随着品牌形象回升，公司已走出舆论影响，包装水市占率稳步提升；东方树叶在一元乐享加持下保持较 快动销；果汁产品受益于山姆渠道增速亮眼。 机构：长江证券 研究员：董思远/冯萱 事件描述 农夫山泉2025H1 实现收入256.2 亿元，同比+15.6%，归母净利润76.2 亿元，同比+22.2%。 事件评论 包装水如期恢复，各品类保持增长。2025H1 公司包装水/茶饮料/功能饮料/果汁/其他收入分别为 94.4/100.9/29.0/25.6/6.3 亿元，同比+10.7%/+19.7%/+13.6%/+21.3%/+14.8%。 毛利率同比提升，费用率显著优化，公司盈利能力再创新高。2025H1 公司毛利率同比+1.5pct 至 60.3%，主要因为PET、白糖等原材料价格下降，同时我们预计红瓶水修复、包装水产品结构优化对毛 利率亦有正向贡献。2025H1 公司销售/管理费用率同比-2.9pct/持平，销售费用率下降主要因为广告促销 费、物流等费用下降。公司2025H1 归母净利率达29.7%，同比+1.6pct，再创新高。 展望下半年，包装水基数下降，叠加竞争格局持续变化，包装水市占率或持续提升；一元乐享兑奖 ...

Core Viewpoint - The company announced a cash dividend distribution of RMB 0.25 per share for its A-shares, totaling RMB 67.634 million, approved during the 2025 first extraordinary general meeting of shareholders held on June 12, 2025 [2][4]. Dividend Distribution Details - The cash dividend of RMB 0.25 per share (including tax) will be distributed based on a total A-share capital of 270,536,000 shares [2][4]. - The key dates for the dividend distribution are as follows: - Record date: August 5, 2025 - Last trading date: August 6, 2025 - Ex-dividend date: August 6, 2025 [3][4]. Implementation of Distribution - Cash dividends for A-share shareholders will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to those registered as of the record date [3][4]. - For specific shareholders such as Donghua Fruit Industry Co., Ltd. and others, dividends will be paid directly by the company [4][5]. Taxation on Dividends - Individual shareholders and securities investment funds will be subject to a tax rate of 20% on the actual income from dividends, while the effective tax burden for taxable income is 10% [4][5]. - For Qualified Foreign Institutional Investors (QFII), a withholding tax of 10% will apply, resulting in an actual cash dividend of RMB 0.225 per share [5][6]. - Hong Kong investors holding shares through the Shanghai-Hong Kong Stock Connect will also face a 10% withholding tax, leading to an effective cash dividend of RMB 0.225 per share [6]. Contact Information - For any inquiries regarding this dividend distribution, shareholders can contact the company's securities department at (0535) 3396069 [7].