Jefferies Slightly Raises NONGFU SPRING Target Price to HK$50.50, Keeps "Hold" Rating

Stock News03-26

Jefferies released a research report noting that NONGFU SPRING (09633) announced its 2025 financial results, with revenue increasing by 22.5% to RMB 52.6 billion and net profit reaching RMB 15.9 billion, a year-on-year rise of 32.7%. This implies that revenue and net profit for the second half of 2025 grew by 30% and 42%, respectively. The firm maintained its "Hold" rating on the stock, while slightly increasing the target price from HK$50 to HK$50.50. For 2026, management forecasts double-digit sales growth and expects bottled water sales to recover to 2023 levels or higher. Due to commodity price volatility, particularly for PET, no specific profit margin guidance was provided. The report also mentioned that, as 2026 marks the company's 30th anniversary, NONGFU SPRING plans to launch more promotional strategies to enhance engagement with consumers.

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