农夫山泉2024年度报告

（於中華人民共和國註冊成立的股份有限公司）(A joint stock company incorporated in the People’s Republic of China with limited liability) 股份代號Stock Code : 9633 2024年度報告ANNUAL REPORT CONTENTS 2Company Profile3Definitions7Corporate Information10Financial Highlights11Chairman’s Statement13Management Discussion and Analysis41Environment, Social and Governance46Corporate Governance Report74Biographies of Directors, Supervisors andSenior Management81Report of The Directors105Report of The Supervisory Committee108Independent Auditor’s Report116Consolidated Statement of Profit or Loss117Consolidated Statement of Comprehensive Income118Consolidated Statement of Financial Position120Consolidated Statement of Changes in Equity122Consolidated Statement of Cash Flows124Notes to Financial Statements COMPANY PROFILE 199620016202099633.HK Established in 1996, Nongfu Spring Co., Ltd. is a leader in thepackaged drinking water and beverage industry in the PRC. Ourmajor products include packaged drinking water, tea beverage,functional beverage, juice beverage and agricultural products. TheCompany was transformed from a limited liability company into ajoint stock company with limited liabilities in June 2001 and listed onthe Main Board of the Hong Kong Stock Exchange in September2020 (stock code: 9633. HK). We believe in offering natural and healthy products and insist onusing high quality raw materials. All of our packaged drinking waterproducts are sourced from quality natural water sources containingnatural mineral elements. We possess industry-leading equipment,manufacturing capabilities, strong supply chain managementcapabilities and rigorous quality assurance systems. We have established dual growth engines, packaged drinking waterand beverage and set up a nationwide sales network covering allprovinces, municipalities and prefecture-level administrative divisionsacross China. We implement a multi-brand strategy, have long-termvisions for our brands and strong brand communication capabilities,and have built a super brand in the PRC soft beverage market. DEFINITIONS CORPORATE INFORMATION SHARE LISTING The Stock Exchange of Hong Kong Limited(Stock Code: 9633) 9633 LISTING DATESeptember 8, 2020 202098 REGISTERED OFFICE AND HEAD OFFICE No.181 GeyazhuangXihu DistrictHangzhou, ZhejiangPRC 181 PRINCIPAL PLACE OF BUSINESS IN HONG KONG Room F, 6/F, CNT Tower338 Hennessy RoadWan ChaiHong Kong 3386F COMPANY’S WEBSITEwww.nongfuspring.com www.nongfuspring.com BOARD OF DIRECTORS 2024521 EXECUTIVE DIRECTORS Mr. Zhong Shanshan(Chairman and General Manager)Ms. Wu LiminMr. Xiang XiansongMr. Rao Minghong (appointed on May 21, 2024)Ms. Han Linyou NON-EXECUTIVE DIRECTORS Mr. Zhong Shu ZiMs. Xue Lian (resigned on May 21, 2024) Zhong Shu Zi2024521 Stanley Yi Chang2025317 INDEPENDENT NON-EXECUTIVE DIRECTORS Mr. Stanley Yi Chang(resigned on March 17, 2025)Mr. Yang, Lei BobMr. Lu Yuan SUPERVISOR COMMITTEE 20245 21202452120245212024521 Ms. Yu Minyu(Chairman)(appointed on May 21, 2024)Mr. Liu XiyueMr. Jiang Xiaodong (appointed on May 21, 2024)Ms. Liu Min (resigned on May 21, 2024)Mr. Rao Minghong (resigned on May 21, 2024) COMPANY SECRETARIES Ms. Han LinyouMs. Mak Po Man Cherie (retired on February 13, 2024) 2024213 AUDIT COMMITTEE Mr. Stanley Yi Chang(Chairman)(resigned on March 17, 2025)Mr. Yang, Lei BobMr. Lu Yuan Stanley Yi Chang2025317 REMUNERATION COMMITTEE Mr. Lu Yuan(Chairman)Mr. Zhong ShanshanMr. Yang, Lei Bob NOMINATION COMMITTEE Mr. Zhong Shanshan(Chairman)Mr. Lu YuanMr. Stanley Yi Chang(resigned on March 17, 2025) Stanley Yi Chang2025317 AUTHORISED REPRESENTATIVES Ms. Han LinyouMs. Wu Limin PRINCIPAL BANKERS Industrial and Commercial Bank of China Hangzhou Yangbatou BranchAgricultural Bank of China Hangzhou BranchChina Construction Bank Zhijiang BranchBank of China Zhejiang BranchChina Everbright Bank Hangzhou Branch HONG KONG LEGAL ADVISOR 183401 Eric Chow & Co. in Association with Commerce & Finance Law Offices3401 Alexandra House18 Chater RoadCentralHong Kong PRC LEGAL ADVISOR 77334 Jingtian & Gongcheng34th Floor, Tower 3, China Central Place77 Jianguo RoadChaoyang DistrictBeijingPRC OVERSEAS AUDITOR 97927 Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s Road, Quarry BayHong Kong DOMESTIC AUDITOR 1366B Pan-China Certified Public Accountants LLPTower B, China Resources Building, 1366 Qianjiang RoadShangcheng DistrictHangzhou, ZhejiangPRC H SHARE REGISTRAR H 18317M1712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17M Floor Hopewell Centre183 Queen’s Road EastWan ChaiHong Kong FINANCIAL HIGHLIGHTS CHAIRMAN’S STATEMENT Dear shareholders, 2024 was an extraordinary year for Nongfu Spring. Our brandexperienced unprecedented assault and trial. The Group recorded atotal revenue of RMB42,896 million in 2024, representing an increaseof 0.5% as compared to 2023. Overall profit/loss ratio maintained itsindustr