Core Viewpoint - The report from Jefferies indicates a 4% reduction in the target price for Want Want China (00151) from HKD 5.71 to HKD 5.48, maintaining a "Neutral" rating. The earnings forecasts for fiscal years 2026, 2027, and 2028 have been lowered by 9%, 5%, and 1% respectively due to anticipated increases in sales and administrative expense ratios in the second half of fiscal 2026 [1][2]. Group 1 - The sales, general, and administrative expense ratio for the half-year period ending September increased by 2.2 percentage points to 28.8%, with the distribution expense ratio rising by 1.4 percentage points due to increased advertising and promotional investments, including cross-industry and co-branding projects [1]. - The administrative expense ratio increased by 0.9 percentage points, attributed to organizational restructuring that led to higher employee costs [1]. - The company has decided not to distribute an interim dividend to maintain operational flexibility [1]. Group 2 - For the outlook of the second half of fiscal 2026, management indicated that progress in October and November (third quarter) is slightly lagging compared to the same period last year, particularly due to the shift of gift box products to the February Spring Festival period [2]. - Strong growth is expected in emerging channels and snack specialty stores in the second half, while traditional and modern channels may continue to face pressure [2]. - The company aims to drive growth in rice snacks and snack products in the second half while striving to catch up in the dairy and beverage sectors [2].

Core Viewpoint - Jefferies has lowered the target price for Want Want China (00151) by 4% from HKD 5.71 to HKD 5.48, maintaining a "Neutral" rating, while also reducing earnings forecasts for the fiscal years 2026, 2027, and 2028 by 9%, 5%, and 1% respectively due to expected increases in sales and administrative expense ratios in the second half of fiscal 2026 [1] Group 1 - The sales, general, and administrative expense ratio for the half-year period ending September 30 increased by 2.2 percentage points to 28.8%, with the distribution expense ratio rising by 1.4 percentage points due to increased advertising and promotional investments, including cross-industry and co-branding projects [1] - The administrative expense ratio increased by 0.9 percentage points due to organizational restructuring, which led to higher employee costs [1] - The company has decided not to declare an interim dividend to maintain operational flexibility [1] Group 2 - For the outlook of the second half of fiscal 2026, management indicated that progress in October and November (third fiscal quarter) is slightly lagging compared to the same period last year, particularly due to the impact of the Spring Festival on gift box products [2] - Management expects strong growth in emerging channels and snack specialty stores in the second half, while traditional and modern channels may continue to face pressure [2] - The company aims to drive growth in rice snacks and snack products in the second half while striving to catch up in the dairy and beverage sectors [2]

智通财经APP获悉，中国旺旺(00151)午后跌超6%，截至发稿，跌5.89%，报4.63港元，成交额4882.45万 港元。 美银证券发表研报称，重申对中国旺旺的"跑输大市"评级，认为拓展新兴及零食折扣渠道虽然能推动销 量与渗透率增长，但亦可能削弱产品定价能力并推高渠道成本，对长期利润率构成压力，同时对乳饮品 类需求疲软及电商平台补贴竞争感到担忧。相应地，美银证券将旺旺2026及2027财年每股盈利预测下调 8%至10%，目标价从5港元降至4.7港元。 消息面上，中国旺旺近期发布截至9月底的中期业绩报告。2025财年上半年公司实现营收111.08亿元， 同比增长2.1%；归母净利润为17.17亿元，同比下降7.8%。瑞银认为公司收入符合预期，但盈利低于市 场预期，主要受营运开支按年增长10.6%拖累，其中广告及促销费用有所增加。 ...

中金发布研报称，维持中国旺旺(00151)"跑赢行业"评级，维持目标价5.83港币,主因公司品牌力强，上 半财年业绩承压，归母净利润同比下滑7.8%。收入微增，但乳饮品类受成本上升及需求疲弱影响小幅 下滑，而休闲食品与新兴渠道表现较好。 中金主要观点如下： 业绩表现 下半财年收入有望保持稳健，费用投入力度或将延续 该行预计公司3QFY25销售表现有所承压，主要受春节错期影响;预计下半财年公司收入有望保持稳健增 长，零食量贩渠道有望延续高速增长。利润端，该行预计下半财年毛利率&利润率有望环比持平，公司 或延续费用投入力度，持续拉升新品及新兴渠道表现。 风险提示 1HFY25利润小幅低于市场预期公司公布1HFY25业绩：收入111.08亿元，同比+2.1%;归母净利润17.17亿 元，同比-7.8%;利润表现小幅低于市场预期，主因营业费用投入超预期。 需求疲弱，竞争加剧，原材料价格大幅上行。 发展趋势 米果及休闲食品表现好于乳饮料，新兴渠道实现良好增长。1HFY25公司收入增长稳健，分品类看， 1HFY25米果类/乳饮类/休闲食品类收入分别同比+3.5%/-1.1%/+7.7%。具体看：1)米果产品销量同增中 个 ...

美银证券发表研报称，重申对中国旺旺的"跑输大市"评级，认为拓展新兴及零食折扣渠道虽然能推动销 量与渗透率增长，但亦可能削弱产品定价能力并推高渠道成本，对长期利润率构成压力，同时对乳饮品 类需求疲软及电商平台补贴竞争感到担忧。相应地，美银证券将旺旺2026及2027财年每股盈利预测下调 8%至10%，目标价从5港元降至4.7港元。 中国旺旺(00151)午后跌超6%，截至发稿，跌5.89%，报4.63港元，成交额4882.45万港元。 消息面上，中国旺旺近期发布截至9月底的中期业绩报告。2025财年上半年公司实现营收111.08亿元， 同比增长2.1%；归母净利润为17.17亿元，同比下降7.8%。瑞银认为公司收入符合预期，但盈利低于市 场预期，主要受营运开支按年增长10.6%拖累，其中广告及促销费用有所增加。 ...

中国旺旺北京首席代表林天良对《证券日报》记者表示，集团每年投入研发经费超过4亿元，开发出许 多新产品与新技术专利，近期，公司在莎娃酒、Flxbody健康食品、爱至尊银发族食品、WantPower女性 的功能性零食等方面，都有许多新产品上市，给消费者提供了更多的选择。 渠道建设方面，集团取得显著成效。报告期内，中国旺旺新兴渠道收益实现双位数增长，占总收益比重 已超过10%。 11月24日，中国旺旺控股有限公司(以下简称"中国旺旺"或"集团")发布中期业绩报告。2025财年上半年 (截至2025年9月30日的6个月内)，公司实现营收111.08亿元，同比增长2.1%；归母净利润为17.17亿元， 同比下降7.8%。 报告期内，中国旺旺四大业务板块呈现均衡发展态势。其中，乳品及饮料类占总收益约53%，米果及休 闲食品类占比约46%。尽管旺仔牛奶等传统乳品收益出现低个位数下降，但饮料业务表现亮眼，收益同 比增长近40%，销量实现翻倍。食品板块中，米果与休闲食品分别增长3.5%和7.7%。 值得关注的是，新品已成为集团增长的重要引擎。休闲食品类中新品贡献了25%的收益，饮料类新品占 比接近50%，显示出产品创新对业绩的 ...

智通财经APP获悉，中金发布研报称，维持中国旺旺(00151)"跑赢行业"评级，维持目标价5.83港币,主因 公司品牌力强，上半财年业绩承压，归母净利润同比下滑7.8%。收入微增，但乳饮品类受成本上升及 需求疲弱影响小幅下滑，而休闲食品与新兴渠道表现较好。 中金主要观点如下： 业绩表现 1HFY25利润小幅低于市场预期公司公布1HFY25业绩：收入111.08亿元，同比+2.1%;归母净利润17.17亿 元，同比-7.8%;利润表现小幅低于市场预期，主因营业费用投入超预期。 发展趋势 下半财年收入有望保持稳健，费用投入力度或将延续 该行预计公司3QFY25销售表现有所承压，主要受春节错期影响;预计下半财年公司收入有望保持稳健增 长，零食量贩渠道有望延续高速增长。利润端，该行预计下半财年毛利率&利润率有望环比持平，公司 或延续费用投入力度，持续拉升新品及新兴渠道表现。 风险提示 需求疲弱，竞争加剧，原材料价格大幅上行。 米果及休闲食品表现好于乳饮料，新兴渠道实现良好增长。1HFY25公司收入增长稳健，分品类看， 1HFY25米果类/乳饮类/休闲食品类收入分别同比+3.5%/-1.1%/+7.7%。具体看：1)米 ...

Core Viewpoint - China Wangwang reported a total revenue of 11.108 billion yuan for the first half of fiscal year 2025, representing a 2.1% growth compared to the same period last year, while profit attributable to equity holders decreased by 7.8% to 1.717 billion yuan [1] Revenue Breakdown - Dairy and beverage products accounted for approximately 53% of total revenue, while rice snacks and leisure food contributed about 46% [1] - Revenue from the rice snacks category grew by 3.5% year-on-year, while dairy and beverage revenue decreased by 1.1%, and leisure food revenue increased by 7.7% [1] Emerging Channels and New Products - The leisure food category, particularly the ice cream sub-category, experienced double-digit growth [1] - The company maintained strong performance in emerging channels such as e-commerce and OEM, achieving double-digit growth in revenue from these channels [1] - New products launched in the past five years contributed to a mid-double-digit percentage of total revenue, becoming a significant driver of revenue growth [1]

Core Viewpoint - China Wangwang (0151.HK) continues to decline, dropping over 5% and more than 10% over four days, reaching a new low of 4.66 HKD, with a total market value of 5.1 billion HKD [1] Financial Performance - For the six months ending September 30, 2025, China Wangwang reported total revenue of 11.108 billion RMB, an increase of 2.1% compared to the same period last year [1] - The net profit for the same period was 1.717 billion RMB, representing a year-on-year decrease of 7.83% [1] Analyst Reactions - Following the earnings report, major financial institutions including JPMorgan, Bank of America, Citibank, and UBS have downgraded their target prices for China Wangwang [1] - Bank of America has lowered its target price to 4.7 HKD and reiterated a "underperform" rating, citing the 7.8% decline in net profit as below expectations, and has reduced earnings per share forecasts for 2026 and 2027 by 8% to 10% [1]

旺旺9月底止2026上半财年销售额同比增长2.1%，盈利同比下降7.8%，分别逊预期1%及10%。该行认为 主要因牛奶饮品销售额下降1%、毛利率下跌1.1个百分点，以及销售及行政费用占收入比率上升2.3个百 分点。另外，零食折扣店渠道快速增长，占整体销售额比例由2025财年的10%，升至2026财年上半年的 15%;集团预期该渠道的营业利润率将略低于传统渠道。 摩根大通发布研报称，维持中国旺旺(00151)"中性"评级，目标价由5.1港元降至4.9港元。 管理层预计在2026下半财年及未来一两年广告促销费用率维持3%至4%，以推动产品创新。该行认为此 举虽带来短期利润压力，但有利长期持续增长;下调盈利预测6%至9%，最新料2026财年销售及盈利分别 同比增长1.6%及下跌9%。 ...