Core Viewpoint - Nongfu Spring has emerged as a leader in the packaged water industry, driven by its dual-engine development strategy and a diverse product matrix, despite facing challenges from negative public opinion in 2024 [1][2]. Industry Layout - The company has established a health-oriented positioning in the beverage sector, launching natural water and sugar-free tea to differentiate itself in a competitive market [1]. - Nongfu Spring has invested in upstream supply chains, owning 15 water sources to reduce transportation costs and enhance raw material quality by supporting local farmers [1]. Product Marketing - The company prioritizes quality over price competition, successfully transitioning the packaged water industry into the "2 yuan era" and achieving explosive growth with its sugar-free tea brand, "Oriental Leaf" [2]. - Effective marketing strategies, including advertising and event marketing, have strengthened brand recognition, with slogans like "Nongfu Spring is a bit sweet" resonating with consumers [2]. Channel Strategy - The company has evolved its distribution model from joint ventures to exclusive distributors, ensuring dealer autonomy while enhancing management through systems like NCP [2]. - By introducing high-margin bestselling products, Nongfu Spring has improved dealer profitability and loyalty [2]. Future Outlook - Following a decline in packaged water revenue due to public opinion issues in 2024, the company is actively engaging in public relations and launching new products to regain market share [2]. - Revenue projections for 2025, 2026, and 2027 are estimated at 498 billion, 557 billion, and 612 billion yuan, with corresponding net profits of 145 billion, 166 billion, and 186 billion yuan, indicating a recovery trajectory [2].