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钟睒睒:遭受了历史性的考验
YOUNG财经 漾财经· 2025-03-26 14:12
Core Viewpoint - Nongfu Spring's stock price experienced a significant drop, attributed to disappointing financial results and increased competition in the bottled water market [1][3]. Financial Performance - For the fiscal year 2024, Nongfu Spring reported a revenue of 428.96 billion yuan, a year-on-year increase of 0.5%, and a net profit of 121.23 billion yuan, up 0.4% [4][5]. - This marks the first time since 2021 that the company's revenue and net profit growth has slowed to less than 1% [4][6]. Product Segment Analysis - The revenue from the bottled water segment declined by 21.3%, dropping its contribution to total revenue from 47.5% in 2023 to 37.2% in 2024 [5][6]. - Tea beverages have overtaken bottled water to become the largest business segment, contributing 39% to total revenue [5][6]. Market Dynamics - The introduction of the new green bottle pure water product at a promotional price has intensified competition, leading to a price war in the bottled water market [10][11]. - Competitors like Yibao and Wahaha have also reduced their prices in response to Nongfu Spring's aggressive pricing strategy [10][11]. Gross Margin and Cost Structure - Nongfu Spring's gross profit for 2024 was 249.16 billion yuan, a decrease of 1.9% from 2023, with the gross margin dropping from 59.5% to 58.1% [9][10]. - The decline in gross margin is attributed to promotional activities for the new pure water product, increased fixed costs due to lower sales volume, and rising juice raw material prices [9][10].