投資概要
農夫山泉一直追求包裝飲用水和飲料的雙引擎發展，一方面滿足消費者日常的飲用需
求，另一方面滿足消費者多樣及個性化的飲用訴求。多元化的產品種類衍生靈活的產
品組合，使公司及經銷商可以在不同市場及渠道都達成差異化優勢，提升業務規模、
分銷效率及盈利能力。
全球位列第二的包裝飲用水企業
農夫山泉品牌的包裝飲用水產品，包括飲用天然水及天然礦泉水。以包裝飲用水銷量
計算，公司是全球位列第二的包裝飲用水企業，亦是中國前 5 大包裝飲用水企業中唯
一一家只利用天然水源生產包裝飲用水的企業。2020 年，公司在中國包裝飲用水的市
場份額達到 20.9%（以零售額計算），是第二名企業的 1.5 倍。於 2018 年、2019 年及
2020 年，包裝飲用水產品所產生的收益分別佔公司總收益的 57.5%、59.7%及 61%。

Investment highlights
Nongfu Spring has been pursuing the “dual-engine” development of drinking water and beverages. On
one hand, it meets the daily drinking needs of consumers and on the other hand, it satisfies the diverse
and personalized drinking demands of consumers. Diversified product varieties enhancing flexible
product mixes has enabled companies and distributors to achieve differentiating advantages in different
markets and channels, to improve scale of business, distribution efficiency and profitability.
The world's second largest packaged drinking water company
Nongfu Spring’s packaged drinking water products include natural drinking water and natural mineral
water. The company is the second largest packaged drinking water company in the world in terms of
sales volume. It is also the only company, among the top 5 PRC packaged drinking water companies,
that uses solely natural water to produce packaged drinking water, pledging "Every drop of Nongfu
Spring has its source". In 2020, the company's market share of packaged drinking water in China reached
20.9% (in terms of retail sales value), which is 1.5 times that of the second largest player. In 2018, 2019
and 2020, the revenue generated from packaged drinking water products accounted for 57.5%, 59.7%
and 61% of the company's total revenue, respectively.