来源：Gangtise投研

　　农夫山泉（09633.HK）2024年度业绩电话会：2024年农夫山泉总收益428.96亿元，同比增长0.5%；毛利249.16亿元，同比减少1.9%，毛利率从59.5%降至58.1%，主要受纯净水新品促销、包装饮用水销量下降及果汁原料价格上涨影响。其中，包装饮用水收益下滑21.3%，但市占率仍居中国第一；茶饮料收益167.45亿元，同比增长32.3%，占比提升至39%，成为最大业务板块。销售及分销开支占比从21.8%降至21.4%，行政开支占比4.6%，较2023年下降0.5个百分点，年内利润同比增加0.4%至121.23亿元，损益率保持在28.3%。

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责任编辑：王若云

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