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China's largest bottled-water and beverage maker, selling natural water, juices, teas and functional drinks nationwide.
China's largest bottled-water and beverage maker, selling natural water, juices, teas and functional drinks nationwide.
Earns on high-volume sales of low-priced bottled drinks, where bottling at its own water sources keeps costs down and the tea range has taken a growing share beside water. Founder Zhong Shanshan chairs the company and holds a controlling stake, so the brand and the founder are closely tied.
In one line: China's Coca-Cola/BlueTriton (bottled water).
Moat: wide (brand, distribution, scale). Leading nationwide bottled-water brand with an extensive self-owned distribution network.
Headquarters: Hangzhou, China · Founded: 1996 · Employees: 28,000
Size Nongfu Spring (9633.HK) is a Hong Kong Consumer Staples company (Beverages: Non-Alcoholic) with a market value of $64.9B, the 30th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$45.22 on 6 Nov 2026.
Performance Over six months the shares fell 1.3%, against +16.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 7 in its peer set.
Growth Revenue grew 26.7% over the last twelve months (peer median +15.5%); the operating margin is 37.6% (peer median 12.8%).
Valuation It trades at 24.0× forward earnings against a peer median of 19.5× (3rd most expensive of 7).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 161.9 points above its cost of capital (6.3% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$63.4B | HK$57.0B | HK$46.5B | HK$47.1B | HK$38.7B |
| Revenue growth | — | +23% | -1% | +22% | — |
| Gross profit | HK$38.5B | HK$34.5B | HK$27.0B | HK$28.1B | HK$22.2B |
| EBITDA | HK$27.9B | HK$24.9B | HK$18.1B | HK$18.3B | HK$13.9B |
| Net income | HK$19.2B | HK$17.2B | HK$13.1B | HK$13.3B | HK$9.88B |
| Free cash flow | HK$16.3B | HK$15.7B | HK$5.00B | HK$13.8B | HK$9.00B |
| Capital expenditure | HK$7.84B | HK$7.29B | HK$6.96B | HK$5.34B | HK$5.00B |
| Total debt | n/a | HK$5.00B | HK$3.99B | HK$3.53B | HK$2.83B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Nongfu Spring 9633.HK | $64.9B | -1% | +27% | 38% | 24.0× | -0.2% |
| Uni-President China 0220.HK | $4.56B | +12% | +4% | 8% | 14.0× | -8.3% |
| Want Want China 0151.HK | $4.43B | -32% | +6% | 18% | 9.7× | n/a |
| Coca-Cola Company (The) KO | $412B | +23% | +8% | 32% | 27.6× | 2.8% |
| Tingyi 0322.HK | $9.59B | +17% | +4% | 9% | 14.1× | -12.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9633.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.7% | +10.0% | 2nd highest of 7 |
| 6-month return | -1.3% | +16.8% | 2nd lowest of 7 |
| Distance from 52-week high | -17.5% | -5.8% | 2nd lowest of 7 |
| Revenue growth (TTM) | +26.7% | +15.5% | 2nd highest of 7 |
| Operating margin | 37.6% | 12.8% | highest of 7 |
| Forward P/E | 24.0× | 19.5× | 3rd most expensive of 7 |
| Growth the price implies (Req g, 7 yrs) | -0.2% | 5.6% | 2nd least demanding of 7 |
| Growth delivered (Del g) | +17.3% | +12.6% | highest of 7 |
| Hurdle (Req g minus delivered) | -17.4 pp | -5.1 pp | 2nd least demanding of 7 |
| ROIC minus cost of capital | +161.9 pp | +4.1 pp | highest of 7 |
| EV / EBITDA | 17.1× | 14.7× | 2nd most expensive of 7 |
| Net debt / EBITDA | -1.1× | 2.2× | 2nd least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nongfu Spring 9633.HK | Hong Kong | $64.9B | -1% | +27% | 38% | 24.0× | -0.2% | +17.3% |
| Coca-Cola Europacific Partners CCEP | United States | $51.0B | +23% | +10% | 14% | 21.8× | 3.9% | +14.3% |
| Keurig Dr Pepper KDP | United States | $49.8B | +28% | +43% | 17% | 14.8× | 6.3% | +7.4% |
| Monster Beverage MNST | United States | $89.6B | +11% | +20% | 29% | 36.2× | 10.2% | +12.5% |
| Fomento Economico Mexicano SAB de CV Sponsored ADR FMX | United States | $26.1B | +7% | +18% | 9% | 24.2× | -6.9% | +13.8% |
| Coca-Cola HBC CCH.L | United Kingdom | $20.5B | -2% | +13% | 11% | 17.2× | 4.9% | +12.8% |
| Swire Pacific 0019.HK | Hong Kong | $17.0B | +23% | +7% | 12% | 11.4× | 6.9% | +2.9% |