NONGFU SPRING (09633) opened more than 6% higher. At the time of writing, the stock was up 6.03%, trading at HK$45, with a turnover of HK$54.68 million. The surge follows the company's announcement of its full-year 2025 results on the evening of March 24. Total revenue reached RMB 52.553 billion, a year-on-year increase of 22.5%, marking the first time the company's revenue has surpassed the RMB 500 billion mark. Gross profit was RMB 31.808 billion, up 27.7% compared to the previous year. Profit attributable to owners of the parent company amounted to RMB 15.868 billion, an increase of 30.9% year-on-year. The company proposed a dividend of RMB 0.99 per share, amounting to a total dividend distribution of approximately RMB 11.134 billion. During the reporting period, the company's gross profit margin increased by 2.4 percentage points to 60.5%, up from 58.1% in the same period last year. This improvement was mainly due to a decrease in the purchase price of PET raw materials, as well as lower costs for packaging materials such as cardboard boxes and raw materials like white sugar. Additionally, by managing the sales proportion of its e-commerce channels, the company has better stabilized pricing within its distribution system, ensuring the overall profitability of the distribution network and supporting the group's healthy development.