Click to read the original text for details. On June 6, Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. updated its "Initial Public Offering Prospectus" on the CSRC website. The operating conditions of Nongfu Spring Co., Ltd. (hereinafter "Nongfu Spring"), also under the Yangshengtang umbrella, were also disclosed simultaneously: In 2018, Nongfu Spring had total assets of 20.075 billion yuan, net assets of 14.411 billion yuan, and net profit of 3.616 billion yuan. How impressive is a net profit of 3.616 billion yuan? According to the latest "Top 100 Mega Brands" white paper on global consumer goods by Euromonitor, China's top brand, Master Kong, had a net profit of 2.463 billion yuan in 2018, and this net profit covers all of Master Kong's food and beverage categories. Since its establishment, Nongfu Spring's market share has grown rapidly, and it currently firmly holds the top position in the bottled water market. In today's increasingly competitive bottled water market, why can Nongfu Spring stand out? Loves to Stir Up Trouble In May 2000, Nongfu Spring organized a "National Youth Strive to Be Little Scientists" experiment in more than 2,700 primary and secondary schools across the country. The activity involved using natural mineral water and purified water for biological comparison experiments to prove that "natural mineral water" is more nutritious than purified water! This directly targeted the giants of bottled purified water at the time, such as Master Kong and Wahaha, claiming that scientific experiments had proven that long-term consumption of purified water is not beneficial to health. As a result, its "Nongfu Spring" brand would no longer produce purified water, only natural water. This "water war," which became known nationwide, marked the beginning of a surge in Nongfu Spring's sales. From then on, Nongfu Spring's natural and healthy image became deeply rooted in people's minds. Five years later, when Nongfu Spring's chairman Zhong Shanshan talked with Sina Finance, he publicly complained that domestic bottled water was too low-end: "At the Davos Forum, what water is placed in front of our Premier and President? Plastic bottled water. What water do others have? Glass bottled water!" Indignant, Nongfu Spring subsequently launched three new products at once: high-end glass bottled mineral water, baby water, and natural mineral water for students. From then on, Nongfu Spring's image of striving for excellence and being high-end and elegant became deeply rooted. Moreover, Nongfu Spring has repeatedly stated that its role model is Coca-Cola. Especially this year, with a heavy reward for naming a new product, it launched a carbonated coffee with great fanfare, entering the arena despite the well-known 18 consecutive years of decline in carbonated beverages. Not Mindful of Its Own Business In terms of image, Nongfu Spring continuously launches various beautiful advertisements and cross-border promotions, full of artistic and natural atmosphere. This completely deviates from the typical commercial advertising approach. This unconventional practice has led many netizens to exclaim: Are you an advertising company delayed by selling water? In terms of products, besides bottled water, it has successively created many familiar beverage products such as Nongfu Orchard, Scream, Water-soluble C100, Tea π, Oriental Leaf, and others. It even sells plant-based yogurt, oranges, facial masks, and rice, showing no intention of just selling water. Yet, despite this unconventional approach, Nongfu Spring's performance has been soaring. In 2016, Nongfu Spring's annual sales were 15 billion yuan; in 2017, Nongfu Spring achieved operating revenue of 16.25 billion yuan. In the context of an overall decline in the beverage industry, Nongfu Spring still achieved significant growth, making others envious! Loves to Be Meticulous Someone once asked Zhong Shanshan the secret to successfully managing Nongfu Spring, and he answered decisively: "It's product quality. Without high-quality products, the faster you grow, the faster you die." When developing NFC juice, it was widely acknowledged in the industry that the bitterness of navel orange juice was a world-class problem. But Nongfu Spring endured an annual loss of 20 million yuan for ten years, not only solving the "bitterness" problem but also precisely controlling the sugar-acid ratio of oranges to an average of 17.5°. When Oriental Leaf was first launched, sugar-free tea was not popular, and it was impossible to change consumer drinking habits overnight, so initial sales figures were poor. Many people advised Nongfu Spring to abandon Oriental Leaf, but Zhong Shanshan insisted on following the original plan, distributing the product, offering it with ice in summer and hot in winter, and providing free tastings. After enduring two years of heavy losses and a seven-year incubation period, from 2018 onward, Oriental Leaf became the best-selling product in the sugar-free tea category. In recent years, unattended retail has become popular, and companies like Master Kong and Wahaha have entered the vending machine sales channel. In 2014, Master Kong took the lead in Guangzhou to promote its new iced black tea with vending machines; in 2016, Wahaha announced its full entry into the vending machine field, and subsequently, Zong Qinghou and his younger brother Zong Zehou jointly invested to establish a vending machine business company—Zongsheng Intelligent Technology Co., Ltd. While competitors were making grand preparations, Nongfu Spring this time only cautiously tried in locations with obvious geographical advantages, such as Hangzhou transportation stations. Now that unattended retail has become a mess and vending machine layouts are not as hot as before, Nongfu Spring has begun large-scale recruitment of distributors nationwide. If it doesn't fully understand something, it must carefully verify. Through this meticulous attitude, Nongfu Spring has already deployed tens of thousands of vending machines nationwide, starting to gain an advantage in new channels. Loves to stir up trouble, is not mindful of its own business, and has the annoying habit of being meticulous—this is how Nongfu Spring quietly earns so much money. But Shen Shuaibo once estimated that nearly 50% of the country's population has never drunk Nongfu Spring. Upon hearing this news, aren't Nongfu Spring people immediately thinking about earning money from the other half of consumers?