农夫山泉-2025 年下半年业绩回顾：重申 2026 年股息增长；在成本前景不明朗的情况下保持投资灵活性；买入

Nongfu Spring (9633.HK) 2H25 Earnings Review: Reiterated DD% 2026 revenue growth; to remain agile in investment amid low visibility on cost outlook; Buy 9633.HK 12m Price Target: HK$56.50 Price: HK$46.42 Upside: 21.7% Nongfu printed a strong set of results for 2H25 on Mar 24, with sales/NP up 23%/31% yoy respectively, and hosted an earnings briefing on Mar 25. We walk away from the briefing with strengthened confidence in Nongfu's core competitiveness across all categories and strong execution in market sha ...