11 Nov 2025 10:13:31 ET │ 11 pages Nongfu Spring (9633.HK) Flash | What's New from Citi 2025 China Conference: 25E Sales/Margin Guidance Maintained CITI'S TAKE Nongfu management reiterated its guidance of mid-teen% of group top- line growth YoY with YoY NPM expansion in full-year 25E. Mgt has observed limited impact of price war among freshly-made tea products (subsidized by delivery platforms) on its biz. We expect Nongfu's strong sales growth across biz lines and more diversified group sales mix to fuel i ...