Company Profile · Consumer Defensive

Nongfu Spring Co Ltd

9633 · HK
Industry
Beverages
Exchange
HK
Country
Hong Kong
Employees
30,000
Website
www.nongfuspring.com
Current Price
HK$39.98
Live · Oct 5, 2026
Fair Buy
≤ HK$30
Margin-of-safety entry
Baillie Growth Score
54/100
Medium
Buffett Score
89/100
Elite
Intrinsic Value · Three-Tier Range Current price HK$39.98 Live · Between the conservative and fair ranges

Composite valuation range · conservative HK$28–HK$30 / fair HK$40–HK$53 / optimistic HK$61–HK$66. At HK$39.98, Between the conservative and fair ranges.

At publication HK$42.4 (Sep 6, 2026)

Financial snapshot
Market capHK$444.69B
Revenue (TTM)HK$56.65B
EBITDAHK$24.73B
Profit margin30.24%
ROE50%
P/E (TTM)22.21
Forward P/E19.08
PEG1.96
EPSHK$0.00
Dividend yield2.48%
52-week rangeHK$37.90 – HK$54.78

Data from EODHD, shown in the reporting currency; for reference only, not investment advice.

About the company

Nongfu Spring Co., Ltd. produces and sells packaged drinking water and beverage products primarily in Mainland China. It operates through five segments: Water Products, Ready-To-Drink Tea Products, Functional Drinks Products, Juice Beverage Products, and Other Products. The company offers edible ice; ready-to-drink tea beverages; functional drink products; fruit juice products; and other products, including beverage products, such as soda water beverage, coffee beverage, and plant-based beverages, as well as agricultural products comprising fresh fruits. It also provides supply chain management services, as well as engages in the beverage and IT research and development; and refined tea processing activities. The company was founded in 1996 and is headquartered in Hangzhou, China. Nongfu Spring Co., Ltd. is a subsidiary of Yangshengtang Co., Ltd.

Background

History

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Industry position

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Research on this stock
54/100 Hold Nongfu Spring: Tea Overtook Water Back in 2024 and Now Supplies 52% of Segment Profit, While HK$42.40 Sits 12% Above Conservative Value Nongfu Spring is a Chinese packaged-beverage producer whose Oriental Leaf-led RTD tea franchise has overtaken packaged water in both revenue and segment profit, leaving water as a distribution anchor instead of the earnings engine. The crossover is older than the headlines suggest: tea already exceeded water in full-year 2024 and again in H1 2025, and H1 2026 only widened it, with tea revenue of RMB13.122bn (+30.1%, 44.2% of sales) against water's RMB9.641bn (+2.1%, 32.4%), while tea supplied about 52% of disclosed segment result at a 48.8% segment-result margin. Water is being re-rated rather than impaired, growing 2.1% while national category volume fell 4.9% and value fell 7.3%, and a sum-of-the-parts that values the two segments separately puts about 73% of the water-plus-tea operating value in tea. Rating Hold: base intrinsic value is HK$46.5 against the HK$42.40 close, but today's HK$42.40 sits 12% above the HK$37.7 conservative case, so the margin of safety is none and the ideal buy range is HK$28-30. Nongfu Spring Co., Ltd.9633 · HKBeveragesSep 6, 2026