The project is located in Nyingchi City, Tibet Autonomous Region, with a total investment of 28.2 million USD. The agreement was signed with the local government in November 2023 for the construction of the Nongfu Spring production base. The facility plans to introduce Krones filling lines, bottle conveyor systems, case conveyor systems, pallet conveyor systems, and handle applicators,to meet the growing demand for high-quality packaged water.
The production base is designed to have a capacity of 500,000 tons of bottled drinking water annually, making it a key part of Nongfu Spring's long-term expansion strategy. The facility has been officially registered as a subsidiary of Nongfu Spring.
On November 28th, 2023, Nongfu Spring (Nyingchi Tibet) Drinking Water Co., Ltd. was established with a registered capital of 2.8 million USD. This subsidiary is 100% controlled by Nongfu Spring Co., Ltd. Its business includes beverage and food production, as well as food sales.
A representative from Nongfu Spring stated that the collaboration with Nyingchi City is based on mutual trust, particularly due to the region’s natural water quality. Leveraging Nongfu Spring's leading equipment, strong supply chain management, and stringent quality assurance systems, the company will transport the high-quality "Nyingchi perfect water" to customers around the world.
According to the 2023 financial report released by Nongfu Spring, the company achieved annual revenue of 6 billion USD, marking a 28.4% increase year-on-year. The net profit for 2023 reached 1.7 billion USD, up 42.2% year-on-year, and the net profit margin improved by 2.79 percentage points, reaching 28.3%.
Packaged drinking water contributed 2.9 billion USD to total revenue, a 10.9% increase year-on-year, accounting for 54.9% of the total revenue.
