3 6 Ke·2025-08-28 03:20Core Viewpoint - In the first half of 2025, Nongfu Spring's business showed signs of recovery after facing significant challenges due to public opinion issues surrounding its founder, but it still missed 1 billion yuan in bottled water revenue compared to its peak in 2023 [1][2]. Group 1: Financial Performance - In the first half of 2025, Nongfu Spring achieved operating revenue of 25.622 billion yuan, a year-on-year increase of 15.56%, and a net profit attributable to shareholders of 7.622 billion yuan, up 22.16% year-on-year [1]. - Bottled water revenue in the first half of 2025 was 9.44 billion yuan, a year-on-year increase of 10.7%, while tea beverage revenue reached 10.1 billion yuan, growing 19.7% year-on-year [1]. - Compared to the peak in the first half of 2023, where bottled water revenue was 10.44 billion yuan, the company is still working to regain lost market share [1]. Group 2: Market Dynamics - The public opinion crisis began in February 2024, following the death of Wahaha's founder, leading to negative discussions about both companies, which affected Nongfu Spring's sales [1]. - In the first half of 2024, bottled water revenue dropped to 8.53 billion yuan, a year-on-year decline of 18.3%, while tea products like Dongfang Shuyue and Tea π maintained close to 60% growth, generating 8.43 billion yuan in revenue [2]. Group 3: Product Innovation and Strategy - Nongfu Spring is focusing on revitalizing its bottled water business while also expanding its tea product line, which has seen significant growth in recent years [3][8]. - The company has introduced new water sources and collaborated with emerging channels like Sam's Club to enhance profitability [4]. - Innovative products such as "pure transparent edible ice" and customized beverages are being developed to meet consumer demands, with a focus on quality and production efficiency [7]. Group 4: Cost Management and Profitability - In the first half of 2025, the profit margins for bottled water, tea, functional drinks, and juice were 35.45%, 48.36%, 47.08%, and 31.31%, respectively, showing year-on-year improvements [7]. - The overall net profit margin for the first half of 2025 was 29.75%, an increase of 1.6 percentage points compared to the previous year [7].