Nongfu Spring (9633) H2 2025 earnings summary

Executive summary

• Revenue reached RMB52,553 million in 2025, up 22.5% year-over-year, surpassing RMB50 billion for the first time.

• Profit attributable to owners was RMB15,868 million, a 30.9% increase year-over-year.

• Gross profit margin improved to 60.5% from 58.1% due to lower raw material costs and improved channel management.

• Final dividend of RMB0.99 per share proposed, totaling approximately RMB11,134 million.

• All core product categories—drinking water, tea, functional drinks, juice, and others—achieved double-digit revenue growth.

Financial highlights

• Revenue: RMB52,553 million (+22.5% YoY); Gross profit: RMB31,808 million (+27.7% YoY).

• Net profit: RMB15,868 million (+30.9% YoY); Basic EPS: RMB1.411 (+30.9% YoY).

• Selling and distribution expenses: RMB9,800 million (+6.8% YoY), as a % of revenue down to 18.6%.

• Administrative expenses: RMB2,452 million (+25.0% YoY), stable as a % of revenue.

• Other expenses surged to RMB291 million, mainly due to RMB199 million in exchange losses.

Outlook and guidance

• Plans to continue expanding water source network and international market presence.

• Focus on quality, innovation, and long-term brand strategy, with new launches in Hong Kong and Singapore.

• Ongoing investment in production facilities and digital transformation to support growth.