Capital, Earnings & M&A
Nongfu Spring Announces 2024 Interim Results: Bottled Water Down 18.3% Due to Rumors, Tea Beverages Up 59.5%
On August 27, Nongfu Spring announced its 2024 interim results. In the first half of 2024, total revenue reached RMB 22.173 billion, up 8.4% year-on-year. Affected by online rumors, packaged drinking water revenue fell 18.3% from the same period last year, but beverage revenue grew 36.7%, with tea beverages up 59.5%. According to Nielsen data, the star product Oriental Leaf grew over 90%, leading the unsweetened tea market.
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