Morgan Stanley keeps Hold on Nongfu Spring stock at HKD 45.00

Published on 10/20/2026 at 09:12 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Tea revenue rose 30.1 percent in the first half of 2026. Nongfu Spring stock costs EUR 4.77 on October 20, 2026 before the Xetra open.

Analyst view and operating growth

Morgan Stanley maintained a Hold rating and set a HKD 45.00 target on October 16, 2026.
Revenue reached RMB 29.718 billion in the first half of 2026, up 16.0 percent year over year.
Nongfu Spring stock traded at EUR 4.77 at 9:08 a.m. CEST at Lang & Schwarz on October 20, 2026.

Nongfu Spring, CNE100004272, Illustration mit AI erstellt.

Nongfu Spring (CNE100004272) stock has a HKD 45.00 target from Morgan Stanley, which kept a Hold rating on October 16, 2026, according to Markets Insider. The rating gives Nongfu Spring stock a clear reference point while the company builds growth around tea beverages.

Revenue growth stays tea-led

Nongfu Spring reported revenue of RMB 29.718 billion for the six months ended June 30, 2026, up 16.0 percent from RMB 25.622 billion a year earlier. Gross profit increased 17.1 percent to RMB 18.099 billion, while the gross margin rose from 60.3 percent to 60.9 percent, according to FilingReader.

Tea beverage revenue was RMB 13.122 billion in the first half of 2026, up 30.1 percent year over year, and represented 44.2 percent of total revenue. Packaged drinking water revenue rose 2.1 percent to RMB 9.641 billion and accounted for 32.4 percent, showing where the growth mix is changing.

What is driving the growth?

The tea portfolio is the main quantified answer. The company said its Oriental Leaf range and new cold-brew Longjing products supported the tea performance in the first half of 2026, while its national network reached 17 water sources, according to Moomoo. Profit attributable to owners rose 16.6 percent to RMB 8.887 billion during the same period.

Three milestones define the story

The chronology starts with the RMB 0.99 per share final dividend for fiscal year 2025, distributed on August 19, 2026. On September 24, 2026, Nongfu Spring published interim results showing RMB 29.718 billion of first-half revenue and RMB 8.887 billion of attributable profit. On October 16, 2026, Morgan Stanley maintained its Hold rating and set a HKD 45.00 target, as reported by Markets Insider.

Stock trades before Xetra opens

The combination of a 30.1 percent increase in tea revenue and only 2.1 percent growth in packaged drinking water makes the product mix the central operating signal. At 9:08 a.m. CEST on October 20, 2026, the stock was trading at EUR 4.77 at Lang & Schwarz in pre-market activity. No Xetra closing comparison is included because the cited market records identify the Hong Kong listing rather than a dated Xetra close.

The further course of trading is shown by the continuously updated real-time quote of Nongfu Spring stock.