Zhi Tong Cai Jing·2025-09-02 08:56Core Viewpoint - The report from CMB International indicates that Nongfu Spring (09633) achieved a 15.6% year-on-year increase in revenue for the first half of the year, meeting expectations, while net profit rose by 22%, exceeding expectations, driven by the recovery of the water business, strong performance in tea, functional beverages, and juice segments, as well as effective cost control, particularly in raw material costs [1] Financial Performance - Revenue increased by 15.6% year-on-year [1] - Net profit increased by 22% year-on-year, surpassing expectations [1] Business Segments - The water business showed signs of recovery [1] - Strong performance noted in tea, functional beverages, and juice segments [1] Cost Management - Effective cost control measures were implemented, especially in raw material costs [1] Analyst Rating - CMB International raised the target price from HKD 46.74 to HKD 57.75 [1] - The "Buy" rating is maintained [1]