Nongfu Spring H1 Revenue Up 16% YoY, Net Profit RMB 8.887B Beats Expectations; Tea Drinks Become Top Revenue Source | Earnings Watch

Nongfu Spring reported H1 2026 revenue of RMB 29.718 billion, up 16.0% year-on-year, with net profit of RMB 8.887 billion, up 16.6% YoY and beating expectations. Tea drinks overtook packaged water for the first time to become the largest revenue source, posting RMB 13.122 billion in revenue, up 30.1% YoY, driven by the continued expansion of the "Eastern Leaf" product lineup. Packaged water growth slowed to 2.1%, while functional beverages and juices both achieved double-digit growth. The company maintains ample cash reserves, though risks such as foreign exchange losses warrant attention.