Jin Rong Jie·2026-01-15 03:28Group 1 - The core viewpoint of the report is that Nongfu Spring is expected to achieve a 20% year-on-year revenue growth and a 25.8% year-on-year net profit growth for the previous year, with better-than-expected profit growth in the second half of the year [1] - In the second half of the year, revenue is projected to grow by 24.7% year-on-year, while net profit is expected to increase by 30% year-on-year, indicating strong performance [1] - The company is likely to continue focusing on tea and water categories this year, with the "Oriental Leaf" brand expected to maintain double-digit growth through consumer engagement strategies [1] Group 2 - The packaging water business is showing a clear upward trend in market share, with consistent growth anticipated [1] - Juice and functional beverages are also expected to show ongoing positive performance, contributing to overall revenue growth [1] - The company launched iced tea products in the first half of last year, which received positive feedback and is expected to contribute to revenue increments [1] Group 3 - Due to the accelerated revenue growth in the second half of last year, the profit forecasts for Nongfu Spring for 2025 and 2026 have been raised by 2.5% and 2.8% to 15.3 billion and 17.3 billion yuan respectively, with a new profit estimate of 19.2 billion yuan for 2027 [1] - The target price has been increased by 13% to 61 HKD, maintaining an "outperforming the industry" rating [1]