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%。 智通财经APP获悉，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。 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。 ...

瑞银指出，据旺旺管理层透露，今年10至11月销售表现较去年差，主要因2026年农历新年较迟。利润率 方面，管理层预期下半年毛利率与上半年相比将保持稳定，明年则有望改善，因进口奶粉成本由目前高 位逐步回落。美银认为，公司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。 瑞银发布研报称，中国旺旺2026财年上半财年(截至今年9月底止中期)收入按年增长2.1%至111亿元人民 币(下同)，净利润则按年下降7.8%至17亿元；毛利率按年跌1.1个百分点至46.2%，净利润率按年跌1.7个 百分点至15.5%。该行认为收入符合预期，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(00151)再跌超4%，截至发稿，跌4.47%，报4.7港元，成交额3111.69万港元。 ...

每经AI快讯，中国旺旺(00151.HK)跌超4%，截至发稿，跌4.47%，报4.7港元，成交额3111.69万港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - UBS has downgraded the profit forecasts for China Wangwang (00151) for the fiscal years 2026 and 2027 by 9% and 8% respectively, expecting a revenue growth of 2% and a net profit decline of 9% for the fiscal year 2026 [1] Financial Performance - For the first half of the fiscal year 2026 (ending September 30), China Wangwang reported a revenue increase of 2.1% to 11.1 billion RMB, while net profit decreased by 7.8% to 1.7 billion RMB [1] - The gross margin fell by 1.1 percentage points to 46.2%, and the net profit margin decreased by 1.7 percentage points to 15.5% [1] Operational Insights - The company’s revenue met expectations, but profits fell short of market forecasts, primarily due to a 10.6% increase in operating expenses, particularly in advertising and promotional costs [1] - Management indicated that sales performance in October and November was weaker compared to last year, attributed to the later timing of the Lunar New Year in 2026 [1] Future Outlook - Management expects the gross margin in the second half of the fiscal year to remain stable compared to the first half, with potential improvements next year as the cost of imported milk powder is anticipated to decline from current high levels [1] - Long-term, the ratio of advertising and promotional expenses is expected to remain at 3% to 4% [1]

摩根大通发表研究报告指，中国旺旺9月底止2026上半财年销售额按年增长2.1%，盈利按年下降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。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 售及盈利分别按年增长1.6%及下跌9%；维持"中性"评级，目标价由5.1港元降至4.9港元。 ...

Core Viewpoint - China Wangwang's stock has dropped over 4%, currently trading at 4.7 HKD, with a trading volume of 31.12 million HKD. UBS reports that for the first half of the 2026 fiscal year, revenue grew by 2.1% year-on-year to 11.1 billion RMB, while net profit fell by 7.8% to 1.7 billion RMB, indicating a mixed performance with revenue meeting expectations but profit falling short due to increased operating expenses [1][1][1] Financial Performance - Revenue for the first half of the 2026 fiscal year reached 11.1 billion RMB, reflecting a year-on-year growth of 2.1% [1] - Net profit decreased by 7.8% year-on-year to 1.7 billion RMB [1] - Gross margin declined by 1.1 percentage points to 46.2%, while net profit margin fell by 1.7 percentage points to 15.5% [1] Operational Insights - Operating expenses increased by 10.6% year-on-year, primarily due to higher advertising and promotional costs [1] - Management indicated that sales performance in October and November was weaker compared to last year, attributed to the later timing of the 2026 Lunar New Year [1] Future Outlook - Management expects gross margin to remain stable in the second half of the fiscal year, with potential improvements next year as the cost of imported milk powder is anticipated to decline from current high levels [1] - Concerns were raised regarding the impact of expanding into emerging and discount snack channels, which may boost sales and penetration but could weaken pricing power and increase channel costs, posing long-term pressure on profit margins [1] - There are worries about weak demand in the dairy beverage category and competition from e-commerce platform subsidies [1]

美银证券发表研究报告指，中国旺旺9月底止2026财年中期收入按年增长2.1%，符合预期，但净利润按 年跌7.8%，逊预期，主要受到毛利率下滑及销售管理开支上升的拖累。 该行重申对中国旺旺的"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，该行将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。 ...

里昂发表研究报告指，中国旺旺截至今年9月底止中期收入按年增长2%，符合市场预期，但盈利按年跌 8%则逊预期，主要受到毛利率下降及经营开支比率上升的拖累。里昂对旺旺的新渠道及新产品发展持 正面看法，新兴及特色零食零售渠道合计对收入的贡献已提升至逾25%，对比两年前为不足10%，新产 品的贡献则由接近10%提升至15%。 但该行提醒，旺旺短期内或需投入更多资源，加上原料及广告促销成本上升，将对利润率构成压力，相 应将2026至2028财年净利润预测下调8%至13%，目标价从5.3港元降至4.9港元，维持"持有"评级。 ...

Core Viewpoint - UBS reports that China Wangwang's revenue for the first half of the fiscal year 2026 (ending September) increased by 2.1% year-on-year to 11.1 billion yuan, while net profit decreased by 7.8% to 1.7 billion yuan, indicating a mixed performance with revenue meeting expectations but profit falling short [1] Financial Performance - Revenue for the first half of fiscal year 2026 reached 11.1 billion yuan, reflecting a year-on-year growth of 2.1% [1] - Net profit for the same period was 1.7 billion yuan, down 7.8% year-on-year [1] - Gross margin decreased by 1.1 percentage points to 46.2%, and net profit margin fell by 1.7 percentage points to 15.5% [1] Operational Insights - Operating expenses increased by 10.6% year-on-year, primarily due to higher advertising and promotional costs [1] - Management indicated that sales performance in October and November was weaker compared to last year, attributed to the later timing of the 2026 Lunar New Year [1] Future Outlook - Management expects gross margin to remain stable in the second half of the fiscal year compared to the first half, with potential improvement next year as imported milk powder costs gradually decline [1] - Long-term, the ratio of advertising and promotional expenses is anticipated to remain at 3-4% [1] Adjustments and Ratings - UBS has lowered its net profit forecasts for China Wangwang for fiscal years 2026 and 2027 by 9% and 8%, respectively [1] - For fiscal year 2026, revenue and net profit are expected to grow by 2% and decline by 9% year-on-year, respectively, with the second half projected to see a 2% revenue increase and a 10% net profit decrease [1] - Target price has been reduced from 6 HKD to 5.6 HKD, while maintaining a "Buy" rating [1]

里昂对旺旺的新渠道及新产品发展持正面看法，新兴及特色零食零售渠道合计对收入的贡献已提升至逾 25%，对比两年前为不足10%，新产品的贡献则由接近10%提升至15%。但里昂提醒，旺旺短期内或需 投入更多资源，加上原料及广告促销成本上升，将对利润率构成压力，相应将2026至2028财年净利润预 测下调8%至13%。 智通财经APP获悉，里昂发布研报称，中国旺旺(00151)截至今年9月底止中期收入同比增长2%，符合市 场预期，但盈利同比跌8%则逊预期，主要受到毛利率下降及经营开支比率上升的拖累。目标价从5.3港 元降至4.9港元，维持"持有"评级。 ...