What Nongfu Spring does

Nongfu Spring Co., Ltd. is a Chinese packaged beverage company headquartered in Hangzhou, Zhejiang, founded in 1996 and listed on the Hong Kong Stock Exchange (ticker 9633). It is China's largest packaged water producer, with a portfolio spanning eight major categories: bottled water, ready-to-drink tea, coffee, functional drinks, fruit juice, plant protein, agricultural products, and sparkling flavored drinks. The company's core differentiator is its "Never Use Tap Water" sourcing philosophy, supported by 17 strategically positioned natural water sources, 12 production bases, and 137 automated production lines (including 12 high-speed lines capable of filling 81,000 bottles per hour and 14 beverage lines meeting Log6 aseptic standards).

The company generates revenue through one-time sales of packaged beverages distributed via a national network of 40,000+ dealers and 100,000+ sales personnel, reaching mass-market Chinese consumers through convenience stores, supermarkets, and retail outlets, with growing presence in international Asian markets including Japan. Its customer base is primarily general Chinese consumers seeking natural, healthy hydration, supported by retail channel partners and a smaller corporate/B2B segment for bulk procurement. In 2025, Nongfu Spring crossed 50 billion yuan in annual revenue, reported ~23% revenue growth and >30% net profit growth, and entered the rapidly growing electrolyte water category (~20 billion RMB, growing >30%) with a new "Electrolyte" product.

Name

Nongfu Spring

Legal name

Nongfu Spring Co., Ltd.

Website

https://nongfuspring.com

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Nongfu Spring is China's largest packaged water producer, headquartered in Hangzhou and listed in Hong Kong. It sells natural-source bottled water, tea, coffee, functional drinks, juice, and plant-protein beverages to mass-market Chinese consumers through a 40,000+-dealer national distribution network.

Ownership category

akta.pro rank

Product category

Bottled Water & Beverages

NAICS

Bottled Water Manufacturing (312112), Soft Drink and Ice Manufacturing (31211), Coffee and Tea Manufacturing (311920)

SIC

Beverages (2080)

akta.pro primary industry

Bottled Water (Still, Sparkling, Enhanced) (CRADAHAC)

akta.pro secondary industries

Spring Water Bottling (AFAFACAA), Flavored/Enhanced Bottled Water Production (Essenced, Vitamin, Electrolyte) (AFAFACAF), Still Soft Drinks & Flavored Waters (Non-Carbonated) (AFAFABAB), Non-Carbonated Soft Drinks (Juice Drinks, Lemonades, Fruit Drinks) (CRADAHAB), Bottled Water & Sparkling Water Wholesale (AFAIAGAC)

Keywords

• Bottled water
• Packaged beverages
• Ready-to-drink tea
• Functional beverages
• Fruit juice drinks

Headquarters

HQ city

Hangzhou

HQ country

China

HQ region

Asia

Offices7 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Packaged Water: Core business segment. Nongfu Spring is China's largest packaged water producer. The company坚守 'never uses tap water' philosophy, sourcing from natural springs and underground sources.
2. Tea Beverages: Ready-to-drink tea products. By 2019 retail sales, ranked among top three in Chinese market for tea beverages.
3. Functional Beverages: Functional drink products including newly launched electrolyte water. By 2019 retail sales, ranked among top three in Chinese market for functional beverages.
4. Fruit Juice Products: Fruit juice beverages. By 2019 retail sales, ranked among top three in Chinese market for juice beverages.
5. Coffee Products: Ready-to-drink coffee beverages as part of diversified product portfolio.
6. Plant Protein Products: Plant-based protein beverages as part of diversified product matrix.
7. Sparkling Flavored Drinks: Sparkling flavored beverages including sparkling water products.
8. Agricultural Products: Agricultural products from company planting bases including apples, carrots, navel oranges and other raw materials sourced from Xinjiang, Yili, Ganzhou, Jiangxi.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Nongfu Spring manufactures and sells natural drinking water and a diversified portfolio of beverages including tea, coffee, functional drinks, fruit juices, plant protein drinks, sparkling flavored beverages, and agricultural products. The company sources water from seventeen high-quality natural water sources across China, adhering to a 'Never Use Tap Water' philosophy, and operates 137 automated production lines.

Product overview

Nongfu Spring operates as a diversified beverage company with a portfolio of eight major product categories: Water Products (the company's flagship offering sourced from seventeen natural water sources), Tea Products, Coffee Products, Functional Drink Products (including the newly launched Electrolyte water), Fruit Juice Products, Plant Protein Products, Agricultural Products, and Sparkling Flavored Drinks. The company positions itself as 'the porter of nature,' emphasizing natural and healthy ingredients while maintaining market leadership in China's bottled water segment and top-three positions in tea, functional beverages, and juice categories.

Differentiator

Problem solved

Functional benefit

Products and services

• Water Products Natural drinking water sourced from seventeen high-quality natural water sources across China, adhering to the 'Never Use Tap Water' philosophy. The flagship product line and core revenue driver.
• Tea Products Ready-to-drink tea beverages in various flavors, ranking among the top three in China's tea beverage market by retail sales as of 2019.
• Coffee Products Ready-to-drink coffee beverages as part of the company's diversified product portfolio.
• Functional Drink Products Functional beverages ranking among the top three in China's functional beverage market by retail sales as of 2019, including electrolyte water products.
• Electrolyte Electrolyte water product launched in grapefruit and lemon flavors, marking Nongfu Spring's entry into the rapidly growing electrolyte water category in China.
• Fruit Juice Products Fruit juice beverages ranking among the top three in China's juice beverage market by retail sales as of 2019.
• Plant Protein Products Plant-based protein beverages as part of the company's diversified product matrix.
• Sparkling Flavored Drink Sparkling flavored beverages as part of the company's beverage diversification strategy.
• Agricultural Products Agricultural products including apples, carrots, and navel oranges sourced from partnership farms in Xinjiang and Jiangxi regions, supporting beverage raw material sourcing.

Quantifiable outcome

• Annual revenue exceeding 50 billion yuan
• +2 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered minor.

• Soong Ching Ling FoundationminorOthersCharitable partnership for 'Drinking Water with Gratitude for Sources' activity to help poor children in water source areas. Raised over RMB 5 million donated to the foundation.
• Red Nose FoundationminorOthersCharitable partnership in 2017 under theme 'Wearing Red Nose, Being Happy for Public Welfare', providing 250,000 free lunches to children in impoverished mountainous areas in China.
• China Manned Space ProjectminorOthersSince 2003, Nongfu Spring has successively donated RMB 12 million to sponsor China's Manned Space Program.
• Orchard Owners and FarmersminorOthersAgricultural partnerships for sourcing raw materials including apples, carrots, navel oranges. Bases established in Yili Xinjiang and Ganzhou Jiangxi.

Scale indicators11 records

Recent moves4 records

Expansion highlights6 records

Direct peers

• Tingyi (Cayman Islands) Holding Corp (Master Kong): Master Kong is the leading Chinese RTD tea and instant noodle brand and a major player in bottled water and juice, with a comparable nationwide Chinese dealer and direct-sales model. Most direct competitor across Nongfu Spring's tea, water, and juice categories.
• Hangzhou Wahaha Group: Hangzhou-based peer (same region as Nongfu Spring) competing across bottled water, RTD tea, juice, and children's nutritional drinks with a similarly broad China distribution footprint. Closest head-to-head rival in core packaged water.
• China Resources Beverage (CR C'estbon): Subsidiary of China Resources Enterprise, produces 'C'estbon' packaged water alongside tea and beverage lines; competes directly with Nongfu Spring in the mid-tier Chinese bottled water segment with similar national distribution ambitions.
• Uni-President China Holdings: Taiwanese-affiliated Chinese beverage producer with strong RTD tea (Uni Tea), juice, and water offerings, distributed through extensive Chinese retail channels. Directly comparable product mix and target consumer to Nongfu Spring.

Emerging players

• Genki Forest (Yuanqi Forest): Fast-growing Chinese brand best known for zero-sugar sparkling water and now expanding into electrolyte and functional beverages, directly contesting Nongfu Spring's flavored and electrolyte water launches with a digital-native brand.

Broad incumbents

• Coca-Cola HBC: Listed bottling partner for Coca-Cola products across emerging Europe and Nigeria with growing Asian exposure; offers broader portfolio (CSD, water, juice, tea) that competes for Chinese shelf space and consumer occasions against Nongfu Spring's range.
• Suntory Beverage & Food Asia: Japanese multinational with broad water (Suntory Tennensui), tea, and functional beverage portfolio across Asia. Comparable premium-positioned water and tea play with regional (Asian) geographic overlap to Nongfu Spring's emerging international footprint.
• Danone (Waters division: Evian, Volvic, Mizone): Global premium bottled water player with Mizone active in China; competes in the same premium-and-functional water segments while bringing global scale and brand-building expertise to the categories where Nongfu Spring is investing.
• Vitasoy International Holdings: Hong Kong-listed plant-based beverage company with strong China presence in RTD soy and plant-protein drinks. Directly comparable to Nongfu Spring's plant-protein line and a reference point for premium-positioned, health-led Asian beverage branding.

Regional players

• Thai Beverage (ThaiBev): ASEAN-focused beverage conglomerate with branded water, tea, and functional drinks. Provides a comparable Southeast Asia growth template relevant as Nongfu Spring expands into Japan and other Asian markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/nongfu-spring-co-ltd-

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nongfu Spring