智通财经网·2026-03-25 07:07Core Viewpoint - Morgan Stanley's report indicates that Nongfu Spring (09633) is expected to achieve a revenue of 52.6 billion RMB in 2025, representing a year-on-year growth of 23%, driven by strong performance in tea drinks, functional beverages, and juice products, slightly exceeding market expectations [1] Financial Performance - The company's net profit for the previous year was 15.9 billion RMB, reflecting a year-on-year increase of 31%, which aligns with Morgan Stanley's expectations and is 5% higher than market forecasts [1] - This suggests that net profit in the second half of 2025 is projected to grow by 40% year-on-year [1] - Operating profit margin increased by 4.6 percentage points to 36.7%, surpassing Morgan Stanley's estimate by 0.9 percentage points [1] Dividend Policy - The dividend payout ratio is set at 70% for 2025, with a slight increase to 71% in 2024, consistent with Morgan Stanley's projections [1]