智通财经网·2026-03-26 07:31Core Viewpoint - The report from Jefferies indicates that Nongfu Spring (09633) has shown strong financial performance in 2025, with revenue and net profit growth, and maintains a "Hold" rating with a slight increase in target price to HKD 50.5 [1] Financial Performance - Nongfu Spring reported a revenue increase of 22.5% to RMB 52.6 billion in 2025, with a net profit of RMB 15.9 billion, reflecting a year-on-year growth of 32.7% [1] - The second half of 2025 is expected to see revenue and net profit growth of 30% and 42% respectively [1] Future Outlook - Management forecasts double-digit sales growth for 2026, with bottled water sales expected to return to or exceed 2023 levels [1] - Due to fluctuations in commodity prices, particularly PET, no profit margin guidance has been provided [1] - As 2026 marks the 30th anniversary of the company, Nongfu Spring plans to implement more promotional strategies to enhance consumer engagement [1]