农夫山泉 - 2025 年上半年首次评级:产品组合强劲(茶类增长 20% ),运营效率提升、广告节省推动营业利润率超预期;买入评级
26 August 2025 | 9:00PM HKT Nongfu Spring (9633.HK): 1H25 First Take: OPM beat on strong product mix with tea up 20%, op efficiency and ad/promotion saving; Buy Leaf Liu +852-3966-4169 | leaf.liu@gs.com Goldman Sachs (Asia) L.L.C. Hongda Zhong +852-2978-2300 | hongda.zhong@gs.com Goldman Sachs (Asia) L.L.C. Christina Liu +852-2978-6983 | christina.liu@gs.com Goldman Sachs (Asia) L.L.C. Valerie Zhou +852-2978-0820 | valerie.zhou@gs.com Goldman Sachs (Asia) L.L.C. c45a43530f604d12bcb9a82b5aa6b9f6 n Revenue: N ...