Ge Long Hui·2025-08-29 02:38Core Viewpoint - The report from Credit Lyonnais anticipates that Nongfu Spring's revenue growth in the second half of the year will accelerate compared to the first half, driven by low base effects across all product categories, with market share in the beverage sector expected to further recover [1] Group 1 - The gross margin expansion is expected to continue in the second half, supported by lower raw material prices and reduced logistics costs [1] - Nongfu Spring's strong product quality is believed to support its expansion into new products and channels [1] - The target price for Nongfu Spring has been raised from HKD 45 to HKD 55, with a reaffirmation of a highly confident "outperform" rating [1] Group 2 - Net profit forecasts for 2025 to 2027 have been increased by 7% to 12% [1]