NONGFU SPRING (09633) rose more than 6%. As of the time of writing, the stock was up 5.92%, trading at HKD 50.65, with a turnover of HKD 323 million. On the news front, CLSA released a research report predicting that NONGFU SPRING's year-on-year sales growth would accelerate from 16% in the first half of 2025 to 26% in the second half of 2025. Among its products, the tea beverage category is expected to show outstanding performance, with projected year-on-year growth reaching 35%, while its market share for bottled water is also forecast to continue recovering. The bank estimates that, benefiting from an improved product mix, lower raw material prices, and savings in selling, general and administrative expenses (SG&A), both gross and net profit margins will expand. It is anticipated that the net profit margin for the second half of 2025 will be slightly higher than that of the first half. The net profit forecast for 2025 is approximately 5% above the market consensus, and the strong performance in the second half is expected to potentially drive the stock price higher in the short term.