本报记者 梁傲男 在消费市场整体回暖、竞争格局日趋激烈的背景下，农夫山泉展现出的增长是其长期战略、创新能力与 资源优势叠加的结果。 当前，农夫山泉建立了水和饮料的双引擎发展战略，已经形成包装水、茶饮料、果汁、功能饮料等丰富 产品矩阵，旗下"农夫山泉""东方树叶""茶π"等均为畅销单品。 从财务数据到市场反馈可以看出，农夫山泉在原料、工艺、标准上的一贯坚持，形成了产品力的护城 河。上半年，除了无糖茶东方树叶外，春季"龙井新茶"的回归，陈皮白茶的加入，以及碳酸茶饮"冰 茶"的创新，共同构成了茶饮板块高增长的内在动力。 "饮料低糖健康风潮兴起之初，农夫山泉便积极布局，顺应健康消费需求，成为低糖饮品市场早期的引 领者之一。同时，遍布全国的分销网络确保产品能够迅速覆盖各类零售终端，持续提升市场份额和品牌 曝光度。随着健康消费理念的不断深化，东方树叶营销贡献逐年增加，成为农夫山泉的重要增长引 擎。"陈晶晶表示。 广东省食品安全保障促进会副会长朱丹蓬对《证券日报》记者称，在饮料赛道，随着农夫山泉等头部品 牌逐步完成健康化升级，行业竞争门槛将进一步提高。 今年7月份，国际权威品牌评估机构Brand Finance发布《全球软 ...

Core Viewpoint - The valuation of Nongfu Spring has experienced fluctuations due to public sentiment, but it has actively responded, leading to a recovery in valuation to above 30x. The company's long-term growth potential and excellent business model are the main reasons for its valuation premium [2]. Group 1: Company Overview - Nongfu Spring, established in 1996, is a rare platform enterprise in the soft drink sector in China, with a comprehensive product layout including packaged water, tea, and juice [4]. - In 2024, the company is projected to generate revenue of 42.9 billion and a net profit of 12.1 billion, with a net profit margin of 28%, leading the industry in both revenue scale and profitability [4]. - The company adheres to a long-termism philosophy, aiming to create products that last a century rather than just achieving short-term revenue goals [4]. Group 2: Market Position and Strategy - The company has a highly concentrated shareholding structure, with founder Zhong Shanshan holding 84% of the shares, allowing for stable and efficient management [6]. - Nongfu Spring has a deep involvement in the upstream supply chain, including tea and fruit cultivation, positioning itself as a vertically integrated enterprise [6]. - The management team has extensive experience in the beverage industry, contributing to effective operational mechanisms and industry-leading incentives [6]. Group 3: Industry Dynamics - The packaged water market in China is expected to reach 247 billion in 2024, with a forecasted medium single-digit growth rate, driven by large and bulk packaging [14]. - The industry has experienced a shift from low-cost "one yuan" water to "two yuan" water, with Nongfu Spring successfully increasing its market share during this transition [18]. - The packaged water sector is characterized by a long lifecycle and continuous growth, benefiting from trends towards health and convenience [11][12]. Group 4: Competitive Landscape - The packaged water industry has seen a concentration of market share among leading brands, with Nongfu Spring significantly widening the gap with competitors [15]. - The competitive landscape has evolved through three phases: product-centric, channel-centric, and brand-centric, with Nongfu Spring emerging as a leader in the brand-centric phase [16][18]. - The company has effectively navigated challenges, including public sentiment issues, by focusing on rational pricing strategies and enhancing brand strength [18].

Core Viewpoint - The article discusses the recent controversies surrounding the "润田" brand, highlighting its historical significance in Jiangxi and the impact of a family drama involving its former owner, which has inadvertently increased brand awareness and market interest [3][4][6]. Group 1: Company Background - "润田" brand was established in 1994, making it one of the earliest players in the bottled water industry in China [29]. - The original founder, 黄安根, created the brand by implementing aggressive pricing and distribution strategies, allowing it to dominate the Jiangxi market [33][34]. - In 2007, the company received a significant investment of 200 million yuan from Softbank SAIF, which helped expand its production capacity and market reach [34]. Group 2: Recent Controversies - The recent drama began with "暴躁十亿姐" (Wei Miaomiao), who claimed to be the former wife of 黄安根, stirring public interest and confusion regarding the brand's ownership [12][14]. - On July 22, 2025, "润田实业" issued a statement clarifying that 黄安根 and Wei Miaomiao have no affiliation with the current company, which was restructured in 2014 [14][21]. - The original company associated with 黄安根 was dissolved in 2020, while "润田实业" has since become a state-controlled entity [21][24]. Group 3: Market Position and Future Prospects - "润田实业" currently operates ten production bases across 22 provinces and is recognized as one of the top players in China's bottled water market [24]. - There are plans for "润田实业" to potentially go public through a reverse merger with ST联合, which could provide a strategic opportunity for growth [24][65]. - Despite the controversies, the brand has gained significant publicity, which may enhance its market presence and consumer recognition [66][67]. Group 4: Industry Insights - The bottled water industry is characterized by low production costs but high competition, with major players like农夫山泉 achieving high profit margins [49][52]. - The article emphasizes that while selling water appears lucrative, it involves significant challenges, including resource management and market competition [62][64]. - The ongoing narrative around "润田" serves as a case study for regional brands navigating market dynamics and leveraging public interest for growth [65].

Core Viewpoint - Nongfu Spring has reported a mixed performance in 2024, with revenue growth but a decline in gross margin, highlighting the impact of market dynamics and product shifts in the beverage sector [4][5]. Financial Performance - In 2024, Nongfu Spring's revenue reached 42.896 billion yuan, a year-on-year increase of 0.5%, while net profit attributable to shareholders was 12.123 billion yuan, up 0.4% [4]. - The gross margin decreased from 59.5% in 2023 to 58.1% in 2024, attributed to promotional impacts from new pure water products, a decline in bottled water sales, and rising juice raw material prices [4]. Product Segment Analysis - For the first time, revenue from tea beverages surpassed that of bottled water, with tea beverages accounting for 39% and bottled water 37.2% of total revenue in 2024, compared to 29.7% and 47.5% respectively in 2023 [4][6]. - Bottled water revenue fell significantly by 21.3% to 15.952 billion yuan in 2024, losing 4.3 billion yuan compared to 2023 [4]. Growth Drivers - Tea beverages emerged as a new growth driver, with revenue increasing by 32.3% to 16.745 billion yuan in 2024, up from 12.659 billion yuan in 2023 [6]. - The success of the "Dongfang Shuye" brand significantly contributed to this growth, with its sales reportedly growing over 100% in 2023 [6][10]. Market Dynamics - The tea beverage market is becoming increasingly competitive, with a surge in new entrants and products, particularly in the sugar-free tea segment, which saw a growth rate of 110% in 2023 [10][15]. - The overall beverage market growth rate was 6%, while the ready-to-drink tea segment grew by 19% [10]. Strategic Focus - Nongfu Spring is actively exploring international market opportunities, aiming for global expansion as indicated by Chairman Zhong Shanshan [6]. - The company emphasizes a "water source factory" model to reduce logistics costs and improve supply efficiency, which is crucial in the bottled water industry [21][22]. Resource Management - Nongfu Spring has established 12 major water sources across China, with a focus on high-quality water resources as a competitive advantage [20][23]. - The company has invested 1.25 billion yuan in the Anhui Huangshan water source project, expected to produce 1.6 million tons of natural drinking water annually [20].

Core Insights - Nongfu Spring reported a total revenue of 42.9 billion yuan for 2024, a year-on-year increase of 0.5%, with a net profit of 12.123 billion yuan, also up by 0.4% [1] - The company's first major revenue source shifted from water products to ready-to-drink tea products, which generated 16.745 billion yuan in revenue, accounting for 39% of total revenue, while water products generated 15.952 billion yuan, making up 37.2% [1][2] - Chairman Zhong Shanshan highlighted that the company faced organized and prolonged attacks on its brand image in 2024, which tested its reputation but ultimately reaffirmed the quality of its water sources and products [1] Revenue Structure - In 2023, water products were the largest revenue source at 20.262 billion yuan, but in 2024, ready-to-drink tea products surpassed this with 16.745 billion yuan [1] - The ready-to-drink tea segment includes brands like Dongfang Shuye and Chawu, which have seen significant growth due to rising health-conscious consumer demand [2] - The ready-to-drink tea market is experiencing strong growth, with Dongfang Shuye's sales increasing by over 90% year-on-year in the first half of 2024 [2] Strategic Developments - Nongfu Spring is investing in water source development, with the addition of a new water source in Huangshan and six other projects being advanced nationwide in 2024 [2] - The company aims to become a world-class international enterprise, exploring overseas market opportunities and leveraging China's biodiversity to introduce more health products globally [2]