew by 18.6% to 16.18 billion yuan [1]. - Ready-to-drink tea remains the largest category within Nongfu Spring, with revenue of 10.09 billion yuan, reflecting a year-on-year growth of 19.7% [1]. Group 2: Master Kong Performance - Master Kong's tea beverage revenue declined by 6.3% to 10.67 billion yuan, resulting in a drop of 722 million yuan [1][2]. - Overall beverage revenue for Master Kong decreased by 2.6% to 26.359 billion yuan [1]. - The reduction in sales may be attributed to a shift in consumer demand, particularly in the sugary tea segment, where Master Kong holds a competitive position [1]. Group 3: Market Dynamics - The divergence in performance between Nongfu Spring and Master Kong may be influenced by differing market strategies, with Nongfu Spring's Oriental Leaf brand dominating the unsweetened tea segment [1]. - Master Kong's reduction in channel numbers, from 67,215 to 63,806 marketing merchants, may also impact sales [2]. - Price adjustments for Master Kong's products, such as the increase in 1L iced tea prices, could further affect consumer purchasing behavior [3].