Nongfu Spring is a hit with tipplers and investors alike

“We are not manufacturers of water. We are porters of nature.” So goes a famous quip by Zhong Shanshan, the 66-year-old founder and boss of Nongfu Spring, China’s most popular brand of bottled water. On September 8th the Hangzhou-based bottler listed on HongKong’s bourse to spectacular fanfare. Demand for shares from retail investors outstripped supply by 1,148 times. The share price shot up 60% over the first three days of trading. Its market capitalisation reached $53bn. Mr Zhong, who still owns 84% of Nongfu Spring , is now China’s third-richest person, narrowly trailing two tech moguls: Jack Ma of Alibaba and (unrelated) Pony Ma of Tencent.

• quip 俏皮话，骚话
• bottled water 瓶装水
• 被同位语1修饰的Zhong Shanshan：the 66-year-old founder and boss of Nongfu Spring.
• 被同位语2修饰的Nongfu Spring：China’s most popular brand of bottled water.
• bourse 交易所
• fanfare 喧闹；热议
• outstrip 超过···
• oversubscribe 超额认购
• retail investor 散户 = small/individual investor
• shoot up 迅速升高 = soar/skyrocket
• trail 落后于···
• mogul 大亨= tycoon/magnate

Rising disposable incomes and public anxiety about the safety of tap water, which is unfit to drink in most of China, have fuelled demand among Chinese for the bottled variety. Consumption per person of bottled water rose from 41 litres in 2014 to 59 litresin 2019, according to data from Mintel, a market-research firm. American, by comparison , guzzled average of 141 litres last year. That suggests Chinese bottlers still have plenty of room for growth, not least because tap water in America is (typically ) potable .

• disposable income 可支配收入
• tap water 自来水
• fuel 刺激；增强
• variety 变种；品种
• guzzle 狂饮；吃油 gas-guzzling 油老虎
• plenty of room for growth/improvement… 有大量增长/提升空间
• not least 尤其
• potable 可饮用的， edible 可食用的

Nongfu Spring is the runaway industry leader. It accounted for 29% of the volume sold in China in 2019. Foreign brands such as FIJI Water, Evian(owned by Danone) and Aquafina(part of PepsiCo) are easily spotted in many Chinese supermarkets. but none has a market share greater than 6.5%, reckons Mintel.

• account for… 占比…
• make up for…
• amount to…

One reason for Nongfu’s success is its effort to cater to all market segments. Stingy folk can buy a mass-market 380ml-plastic bottle for as little as 1.5 yuan($0.22). The well-heeled may opt for the glass-bottled version, which comes with “award-winning” designs and retails for 30-45 yuan. In between you can get a lithium-rich liquid which is claimed to benefit the nervous system. Total revenues across Nongfu’s waters increased by 42% between 2017 and 2019, to 14.3bn yuan. Gross margins held steady at an impressive 60%.

• cater to 迎合需求
• catering 承办酒席
• cater industry 餐饮业
• market segment 细分市场
• mass market 面向大众的市场
• mass entertainment 大众娱乐
• well-heeled 富裕的
• opt for 选择
• opt in 选择加入, opt out 选择退出
• retail at/for 以···价格零售
• 表示【选择/买】：buy，opt for，get
• 描述【瓶装水】：plastic bottle， glass-bottled version， lithium-rich liquid
• 关于【售价】：as little as，retail for
• revenue 营业额
• gross margin 毛利； net margin 纯利

Nongfu sceptics point out that the bottled-water industry, in China and elsewhere, has few technical barriers to entry. The main raw material is polyethylene terephthalate (PTE), a plastic that is cheap and easy to process. No special knowledge is required. Evergrande, a Chinese property developer, boasts its own line of bottled water called Evergrande Spring. The water itself tends to be an afterthought.

• boast 拥有（自豪得拥有）
• afterthought 事后的想法

Not in Nongfu’s case. As its aggressive marketers never tier of stressing, it possesses water-extraction permits for ten of China’s most famous unspoilt bodies of water — from Thousand Island Lake in the eastern province of Zhejiang to Mount Tianshan in the remote western region of Xinjiang. The permits, granted by local governments for up to 30 years, are a moat against competitors. Loris Li, an independent analyst of China’s beverage industry, observers that “the quality of the original water source” can be a strong point of brand differentiation.

• marketer 营销人员； marketing 市场营销
• never tier of doing sth… 不厌其烦地做
• permit 许可证
• unspoilt 天然的；pristine
• moat 护城河
• observe 评论

Nongfu Spring has another edge: it is seen as close to Chinese officialdom. At high-level political summits, rows of Nongfu bottles arranged on tables are a common sight. As sources of advantage go, it doesn’t get better than this in China.

• edge 优势
• officialdom 官场；kingdom 王国； queendom女王国
• high-level 高规格的；high-profile
• as..go 与一般的…相比
• As racing cars go, this one is extraordinary. 和一般的赛车比，这辆非同凡响