| | | Nongfu printed a solid set of 1H25 results on Aug 26, with sales/NP up 16%/22% yoy respectively, and hosted an earnings briefing on Aug 27. We left the briefing with strengthened confidence in Nongfu's core competitiveness (product innovation/supply chain cultivation) and strong execution for market share gain with agile market investment: 1) Management guided for mid-teens% sales growth in 2025 with GPM and NPM expansion on cost benefits, improving capacity utilization ratio, operating leveraging and ...