Nongfu Spring Co Ltd Class H Ordinary Shares

09633: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Nongfu Spring Earnings: Lackluster Water Sales Dragged Down Top-Line Growth; Reduce Fair Value by 3%

Jacky Tsang

Mar 26, 2025

While narrow-moat Nongfu Spring’s 2024 revenue trailed our estimate by 8%, net income was consistent with our forecast, thanks to the company's effective cost controls. Weaker-than-expected top-line growth was due to a 21% year-on-year decline in the water segment’s revenue in the second half and was attributed to excess channel inventory. On the other hand, ready-to-drink tea became the largest revenue driver for the company in 2024, continuing to deliver robust top-line growth of over 30%.

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Nongfu Spring Co Ltd Class H Ordinary Shares

Nongfu Spring Earnings: Lackluster Water Sales Dragged Down Top-Line Growth; Reduce Fair Value by 3%

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