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Nongfu Spring Co., Ltd. Class H
(9633)
Select Model
Select Model
Rating:72Outperform
Price Target:
HK$44.00
▼(-0.18% Downside)
Action:Reiterated
Date:10/30/26
The score is driven primarily by strong financial performance (high margins, strong earnings growth, and low leverage). This is partially offset by weak technicals (trading below major moving averages) and a mid-range valuation (P/E ~22.5, supported by a ~2.83% dividend yield).
Positive Factors
High profitability
Very high gross and net margins indicate strong brand pricing power and effective cost control in a scaled beverage business. This profitability provides a durable buffer against operating pressure and supports continued investment in products, distribution, and shareholder returns.
Negative Factors
Uneven revenue momentum
The sharp difference between nearly flat 2024 revenue and stronger 2025 growth shows that demand and volume momentum can vary materially between years. Such uneven progression makes near-term growth less predictable and could complicate planning for capacity, marketing, and distribution investment.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability
Very high gross and net margins indicate strong brand pricing power and effective cost control in a scaled beverage business. This profitability provides a durable buffer against operating pressure and supports continued investment in products, distribution, and shareholder returns.
Read all positive factors
Nongfu Spring Co., Ltd. Class H (9633) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$476.18B
Dividend Yield2.67%
Average Volume (3M)4.64M
Price to Earnings (P/E)23.8
Beta (1Y)0.51
Revenue Growth26.71%
EPS Growth31.59%
CountryHK
Employees30,000
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Non-Alcoholic
Share Statistics
EPS (TTM)1.51
Shares Outstanding5,034,666,500
10 Day Avg. Volume4,790,819
30 Day Avg. Volume4,639,158
Financial Highlights & Ratios
PEG Ratio0.98
Price to Book (P/B)11.98
Price to Sales (P/S)9.01
P/FCF Ratio33.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$54.84Price Target Upside24.40% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering18
EPS Forecast (FY)1.6
Revenue Forecast (FY)HK$60.11B
Nongfu Spring Co., Ltd. Class H Business Overview & Revenue Model
Company Description
Nongfu Spring Co., Ltd., founded in 1996 and headquartered in Hangzhou, China, primarily manufactures and distributes packaged drinking water and a diverse range of beverage products across Mainland China. Its business activities are structured in...
How the Company Makes Money
Nongfu Spring makes money by manufacturing and selling branded non-alcoholic beverages, with revenue primarily recognized from the sale of finished goods to customers (such as distributors, wholesalers, and retail channels). Key revenue streams in...
Nongfu Spring Co., Ltd. Class H Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 56.24B | 52.55B | 42.90B | 42.67B | 33.24B | 29.70B |
| Gross Profit | 34.19B | 31.81B | 24.92B | 25.41B | 19.10B | 17.66B |
| EBITDA | 24.77B | 22.95B | 16.64B | 18.42B | 11.93B | 11.05B |
| Net Income | 17.01B | 15.87B | 12.12B | 12.08B | 8.50B | 7.16B |
Balance Sheet | ||||||
| Total Assets | 76.56B | 65.20B | 53.16B | 49.14B | 39.25B | 32.90B |
| Cash, Cash Equivalents and Short-Term Investments | 32.19B | 18.75B | 12.25B | 24.23B | 15.29B | 14.99B |
| Total Debt | 5.27B | 4.49B | 3.75B | 3.21B | 2.52B | 2.59B |
| Total Liabilities | 39.40B | 25.71B | 20.87B | 20.57B | 15.17B | 12.15B |
| Stockholders Equity | 37.16B | 39.49B | 32.29B | 28.57B | 24.08B | 20.74B |
Cash Flow | ||||||
| Free Cash Flow | 14.50B | 14.07B | 4.62B | 12.44B | 7.69B | 8.91B |
| Operating Cash Flow | 21.46B | 20.59B | 11.02B | 17.30B | 12.04B | 11.40B |
| Investing Cash Flow | -14.91B | -11.20B | -4.50B | -14.28B | -9.43B | -5.32B |
| Financing Cash Flow | -8.06B | -7.85B | -8.06B | -7.02B | -5.37B | -1.89B |
Nongfu Spring Co., Ltd. Class H Technical Analysis
Positive
44.08
Price Trends
40.83
Positive
41.52
Positive
43.38
Negative
Market Momentum
0.19
Negative
59.03
Neutral
38.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9633, the sentiment is Positive. The current price of 44.08 is above the 20-day moving average (MA) of 40.86, above the 50-day MA of 40.83, and above the 200-day MA of 43.38, indicating a neutral trend. The MACD of 0.19 indicates Negative momentum. The RSI at 59.03 is Neutral, neither overbought nor oversold. The STOCH value of 38.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:9633.
Nongfu Spring Co., Ltd. Class H Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | HK$64.84B | 12.05 | 18.75% | 1.80% | ― | ― | |
72 Outperform | HK$476.18B | 23.79 | 44.39% | 2.67% | 26.71% | 31.59% | |
71 Outperform | HK$33.84B | 13.30 | 16.17% | 7.02% | 3.65% | 4.00% | |
71 Outperform | HK$17.11B | 19.29 | 7.15% | 5.48% | ― | ― | |
65 Neutral | HK$2.59B | 16.26 | 4.17% | 1.54% | 66.83% | ― | |
63 Neutral | HK$17.19B | 98.80 | 7.89% | 1.76% | -13.68% | -19.91% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% |
* Consumer Defensive Sector Average
HK:9633
Nongfu Spring Co., Ltd. Class H
42.34
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Nongfu Spring Co., Ltd. Class H Corporate Events
Nongfu Spring Raises Caps on Connected Purchasing Deal With Yangshengtang
Sep 11, 2026
Nongfu Spring has agreed a supplemental arrangement with major shareholder Yangshengtang to increase the annual caps under its 2026-2028 Purchasing Framework Agreement. The revised ceilings for continuing connected transactions have been raised to...
Nongfu Spring Delivers Double‑Digit Profit Growth in 2026 Interim Results
Aug 25, 2026
Nongfu Spring reported robust interim results for the six months to June 30, 2026, with total revenue rising 16.0% year on year to RMB29,718 million and gross profit reaching RMB18,099 million. The figures underscore solid demand for its beverage ...
Nongfu Spring Sets August Board Meeting to Review Interim Results and Dividend
Aug 14, 2026
Nongfu Spring Co., Ltd. has scheduled a board meeting for 25 August 2026 to review and approve the unaudited interim financial results for the first half of 2026. The meeting will also consider the publication of these results and discuss whether ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.