Nongfu Spring (9633) H1 2026 earnings summary

Executive summary

• Revenue for the first half of 2026 reached RMB29,718 million, up 16.0% year-over-year, with profit attributable to owners at RMB8,887 million, up 16.6% year-over-year.

• Gross profit margin improved to 60.9%, up 0.6 percentage points from the prior year, driven by product mix and lower raw material costs for juice and sugar.

• Packaged drinking water accounted for 32.4% of revenue, tea beverages 44.2%, functional drinks 11.3%, juice beverages 9.8%, and other products 2.3%.

• No interim dividend declared; a final dividend of RMB0.99 per share for 2025 was distributed in August 2026.

Financial highlights

• Revenue rose to RMB29,718 million from RMB25,622 million year-over-year.

• Gross profit increased to RMB18,099 million from RMB15,456 million, with gross margin at 60.9%.

• Profit attributable to owners was RMB8,887 million, up from RMB7,622 million.

• Basic earnings per share were RMB0.790, up 16.7% year-over-year.

• Selling and distribution expenses rose 16.6% to RMB5,843 million; administrative expenses increased 5.3% to RMB1,125 million.

Outlook and guidance

• The company will continue to focus on product innovation, supply chain development, and channel expansion, leveraging its 17 premium water sources.

• Emphasis remains on natural, healthy, and low-sugar products to meet evolving consumer preferences.

• The company aims for stable, long-term growth and value creation for consumers.