Morgan Stanley: NONGFU SPRING's (09633) Annual Revenue Slightly Exceeds Forecasts

Stock News03-25

NONGFU SPRING (09633) reported revenue of 52.6 billion yuan for 2025, a 23% year-on-year increase, slightly surpassing market expectations. This performance was supported by steady growth in its tea, functional beverage, and juice product segments. The company's net profit for the year reached 15.9 billion yuan, up 31% compared to the previous year, largely aligning with projections and exceeding market forecasts by 5%. This result implies a 40% year-on-year increase in net profit for the second half of 2025. The operating profit margin rose by 4.6 percentage points year-on-year to 36.7%, which was 0.9 percentage points higher than estimated. The dividend payout ratio stood at 70%, compared to 71% in 2024, meeting expectations.

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