Core Viewpoint - Nongfu Spring's CEO, Zhong Shanshan, stated that while the company does not oppose outsourcing, all of its products are currently not suitable for outsourcing due to high dependency on water sources and a highly customized production system [2][4]. Financial Performance - In the previous year, Nongfu Spring reported revenue of 42.896 billion yuan, a year-on-year increase of 0.5%, and a net profit of 12.123 billion yuan, up 0.4% year-on-year [3][6]. - The company's packaged drinking water revenue decreased by 21.3% year-on-year, significantly impacting its market share and brand image [3][8]. - The gross profit for 2024 was 24.916 billion yuan, a decrease of 1.9% from 25.407 billion yuan in 2023, with a gross margin decline from 59.5% to 58.1% [8]. Market Position - Despite challenges, Nongfu Spring maintained its position as the market leader in China's packaged drinking water sector, with a market share that experienced a three-month decline due to organized online attacks [8]. - The tea beverage segment, represented by products like "Oriental Leaf," generated revenue of 16.745 billion yuan, a year-on-year increase of 32.3%, accounting for 39% of total revenue [7][8]. Production and Supply Chain - The company has invested in 14 major water sources and over 30 advanced production bases, emphasizing a high-cost but high-quality and non-replicable production model [4][5]. - Recent projects include significant investments in water source projects, such as 5 billion yuan in the Jiande project and 1.35 billion yuan in the Qingcheng Mountain project [5]. Future Outlook - Zhong Shanshan expressed interest in entering the health water market but noted that no company currently produces authentic Chinese health water [5].

以下文章来源于商业弧光 ，作者李佳琪 商业弧光 . 听风者，捕光人，最准点的商业节拍 来源：商业弧光（ ID ： Sanyishidai ） 出品：虎嗅商业消费组 作者：李佳琪 编辑：苗正卿 饮料行业已进入存量竞争阶段，新兴品牌想要获得突破变得越发困难。而年轻一代经销商，尤其是90 后、95后经销商，以及逐渐接班的二代经销商们，正在成为左右饮料行业版图走向的天平。 "疫情后中高端餐厅批量闭店、连锁品牌集体降价，一瓶定价超过10元的饮料，经销商们卖不动了"好 望水联合创始人夏明升坦言。对于新兴品牌而言，和巨头、头部明星公司去博弈疲态已现的传统渠道并 不现实。以2024年火热的养生水赛道为例，各大头部品牌围绕超市、餐饮这些黄金渠道奋力厮杀，甚 至在一些小众场景 （如健身房、网吧） 各大品牌也奋手一搏。 但对于好望水这样的新兴品牌而言，渠道拿捏着命运。更残酷的现实是，当前中式养生水赛道呈现"头 部垄断＋新品牌混战"的格局。2024年大盘虽涨至30亿，但元气森林一家便"卷"走10亿。积淀尚浅的 新品牌们仍需依赖代工，且产品创新不足。消费者对饮料是否真能养生依旧存疑。而在渠道侧，厮杀正 在变得更为激烈，各大头部公司已经 ...