此外，伴随红瓶水占比的提升，包装水业务的经营利润率重新提升至35%，基本回到了舆论影响前的水平。 北京时间8月26日下午，农夫山泉（9633.HK）发布了2025年H1业绩，随着上半年舆论影响逐步消退，农夫重新加大了红瓶水的推广力度，并减少了绿瓶 水的补贴，带动公司整体业绩全面回暖，超出市场预期，是一份不错的业绩。 具体要点如下： 1、包装水重回正增长：25H1包装水业务实现营收94.4亿元，同比增长10.7%，经过连续两个财报下滑后包装水业务重新恢复正增长。 拆分来看，在舆论影响减弱的情况下，上半年农夫明显减少了绿瓶水（纯净水）的投放，重新加大红瓶水推广力度，结合调研信息来看，红瓶水在包装水 收入中的比例从24H2的约75%提升至25H1的78%以上。 2、茶饮盈利能力创新高：25H1茶饮业务实现营收100.9亿元，同比增长19.7%，考虑到当前茶饮半年破百亿的体量，相较于前两年爆发式的增长，增速有 所放缓也在预期范围内。 4月份开始，公司针对无糖茶大单品东方树叶推出"一元乐享"活动，并加大了下沉市场的渗透，在二季度东方树叶在无糖茶中的市占率一度从70%提升到 75%左右。 此外，伴随经营杠杆的释放，更为亮 ...

Group 1: Company Overview - Nongfu Spring, once a symbol of bottled water in China, is facing stagnation in growth, with a slight revenue increase of 0.5% and a net profit increase that is negligible for 2024 [1] - The bottled water business, previously a stronghold for Nongfu Spring, has seen a decline, with a 6.7% drop in revenue and a 3.8% drop in net profit in the second half of the previous year [1] - The tea beverage segment, represented by Dongfang Shuye, has surpassed bottled water in revenue for the first time, achieving a remarkable 32.3% year-on-year growth [2] Group 2: Market Competition - The tea beverage market has become highly competitive, with numerous established and emerging brands vying for market share, leading to increased pressure on Nongfu Spring's tea business [3][4] - New brands are employing aggressive distribution strategies, such as credit sales, to quickly gain shelf space, which poses a challenge to Nongfu Spring's market position [4] - Despite maintaining a leading position in the tea market, Nongfu Spring's growth rate has slowed from 59.5% in the first half of the previous year to 32.3% [4] Group 3: Strategic Responses - In response to market pressures, Nongfu Spring has launched a 1.5L version of Dongfang Shuye to capture the "water substitute" demand, which has seen immediate success [6] - The company is investing in tea production facilities, with a commitment of 100 million yuan to build five initial tea factories, aiming to enhance its overall system capabilities [8] - Nongfu Spring is also exploring international markets, particularly in developed countries, to expand its tea beverage business [9] Group 4: Financial Performance - The bottled water segment's revenue for 2024 is reported at 16 billion yuan, reflecting a significant decline of 21.3% year-on-year, with operating profit margins dropping from 36% to 31% [25] - The aggressive pricing strategy for green bottle water has not yielded the expected market growth, leading to issues of low profit margins and high inventory [25] Group 5: Brand Management - Nongfu Spring's sales strategy has been characterized by a strong presence in retail channels, with sales personnel actively engaging with store owners to secure shelf space [12][16] - However, the company's aggressive tactics have led to some negative perceptions among retailers, with reports of pressure to prioritize Nongfu Spring products over competitors [14][22] - The contrasting attitudes within the company regarding the value of green bottle water have created confusion among retailers, impacting overall brand perception [22]