农夫山泉_2025 年上半年展望_预计各品类随净利润率扩大实现 DD% 增长；2025 年下半年有望更光明；买入评级Nongfu Spring (9633.HK)_ 1H25 Preview_ Expect DD% growth across categories with NPM expansion; Potentially brighter 2H25; Buy

25 July 2025 | 9:10AM HKT Nongfu Spring (9633.HK): 1H25 Preview: Expect DD% growth across categories with NPM expansion; Potentially brighter 2H25; Buy We look for Rmb25.4bn in sales and Rmb7.3n in reported net income in 1H25E, up 15%/17% yoy, with largely unchanged sales/c.4% higher NP vs. our prior forecasts, mainly driven by slightly better growth for Juice/Tea and mild NPM expansion to 28.7% (1H24: 28.1%). We expect 1H25E sales to mainly be driven by ongoing strong momentum in juice (up 18% yoy) and tea ...