Below is Dolphin Research's Trans of $NONGFU SPRING(09633.HK) FY2025 earnings call. For the earnings analysis, please see 'Nongfu Spring: From defense to offense, Water Moutai on a tear!': I. Core highlights recap:

Packaged water OPM hits record high

The following are the minutes of the Nongfu Spring Q2 2025 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to "Nongfu Spring: Green Bottle Exits, Red Bottle Takes Over, 'Water Mao' Makes a Comeback!"

On the afternoon of August 26th, Beijing time, Nongfu Spring (9633.HK) released its H1 2025 performance report. As the public opinion impact gradually subsided in the first half of the year, Nongfu increased the promotion of its red bottle water and reduced subsidies for its green bottle water, driving the overall performance of the company to fully recover, exceeding market expectations. It is a good performance report.

The following is the Minutes of the conference call for Nongfu Spring's 2024 second half financial report organized by Dolphin Research. For the financial report interpretation, please refer to "Nongfu Spring: Has the Nature Mover Stopped Moving?" 1. Core Financial Information Review 1. Sales and Distribution Expenses: The marketing expense ratio for 2024 decreased from 21.8% in the same period of 2023 to 21.4%. Among them, although advertising and promotional expenses increased, logistics costs decreased due to the impact of the product sales volume structure. 2. Administrative Expenses: In 2024, it amounted to RMB 1.962 billion, accounting for 4.6% of total revenue...

On the afternoon of March 25th, Beijing time, Nongfu Spring (9633.HK) released its 2024 H2 performance, with all core businesses falling short of market expectations. The specific points are as follows: 1. The decline in bottled water has widened: The 24H2 bottled water business achieved revenue of 7.42 billion yuan, a year-on-year decline of 24%, continuing to slow down compared to the first half of the year (-18%), significantly below market expectations (10.09 billion yuan). The market originally expected that in the second half of the year, as the impact of public opinion weakened, the expansion of green bottle water supply, and the bottled water business could significantly recover...