Nongfu Spring (9633.HK): Expect stronger growth in water/tea into 2H25; Effective channel strategies with product strength to support 14 January 2026 | 6:21PM HKT Equity Research We look for Rmb51.1bn in sales and Rmb15.2bn in reported net income in for FY25, up 19%/26% yoy, with c.2% sales/c.2.5% higher NP vs. our prior forecasts, mainly driven by slightly better growth for water/tea and mild NPM expansion to 29.8% (up by 1.6ppt yoy). We expect 2H25E sales to mainly be driven by better sales momentum in wa ...