(Yicai) Aug. 18 -- Nongfu Spring, China’s largest bottled water company, has become the world’s third-most valuable non-alcoholic beverages brand, making it the first Chinese brand to enter the ranks of the top three, according to Brand Finance.

Nongfu Spring, known for its natural spring water, tea drinks, functional beverages, and juices, climbed one spot in the annual Non Alcoholic Drinks 50 compiled by the London-based brand valuation agency, pushing Thai Red Bull into fourth place.

Nongfu Spring’s brand value climbed nearly 34 percent year on year to USD11.1 billion. Coca-Cola retained the top spot at USD46.3 billion, followed by Pepsi at USD22.6 billion.

The ranking is based on research across the 193 United Nations member states and is considered the gold standard for assessing the brand value of soft drinks.

The latest report described Nongfu Spring as a benchmark brand in Asia’s non-alcoholic drinks market. It earned a score of 91.1 out of 100 in Brand Finance’s Brand Strength Index, up from 87.6. The index evaluates marketing input, customer loyalty, and profitability, and assigns an overall rating. This year, Nongfu Spring received the highest rating of AAA+.

Industry insiders attribute Nongfu Spring’s rising brand value over three consecutive years to its "dual-engine" strategy of combining water and beverage products, along with a strong focus on health-conscious branding. The firm’s heavy investment in and protection of premium water sources underlines its commitment to a "natural and healthy" brand philosophy, building a high competitive barrier, they added.

Nongfu Spring operates 15 major water sources, with additional projects underway.

The company’s shares [HKG: 9633] closed 0.6 percent lower at HKD46.40 (USD5.93) apiece in Hong Kong today, valuing the company at HKD521.8 billion (USD66.7 billion). The stock has gained 37 percent since the end of last year.

Editor: Emmi Laine