Nongfu Spring Faces Sharp Decline in Core Business, $4.4B Wealth Loss for Founder

Increased competition and public backlash lead to significant revenue drop in bottled water segment.

Founder Zhong Shanshan's wealth decreased by $4.4 billion in one day due to share price drop.
Nongfu Spring's bottled water revenue fell by 18.3% in the first half of 2024.
Overall profit growth slowed to 8%, significantly lower than previous years.
Company's shares have decreased by over 40% in 2024 amid intense market competition.
Public relations issues and online attacks have negatively impacted brand reputation and sales.