农夫山泉 IC 资料图

东方树叶大卖，农夫山泉2023年业绩大涨。

3月26日晚间，农夫山泉股份有限公司（农夫山泉，9633.HK）发布2023年度全年业绩公告。公告显示，2023年农夫山泉总收益为426.67亿元，同比增长28.4%，超出市场预期的408.6亿元；净利润为120.79亿元，同比增长42.2%。

对于2023年农夫山泉的业绩， 农夫山泉创始人、董事长钟睒睒表示，2023年，农夫山泉继续维持包装饮用水的行业领导地位，并取得了茶饮料的高速增长，包装饮用水和饮料双引擎格局进一步夯实。在高增长的业绩催动之下，他表示，基于集团2023年的经营情况，董事会将在公司即将举行的2023年度股东大会上建议派发截至2023年12月31日止年度末期现金股息每股人民币0.75元（共计股息约84.35亿元）。

农夫山泉成立于1996年，以包装饮用水业务起家，是我国目前最大的包装饮用水龙头企业。包装饮用水始终是农夫山泉营收贡献占比最大的一个品类。从公司公布的业绩来看，2023年农夫山泉营收净利双双获得超20%的增长，得益于旗下产品，尤其是茶饮料产品带来的高增长。

2020年起，饮料，尤其是茶饮料业务开始进入高速增长期。数据显示，2020年至2022年，农夫山泉包装饮用水营收分别为139.66亿元、170.58亿元和182.63亿元，占比分别为61.0%、57.4%和54.9%。同一时期，农夫山泉茶饮料收益分别为30.88亿元、45.79亿元和69.06亿元，占比分别为13.5%、15.4%和20.8%。

2023年，农夫山泉茶饮料营收占比进一步加大，包装饮用水营收贡献第一次低于50%。公告显示，2023年茶饮料产品贡献营收126.59亿元，同比大幅增长83.30%，营收占比提升至29.7%。与此同时，包装饮用水业务营收202.62亿元，同比增长10.95%，营收占比进一步降至47.5%。茶饮料和包装饮用水的营收差距进一步缩小。

得益于茶饮料的高增长，仅茶饮料一项，就给农夫山泉带来了57.53亿元的营收增长。尽管包装饮用水增速不及茶饮料，但在高营收技术下，10.95%的增长率给农夫山泉增收19.99亿元。

于此同时，在细分品类中，除了其他产品类别外，农夫山泉各细分产品品类都实现了营收增长。其中，功能饮料产品录得全年收益49.02亿元，较2022年增长27.7%；果汁饮料产品录得全年收益35.33亿元，较2022年增长 22.7%。

在营收大幅增加的背景下，农夫山泉的毛利也大幅增加。数据显示，2023年农夫山泉毛利为254.07亿元，较2022年的190.95亿元增加33.1%。报告期内，农夫山泉毛利率由去年同期的57.4%增加2.1个百分点至59.5%。对此，农夫山泉的解释是，这主要是由于纸箱、标签及部分原料采购成本与去年同期相比有所下降。

随着包装饮用水市场和饮料市场的竞争加剧，农夫山泉销售及分销的开始也在进一步增加。据业绩报告，2023年集团的销售及分销开支为92.84亿元，同比增长18.7%，占公司总收益的21.8%。

尽管从各项数据上来看，农夫山泉2023年获得了可喜的业绩，但公司存货和存货周转天数有所上升。数据显示，存货由2022年12月31日的21.08亿元增加46.7%至2023年同期的30.92亿元。同时，由于生产备货、原料期末库存增加，存货周转天数由2022年12月31日的50.5天增加至2023年12月31日的55天。

对于2024年，农夫山泉认为，复苏和发展将继续成为核心命题。我国消费市场预计将延续稳定向好的恢复态势，食品饮料行业面临诸多机遇。

值得注意的是，在2024年展望部分，农夫山泉特别提及近期集团受舆论影响，亦面临挑战。农夫山泉表示，未来将加强品牌建设，灵活适应市场变化，坚持健康天然的产品理念，持续改进产品和服务，更好地满足消费者需求。

在董事长致辞中，钟睒睒还特别感谢了公司员工和所有经销商，以及合作伙伴，“我借此机会代表农夫山泉感谢每位员工的付出和坚持，公司有你们才有未来；也感谢所有经销商和合作伙伴对农夫山泉的信任和支持。2024年让我们互相携手、互相帮助，风雨同舟，行稳致远。”

截至3月26日港股收盘，农夫山泉涨1.83%，报收41.7港元。

新闻译文：

Nongfu Spring IC Data Map

Dongfang leaves are selling well, and Nongfu Spring's performance is expected to soar in 2023.

On the evening of March 26th, Nongfu Spring Co., Ltd. (Nongfu Spring, 9633. HK) released its 2023 annual performance announcement. The announcement shows that the total revenue of Nongfu Spring in 2023 was 42.667 billion yuan, a year-on-year increase of 28.4%, exceeding market expectations of 40.86 billion yuan; The net profit was 12.079 billion yuan, a year-on-year increase of 42.2%.

Regarding the performance of Nongfu Spring in 2023, the founder and chairman of Nongfu Spring, Zhong Gui, stated that in 2023, Nongfu Spring will continue to maintain its leading position in the packaged drinking water industry and achieve rapid growth in tea beverages, further consolidating the dual engine pattern of packaged drinking water and beverages. Driven by high growth performance, he stated that based on the group's operating situation in 2023, the board of directors will recommend the distribution of a cash dividend of RMB 0.75 per share (totaling approximately RMB 8.435 billion) as of the end of the year ending December 31, 2023, at the company's upcoming 2023 annual general meeting.

Nongfu Spring was founded in 1996 and started its business in packaged drinking water. It is currently the largest packaged drinking water faucet enterprise in China. Packaged drinking water has always been the category that contributes the most to the revenue of Nongfu Spring. according to the company's announced performance, Nongfu Spring achieved a net profit growth of over 20% in 2023, thanks to the high growth brought by its products, especially tea beverage products.

Since 2020, the beverage industry, especially the tea beverage business, has entered a period of rapid growth. Data shows that from 2020 to 2022, the revenue of Nongfu Spring packaged drinking water was 13.966 billion yuan, 17.058 billion yuan, and 18.263 billion yuan, accounting for 61.0%, 57.4%, and 54.9%, respectively. During the same period, the revenue of Nongfu Spring Tea Beverage was 3.088 billion yuan, 4.579 billion yuan, and 6.906 billion yuan, accounting for 13.5%, 15.4%, and 20.8%, respectively.

In 2023, the revenue share of Nongfu Spring Tea Beverage further increased, and the revenue contribution of packaged drinking water was below 50% for the first time. The announcement shows that in 2023, tea beverage products contributed a revenue of 12.659 billion yuan, a significant year-on-year increase of 83.30%, and the revenue proportion increased to 29.7%. At the same time, the revenue of the packaged drinking water business was 20.262 billion yuan, a year-on-year increase of 10.95%, and the proportion of revenue further decreased to 47.5%. The revenue gap between tea drinks and packaged drinking water has further narrowed.

Thanks to the high growth of tea drinks, tea drinks alone brought a revenue growth of 5.753 billion yuan to Nongfu Spring. Although the growth rate of packaged drinking water is not as fast as that of tea drinks, under high revenue technology, a 10.95% growth rate has added 1.999 billion yuan to Nongfu Spring's revenue.

At the same time, in the sub categories, except for other product categories, all sub product categories of Nongfu Spring have achieved revenue growth. Among them, functional beverage products recorded an annual revenue of 4.902 billion yuan, an increase of 27.7% compared to 2022; Juice beverage products recorded a total annual revenue of 3.533 billion yuan, an increase of 22.7% compared to 2022.

Against the backdrop of a significant increase in revenue, the gross profit of Nongfu Spring has also increased significantly. Data shows that the gross profit of Nongfu Spring in 2023 was 25.407 billion yuan, an increase of 33.1% from 19.095 billion yuan in 2022. During the reporting period, the gross profit margin of Nongfu Spring increased by 2.1 percentage points from 57.4% in the same period last year to 59.5%. The explanation from Nongfu Spring is that this is mainly due to a decrease in the procurement costs of cardboard boxes, labels, and some raw materials compared to the same period last year.

With the intensification of competition in the packaged drinking water and beverage markets, the sales and distribution of Nongfu Spring are also further increasing. According to the performance report, the group's sales and distribution expenses in 2023 were 9.284 billion yuan, a year-on-year increase of 18.7%, accounting for 21.8% of the company's total revenue.

Although Nongfu Spring achieved promising performance in 2023 based on various data, the company's inventory and inventory turnover days have increased. Data shows that inventory increased by 46.7% from RMB 2.108 billion as of December 31, 2022 to RMB 3.092 billion in the same period of 2023. Meanwhile, due to the increase in production stocking and ending inventory of raw materials, the inventory turnover days increased from 50.5 days on December 31, 2022 to 55 days on December 31, 2023.

For 2024, Nongfu Spring believes that recovery and development will continue to be the core proposition. The consumer market in our country is expected to continue a stable and positive recovery trend, and the food and beverage industry is facing many opportunities.

It is worth noting that in the 2024 outlook section, Nongfu Spring specifically mentioned that the group has been affected by public opinion and is also facing challenges in the near future. Nongfu Spring stated that in the future, it will strengthen brand building, adapt flexibly to market changes, adhere to the concept of healthy and natural products, continuously improve products and services, and better meet consumer needs.

In the Chairman's speech, Zhong Gui also expressed special gratitude to the company's employees, all distributors, and partners. "On behalf of Nongfu Spring, I would like to take this opportunity to thank each employee for their dedication and perseverance. Only with you can the company have a future; and I would also like to express my gratitude to all distributors and partners for their trust and support in Nongfu Spring. In 2024, let's work together and help each other, sail through storms, and achieve stability and prosperity."

As of the close of the Hong Kong stock market on March 26th, Nongfu Spring rose 1.83% to close at HKD 41.7.

重点词汇

• 山泉 mountain spring

• 资料图 Data map ; Getty Images ; melissa ; funky monkey babys

• 股份有限公司 Co. Ltd. ; company limited ; limited company ; company limited by shares ; incorporated company ; public limited company

• 总收益 total revenue

• 净利润 net profits ; net return ; net revenues

• 饮用水 drinking water ; potable water ; drinkable water

• 领导地位 leadership ; position of leadership ; status as a leader

• 茶饮料 tea drink ; tea beverages

• 经营情况 Operation ; Condition of business ; Business Case

• 董事会 directorate ; board of directors ; court

句子成分分析：

It is worth noting | that [in the2024 outlook section], NongfuSpring specifically mentioned | that the group has 

been affected [by public opinion] and is [also] facing challenges [in the near future].

句子语法结构详解：

* 第1个 is 为系动词作谓语，采用一般现在时。
* noting 为动名词。
* 第1个 that 为连词，引导宾语从句。
* mentioned 为谓语，采用一般过去时。
* 第2个 that 为连词，引导宾语从句。
* affected 为谓语，采用现在完成时和被动语态。
* 第2个 is 为助动词。
* facing 为谓语，采用现在进行时。
* has, been 为助动词。the 为定冠词。

句子相关词汇解释：

Phrase:

Vocabulary:

句子成分分析：

[At the same time], [in the sub categories], [except for other product categories], all sub product categories (of Nongfu 

Spring) have achieved revenue growth.

句子语法结构详解：

* achieved 为谓语，采用现在完成时。
* have 为助动词。the 为定冠词。

句子相关词汇解释：

Phrase:

Vocabulary:

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