农夫山泉2025中期报告

（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 2025中期報告INTERIM REPORT 目錄CONTENT 2Corporate Information5Management Discussion and Analysis25Corporate Governance and Other Information38Independent Review Report40Interim Condensed Consolidated Statement of Profit or Loss41Interim Condensed Consolidated Statement of Comprehensive Income42Interim Condensed Consolidated Statement of Financial Position44Interim Condensed Consolidated Statement of Changes in Equity46Interim Condensed Consolidated Statement of Cash Flows48Notes to Interim Condensed Consolidated Financial Information 公司資料CORPORATE INFORMATION SHARE LISTING 股份上市 9633 The Stock Exchange of Hong Kong Limited(Stock Code: 9633) LISTING DATESeptember 8, 2020 上市日期202098 註冊辦事處和總部 REGISTERED OFFICE AND HEAD OFFICE No.181 GeyazhuangXihu DistrictHangzhou, ZhejiangPRC 181 PRINCIPAL PLACE OF BUSINESS IN HONG KONG 香港主要營業地點 Room F, 6/F, CNT Tower338 Hennessy RoadWan ChaiHong Kong 3386F COMPANY’S WEBSITEwww.nongfuspring.com 公司網站 www.nongfuspring.com BOARD OF DIRECTORS 董事會 執行董事 EXECUTIVE DIRECTORS Mr. Zhong Shanshan(Chairman and General Manager)Ms. Wu LiminMr. Xiang XiansongMr. Rao MinghongMs. Han Linyou NON-EXECUTIVE DIRECTORMr. Zhong Shu Zi 非執行董事Zhong Shu Zi INDEPENDENT NON-EXECUTIVE DIRECTORS 獨立非執行董事 Stanley Yi Chang20253172025520 Mr. Stanley Yi Chang(resigned on March 17, 2025)Mr. Yang, Lei BobMr. Lu YuanMr. Gu Zhaoyang(appointed on May 20, 2025) SUPERVISOR COMMITTEE 監事會 202552020255202025520晗2025520 Ms. Yu Minyu(Chairman) (resigned on May 20, 2025)Ms. Wang Yuan(Chairman) (appointed on May 20, 2025)Mr. Liu Xiyue(resigned on May 20, 2025)Mr. Jiang XiaodongMs. Fan Jinghan(appointed on May 20, 2025) 公司秘書 COMPANY SECRETARY Ms. Han Linyou 審計委員會 AUDIT COMMITTEE Mr. Stanley Yi Chang(Chairman) (resigned on March 17, 2025)Mr. Gu Zhaoyang(Chairman) (appointed on May 20, 2025)Mr. Yang, Lei BobMr. Lu Yuan Stanley Yi Chang20253172025520 薪酬委員會 REMUNERATION COMMITTEE Mr. Lu Yuan(Chairman)Mr. Zhong ShanshanMr. Yang, Lei Bob 提名委員會 NOMINATION COMMITTEE 20255202025520Stanley Yi Chang20253172025520 Mr. Zhong Shanshan(Chairman) (retired on May 20, 2025)Mr. Yang, Lei Bob(Chairman) (appointed on May 20, 2025)Mr. Lu YuanMr. Stanley Yi Chang(resigned on March 17, 2025)Ms. Han Linyou(appointed on May 20, 2025) AUTHORISED REPRESENTATIVES 授權代表 Ms. Han LinyouMs. Wu Limin PRINCIPAL BANKERS 主要往來銀行 Industrial and Commercial Bank of China Hangzhou Yangbatou BranchAgricultural Bank of China Hangzhou BranchBank of China Zhejiang BranchChina Construction Bank Zhijiang BranchChina Everbright Bank Hangzhou Branch 香港法律顧問 HONG KONG LEGAL ADVISOR 183401 Eric Chow & Co. in Association with Commerce & Finance Law Offices3401 Alexandra House18 Chater RoadCentralHong Kong PRC LEGAL ADVISOR 中國法律顧問 77334 Jingtian & Gongcheng34th Floor, Tower 3, China Central Place77 Jianguo RoadChaoyang DistrictBeijingPRC 境外核數師 OVERSEAS AUDITOR 97927 Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s Road, Quarry BayHong Kong DOMESTIC AUDITOR 境內審計師 117 Ernst & Young Hua Ming LLPLevel 17, Ernst & Young Tower, Oriental PlazaNo. 1 East Chang’an AvenueDongcheng DistrictBeijingPRC H SHARE REGISTRAR H股股份過戶登記處 18317M1712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17M Floor Hopewell Centre183 Queen’s Road EastWan ChaiHong Kong 管理層討論及分析MANAGEMENT DISCUSSION AND ANALYSIS 20256302410 The Board is pleased to present the unaudited interim condensedconsolidated financial information of the Group for the six monthsended June 30, 2025. The interim condensed consolidatedfinancial information is unaudited, but has been reviewed by theaudit committee of the Board (the “Audit Committee”) and Ernst &Young, the independent auditor of the Company, in accordance withHong Kong Standard on Review Engagements 2410 “Review ofInterim Financial Information Performed by the Independent Auditorof the Entity” issued by the Hong Kong Institute of Certified PublicAccountants. ECONOMIC ENVIRONMENT 經濟環境狀況 In the first half of 2025, the global economy continued to navigate acomplex and changing environment. While major economies weregradually recovering, geopolitical uncertainties presented challengesto such economic recovery. China’s economy exhibited a steadyand positive trend. According to the National Bureau of Statistics,China’s gross domestic product (GDP) amounted to RMB66.1 trillionin the first half of 2025, representing a year-on-year increase of 5.3%.The consumer market was gradually recovering. In the first half of theyear, total retail sales of consumer goods topped RMB24.5 trillion,representing a year-on-year increase of 5.0%. Final consumptionexpenditure contributed 52% to the GDP growth, giving full play toits role as the primary driver of economic growth. 20252025(GDP)66.15.3%24.55.0%GD