Goldman Sachs released a research report stating that it expects Nongfu Spring (09633) to achieve revenue of 51.1 billion yuan for the 2025 fiscal year, with a net profit of 15.2 billion yuan, representing year-on-year growth of 19% and 26%, respectively. These figures are higher than the bank's previous forecasts, primarily benefiting from slightly better-than-expected growth in packaged water and tea beverages, coupled with a moderate expansion in net profit margin. The target price has been raised from HK$58.6 to HK$60, reaffirming a "Buy" rating.

Looking ahead to 2026, the bank anticipates the company's revenue will continue to grow. The packaged water business is expected to gain market share through promotional strategies, while the tea beverage segment is projected to maintain its strong performance, benefiting from the continuation of "warm cabinet" initiatives. Additionally, the company stands to gain from favorable costs of PET and sugar raw materials. The bank has raised its revenue forecasts for 2025 to 2027 by 1% to 2% and its net profit forecasts by approximately 2%. It projects sales and net profit to grow by 19% and 26% year-on-year in 2025, respectively, followed by growth of 14% and 16% in 2026.