农夫山泉正逐步走出舆情危机所带来的负面影响。8月26日，农夫山泉公布中期业绩公告显示，2025年 上半年，其总收益为256.22亿元，同比增长15.6%；净利润为76.22亿元，同比增长22.1%。 2024年初，农夫山泉经历了上市以来最大的舆情风波，直接影响到该公司核心产品包装饮用水的业绩， 致使农夫山泉包装饮用水营收在2024年出现21.3%的同比下滑，今年上半年，该产品虽然呈现回暖趋 势，同比增长10.7%，但依旧没有恢复至2023年同期水平。此外，作为农夫山泉近两年业绩增长核心主 力的茶饮料产品，在今年上半年也呈现明显放缓趋势。如何寻找并培育下一个增长引擎，成为农夫山泉 必须直面的重要问题。 包装水地位不再 在农夫山泉营收净利润双双增长的同时，旗下主力产品之一包装饮用水（下称"包装水"）也恢复了增 长。今年上半年，农夫山泉包装水收入为94.43亿元，同比增长10.7%。对于今年上半年业绩表现，8月 27日，农夫山泉在其相关工作人员提供给《华夏时报》记者的资料中表示，农夫山泉上半年的增长，不 只是消费复苏背景下的短期结果，而是市场对其长期品质与食品安全坚持的正向回应。 2024年2月，农夫山泉因为与娃哈 ...

饮料行业运行平稳，健康化、天然化趋势深化驱动产品创新与升级，也带动饮料企业的业绩增长。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，已经超越单一产品的成功，是 其长期战略、创新能力与资源优势叠加的结果。 品质驱动竞争力提升 根据财报，农夫山泉此次交出的半年报业绩再创新高，从财务数据到市场反馈可以看出，品牌的真正价 值，来自长期对品质与食品安全的坚守。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。 农夫山泉2025年上半年业绩报告公告。 从产品来看，无糖茶东方树叶十余年持续坚持"0糖、0卡、0脂、0香精、0防腐剂"，以极简配方引来众 多品牌跟进；经典口味的品质坚持，春季"龙井新茶"的如约回归，陈皮白茶的加入，以及碳酸茶饮"冰 茶"的创新，构成茶饮板块持续高增长的内在动力。 作为国产饮料企业的明星企业，农夫山泉交出历史新高业绩。8月26日，农夫山泉发布2025年中期业绩 显示，公司上半年实现营收人民币256.22亿元，同比增长15.6%；实现净利润76.22亿元，同比增长 22.1%。分业务来看，茶饮料板块延续高速增长，东方树叶已经形成护城河，包装饮用水业务呈现回暖 态势 ...

产品营销：品质为先，培养心智 饮料产品，消费者以便捷性、好喝为导向，口感变化较快，且对价格敏感，缺乏品牌忠诚度，这对公司 营销能力提出了较大考验。农夫山泉眼光独到，精准选择产品定位，避开价格战红海，定位品质路线， 抓住时机将中国包装水行业带入"2 元时代"；前瞻性布局的无糖茶"东方树叶"在10 年后迎来爆发式增 长。同时，公司积极运用广告营销、事件营销、IP 营销为公司产品赋能，"农夫山泉有点甜"等宣传标 语深入人心，有效增强品牌力。 渠道梳理：适时变革，保持活力 公司经历联营体模式、通路精耕模式，并于2014 年转型为专属经销商模式。公司通过大商为主、二批 商为辅的模式进行渠道耕耘，在保证经销商自主性的同时公司通过相应制度和NCP系统加强对经销商和 终端管理。公司不断推出高利润畅销产品，保障经销商盈利能力，提升了经销商对公司的忠诚度。 未来展望：走出阴霾，王者归来 机构：长江证券 研究员：董思远/冯萱 农夫山泉：始于微末，发于华枝 在创始人钟睒睒带领下，成立于1996 年的农夫山泉后来者居上，成为包装水行业的领头羊。公司建立 了包装饮用水和饮料的双引擎发展战略，引领饮料行业发展，目前已经形成包装水、茶饮料、 ...

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 ...

港股研究丨公司深度丨农夫山泉（9633.HK） [Table_Title] 农夫山泉深度报告：山泉为上，农夫饮茶 %% %% %% %% %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 农夫山泉作为中国软饮料行业领军企业，其在产品、品牌、营销、渠道上均颇有建树。农夫山 泉的本质是推动饮料行业价格链"通胀"，通过推出高品质、高价格产品，为上游供应链和经销 商创造丰厚利润，实现上下游利益绑定。本文从公司产业布局、营销能力、渠道模式三大维度 进行拆解，解读农夫山泉的常青之道。同时，我们认为公司已逐步走出舆论影响且有望顺势提 高市占率，增强公司影响力。 分析师及联系人 [Table_Author] 董思远 冯萱 SAC：S0490517070016 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 2 / 30 research.95579.com 2 农夫山泉（9633.HK） cjzqdt11111 [Table_Title2] 农夫山泉深度报告：山泉为上，农夫饮茶 [Table_Summary2] 农夫山泉：始于微末，发于华枝 ...

Summary of Nongfu Spring Conference Call Company Overview - Nongfu Spring is recognized as a leading brand in the beverage industry, with significant brand value acknowledged by authoritative institutions like AC Nielsen and Kantar Group. The Ministry of Industry and Information Technology has listed it as an international Chinese consumer brand, highlighting its strong brand influence [2][5]. Financial Performance - The company has surpassed a scale of 40 billion RMB, making it the second-largest soft drink company in China, with expectations to become the largest within the next two years. From 2020 to 2023, it achieved a compound annual growth rate (CAGR) of 23%, with profit margins exceeding 28%, leading the industry [2][5]. - Revenue projections for 2025, 2026, and 2027 are 51.7 billion, 60.4 billion, and 70.5 billion RMB, respectively, with net profits of 14.9 billion, 17.7 billion, and 21 billion RMB [4][23]. Growth Strategy - Nongfu Spring has transitioned from a single bottled water company to a platform enterprise driven by both bottled water and various beverages. The company has launched innovative products like C100, Power King, and Tea π, successfully creating multiple flagship products [2][7][8]. - The company has a leading position in three major beverage segments: bottled water, tea beverages, and juice drinks, with the highest market share in bottled water and unsweetened tea [9]. Market Dynamics - The bottled water market in China has significant growth potential, with per capita consumption at 37.5 liters in 2023, which is notably lower than developed countries. The packaging rate in mainland China is only about 15%, indicating room for growth [10]. - The tea beverage sector has become the largest sub-category in soft drinks, with a market share of 21.1% in 2023. Nongfu Spring's tea beverage business has shown a CAGR of 52% from 2020 to 2024 [15]. Competitive Advantages - Nongfu Spring's competitive edge lies in its extensive network of 15 high-quality water sources, ensuring product quality and supply chain efficiency. The company has also optimized its management and supply chain capabilities, achieving the lowest comprehensive costs and highest operational efficiency in the industry [6][11][12]. - The brand's strong marketing focus on health has cultivated consumer recognition of its premium products, maintaining brand vitality for over a decade [6]. Future Outlook - Nongfu Spring's long-term growth potential remains robust, with expectations to continue expanding its market share in bottled water and tea products. The company is also focusing on enhancing its juice business, which is still in the cultivation stage in China [19][20]. - The company is exploring potential growth areas beyond its main segments, including sports drinks and coffee [24]. Key Takeaways - Nongfu Spring's strong brand recognition and innovative product offerings position it well for future growth in the competitive beverage market. The company's strategic focus on health, quality, and market expansion is expected to drive continued success and profitability [2][4][23].

Core Viewpoint - Nongfu Spring has successfully regained its market value, returning to a pre-controversy level of approximately 500 billion HKD, with significant stock price recovery since April 2024 [5][6]. Market Performance - As of July 22, 2024, Nongfu Spring's stock price reached a new high of 45.8 HKD, with a total market value exceeding 510 billion HKD, marking a 42% increase since April 8, 2024 [5][6]. - The company's total revenue for 2024 was 42.896 billion CNY, showing a slight year-on-year growth of 0.54%, while net profit was 12.123 billion CNY, reflecting a minimal increase of 0.36% [10]. Leadership and Strategy - Chairman Zhong Shanshan has become more visible in the media, actively promoting Nongfu Spring's narrative and instilling confidence in the market [8][9]. - The company has faced significant challenges, particularly in its core bottled water segment, which saw a revenue decline of 21.3% in 2024, amounting to 15.952 billion CNY, down 4.31 billion CNY from the previous year [16]. Product Diversification - Nongfu Spring's tea beverage segment, particularly products like Dongfang Shuye, has shown strong growth, achieving 16.745 billion CNY in revenue in 2024, a 32.3% increase, and compensating for the decline in bottled water sales [17][18]. - The company has introduced new products, including carbonated tea drinks and collaborations with Sam's Club, aiming to capture new market segments [20][22]. Market Challenges - Despite maintaining the largest market share in bottled water, Nongfu Spring's market presence has been challenged by increased competition and a decline in sales volume, with a reported loss of 4.3 billion CNY in bottled water sales [16][12]. - The overall beverage market is experiencing heightened competition, with new entrants and changing consumer preferences impacting growth potential [24].

Group 1 - Abnormal odor in tap water reported in Hangzhou's Yuhang District, leading to emergency response and investigation into the cause, which was identified as sulfur compounds from algae degradation under specific climatic conditions [2][3] - Investigation into blood lead levels in children at a kindergarten in Tianshui revealed that food coloring was used to enhance food appearance, resulting in elevated blood lead levels in several children [4][5] - Tianshui Second People's Hospital is now under the full management of Gansu Provincial People's Hospital to improve healthcare services, with new blood lead testing equipment installed [7] Group 2 - A significant outbreak of Chikungunya fever in Foshan, Guangdong, with 1,873 confirmed cases reported, all of which are mild, and effective mosquito control measures have been implemented [8] - Typhoon "Wipha" made landfall in Guangdong, prompting a yellow alert and increased emergency response measures [9] - The Chinese government is addressing the issue of irrational competition among food delivery platforms, with multiple regional associations calling for an end to low-price wars [15][16] Group 3 - The home improvement company, Liangjiaju, announced its closure due to long-term losses attributed to the real estate sector, with reports of the founder's tragic death [17] - The market for second-hand Xiaomi Yu7 cars has seen a surge, with prices exceeding those of new cars due to high demand and delivery delays [21][22] - New luxury car tax regulations are set to take effect, leading to a rush in purchases of high-end vehicles like Porsche to avoid increased costs [25]

Group 1 - Zhejiang authorities denied rumors about tracing Wahaha's 20-year fund flow, labeling it as false news [2] - Farmer Spring and Zunming Co. clarified their non-involvement in the recent water contamination incident in Liangzhu, stating they do not have production bases in the affected area [4][5] - The founder of West B, Jia Guolong, criticized the irrational pricing strategies of food delivery platforms, urging for a return of pricing power to merchants [8] Group 2 - Moutai's e-commerce channel saw a significant change with 24 online stores being removed, indicating a tightening of channel control by major liquor companies [10] - Gree responded to complaints about a ranking platform, asserting that the platform lacks credibility and has a history of legal issues [10] - NIO announced that it has surpassed 80 million battery swaps and has established 3,405 battery swap stations [10] Group 3 - BMW announced the establishment of a new IT research center in Nanjing, which will be one of its six global centers [17] - Lixun Robotics has commenced construction on a headquarters project with a total investment of 5 billion yuan, expected to generate an annual output value of 10 billion yuan upon completion [17] - Corning's commitments to the EU were accepted, avoiding potential antitrust fines related to exclusive supply agreements [19] Group 4 - The Chinese unicorn companies' total valuation exceeded 1.2 trillion USD, with the integrated circuit sector leading in the number of companies and valuation [33] - The global PC shipment volume increased by 8.4% year-on-year in Q2 2025, with Lenovo maintaining the leading position [31]

Group 1 - The Hangzhou Yuhang District government issued an apology regarding the recent issue of tap water having an unusual odor, which was attributed to specific natural climatic conditions leading to the anaerobic degradation of algae producing sulfur compounds [2][3] - The Yuhang Water Holdings Group activated an emergency plan on July 16, switching to alternative water sources and flushing the relevant pipelines, restoring water quality by 1:30 PM on the same day [3][4] - The company announced a water fee reduction of 5 tons for each household in July to compensate for the inconvenience caused by the water quality incident [4] Group 2 - Numerous rumors circulated online regarding the water quality issue, including false claims about a water supply official fleeing the country, which were debunked by local media [5] - Reports also falsely implicated companies such as Nongfu Spring and Zuming Co., suggesting their production was affected by the water quality issue; however, it was clarified that Nongfu Spring does not have a production base in the affected area and Zuming Co.'s operations are located far from the incident site [5]