Nongfu Spring reported 2026 first-half revenue of 29.72 billion yuan, up 16.0% year-on-year, and profit attributable to owners of the parent of 8.89 billion yuan, up 16.6%. Tea beverage revenue rose 30.1% to 13.12 billion yuan, giving the category 44.2% of total revenue and making it the company’s largest business, while packaged drinking water grew 2.1% to 9.64 billion yuan and accounted for 32.4%. Functional beverages and fruit juice also posted double-digit growth. Gross margin improved to 60.9% as product mix changes and lower fruit-juice and sugar procurement costs outweighed higher PET prices. The company added two water-source locations, taking its national network to 17 sites, and said the board would not declare an interim dividend.