HK Stock Market Move | NONGFU SPRING (09633) rose more than 5%, with double-digit revenue growth in various business sectors last year. Institutions are optimistic about its ability to maintain a high level of growth.

NONGFU SPRING (09633) rose by more than 5%, up 5.03% as of the time of writing, at HK$48.48, with a turnover of HK$2.65 billion. On the news front, NONGFU SPRING achieved revenue of 52.553 billion yuan in 2025, an increase of 22.5% year-on-year, breaking the 50 billion yuan mark for the first time; net profit attributable to shareholders was 15.868 billion yuan, a year-on-year increase of 30.9%. Among them, the bottled water business rebounded, with revenue of 18.709 billion yuan, an increase of 17.3% compared to 2024; the revenue of tea beverage products grew strongly, reaching 21.596 billion yuan, a 29.0% increase year-on-year, accounting for 41.1% of total revenue, becoming the largest category of income for NONGFU SPRING. Huaxi previously pointed out that, on the one hand, the company's strategic direction remains firm: after the decline in public opinion influence, the market share of bottled water business steadily recovered; seizing the dividend of the sugar-free tea sector, East China Holding firmly occupied a leading position; on the other hand, even against the background of the billion-dollar "subsidy war" on food delivery platforms impacting the demand for bottled soft drinks, the company effectively resisted the impact of intensified competition with its strong channel control, extensive network penetration, and efficient marketing volume. Looking ahead, the bank believes that the bottled water sector is expected to continue its recovery trend, and sugar-free tea, with the support of low base numbers and the marketing momentum of "open the cap to win prizes", will still maintain a high growth level.