As of August 31, the financial reports of listed beverage companies for the first half of 2025 have been disclosed. Food and Beverage Green Book counts the main operating data of 14 beverage listed companies. Let’s take a look at the specific situation.
From the perspective of operating income, The top three are Master Kong, Nongfu Spring, and Swire Coke. More than 40% of the companies have not achieved growth. In terms of net profit, the top three are Nongfu Spring, Dongpeng Beverage, and Tongyi. Except for the uncountable data, nearly half of the companies have not achieved net profit growth.
For example, Nongfu Spring Tea Beverage business achieved revenue of 10.089 billion yuan in the first half of the year, an increase of 19.7%, becoming the sector with the largest revenue contribution among all the company's businesses; Uni-Tong Tea Beverage revenue was 5.068 billion yuan, an increase of 9.1% year-on-year, accounting for nearly half of the beverage business.
Dongpeng Beverage still shows strong growth momentum in energy drinks and electrolyte water categories. Its energy beverage sector achieved revenue of 8.36 billion yuan, a year-on-year increase of 21.9%; electrolyte water replenished water achieved revenue of 1.493 billion yuan, a year-on-year increase of 213.7%.
In contrast, leading plant protein beverage companies generally face challenges. Yangyuan Beverages, Weiwei Co., Ltd. and Chengde Lulu both experienced a decline in revenue and net profit.
01
Master Kong
The beverage business achieved revenue of 26.359 billion yuan, a year-on-year decrease of 2.6%, accounting for 65.7% of the group's total revenue. During the period, the gross profit margin of beverages increased by 2.5 percentage points year-on-year to 37.7%. Due to the year-on-year increase in gross profit margin, the profit attributable to shareholders of the beverage division increased by 19.7% year-on-year to 1.335 billion yuan in the first half of the year.
On the one hand, the company has launched a new low-sugar and high-fiber ice black tea product that reduces sugar by 50%, which can achieve healthy upgrades while retaining the classic taste. On the other hand, the company has launched new Changdao iced tea flavored iced black tea, double mint cold iced black tea and watermelon flavored iced black tea to further strengthen the connection with young people.
02
Nongfu Spring
By business segments, Nongfu Spring has successfully built two horses of "packaged water + tea beverages", working together to drive the company's performance to hit a new high. After a period of adjustment, the packaged drinking water business achieved revenue of 9.443 billion yuan in the first half of the year, a year-on-year increase of 10.7%, accounting for 36.9% of the total revenue.
The tea beverage business achieved revenue of 10.089 billion yuan in the first half of the year, an increase of 19.7% year-on-year, becoming the sector with the largest revenue contribution among all the company's businesses. This is the first time that the tea beverage business has achieved revenue of over 10 billion in half a year. In addition to the tea beverage business, Nongfu Spring's functional beverage and juice beverage business has also achieved double-digit revenue growth.
03
Coca-Cola
Judging from the good news from the two major operating businesses, although Coca-Cola has not returned to the same level in the mainland Chinese market in 2023, it has also begun to regain its growth trend.
04
Unified
Among them, the revenue of the beverage business was 10.788 billion yuan, a year-on-year increase of 7.6%, while the growth rate in the same period last year was 8.3%. Specifically, tea beverages achieved revenue of 5.067 billion yuan, a year-on-year increase of 9.1%, juice achieved revenue of 1.821 billion yuan, a year-on-year increase of 1.7%, and milk tea achieved revenue of 3.398 billion yuan, a year-on-year increase of 3.5%. Compared with the data in the same period last year, the growth rate of tea beverages and juice has slowed down, with the growth rate of juice reaching 8.2% in the first half of last year.
05
Dongpeng Beverage
For the first half of the year, the revenue exceeded 10 billion mark.
By product, the energy beverage sector achieved revenue of 8.36 billion yuan, a year-on-year increase of 21.9%. This large single product accounts for about 90% of the total revenue all year round, and is criticized by the market as a "big single product dependence". Its share has dropped to 77.91% in the first half of this year. Fu Hydra's sales revenue was 1.493 billion yuan, an increase of 213.7% year-on-year, and the revenue share jumped from 6.05% to 13.91%.
Dongpeng Beverages' profitability is a remarkable existence in the industry. According to the recent report "Top 50 Global Soft Drink Brand Values in 2025" released by Brand Finance, Dongpeng Beverage ranked among the top ten global soft drink brands for the first time with a brand value of US$3.08 billion.
06
Wanglaoji
07
China Resources Beverage
China Resources Beverage Packaged Drink Water Main Product is Yibao Pure Water. In the second quarter, as industry competition intensified, China Resources Beverage promoted inventory optimization and channel adjustment, the main packaging water business was under pressure.
08
Yangyuan Drinks
In the first half of this year, Yangyuan Beverage achieved operating income of 2.465 billion yuan and net profit attributable to shareholders of 744 million yuan.
From the revenue structure, distribution channels are still the absolute main force. In the first half of 2025, sales revenue from distribution channels was 2.227 billion yuan, accounting for 90.3% of total revenue. At the same time, its dealer network is still continuing to be optimized - as of the end of June, the company's regional dealers nationwide reached 2,727, with 126 new ones, a decrease of 98, and a net increase of 28.
09
Vivi Co., Ltd.
The company's operating costs decreased in the first half of the year, but R&D investment increased significantly year-on-year. The company strives to develop new product categories and launches new products such as "Vivi Health Water", with R&D expenses increasing by 38.84% year-on-year.
10
Chengde Lulu
Chengde Lulu's operating income in the first half of 2025 was 1.384 billion yuan, a year-on-year decrease of 15.3%; net profit attributable to shareholders was 258 million yuan, a year-on-year decrease of 11.97%; net profit attributable to shareholders was 258 million yuan, a year-on-year decrease of 11.7%.
As the absolute main force of the company, the almond series achieved revenue of 1.304 billion yuan in the first half of the year, a significant year-on-year decline of 17.67%. This directly dragged down the company's overall performance. From the production and sales data, the sales volume of almond deer decreased by 19.44% year-on-year, which clearly shows that core products are facing severe market challenges.
11
Xiangpiaopiao
In the first half of this year, Xiangpiaopiao achieved revenue of 1.035 billion yuan. Among them, the ready-to-drink business performed well, with revenue of 591 million yuan, an increase of 8.03% year-on-year; the brewing business revenue was 423 million yuan, which was in the adjustment recovery period.
As the company's "second growth curve",Xiangpiaopiao's ready-drinking business showed strong resilience and growth potential in the first half of the year, with the proportion of main business revenue climbing to 58.27%, surpassing the brewing business for the first time.Product innovation and marketing breaking the circle and resonate together, and continue to release growth momentum.
12
Happy Home
13
Quanyangquan
The announcement mentioned that the mineral water sector continued to achieve steady growth in performance and prosperous sales, the core subsidiary Quanyangquan Beverage Company's sales growth rate, revenue growth rate and net profit growth rate in the first half of 2025 were 14.50%, 11.63%, and 10.02%, respectively, among which the main large-packaged aquatic products are often in short supply.
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