Core Insights - China Wangwang reported a revenue of 11.108 billion yuan for the first half of the 2025 fiscal year, representing a year-on-year growth of 2.1%, while net profit attributable to shareholders decreased by 7.8% to 1.717 billion yuan [1] - The company's stock price experienced a decline of 2.38%, closing at 4.92 HKD per share after the earnings report [1] Revenue Breakdown - The revenue contributions from dairy and beverages, and rice snacks and leisure foods were 53% and 46% respectively [1] - Traditional products like Wangzai milk and Wangwang Senbei are no longer the main drivers of revenue growth [1] Product Performance - Revenue from dairy products, including Wangzai milk, saw a low single-digit decline year-on-year, while beverage revenue grew nearly 40%, with beverage sales doubling [1] - Revenue from rice snacks increased by 3.5%, and leisure food revenue grew by 7.7% [1] - New products contributed significantly to revenue, with new leisure food products accounting for 25% of that category's revenue and new beverage products contributing nearly 50% [1] Cost and Expenses - Increased promotional expenses due to the introduction of more new products led to a situation where revenue growth did not translate into profit growth [1] - Overall operating expenses, including distribution and administrative costs, rose by 10.6% year-on-year, with promotional expenses as a percentage of revenue increasing from 2.4% to 3.4% [1] Strategic Changes - For the second half of the 2024 fiscal year, China Wangwang plans to optimize its internal organization by establishing business units based on product categories and increasing promotional expenses for new channels and products [2] - New channels identified include e-commerce platforms, social content platforms, and instant retail, although these emerging channels only accounted for about 10% of total revenue as of the first half of the 2025 fiscal year [2] - Traditional wholesale and modern channels still dominate, accounting for 80% of revenue, with the popular snack wholesale channel contributing 15% [2]

Core Insights - China Wangwang reported a total revenue of 11.108 billion yuan for the six months ending September 30, 2025, representing a year-on-year growth of 2.1% [1] Segment Performance - The revenue from rice snacks increased by 3.5% year-on-year [1] - The revenue from dairy and beverage products slightly decreased by 1.1% [1] - The revenue from leisure food products saw a growth of 7.7% [1]

Core Viewpoint - China Wangwang (00151) reported a decline in profit despite a slight increase in revenue, indicating challenges in maintaining profitability due to rising costs of certain raw materials [1] Financial Performance - Revenue for the six months ending September 30, 2025, was approximately 11.11 billion yuan, representing a year-on-year increase of 2.1% [1] - Profit attributable to equity holders was about 1.72 billion yuan, showing a year-on-year decrease of 7.8% [1] - Basic and diluted earnings per share were reported at 14.55 cents [1] Margin Analysis - The group's gross profit margin decreased by 1.1 percentage points to 46.2% compared to the same period last fiscal year [1] - While costs for some raw materials like white sugar, gelatin, and raw paper decreased, the rising costs of imported whole milk powder and palm oil offset these benefits, leading to a decline in gross margin [1]

消息面上，中国旺旺今日午间公布截至2025年9月30日止六个月中期业绩，收益约111.08亿元，同比增 长2.1%；公司权益持有人应占利润约17.17亿元，同比减少7.8%；每股基本及摊薄盈利14.55份。 此外，2025财年上半年集团毛利率较上一财年同期下降1.1个百分点至46.2%。虽然白砂糖、明胶、原纸 等部分大宗原材料及包装材料单位耗用成本下降，但进口全脂奶粉与棕榈油单位耗用成本的上升，抵消 了前述下降的正向影响，仍使集团毛利率出现了下滑。 智通财经APP获悉，中国旺旺(00151)午后跌近3%，截至发稿，跌2.58%，报4.91港元，成交额2246.29万 港元。 ...

Core Viewpoint - China Wangwang (00151) reported a revenue of approximately 11.108 billion RMB for the six months ending September 30, 2025, reflecting a year-on-year growth of 2.1%, while the profit attributable to equity holders decreased by 7.8% to approximately 1.717 billion RMB [1] Group 1: Financial Performance - The total revenue for the first half of the 2025 fiscal year was 11.1078 billion RMB, showing a growth of 2.1% compared to the same period last year, with sales increasing nearly double digits [1] - The basic and diluted earnings per share were 14.55 RMB [1] - The gross profit margin for the first half of the 2025 fiscal year decreased by 1.1 percentage points to 46.2% [2] Group 2: Product and Market Performance - The ice cream segment within the leisure food category achieved double-digit growth [1] - Emerging channels such as e-commerce and OEM continued to perform well, with revenue from these channels also experiencing double-digit growth [1] - New products launched in the past five years contributed to a mid-double-digit percentage of total revenue, becoming a significant growth driver for the company [1] Group 3: Cost and Expense Analysis - Despite a decrease in unit costs for some raw materials like white sugar and gelatin, the increase in costs for imported whole milk powder and palm oil led to a decline in gross profit margin [2] - Overall operating expenses increased by 10.6%, primarily due to promotional expenses for new channels and products following internal organizational restructuring [2] Group 4: Regional Performance - Overseas revenue showed low single-digit growth, with positive momentum in regions such as Japan and Africa [1]

Core Insights - China Wangwang (00151) reported a revenue of approximately 11.108 billion RMB for the six months ending September 30, 2025, representing a year-on-year growth of 2.1% [1] - The profit attributable to equity holders decreased by 7.8% to approximately 1.717 billion RMB, with basic and diluted earnings per share at 14.55 cents [1] Group Performance - For the first half of the 2025 fiscal year, the group's total revenue reached 11.1078 billion RMB, growing by 2.1% compared to the same period last year, with sales increasing nearly in double digits [1] - The ice cream segment within the leisure food category achieved double-digit growth [1] - The group maintained strong performance in emerging channels such as e-commerce and OEM, with revenue from these channels also experiencing double-digit growth [1] - The company proactively launched new products targeting the snack wholesale channel, which were well-received by consumers, demonstrating the effectiveness of its strategic response to rapid market changes [1] - Overseas revenue for the first half of the 2025 fiscal year saw low single-digit growth, with positive momentum in regions like Japan and India [1] - New products launched in the past five years contributed to a mid-double-digit percentage of total revenue, becoming a significant growth driver for the company [1] Cost and Margin Analysis - The gross profit margin for the first half of the 2025 fiscal year decreased by 1.1 percentage points to 46.2% compared to the same period last year [2] - While the unit costs of some bulk raw materials and packaging materials decreased, the rising costs of imported whole milk powder and palm oil offset these positive effects, leading to a decline in gross margin [2] - Overall operating expenses increased by 10.6%, primarily due to the company's internal organizational restructuring and the increased promotional expenses for new channels and products [2]

Core Insights - China Wangwang (00151) reported a revenue of approximately 11.108 billion RMB for the six months ending September 30, 2025, representing a year-on-year growth of 2.1% [1] - The profit attributable to equity holders decreased by 7.8% to approximately 1.717 billion RMB, with basic and diluted earnings per share at 14.55 cents [1] Group Performance - For the first half of the 2025 fiscal year, the group's total revenue was 11.1078 billion RMB, growing by 2.1% compared to the same period last year, with sales increasing nearly in double digits [1] - The ice cream segment within the leisure food category achieved double-digit growth [1] - The group maintained strong performance in emerging channels such as e-commerce and OEM, with revenue from these channels also experiencing double-digit growth [1] - The company proactively launched new products targeting the snack wholesale channel, which were well-received by consumers, demonstrating the effectiveness of its strategic response to rapid market changes [1] - Overseas revenue for the first half of the 2025 fiscal year saw low single-digit growth, with positive momentum in regions like Japan and India [1] - New products launched in the past five years contributed to a mid-double-digit percentage of total revenue, becoming a significant growth engine for the company [1] Cost and Margin Analysis - The gross profit margin for the first half of the 2025 fiscal year decreased by 1.1 percentage points to 46.2% compared to the same period last year [2] - While the unit costs of some bulk raw materials and packaging materials decreased, the rising costs of imported whole milk powder and palm oil offset these positive effects, leading to a decline in gross margin [2] - Overall operating expenses increased by 10.6%, primarily due to the internal organizational restructuring initiated in the second half of the 2024 fiscal year, which involved setting up new promotional expenses for new channels and products [2]

Core Viewpoint - China Wangwang (00151.HK) reported a revenue of RMB 11.108 billion for the first half of the 2025 fiscal year, reflecting a year-on-year growth of 2.1%, while the profit attributable to equity holders decreased by 7.8% to RMB 1.717 billion, with basic earnings per share at RMB 0.1455 [1][2] Group 1: Financial Performance - The total revenue for the first half of the 2025 fiscal year was RMB 11.1078 billion, showing a growth of 2.1% compared to the same period last year, with sales increasing nearly in double digits [1] - The profit attributable to equity holders decreased by 7.8% year-on-year to RMB 1.717 billion [1] - The basic earnings per share for the period was RMB 0.1455 [1] Group 2: Product and Market Performance - The ice cream segment within the leisure food category achieved double-digit growth [1] - Emerging channels such as e-commerce and OEM continued to perform well, with revenue from these channels growing in double digits [1] - The company launched new products targeting the snack wholesale channel, which were well-received by consumers, demonstrating effective strategic response to rapid market changes [1] Group 3: International and New Product Growth - Overseas revenue for the first half of the 2025 fiscal year saw low single-digit growth, with positive momentum in regions like Japan and India [1] - Revenue from new products launched in the past five years accounted for a mid-double-digit percentage of total revenue, serving as a significant growth engine for the company [1] Group 4: Cost and Margin Analysis - The gross profit margin for the first half of the 2025 fiscal year decreased by 1.1 percentage points to 46.2% [2] - While the costs of some raw materials like white sugar and gelatin decreased, the rising costs of imported whole milk powder and palm oil offset these benefits, leading to a decline in gross margin [2] - Overall operating expenses increased by 10.6%, primarily due to promotional expenses for new channels and products following internal organizational restructuring [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容而產 生或因倚賴該等內 容而引致之任何損失承擔任何責任。 香港，2025 年 11 月 24 日 於本公告日期，本公司執行董事為蔡衍明先生、蔡紹中先生、蔡旺家先生、黃永松先生、朱紀 文先生、蔡明輝先生及黎康儀女士；非執行董事為槇春夫先生及鄭文憲先生；獨立非執行董事 為貝克偉博士、謝天仁先生、李國明先生、潘志強先生及江何佩琼女士。 中國旺旺控股有限公司及其附屬公司截至 2025 年 9 月 30 日止六個月之中期業績演示材料可參 閱以下附件。 ( 於開曼群島註冊成立的有限公司 ) 承董事會命 中國旺旺控股有限公司 董事 黎康儀 (股份代號 ：0151) 截至 2025 年 9 月 30 日止六個月之 中期業績演示材料 截至2025年9月30日 中期業績 2025年11月24日 免責聲明 本演示材料所載資料之用途為僅供閣下個人參考，該等資料如有變更，恕不另行通知。對於本演示材料所載資料的公平性、準確性、完整性或正確性， 我們均無作出任何明示或隱含的聲明或保證，閣 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不會就因本公佈全部或任何部分內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：0151） 截至2025年9月30日止六個月中期業績公佈 財務摘要 | | 未經審核 | | | | --- | --- | --- | --- | | | 截至9月30日止六個月 | | | | | 2025年 | 2024年 | 變動 | | （人民幣千元，除特別註明外） 主要收益表項目 | | | % | | 收益 | 11,107,792 | 10,876,637 | +2.1 | | 毛利 | 5,131,748 | 5,141,311 | -0.2 | | 營運利潤 | 2,260,712 | 2,540,711 | -11.0 | | 本公司權益持有人應佔利潤 | 1,717,427 | 1,863,371 | -7.8 | | 每股基本及攤薄盈利 （人民幣分） | 14.55 | 15.78 | -7.8 | | 主要財務比率 | % | % ...