---
title: "In \"The Big Banks,\" Citigroup raised the target price for NONGFU SPRING to 57.6 yuan, expecting accelerated growth in the second half of the year"
description: "Citi raised the target price for NONGFU SPRING to 57.6 yuan, expecting sales growth to accelerate to 26% in the second half of 2025. Tea products are expected to grow by 35%, and the market share of b"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/272488587.md"
published_at: "2026-01-14T02:33:10.000Z"
---

# In "The Big Banks," Citigroup raised the target price for NONGFU SPRING to 57.6 yuan, expecting accelerated growth in the second half of the year

> Citi raised the target price for NONGFU SPRING to 57.6 yuan, expecting sales growth to accelerate to 26% in the second half of 2025. Tea products are expected to grow by 35%, and the market share of bottled water is expected to rebound. Gross margin and net margin will expand, with the 2025 net profit forecast exceeding the market consensus by 5%. The bank maintains a "highly confident outperform" rating and slightly raises its earnings forecast

Citi published a research report predicting that NONGFU SPRING (09633.HK) sales growth will accelerate from 16% year-on-year in the first half of 2025 to 26% in the second half of 2025. Among them, tea products are expected to perform outstandingly, with an anticipated year-on-year growth of 35%, while its bottled water market share will continue to recover.

The bank estimates that benefiting from a better product mix, lower raw material prices, and savings in selling, general and administrative expenses (SG&A), gross margin and net margin will expand, with the net margin in the second half of 2025 expected to be slightly higher than in the first half. The net profit forecast for 2025 is approximately 5% higher than the market consensus, and strong performance in the second half is expected to drive the stock price up in the short term. The bank has therefore slightly raised its earnings forecast, maintaining a "highly confident outperform" rating, and raised the target price from 55 yuan to 57.6 yuan

### Related Stocks

- [09633.HK - NONGFU SPRING](https://longbridge.com/en/quote/09633.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
