农夫山泉_食品饮料公司日_重申 2025 财年指引 —— 销售额中双位数增长且利润率小幅扩张；凭借有效营销推广和新 SKU，各品类势头强劲

Nongfu Spring (9633.HK) F&B Corp Day: Reiterate FY25 guidance – mid-teen% sales growth and slight margin expansion; solid momentum across categories on effective marketing/promotion/new SKUs 3 November 2025 | 10:44PM HKT Equity Research 9633.HK 12m Price Target: HK$60.50 Price: HK$52.30 Upside: 15.7% We hosted Nongfu Spring mgmt on Nov 3rd at our F&B Corp Day. The company is on track to meet its FY25 targets (mid-teens % yoy sales growth), with slight margin expansion for the full year, in line with its exp ...