Nomura: Raised NONGFU SPRING (09633) target price to HK$50.5, maintaining a "hold" rating.

Furui released a research report stating that NONGFU SPRING (09633) announced its financial report for 2025, with revenue increasing by 22.5% to 52.6 billion RMB, and net profit of 15.9 billion RMB, a year-on-year increase of 32.7%, which means that revenue and net profit for the second half of 2025 have increased by 30% and 42% respectively. The "hold" rating is maintained, with the target price raised slightly from 50 Hong Kong dollars to 50.5 Hong Kong dollars. For 2026, the management predicts that sales will grow by double digits, and bottled water sales will recover to or exceed the level of 2023. Due to fluctuations in commodity prices, especially PET, profit margin guidance has not been provided. The report points out that as 2026 marks the 30th anniversary of the establishment of NONGFU SPRING, the company plans to launch more promotional strategies to strengthen interaction with consumers.