MBNFSPR@EC2701A

0826 | Dolphin Research focus: 🐬 Macro/Industry

Tea beverages continued to surge, with margins hitting new highs. Packaged water was largely flat and saw profitability slip. Overall, a solid headline, but the mix was weak.

H1 revenue was RMB 29.718 bn and net profit RMB 8.887 bn, both up Approx. 16% YoY. Tea beverages grew 30.1%, leading the portfolio.

H1 revenue was RMB 25.622bn (+15.6% YoY). GPM reached a record 60.3%, with all four categories posting double-digit growth.

Weekly Market Overview: The Hang Seng Index rose cumulatively by 1.63% last week, closing at 24,963.23 points, with a trend of rising first and then falling back for the whole week. On the news front, the situation in the Middle East escalated sharply, suppressing market risk appetite; Brent crude oil rose above $100 per barrel, and rising inflation expectations pushed up US Treasury yields, weighing on Hong Kong stock valuations. Additionally, with the Federal Reserve's July rate decision meeting approaching, market predictions for the probability of a rate hike surged from less than 12% to nearly 35% within a week, significantly increasing uncertainty. Among the constituent stocks...

'Second growth curve' electrolyte water growth decelerated sharply

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.

0506｜Dolphin Research key focus: 🐬 Macro/Industry 1. With the end of the Labor Day holiday, the national consumer market maintained its recovery, with sales growth rates of key retail and catering enterprises rebounding compared to the Spring Festival. According to the Ministry of Commerce's big data monitoring, sales of key retail and catering enterprises during the holiday increased by 6.3% year-on-year, higher than the 4.5% and 4.1% during the 2024 National Day holiday and 2025 Spring Festival holiday. Today, the catering and cultural tourism sectors performed well, with Dolphin Research's focus stocks like Nongfu Spring and Meituan rising. 🐬 Stocks 1. Ant Group during the holiday...

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...