Nongfu Spring Co., Ltd. Class H (HK:9633)
:9633
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Nongfu Spring Co., Ltd. Class H
(9633)
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Rating:79Outperform
Price Target:
HK$56.00
▲(21.32% Upside)
Action:UpgradedDate:04/21/26
The score is primarily supported by strong financial performance (high margins, rising earnings, and low leverage). Technicals add a positive but moderate tailwind as the stock trades above major moving averages with supportive momentum. The main offset is valuation, with a higher P/E and only a modest dividend yield.
Positive Factors
High Profitability
Sustained high gross and net margins reflect durable brand pricing power and efficient cost structure across bottled water and RTD categories. This margin profile supports long-term internal funding for marketing, capacity and product innovation, and provides a structural cushion versus peers.
Negative Factors
Revenue Growth Volatility
Inconsistent top-line growth indicates demand and volume sensitivity across product categories and channels. Persistent volatility complicates capacity planning, inventory and promotional strategies, and raises execution risk for multi-year growth targets and investor expectations.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Sustained high gross and net margins reflect durable brand pricing power and efficient cost structure across bottled water and RTD categories. This margin profile supports long-term internal funding for marketing, capacity and product innovation, and provides a structural cushion versus peers.
Read all positive factors
Nongfu Spring Co., Ltd. Class H (9633) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$527.68B
Dividend Yield1.73%
Average Volume (3M)5.87M
Price to Earnings (P/E)30.6
Beta (1Y)0.87
Revenue Growth22.57%
EPS Growth31.01%
CountryHK
Employees20,000
SectorConsumer Defensive
Sector Strength42
IndustryBeverages - Non-Alcoholic
Share Statistics
EPS (TTM)0.86
Shares Outstanding5,034,666,500
10 Day Avg. Volume5,293,182
30 Day Avg. Volume5,874,667
Financial Highlights & Ratios
PEG Ratio1.14
Price to Book (P/B)11.98
Price to Sales (P/S)9.24
P/FCF Ratio33.62
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$55.27Price Target Upside19.74% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering17
EPS Forecast (FY)1.58
Revenue Forecast (FY)HK$60.11B
Nongfu Spring Co., Ltd. Class H Business Overview & Revenue Model
Company Description
Nongfu Spring Co., Ltd. produces and markets 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 Prod...
How the Company Makes Money
Nongfu Spring makes money primarily by selling branded packaged beverages at scale. (1) Packaged drinking water sales: A major revenue stream comes from sales of bottled/packaged water products (e.g., natural water and other packaged water formats...
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 | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 51.19B | 42.90B | 42.67B | 33.24B | 29.70B |
| Gross Profit | 30.97B | 24.92B | 25.41B | 19.10B | 17.66B |
| EBITDA | 22.35B | 16.51B | 18.42B | 11.80B | 10.96B |
| Net Income | 15.46B | 12.12B | 12.08B | 8.50B | 7.16B |
Balance Sheet | |||||
| Total Assets | 65.20B | 53.16B | 49.14B | 39.25B | 32.90B |
| Cash, Cash Equivalents and Short-Term Investments | 18.75B | 12.25B | 24.23B | 15.29B | 14.99B |
| Total Debt | 4.49B | 3.75B | 3.21B | 2.52B | 2.59B |
| Total Liabilities | 25.71B | 20.87B | 20.57B | 15.17B | 12.15B |
| Stockholders Equity | 39.49B | 32.29B | 28.57B | 24.08B | 20.74B |
Cash Flow | |||||
| Free Cash Flow | 14.07B | 4.62B | 12.44B | 7.69B | 8.91B |
| Operating Cash Flow | 20.59B | 11.02B | 17.30B | 12.04B | 11.40B |
| Investing Cash Flow | -11.20B | -4.50B | -14.28B | -9.43B | -5.32B |
| Financing Cash Flow | -7.85B | -8.06B | -7.02B | -5.37B | -1.89B |
Nongfu Spring Co., Ltd. Class H Technical Analysis
Negative
46.16
Price Trends
46.23
Negative
47.42
Negative
48.18
Negative
Market Momentum
0.39
Negative
49.94
Neutral
22.79
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 46.16 is above the 20-day moving average (MA) of 45.65, below the 50-day MA of 46.23, and below the 200-day MA of 48.18, indicating a neutral trend. The MACD of 0.39 indicates Negative momentum. The RSI at 49.94 is Neutral, neither overbought nor oversold. The STOCH value of 22.79 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | HK$527.68B | 30.61 | 42.43% | 1.73% | 22.57% | 31.01% | |
77 Outperform | HK$3.76B | 3.41 | 12.93% | 3.74% | 22.72% | 41.32% | |
73 Outperform | HK$110.39B | 24.14 | 20.39% | ― | ― | ― | |
71 Outperform | HK$32.05B | 15.79 | 15.41% | 5.64% | 4.51% | 10.64% | |
63 Neutral | HK$1.61B | 11.85 | 4.05% | ― | -0.48% | -29.65% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
61 Neutral | HK$7.62B | 23.14 | 8.86% | 1.41% | 4.96% | 64.85% |
* Consumer Defensive Sector Average
HK:9633
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46.50
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32.71%
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Nongfu Spring Co., Ltd. Class H Corporate Events
Nongfu Spring Sets 2026 AGM to Overhaul Governance and Confirm 2025 Dividend
Apr 17, 2026
Nongfu Spring Co., Ltd. is a PRC-incorporated beverage producer best known for its packaged drinking water and related drinks, serving mass-market consumers in China. The company is listed in Hong Kong as a Class H share issuer, positioning it amo...
Nongfu Spring Delivers Double-Digit Profit Growth and Hikes Final Dividend for 2025
Mar 24, 2026
Nongfu Spring Co., Ltd., a major Chinese beverage and bottled water company listed in Hong Kong, reported robust growth for the year ended 31 December 2025. The group continues to build on its strong market position in China’s fast-growing p...
Nongfu Spring Overhauls Governance as China’s Company Law Reforms Bite
Mar 24, 2026
Nongfu Spring Co., Ltd. has proposed significant changes to its governance structure to align with the amended PRC Company Law, including cancelling its supervisory committee and transferring its functions to an audit committee, while also updatin...
Nongfu Spring Proposes Final 2025 Dividend of RMB 0.99 per Share
Mar 24, 2026
Nongfu Spring Co., Ltd. has proposed a final ordinary cash dividend of RMB 0.99 per share for the financial year ended 31 December 2025, underscoring its continued emphasis on returning profits to shareholders. Subject to shareholder approval on 1...
Nongfu Spring Sets March 24 Board Meeting to Approve 2025 Results and Mull Final Dividend
Mar 12, 2026
Nongfu Spring Co., Ltd. has scheduled a board meeting for March 24, 2026, to review and approve the audited annual results for the year ended December 31, 2025, for the company and its subsidiaries and to authorize their public release. The board ...
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.