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: Gains Share in a Shrinking Water Market; Maintain Fair Value Estimate

Ivan Su

Aug 26, 2026

Nongfu Spring's first-half revenue rose 16%, and profit rose 17%. Ready-to-drink tea grew 30% and has now passed packaged water as the largest business, while water grew 2% in a market where volumes fell. The company maintained its full-year target of double-digit growth in both sales and profit.

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Nongfu Spring Co Ltd Class H Ordinary Shares

Nongfu Spring Earnings: Gains Share in a Shrinking Water Market; Maintain Fair Value Estimate

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