Goldman Sachs released a research report stating that NONGFU SPRING's (09633) 2025 sales and net profit reached RMB 52.6 billion and RMB 15.9 billion, respectively, representing year-on-year growth of 23% and 31%. These figures were 3% and 4% higher than the bank's forecasts. Packaged water sales grew by 17.3% year-on-year. The bank maintained its "Buy" rating with a target price of HK$60.

The report indicated that NONGFU SPRING's tea beverage sales growth in the second half of last year was significant, increasing 38% year-on-year, which was 21 percentage points higher than expectations. This reflects the effectiveness of the "Open to Win" promotional campaign and the success of its winter channel strategy. Juice sales grew 33% year-on-year, also surpassing expectations.

During the period, the gross profit margin expanded by 3.4 percentage points, benefiting from lower costs of PET, pulp, and sugar, as well as an increased contribution from the tea beverage segment.