On July 23rd, Jefferies Financial released a performance preview report, anticipating that Nongfu Spring (9633.HK) sales in the first half of the year would increase by 8.3% year-on-year, and net profit is expected to increase by 6.8%. The company maintains a 'hold' rating, with the target price lowered by nearly 15% from HKD 43.9 to HKD 37.4. Furui said that the company's sales in the first half of the year were mainly driven by the continuous strong performance of ready-to-drink tea products, but were offset by a drop in sales of bottled water, especially in May. Management stated that spending will be increased in the second half to help boost sales of water products. The bank expects that Nongfu Spring's sales growth in the first half of the year will be lower than expected, mainly due to attacks online, and more will be invested in the second half to compete for market share and revive the brand. The bank lowered its net profit forecast for Nongfu Spring for the years 2024 to 2026 by 11%, 11% and 10% respectively, and expects the water products department to recover next year.