Nongfu Spring stock costs EUR 4.66 as water margin falls to 33.78 percent

Published on 10/21/2026 at 10:38 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Water margin fell to 33.78 percent in the first half of 2026. Nongfu Spring stock costs EUR 4.66 on October 21, 2026.

Operating mix and market context

Water product margin fell to 33.78 percent in the first half of 2026.
Morgan Stanley set a HKD 45.00 target on October 16, 2026.
Nongfu Spring stock trades at EUR 4.66 at 10:33 a.m. CEST at Lang & Schwarz on October 21, 2026.

Nongfu Spring, CNE100004272, Illustration mit AI erstellt.

Nongfu Spring stock (ISIN CNE100004272) was trading at EUR 4.66 at Lang & Schwarz on October 21, 2026 at 10:33 a.m. CEST. The main operating contrast is clear: water product margin fell to 33.78 percent in the first half of 2026 from 35.44 percent in the first half of 2025, according to 36Kr on October 14, 2026.

Water margin changes the mix

The margin comparison matters because Nongfu Spring's growth is increasingly led by beverages rather than packaged water. The company reported first-half revenue of RMB 29.718 billion for the six months ended June 30, 2026, up 16.0 percent year over year, while gross profit rose 17.1 percent to RMB 18.099 billion, with gross margin at 60.9 percent, according to Quartr on September 24, 2026.

Tea beverages generated 44.2 percent of first-half revenue, while packaged drinking water accounted for 32.4 percent. Tea revenue increased 30.1 percent year over year to RMB 13.122 billion, giving investors a measurable counterweight to the weaker water-margin trend.

Three dated signals for the stock

On September 24, 2026, Nongfu Spring reported RMB 29.718 billion in first-half revenue, up 16.0 percent year over year, according to Quartr. On October 14, 2026, 36Kr reported the 33.78 percent first-half water margin. On October 16, 2026, Morgan Stanley analyst Lillian Lou maintained a Hold rating and set a HKD 45.00 price target, according to Markets Insider.

What does the target mean for valuation?

The HKD 45.00 target sits above the HKD 41.04 HKEX price shown for October 21, 2026 at 8:08 a.m. UTC, but the two currencies are not directly comparable with the euro reference price. The useful operating test is whether tea growth can offset pressure in the more mature water category while the group protects its 60.9 percent first-half gross margin.

Stock price stays in focus

Nongfu Spring was trading at EUR 4.66 at Lang & Schwarz on October 21, 2026 at 10:33 a.m. CEST. Its HKEX listing is 9633, and the company is classified in Consumer Staples.

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