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: Channel and Product Development Bearing Fruit; Raise Fair Value Estimate 8%

Jacky Tsang

Mar 25, 2026

Nongfu Spring's 2025 revenue and net profit increased by 23% and 31% year on year, respectively, supported by solid nonwater beverages sales, input costs tailwind, and operating leverage. Management maintained a 70% dividend payout ratio, unchanged from 2024.

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Nongfu Spring Co Ltd Class H Ordinary Shares

Nongfu Spring Earnings: Channel and Product Development Bearing Fruit; Raise Fair Value Estimate 8%

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