HUNFSPR@EC2601A

Nongfu Spring Selling Near-Expiry Oriental Leaves Drinks

Guotai Junan Reiterates Buy Rating on Nongfu Spring H-Share and Sets Target Price at HKD 63.85

Guotai Haitong Securities Sees Faster Revenue Growth for Nongfu Spring in H2 2025

HSBC Raises Target Price for Nongfu Spring to HKD 57.80

Nomura: Nongfu Spring Sees 28% YoY Net Profit Growth in H2 2025, Maintains 'Buy' Rating

Citi Raises FY2025 Profit Forecast and Target Price for Nongfu Spring

CLSA Raises Target Price for Nongfu Spring to HKD 57.6

Morningstar Raises Profit Forecast for Nongfu Spring, Sees Strong Growth in Non-Water Beverages

Guotai Junan Maintains Buy Rating on Nongfu Spring H Shares with Target Price of HKD 51.92

Huatai Securities: Nongfu Spring's Stable Operations, Packaged Water Business Overcoming Public Opinion Trough

GuoTai HaiTong Maintains Overweight Rating on Nongfu Spring, Sees Stronger H2 Performance

JPMorgan Maintains Buy Rating on Nongfu Spring

Nongfu Spring Re-signs Associated Transaction Agreement with Yongsheng

JPMorgan Downgrades Nongfu Spring's Earnings Forecast and Adjusts Target Price

JPMorgan Downgrades Target Price and Earnings Forecast for Nongfu Springs

Nongfu Spring Donates 15 Million Yuan in Cash and Relief Supplies

Nongfu Spring Sales Co., Ltd. Established

Nongfu Spring Invests in Expansion of Ice Production Line

JPMorgan and Goldman Sachs Initiate Buy Ratings for Nongfu Spring H Shares

Zhong Shanshan Reclaims China’s Top Rich Spot Thanks to Nongfu Spring and Wantai Biological's Market Performance

TIMES UNI GP

CENTURY GINWA

STARGLORY HLDGS

RIDGE OUTDOOR

SYNAGISTICS

PROSP INV HOLD

HING LEE (HK)

ELEGANCEOPTICAL

CH ENV TECH&BIO

SHANGHAI QINGPU

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Guotai Haitong has reaffirmed its Buy rating for Nongfu Spring Co., Ltd. Class H (9633), setting a price target of HK$63.85. The stock closed at HK$49.60, with a Strong Buy consensus rating and an average price target of HK$56.54, indicating a potential upside of 13.99%. Citi also maintains a Buy rating with a target of HK$58.50.

- Guotai Haitong has reaffirmed a Buy rating for Nongfu Spring Co., Ltd. Class H, with a price target of HK$63.85, while its shares are currently priced at HK$49.60.  
- The analyst consensus suggests a Strong Buy rating, with an average price target of HK$56.54, indicating a 13.99% upside.  
- Additionally, Citi maintained a Buy rating on January 13, setting a price target of HK$58.50 for the stock.

Tip Ranks

NONGFU SPRING

Guotai Haitong Sticks to Their Buy Rating for Nongfu Spring Co., Ltd. Class H (9633)

Citi analyst Xiaopo Wei has maintained a Buy rating on Nongfu Spring Co., Ltd. Class H (9633) as of January 13, with a price target of HK$58.50. The stock closed at HK$47.82. The analyst has an average return of -10.1% and a 44.68% success rate. The overall analyst consensus for the company is a Moderate Buy, with an average price target of HK$54.20.

- Citi analyst Xiaopo Wei has reiterated a Buy rating on Nongfu Spring Co., Ltd. Class H, setting a price target of HK$58.50.  
- The shares closed at HK$47.82, indicating significant upside potential.  
- The overall analyst consensus for the company is a Moderate Buy, with an average price target of HK$54.20.

Citi Remains a Buy on Nongfu Spring Co., Ltd. Class H (9633)

Daiwa Securities released a report stating that NONGFU SPRING accelerated growth in the second half of last year, expecting a 25% year-on-year revenue increase in the packaged water and ready-to-drink tea beverage business. Revenue in the second half of last year increased by 23% year-on-year, and net profit increased by 28% year-on-year. Looking ahead, the compound annual growth rate of net profit is expected to slow from 25% in 2025 to 15%. This year, the focus will continue on packaged water and ready-to-drink tea beverages, with the ready-to-drink tea business expected to maintain over 20% revenue growth, while the packaged water business growth will slow to 5%. The "Buy" rating is maintained, with the target price slightly adjusted to HKD 58

AASTOCKS

Daiwa expects NONGFU SPRING's growth momentum to accelerate in the second half of last year, and this year will still focus on packaged water and tea beverage business

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ALI HEALTH(00241) rose 18.96%, with a trading turnover 7.5 Billion HKD, and a year-to-date rose 54.1%. NONGFU SPRING(09633) rose 6.02%, with a trading turnover 669.3 Million HKD, and a year-to-date rose 8.2%. TRIP.COM-S(09961) fell 6.49%, with a trading turnover 3.1 Billion HKD, and a year-to-date rose 2.8%. CGN POWER(01816) fell 3.53%, with a trading turnover 344.8 Million HKD, and a year-to-date rose 2.7%.

- The Hang Seng Index increased by 0.56%, with a year-to-date gain of 5.3%.  
- Alibaba Health rose by 18.96%, achieving a turnover of 7.45 billion HKD and a year-to-date increase of 54.1%.  
- In contrast, Trip.com Group fell by 6.49% with a turnover of 3.11 billion HKD, marking a year-to-date gain of 2.8%.

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Citi raised the target price for NONGFU SPRING to 58.5 yuan and expects sales to grow by 22% and net profit to grow by 25% in 2025. The bank believes that the sales recovery of packaged water and ready-to-drink tea beverages is strong, maintaining a "Buy" rating and initiating a 30-day positive catalyst observation

Citi raises NONGFU SPRING's target price to 58.5 yuan and initiates a 30-day positive catalyst observation

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Goldman Sachs released a research report indicating that China's consumer staples industry experienced a divergence between the first and second halves of 2022, with anti-corruption policies becoming a key turning point. Despite the overall poor performance of the industry, some companies such as NONGFU SPRING and BUD APAC still achieved growth. Looking ahead to 2026, Goldman Sachs believes that the industry's recovery depends on re-inflation and policy direction, with a focus on bottoming out, channel restructuring, and competitive dynamics. It is expected that in the second half of the year, spirits and dairy sectors will gradually recover, and food and beverage-related categories will also benefit. Goldman Sachs recommends focusing on growth stocks in the first half of the year, gradually shifting to value stocks in the second half

BUD APAC

Goldman Sachs: Focus on Three Major Themes in China's Consumer Staples, Bottoming Opportunities Emerge in 2026

Guotai Haitong analyst maintained a Buy rating on Nongfu Spring Co., Ltd. Class H yesterday and set a price target of HK$51.92.Claim 70% Off TipRanks This Holiday SeasonUnlock hedge-fund level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential Nongfu Spring Co., Ltd. Class H has an analyst consensus of Moderate Buy, with a price target consensus of HK$54.07.

- Analyst Guotai Haitong has maintained a Buy rating on Nongfu Spring Co., Ltd. Class H and set a price target of HK$51.92.  
- The stock holds a consensus rating of Moderate Buy among analysts, with a target price consensus of HK$54.07.  
- This outlook indicates a positive view on Nongfu Spring's future performance in the market.

Nongfu Spring Co., Ltd. Class H (9633) Receives a Buy from Guotai Haitong

Huatai Securities analyst maintained a Buy rating on Nongfu Spring Co., Ltd. Class H yesterday and set a price target of HK$59.23.Claim 70% Off TipRanks This Holiday SeasonUnlock hedge-fund level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Nongfu Spring Co., Ltd. Class H with a HK$54.07 average price target.

- Huatai Securities analyst maintained a Buy rating on Nongfu Spring Co., Ltd. Class H, setting a price target of HK$59.23.  
- The overall analyst consensus suggests a Moderate Buy rating for the same company, with an average price target of HK$54.07.  
- This reflects positive sentiment towards Nongfu Spring in the market.

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

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The research report from China Merchants Bank International predicts that in 2026, domestic residents' consumption will be affected by asset shrinkage and slow recovery of income expectations, leading to consumption downgrade. The report suggests focusing on companies that have made progress in globalization to hedge against domestic demand volatility risks. In terms of stock selection, it recommends paying attention to NONGFU SPRING, CR BEVERAGE, GIANT BIOGENE, and ETERNAL BEAUTY

GIANT BIOGENE

ETERNAL BEAUTY

CR BEVERAGE

CITIC International expects domestic residential property values to shrink next year, with continued consumption downgrade

The Huatai Securities research report pointed out that NONGFU SPRING operates steadily under the influence of the takeaway price war, with the target price raised to HKD 59.23. The company's packaged water business market share is expanding, profits are stable, and digital operational capabilities are enhanced. Revenue is expected to grow by 14% in 2026, with net profit forecasts adjusted for 2025 to 2027. The "Buy" rating is maintained

Huatai Securities raises NONGFU SPRING's target price to 59.23 yuan, stable operations amid the takeaway battle

J.P. Morgan analyst maintained a Buy rating on Nongfu Spring Co., Ltd. Class H, setting a price target of HK$55.00. The general analyst consensus suggests a Moderate Buy with an average price target of HK$54.07.

- J.P. Morgan analyst maintained a Buy rating on Nongfu Spring Co., Ltd. Class H and set a price target of HK$55.00.  
- The overall analyst consensus for Nongfu Spring Co., Ltd. Class H suggests a Moderate Buy rating with an average price target of HK$54.07.  
- This information highlights optimistic projections for the company's stock performance in the market.

Nongfu Spring Co., Ltd. Class H (9633) Receives a Buy from J.P. Morgan

Nongfu Spring Co., Ltd. has renewed its continuing connected transactions under the New Purchasing Framework Agreement and the New Basic R&D and Test Service Framework Agreement with Yangshengtang, a substantial shareholder. These agreements will run from January 1, 2026, to December 31, 2028, ensuring ongoing operations and compliance with Listing Rules. The company's strategic planning aims to maintain its market position and stakeholder relationships. The latest analyst rating for Nongfu Spring's stock is a Hold with a HK$52.00 price target.

- Nongfu Spring Co., Ltd. has announced the renewal of its agreements with Yangshengtang, a substantial shareholder, effective January 1, 2026, until December 31, 2028.  
- These agreements aim to uphold operational continuity and regulatory compliance, which may affect the company's market position and stakeholder relations.  
- The latest analyst rating for Nongfu Spring Co., Ltd. (HK:9633) is a Hold, with a price target of HK$52.00, amidst a market cap of HK$527.9B.

Nongfu Spring Renews Key Agreements for Continued Operations

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

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Nongfu Spring

Conference Minutes

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

Financial Analysis

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'.

Today’s Key News Recap

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...

MEITUAN-WR

Meituan

ANT GROUP

Meituan HK SDR 5to1

May Day holiday consumption heats up; Ant plans to spin off overseas business for Hong Kong listing | Today's important news recap

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 &#34;Nongfu Spring: Has the Nature Mover Stopped Moving?&#34; 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...

HUNFSPR@EC2601A(18758.HK)

Guotai Haitong Sticks to Their Buy Rating for Nongfu Spring Co., Ltd. Class H (9633)

Citi Remains a Buy on Nongfu Spring Co., Ltd. Class H (9633)

Daiwa expects NONGFU SPRING's growth momentum to accelerate in the second half of last year, and this year will still focus on packaged water and tea beverage business

Top 5 HK Stock Gainers/Losers (>100B) (1.14)

Citi raises NONGFU SPRING's target price to 58.5 yuan and initiates a 30-day positive catalyst observation