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Nongfu Spring Co., Ltd. Class H
(9633)
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Rating:77Outperform
Price Target:
HK$51.00
▲(15.70% Upside)
Action:Reiterated
Date:07/30/26
The score is primarily driven by high-quality financial performance (strong margins, expanding earnings, low leverage and very strong ROE). Technicals are mixed with price strength versus shorter-term averages but still below the 200-day average. Valuation is moderate-to-rich at ~25.6x earnings, partially balanced by a ~2.5% dividend yield.
Positive Factors
Wide, profitable margins
Consistently high gross and net margins indicate durable brand pricing power and efficient cost structure. Over time, strong margins enable sustained reinvestment into marketing and distribution, supporting category leadership and insulating long-term profitability from modest volume swings.
Negative Factors
Cash conversion volatility
Large year-to-year swings in free cash flow point to working-capital or timing volatility that can hinder predictable funding for capex and shareholder returns. This variability complicates multi-year planning and raises execution risk during slower demand periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Wide, profitable margins
Consistently high gross and net margins indicate durable brand pricing power and efficient cost structure. Over time, strong margins enable sustained reinvestment into marketing and distribution, supporting category leadership and insulating long-term profitability from modest volume swings.
Read all positive factors
Nongfu Spring Co., Ltd. Class H (9633) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$476.85B
Dividend Yield2.7%
Average Volume (3M)7.03M
Price to Earnings (P/E)24.0
Beta (1Y)0.78
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. Volume7,656,997
30 Day Avg. Volume7,029,734
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$54.74Price Target Upside24.18% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering19
EPS Forecast (FY)1.6
Revenue Forecast (FY)HK$60.07B
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 producing branded packaged beverages and selling them through a wide distribution network, generating revenue mainly from product sales across several categories. Its core revenue stream is packaged drinking water sold...
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 | 24.63B | 22.77B | 16.51B | 18.42B | 11.80B | 10.96B |
| 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 | 7.51B | 14.07B | 4.62B | 12.44B | 7.69B | 8.91B |
| Operating Cash Flow | 10.75B | 20.59B | 11.02B | 17.30B | 12.04B | 11.40B |
| Investing Cash Flow | -5.33B | -11.20B | -4.50B | -14.28B | -9.43B | -5.32B |
| Financing Cash Flow | -8.69B | -7.85B | -8.06B | -7.02B | -5.37B | -1.89B |
Nongfu Spring Co., Ltd. Class H Technical Analysis
Negative
44.08
Price Trends
42.18
Negative
43.04
Negative
44.73
Negative
Market Momentum
-0.13
Positive
46.10
Neutral
27.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9633, the sentiment is Negative. The current price of 44.08 is above the 20-day moving average (MA) of 42.57, above the 50-day MA of 42.18, and below the 200-day MA of 44.73, indicating a bearish trend. The MACD of -0.13 indicates Positive momentum. The RSI at 46.10 is Neutral, neither overbought nor oversold. The STOCH value of 27.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | HK$476.85B | 24.04 | 44.39% | 2.70% | 26.71% | 31.59% | |
77 Outperform | HK$78.28B | 11.29 | 25.76% | ― | ― | ― | |
71 Outperform | HK$32.18B | 12.76 | 16.17% | 7.33% | 3.65% | 4.00% | |
71 Outperform | HK$17.89B | 20.35 | 7.15% | 8.48% | ― | ― | |
70 Outperform | HK$22.07B | 87.88 | 9.12% | 1.56% | -13.68% | -19.91% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
55 Neutral | HK$2.28B | 15.47 | 4.17% | 1.54% | 66.83% | ― |
* Consumer Defensive Sector Average
HK:9633
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Nongfu Spring Co., Ltd. Class H Corporate Events
Nongfu Spring Shareholders Back Governance Overhaul at 2025 AGM
May 19, 2026
Nongfu Spring Co., Ltd. reported that its 2025 annual general meeting was duly convened in Hangzhou on May 19, 2026, with shareholders and proxies representing about 87.96% of voting shares in attendance, confirming strong participation and proced...
Nongfu Spring Sets Out Board and Committee Lineup to Strengthen Governance
May 19, 2026
Nongfu Spring Co., Ltd. has detailed the composition of its board of directors, naming Chairman Zhong Shanshan and four other executive directors, alongside one non-executive and three independent non-executive directors. The structure underscores...
Nongfu Spring Sets Final 2025 Dividend and Details Withholding Tax for H Shareholders
May 19, 2026
Nongfu Spring Co., Ltd. has declared a final ordinary cash dividend of RMB 0.99 per share for the financial year ended 31 December 2025, approved on 19 May 2026 and payable in Hong Kong dollars at HKD 1.13 per share based on a set exchange rate. T...
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.