TacticScaleWhat Nongfu Spring Does & How It Makes Money (9633.HK)
Updated October 2026 · reflects Nongfu Spring's latest reported financials
China's leading packaged drinking water and beverage maker. It earns most of its revenue by producing packaged water and beverages and selling them to consumers across Mainland China.
How Nongfu Spring makes money
It earns most of its revenue by producing packaged water and beverages and selling them to consumers across Mainland China. Smaller amounts come from fresh fruit sales and supply chain management services.
What Nongfu Spring does
Nongfu Spring Co., Ltd. is a Hangzhou-based producer of packaged drinking water and non-alcoholic beverages, selling mainly in Mainland China. Founded in 1996, it reports five segments: Water Products, Ready-To-Drink Tea Products, Functional Drinks Products, Juice Beverage Products, and Other Products. Beyond its core water business, the company sells ready-to-drink teas, functional drinks, fruit juices, soda water, coffee and plant-based beverages, as well as edible ice and fresh fruit. It also provides supply chain management services, does beverage and IT research and development, and processes refined tea. The company is a subsidiary of Yangshengtang Co., Ltd.
Products & services
- Packaged drinking water
- Ready-to-drink tea beverages
- Functional drinks
- Fruit juice beverages
- Soda water and coffee beverages
- Plant-based beverages
What is Nongfu Spring worth?
On an owner-earnings DCF, Nongfu Spring's most-likely value is about HK$33 versus a recent price near HK$41 (26% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~HK$14) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →