农夫山泉：FY25: Strong tea & juice biz; facing challenges to maintain high growth-20260326

26 Mar 2026 CMB International Global Markets | Equity Research | Company Update Nongfu Spring (9633 HK) Nongfu Spring (9633 HK) - FFY25: Strong tea & juice biz; facing challenges to maintain high growth Earnings Summary | (YE 31 Dec) | FY24A | FY25A | FY26E | FY27E | FY28E | | --- | --- | --- | --- | --- | --- | | Revenue (RMB mn) | 42,896 | 52,553 | 58,585 | 64,534 | 71,029 | | YoY growth (%) | 0.5 | 22.5 | 11.5 | 10.2 | 10.1 | | Net profit (RMB mn) | 12,123.3 | 15,868.3 | 17,641.3 | 19,491.2 | 21,547.5 | ...