HUNFSPR@EC2702A

Nongfushanquan Adjusts Strategy in 2025 to Combat Price War and Rebounds Revenue and Profit

Nongfu Spring Revives 'Red 尖叫' Through Limited-Time Voting

Nongfu Spring Shows Good Growth Potential with Innovation and Optimization

Nongfu Spring Releases 2025 Sustainability Report

Nongfu Spring Maintains Dealer Price Order to Ensure Company Health

Nongfu Spring's Haikou Water Source Factory Officially Starts Production

Huatai International Raises Target Price for Nongfu Spring to HKD 59.8

CMB International Raises Target Price for Nongfu Spring to HK$60.88

Nongfu Spring's Financial Report: Tea Drinks Become Largest Business Segment

Jefferies Raises Nongfu Spring's Target Price to HKD 50.50

CLSA Raises Target Price for Nongfu Spring to HKD 59.6

UBS Raises Target Price on Nongfu Spring but Maintains Sell Rating

Deutsche Bank Raises Target Price for Nongfu Spring

Nongfu Spring Shifts to Offensive Strategy with Strong Stock Performance

CICC Maintains Target Price and Outperform Industry Rating for Nongfu Spring

NONGFU SPRING released FY2025 Q3 earnings on March 24, 2026 (BJT), actual revenue HKD 14.72 B, actual EPS HKD 0.4007

NONGFU SPRING released FY2025 9 Months Earnings on March 24, 2026 (BJT), with actual revenue of HKD 42.46 B and actual EPS of HKD 1.1343

Nongfu Spring Announced Last Year's Profits with a 30.9% YoY Increase

Nongfu Spring Shareholders Approve Multiple Proposals at 2025 Annual General Meeting

Nongfu Spring Announces Significant 2025 Earnings Increase and Dividend Distribution

QINGDAO HLDGS

QIANHAI HEALTH

GUOXIA TECH

BITSTRAT HLDGS

KIN SHING HLDGS

AV CONCEPT HOLD

DATRONIX HOLD

HAITIAN ANTENNA

PRODUCTIVE TECH

INVESTECH HLDGS

02513

01138

00100

09633

01347

02600

01898

00857

02714

02618

KNOWLEDGE ATLAS(02513) rose 9.43%, with a trading turnover 2.0 Billion HKD, and a year-to-date rose 739.1%. COSCO SHIP ENGY(01138) rose 6.99%, with a trading turnover 605.9 Million HKD, and a year-to-date rose 100.9%. CHALCO(02600) fell 4.58%, with a trading turnover 375.3 Million HKD, and a year-to-date rose 1.1%. CHINA COAL(01898) fell 4.11%, with a trading turnover 548.7 Million HKD, and a year-to-date rose 29%.

- The Hang Seng Index increased by 0.77%, with a year-to-date gain of 2.9%.  
- The Hang Seng Technology Index rose by 0.46%, but it has a year-to-date decline of 8.2%.  
- Notable company performances include Zhihu (02513) up 9.43% with a total transaction volume of HKD 2.01 billion and a year-to-date rise of 739.1%, while China Aluminum (02600) fell by 4.58%.

Top Gainers & Losers

KNOWLEDGE ATLAS

COSCO SHIP ENGY

MINIMAX-W

NONGFU SPRING

HUA HONG SEMI

CHALCO

CHINA COAL

PETROCHINA

MUYUAN

JD LOGISTICS

Top 5 HK Stock Gainers/Losers (>100B) (4.20)

STECH

02689

09863

36Kr learned that the Hang Seng Index rose by 0.77%, and the Hang Seng TECH Index increased by 0.46%; the paper packaging, food and beverage, and software services sectors led the gains, with Qunhe Technology rising over 101%, ND PAPER up over 6%, and NONGFU SPRING up over 5%; the oil and petrochemical, coal, and automotive sectors saw the largest declines, with LEAPMOTOR down over 5%, Zhongmei Energy down over 4%, and Zhonggang Petroleum down over 3%; southbound funds had a net outflow of HKD 3.909 billion

36Kr

Hang Seng TECH Index

ND PAPER

LEAPMOTOR

Hang Seng Index

MANYCORE TECH

China Coal Energy

CHK OIL

The Hang Seng Index closed up 0.77%, and the Hang Seng TECH Index rose 0.46%

02635

00968

02477

The Hang Seng Index closed at 26,376 points, up 216 points or 0.8%; the Hang Seng Tech Index reported 5,081 points, up 38 points or 0.8%. The National Index rose 68 points, reporting 8,913 points. Major stocks such as Tencent, China Construction Bank, and Xiaomi performed positively, while mid and small-cap stocks like XINYI SOLAR and NONGFU SPRING reached new highs. NUOBIKAN and WELLCELL HOLD saw significant price increases, while ZhiDa Technology and GuoXia Technology experienced declines

AASTOCKS

NUOBIKAN

XINYI SOLAR

WELLCELL HOLD

ICBC

BANK OF CHINA

Bank Of China

Hang Seng China Enterprises Index

TENCENT

XIAOMI-W

MEITUAN

PING AN

Ping An

BABA-W

Alibaba

SUNNY OPTICAL

SHENZHOU INTL

TECHTRONIC IND

INSILICO

51WORLD

ZHIDA TECH

BOC HONG KONG

Bank of China

Tencent

TENCENT-R

Tencent HK SDR 10to1

Tencent Holdings Limited

Xiaomi Corporation

XIAOMI-WR

Xiaomi HK SDR 2to1

MEITUAN-WR

Meituan

Meituan HK SDR 5to1

PING AN-R

Ping An Insurance

BABA-WR

Alibaba HK SDR 5to1

Shenzhou International

Techtronic Industries

The "Half-Day Express" reports that the Hang Seng Index closed at 26,376 points, up 216 points; the Hang Seng Tech Index closed at 5,081 points, up 38 points. XINYI SOLAR rose over 7%, and China Construction Bank, Industrial and Commercial Bank of China, Bank of China, NUOBIKAN (new), and WELLCELL HOLD reached new highs

FTXG

Haitong International released a research report, pointing out that NONGFU SPRING has shown resilience in competition, expecting to achieve high-quality performance growth in 2025, with revenue surpassing RMB 50 billion for the first time. The target price has been raised from HKD 55.9 to HKD 59.8, maintaining an "outperform the market" rating. Management expects double-digit revenue growth in 2026, and the expansion of overseas channels has already begun. Revenue is forecasted to be RMB 59.441 billion, RMB 66.8 billion, and RMB 74.97 billion for 2026 to 2028, with net profit after tax expected to be RMB 17.665 billion, RMB 20.126 billion, and RMB 22.975 billion respectively

First Trust NASDAQ Food & Beverage

Haitong International: NONGFU SPRING demonstrates resilience in competition, raising target price to 59.8 yuan

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Guoyuan Securities (HK) has reaffirmed its Buy rating on Nongfu Spring Co., Ltd. Class H (9633), setting a price target of HK$58.00. This follows a similar Buy rating from Goldman Sachs on March 26, while Jefferies maintained a Hold rating on March 25.

- Guoyuan Securities (HK) has maintained a Buy rating on Nongfu Spring Co., Ltd. Class H, with a price target of HK$58.00.  
- Goldman Sachs also gave a Buy rating on the stock in a report dated March 26, while Jefferies maintained a Hold rating on March 25.  
- These ratings indicate varying levels of confidence among analysts regarding the company's market performance.

Tip Ranks

ChinaAMC CSI Food & Beverage Sub-Industry ETF

Tianhong CSI Food and Beverage ETF

China Merchants Guozheng Food and Beverage ETF

Guoyuan Securities (HK) Keeps Their Buy Rating on Nongfu Spring Co., Ltd. Class H (9633)

Jefferies has maintained a Hold rating on Nongfu Spring Co., Ltd. Class H (9633) with a price target of HK$50.50, while the shares closed at HK$46.42. The analyst consensus is a Moderate Buy with an average price target of HK$55.92.

- Jefferies maintained a Hold rating on Nongfu Spring Co., Ltd. Class H with a price target of HK$50.50 as of March 25.  
- The company's shares closed at HK$46.42, which is below the price target.  
- The analyst consensus for Nongfu Spring Co., Ltd. Class H indicates a Moderate Buy with an average price target of HK$55.92.

Jefferies Sticks to Their Hold Rating for Nongfu Spring Co., Ltd. Class H (9633)

UBS released a report stating that NONGFU SPRING's fiscal year 2025 performance exceeded expectations, with revenue and net profit increasing by 22.5% and 30.9%, respectively. The gross profit margin improved to 60.5% due to a decrease in raw material costs. Despite raising its earnings forecast and increasing the target price from 37.24 yuan to 41.6 yuan, UBS maintained a "Sell" rating

UBS raises NONGFU SPRING's target price to 41.6 yuan, increases profit forecast but maintains "Sell" rating

516810

NONGFU SPRING announced its 2025 annual results, with core profit and revenue both showing double-digit growth, and the stock price rose by 11.59%. Total revenue increased by 22.5% to RMB 52.55 billion, with net profit attributable to the parent company rising by 30.9% to RMB 15.868 billion, and basic earnings per share increasing by 30.9% to RMB 1.411. The board of directors proposed a final dividend of RMB 0.99 per share, with total dividends amounting to RMB 11.134 billion, and the gross profit margin improved to 60.5%. The improvement in gross profit margin was influenced by the decline in raw material prices and optimization of e-commerce channels

- Nongfu Spring (9633.HK) reported a strong financial performance for the fiscal year 2025, with double-digit growth in core earnings and revenue, leading to an 11.59% surge in share price post-announcement.  
- Total revenue rose by 22.5% year-on-year to 52.55 billion RMB, while profit attributable to shareholders increased by 30.9% to 15.868 billion RMB, resulting in a basic earnings per share of 1.411 RMB.  
- The board proposed a final dividend of 0.99 RMB per share, totaling 11.134 billion RMB, supported by an improved gross profit margin of 60.5%, attributed to lower material costs and optimized sales channels.

Tasty Money

ChinaAMC CSI Agriculture Theme ETF

Penghua CNI Grain Industry ETF

First Trust Indxx Global Agri

E Fund CSI Modern Agriculture Theme ETF

Harvest CSI Grand Agriculture ETF

Fullgoal CSI Agriculture Theme ETF

NONGFU SPRING (9633) earned 31% more last year, with gross margin increasing to 60.5%

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:1. Shareholder returns: The BOD proposes a final cash DPS of RMB 0.99 for FY2025, totaling approx. RMB 11.134 bn. Payout ratio stays around 70%, with the dividend up 30.9% YoY.2. Guidance: For 2026, the company targets double-digit revenue growth. This is a revenue target. ...

Nongfu Spring (Trans): No price hikes planned; still targeting double-digit growth---

Nongfu Spring

Conference Minutes

Financial Analysis

Packaged water OPM hits record high

Nongfu Spring: From defense to offense, the 'Water Maotai' powers higher!

---

These consumer sector stocks are really laid back: Nongfu Spring, Mengniu, and Anta are as stable as a rock, with gains relying solely on a snail's pace, and occasional news stimulation barely makes a ripple.I thought Weilong might bring something new to the table, but it still couldn't escape the fate of following the market's flat trend.Honestly, the atmosphere in Hong Kong stocks is quite discouraging, but I'm used to it. No matter how much the food and beverage sector fluctuates, it won't fall too far.

WL DELICIOUS

MENGNIU DAIRY

Mengniu Dairy

ANTA SPORTS

ANTA SPORTS-R

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 &#34;Nongfu Spring: Green Bottle Exits, Red Bottle Takes Over, 'Water Mao' Makes a Comeback!&#34;

Nongfu Spring (Minutes): first steps finally made towards global markets

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.

Nongfu Spring: Green bottle exits, red bottle takes the stage, the 'Water Moutai' makes a comeback!

Nongfu Spring 25H1 Quick Interpretation: As the impact of public opinion gradually faded in the first half of the year, Nongfu increased the promotion of red bottled water and reduced subsidies for green bottled water, leading to a comprehensive recovery in the company's overall performance, which is a very good result. 1. Bottled Water Business: With the weakening of public opinion impact, the 25H1 bottled water business achieved revenue of 9.44 billion yuan, a year-on-year increase of 10.7%. After two consecutive financial reports of decline, the bottled water business has resumed positive growth. Additionally, with the increase in the proportion of red bottled water, the operating profit margin of the bottled water business has risen back to 35%, basically returning to the level before the impact of public opinion. 2. Tea Beverage Business: Tea beverages achieved revenue of 10.09 billion yuan, a year-on-year increase of 20%. Dolphin Research speculates that the core reason is the &#34;One Yuan Enjoyment&#34; campaign launched by the company in April for the sugar-free tea flagship product, Oriental Leaves, which effectively increased consumer repurchase rates and drove high growth in sugar-free tea. Moreover, with the release of operating leverage, the more impressive aspect is that the operating profit margin of the tea beverage business increased by 4 percentage points to 48%, setting a historical high. 3. Functional Drinks &amp; Juice Business: As a relatively weak segment for Nongfu, the functional drinks and juice business benefited from the rapid distribution of Electrolyte Water Power Emperor and the new 17.5° NFC Orange Juice, exceeding market expectations, with operating profit margins reaching new highs. 4. Significant Decline in Sales Expense Ratio: Due to the company's significant reduction in subsidies for green bottled water in the first half of the year, combined with more precise expense allocation, the sales expense ratio fell by 2.8 percentage points to 19.6%, while the management expense ratio remained stable, ultimately achieving a net profit margin of 22.1%, exceeding market expectations. $NONGFU SPRING(09633.HK)

$NONGFU SPRING(09633.HK) has been liquidated. Taking profits at this stage. Thank you, Nongfu Spring. Just keep drinking it. 😄

$NONGFU SPRING(09633.HK) feels like it's time to liquidate the position. Summer is coming to an end.

$NONGFU SPRING(09633.HK) However, such assistance from the Hangzhou municipal government was truly unexpected.

$NONGFU SPRING(09633.HK) Although I haven't spoken for a long time. But as a shareholder, I still feel gratified. Nongfu Spring is an investment experience that verifies 'slow is fast'.

HUNFSPR@EC2702A(28539.HK)

HUNFSPR@EC2702A Stock Performance Chart

Top 5 HK Stock Gainers/Losers (>100B) (4.20)

The Hang Seng Index closed up 0.77%, and the Hang Seng TECH Index rose 0.46%

Haitong International: NONGFU SPRING demonstrates resilience in competition, raising target price to 59.8 yuan

Guoyuan Securities (HK) Keeps Their Buy Rating on Nongfu Spring Co., Ltd. Class H (9633)