Ge Long Hui·2026-01-15 05:16Core Viewpoint - Goldman Sachs expects Nongfu Spring's sales for the fiscal year 2025 to reach 51.1 billion yuan, with a net profit of 15.2 billion yuan, representing year-on-year growth of 19% and 26% respectively, which is higher than the bank's previous expectations [1] Group 1 - The growth is primarily driven by better-than-expected performance in packaged water and tea beverages, along with a moderate expansion in net profit margin [1] - For 2026, the company is anticipated to continue its revenue growth, with the packaged water segment competing for market share through promotional strategies [1] - The tea beverage segment is expected to benefit from the continuation of warm cabinet measures, as well as favorable costs for PET and sugar raw materials [1] Group 2 - Goldman Sachs has revised its revenue forecasts for 2025 to 2027 upwards by 1% to 2%, and net profit forecasts by approximately 2% [1] - The target price has been raised from 58.6 HKD to 60 HKD, maintaining a "Buy" rating [1]