Scan the QR code in the image to register Today, Nongfu Spring released its first annual report since listing. According to the announcement, the 2020 financial report shows that Nongfu Spring's total annual revenue was RMB 22.877 billion, a year-on-year decrease of 4.8%; profit attributable to owners of the parent company was RMB 5.277 billion, a year-on-year increase of 6.6%. By product category, revenue from new businesses, including sparkling water and coffee products, reached RMB 1.054 billion, up 135.8% compared with the same period in 2019. By product, annual revenue from packaged drinking water products was RMB 13.966 billion, down 2.6% from 2019, accounting for 61.0% of total revenue in 2020. Annual revenue from tea beverage products was RMB 3.088 billion, down 1.6% from 2019, accounting for 13.5% of total revenue in 2020. In addition, annual revenue from functional beverage products was RMB 2.792 billion, down 26.1% from 2019, accounting for 12.2% of total revenue in 2020. During the COVID-19 pandemic, the closure of consumption venues such as schools and sports facilities had a significant impact on consumer demand for Nongfu Spring's Scream and Vitaminwater functional beverage products. Sales of functional beverages recovered to a certain extent in the second half of the year. Annual revenue from juice beverage products was RMB 1.977 billion, down 14.5% from 2019, accounting for 8.7% of total revenue in 2020. The "other categories," including new products such as Nongfu Spring sparkling water, coffee, and plant-based yogurt, generated revenue of RMB 1.054 billion in 2020, up 135.8% from 2019, accounting for 4.6% of total revenue in 2020. Zhong Shanshan, Chairman of Nongfu Spring, stated in the announcement that the company will continue to promote the dual-engine development pattern of packaged drinking water and beverages, and further increase the household penetration rate of drinking water products. On the other hand, the company will start with basic research and development to launch high-quality beverage products that meet consumer needs, and will continue to implement a multi-brand strategy in beverage promotion. Source: Food & Beverage Industry Micro Journal (ID: FoodBevDaily)