Group 1 - The core viewpoint of the news highlights that Vitasoy International's revenue growth for the fiscal year 2024/2025 is nearly stagnant at approximately 1%, while its net profit attributable to shareholders has surged by 102% to HKD 235 million, indicating a challenging balance between market expansion and cost control [2] - The mainland China market, which is Vitasoy's primary revenue source, contributed 53.6% of total revenue, with a year-on-year revenue growth of only 1% to HKD 3.363 billion when excluding exchange rate effects. However, operating profit, excluding exchange rate effects, increased significantly by 42%, primarily due to price increases and strict cost control measures [2] - Vitasoy's management has stated that it will no longer reduce prices in the mainland market, opting instead for in-store promotions and product mix optimization to maintain profit margins, raising concerns about its long-term growth potential amid competition from emerging brands like Genki Forest and Nongfu Spring [2] Group 2 - The Hong Kong market serves as a stabilizer for Vitasoy, but its limited scale cannot support overall growth. Additionally, the plant-based milk sector, which Vitasoy has long relied on, is cooling down, with brands like OATLY retracting their operations in China and the overall industry growth rate slowing [2] - Despite Vitasoy's efforts to expand in the sugar-free tea segment, competition has intensified with numerous brands entering the market. The ability of Vitasoy's lemon tea series to continue to stand out remains uncertain [2] - The capital market's response is noteworthy, with major shareholder MUFG reducing its stake multiple times in 2024, while the Singaporean Yeoh family has been increasing its holdings, suggesting a potential battle for control [3] - Vitasoy's challenges reflect the broader issues faced by traditional fast-moving consumer goods brands in the new consumption era, where growth has plateaued and profit must be derived from efficiency. The company must address how to overcome regional limitations and establish a differentiated advantage in the sugar-free tea and plant-based milk markets for sustainable growth [3]

责任编辑：AI观察员 近年来，无糖茶行业发展火热，各大品牌纷纷布局相关产品。维他奶国际也推出了自己的无糖茶产品。 对于无糖茶业务规划，维他奶国际表示，公司的无糖茶系列在中国香港市场有良好表现，可为中国内地 无糖茶发展模式提供参考。"未来，我们会继续根据消费者需求和期望进行产品开发、创新和布局，茶 饮新品将凭借上乘风味和品质为业务增值。" 维他奶国际集团执行主席罗友礼在业绩发布会上提到，2024/2025 财政年度，大众消费模式发生改变， 对价格日趋敏感。过去下半财年，中国内地市场柠檬茶价格有一定幅度下降，目前减价幅度已稳定，定 价已具备竞争力，未来公司在中国内地市场不会再降价。他还指出，在未来一年，维他奶在植物奶及即 饮茶产品类别增长放缓等因素，或为业务带来短期挑战。但长远来看，集团坚信自身实力，将致力逐步 提升收入及盈利能力。 展望新的财年，维他奶国际计划进一步加强销售执行，增加每个销售网点的销售额，并提高产品供应 量。面对外围环境挑战加剧以及各产品类别增长放缓，集团目标是通过扩大植物奶及即饮茶等核心产品 类型的市场份额，维持所有营运单位的业务规模及盈利能力，尤其重视中国内地市场的发展。与此同 时，集团还将 ...

福建华策品牌定位咨询创始人詹军豪在接受《证券日报》记者采访时表示，从长期来看，维他奶不进一 步降价，有助于维护品牌的高品质形象，避免陷入低价竞争的恶性循环。 广东省食品安全保障促进会副会长朱丹蓬对《证券日报》记者表示，维他奶国际近两年整体业绩呈现平 稳态势，收入增速显著放缓，尚未出现颠覆性创新或市场爆发点，企业增长主要依赖成本控制与运营效 率优化维持利润水平。在饮品行业整体增速放缓背景下，维他奶国际若无法突破舒适区、激活空白市 场，仅依赖现有区域的自然增长与利润调节，恐难实现跨越式发展。 维他奶国际执行主席罗友礼在业绩发布会上表示："在2024/2025财政年度，集团观察到大众的消费模式 改变。长远而言，集团坚信自身实力，致力于逐步提升收入及盈利能力。" 报告期内，维他奶国际在内地的销售额收入同比增长1%，内地业务经营利润同比增长41%，年内经营 利润率9%，维他奶及维他品牌旗下的核心产品销售额及销量均取得增长。集团在持续扩展核心业务的 同时，维他奶（草莓味和香蕉味豆奶）及维他茶（维他零糖柠檬茶）等创新产品也为现有产品组合带来 额外收入增长。 2024/2025财政年度，维他奶国际在中国香港业务经营溢利增长2 ...

近年来无糖茶行业发展火热，农夫山泉旗下的东方树叶表现优异，各个品牌纷纷跟进无糖茶产品。维他 奶国际也推出了自己的无糖茶产品，对于无糖茶业务的规划，维他奶国际方面表示，公司的无糖茶系列 在中国香港市场有很好的市场表现，相信这可以作为中国内地无糖茶发展模式的参考。"未来，我们也 会继续根据消费者的需求和期望来进行产品开发、创新和布局，我们的茶饮新品以其上乘的风味和品质 为我们的业务实现增值。" 维他奶国际集团有限公司执行主席罗友礼于业绩发布会上表示，2024/2025财政年度，集团观察到大众 的消费模式改变，明显地对价格日趋敏感。过去下半财年在中国内地市场，柠檬茶价格有一定幅度的下 降，目前减价幅度已稳定下来，定价已具备竞争力，公司未来在中国内地市场不会再降价。在未来一 年，维他奶在植物奶及即饮茶产品类别增长放缓等原因所造成的直接影响，或为业务带来短期挑战。长 远而言，集团坚信自身实力，致力逐步提升收入及盈利能力。 根据财报显示，中国内地的销售表现于财政年度下半年有所改善，下半年销售改善带动收入温和增长， 而溢利强劲增长受惠于生产及经营效率改善。财报显示，该公司在中国内地全年录得收入33.63亿港 元，撇除汇率影 ...

内地市场驱动业绩增长 管理层称未来不再降价 从收入来看，维他奶2025财年仅增长1%，主要原因是核心产品在中国内地录得增长，及香港业务保持 稳健。具体来看，内地业务全年增长1%，上半年持平，下半年增长2%。 利润方面，由于降本增效等举措，维他奶2025财年的净利实现翻倍增长，其中，内地业务经营溢利上升 41%，香港业务经营溢利增长24%。 维他奶国际集团有限公司执行主席罗友礼在业绩发布会上表示："于2024/2025财政年度，集团观察到大 众的消费模式改变，明显地对价格日趋敏感。在未来一年，地缘政治局势加剧所造成的间接影响以及我 们在植物奶及即饮茶产品类别增长放缓所造成的直接影响，或为业务带来短期挑战。然而长远而言，集 团坚信自身实力，致力逐步提升收入及盈利能力。" 南都湾财社记者此前报道过，中国内地饮料市场近年来有不少新趋势，其中一大明显变化是消费者对于 价格的敏感度提升，不少品牌选择以价换量。为顺应市场趋势，维他奶调整了维他柠檬茶的价格策略， 在过去一两年中价格促销增多。 但在这次业绩说明会上，罗友礼表示未来在内地市场不会再降价，称过去下半年在内地市场，柠檬茶降 幅约10%～15%，定价已具备竞争力。 6 ...

Annual Results FY2024/25 24 June 2025 FINANCIAL REVIEW Ian Ng Group CFO Disclaimer In addition to historical information, this presentation contains forward-looking statements with respect to the results of the operations and business of Vitasoy. These forward-looking statements represent Vitasoy's expectations or beliefs concerning future events and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied i ...

证券时报记者吴瞬 6月24日，维他奶国际(00345.HK)公布截至2025年3月31日止的全年业绩。 财报显示，维他奶国际收入在2024/2025财政年度增长1%，达到62.74亿港元，同时受惠于核心产品在中 国内地取得增长，及香港业务持续缔造稳健佳绩。中国内地的销售表现在财政年度下半年有所改善，最 终全年销售额呈温和增长趋势。由于集团进一步有效提升中国内地业务销售端的执行能力，加上中国香 港业务表现强劲，以及在市场及企业层面上实行提升采购及营运效率的策略重点，公司股权持有人应占 溢利因而大幅上升102%，达到2.35亿港元。 维他奶国际执行主席罗友礼在业绩发布会上表示："在2024/2025财政年度，集团观察到大众的消费模式 改变，明显地对价格日趋敏感。在未来一年，地缘政治局势加剧所造成的间接影响以及我们在植物奶及 即饮茶产品类别增长放缓所造成的直接影响，或为业务带来短期挑战。然而长远而言，集团坚信自身实 力，致力逐步提升收入及盈利能力。" 根据集团的财务表现及现金状况，维他奶国际董事会建议派发2024/2025财政年度末期股息，每股普通 股10.2港仙，惟须待股东于2025年8月25日举行的股东周年大会 ...

Financial Performance - Revenue for the fiscal year ended March 31, 2025, increased by 1% to HKD 6,274 million compared to HKD 6,217 million in the previous year[3]. - Gross profit rose by 3% to HKD 3,218 million, with a gross margin improvement from 50.0% to 51.3%[3][5]. - Operating profit surged by 96% to HKD 364 million, while net profit attributable to equity holders increased by 102% to HKD 235 million[3][5]. - The overall comprehensive income for the year was HKD 222 million, significantly higher than HKD 13 million in the previous year[7]. - Profit before tax increased by 141% to HKD 317,000,000, up from HKD 132,000,000 in the previous fiscal year[44]. - The company's profit attributable to equity holders was HKD 235,000,000, a 102% increase from HKD 116,000,000 in the previous fiscal year[46]. - EBITDA for the year was HKD 836,000,000, an increase of 22% year-on-year, driven by higher gross profit contributions and effective cost control[47]. - The profit margin of EBITDA increased from 11% to 13%[47]. Dividends - The board proposed a final dividend of HKD 0.102 per share, bringing the total dividend for the fiscal year to HKD 0.142 per share, up from HKD 0.077 in the previous year[5]. - The proposed final dividend for 2025 is HKD 10.2 cents per share, up from HKD 6.3 cents per share in 2024, representing a growth of approximately 62.9%[24]. - The company has declared an interim dividend of HKD 4.0 cents per share for 2025, significantly higher than HKD 1.4 cents per share in 2024, marking an increase of 185.7%[24]. Assets and Liabilities - Total assets decreased from HKD 3,389,625 thousand in 2024 to HKD 3,023,166 thousand in 2025, a decline of approximately 10.8%[8]. - Current assets increased from HKD 2,247,070 thousand in 2024 to HKD 2,625,534 thousand in 2025, representing an increase of about 16.8%[8]. - Net current assets improved significantly from HKD 21,694 thousand in 2024 to HKD 483,549 thousand in 2025, a substantial increase of approximately 2,130%[9]. - Non-current liabilities decreased from HKD 298,682 thousand in 2024 to HKD 324,533 thousand in 2025, an increase of about 8.7%[9]. - Total equity increased from HKD 3,112,637 thousand in 2024 to HKD 3,182,182 thousand in 2025, reflecting a growth of approximately 2.2%[9]. - The company's total liabilities decreased from HKD 2,225,376 thousand in 2024 to HKD 2,141,985 thousand in 2025, a reduction of about 3.8%[8]. - Total liabilities for 2025 decreased to HKD 3,102,639,000 from HKD 3,442,395,000 in 2024, reflecting a reduction of about 9.85%[17]. Cash Flow and Financing - Cash and bank deposits (excluding bank loans) increased significantly from HKD 538 million to HKD 1,003 million[5]. - Cash and bank deposits rose significantly from HKD 794,452 thousand in 2024 to HKD 1,268,475 thousand in 2025, an increase of about 59.7%[8]. - The group's net cash position (cash and bank deposits minus bank borrowings, notes payable, and lease liabilities) was HKD 657,000,000, up from HKD 111,000,000 a year earlier[64]. - The total debt of the group was HKD 610,000,000, a decrease from HKD 684,000,000 as of March 31, 2024[64]. - The debt-to-equity ratio decreased to 20% from 23% year-over-year, and the ratio excluding lease liabilities was 10%, down from 13%[64]. - The company received government grants totaling HKD 5,298,000 in 2025, a decrease from HKD 30,818,000 in 2024[18]. Operational Highlights - Operating profit margin for the mainland China business improved to 9%, with a 41% increase in operating profit[5]. - The Hong Kong business achieved a 24% increase in operating profit, with an operating profit margin of 12%[5]. - The company experienced a strong recovery in its tofu business in Singapore, transitioning to a new distributor for imported beverages[5]. - The company experienced a significant increase in sales in mainland China during the second half of the fiscal year, contributing to overall sales growth despite challenges in the local retail market[38]. - The company noted a shift in consumer behavior towards price sensitivity, which may pose short-term challenges in the upcoming fiscal year[38]. - The company has established a joint venture in the Philippines with Universal Robina Corporation, which has driven strong revenue growth through convenience store platforms[38]. - The company plans to enhance sales strategies and product innovation to support its core brands in the upcoming fiscal years[60]. - A joint venture with Universal Robina Corporation will continue to expand in the promising market and drive growth in the plant-based milk sector[61]. Share Repurchase - The company repurchased a total of 4,232,000 shares at a total cost of HKD 40 million during the fiscal year[5]. - The company purchased 1,300,000 shares for approximately HKD 7,600,000 as part of its 2021 share incentive plan[72]. Governance and Compliance - The company maintains a high level of corporate governance and complies with the corporate governance code as of March 31, 2025[68].

从品类创新来看，白桃豆奶的上市标志着维他奶从单一营养载体向复合型产品的升级。在此之前，品牌已推出草莓、香蕉等口味，验证了果味系列的可行 性，白桃口味则进一步丰富了产品线。这种策略不仅拓展了消费场景，更推动了人群破圈——原本将豆奶视为早餐营养品的消费者，开始在社交聚会、宅 家放松等休闲场景中选择果味豆奶。秒针数据显示，此前上市的草莓、香蕉豆奶在社交平台正面反馈超98%，成功进入职场下午茶场景，佐证了果味战略 的有效性。 为配合此次白桃豆奶这一新品上市，维他奶还精心策划了一场营销活动，这也是一次"果味休吸"即产品融入日常休闲场景的具象化实验。3月21日至23 日，品牌与大众点评合作，在广州大学城精准触达学生群体，将产品融入课间休息、散步等碎片化场景。通过与本地生活平台的合作，维他奶锁定了高潜 力目标人群，实现了"种草即下单"的即时转化。这种将线下休闲场景与购买行为结合的策略，既提升了消费者体验，又强化了品牌与年轻群体的关联度。 维他奶白桃豆奶的成功，印证了传统品类年轻化再造的可能性。通过将营养刚需与情绪价值结合，品牌不仅重塑了豆奶的消费场景，更以创新产品吸引了 年轻消费群体。这种将传统品类与年轻化需求结合的策略， ...

维他此次推新，不仅满足了消费者多元化的口味需求，也为品牌夯实"本「涩」+轻爽"的产品矩阵，进 一步树立在即饮柠檬茶赛道的领先地位。如今，维他柠檬茶大家族，已经成为年轻人在众多生活场景中 不可或缺的"饮品搭子"。未来，维他奶青春活力、积极向上的品牌形象也必将持续感染更多年轻人。 炎炎夏日，年轻人总离不开一杯酸甜可口、冰镇清爽的柠檬茶。在柠檬茶市场上，维他柠檬茶凭借"真 茶真柠檬"的口号和标志性的黄色包装占领消费者心智，成为备受年轻人偏爱的即饮柠檬茶品牌。近 日，维他柠檬茶再推新品——维他鸭屎香柠檬茶，以鸭屎香单丛乌龙茶与香水柠檬的融合，醒目的绿色 包装，革新即饮柠檬茶赛道，掀起夏日轻爽风暴。 在健康属性上，维他鸭屎香柠檬茶减少了产品含糖量，满足年轻人群对轻负担饮食的需求，也巧妙平衡 了多种原材料的口味，打造出"酸、甜、涩、香"于一体的丰富味蕾体验。凭借其在即饮柠檬茶赛道长期 积累的技术能力，维他奶新品既保留了清爽的现制鸭屎香柠檬茶风味，又具备"便捷、口味标准化"的即 饮柠檬茶优势。在场景适配上，维他鸭屎香柠檬茶满足多元饮用需求，让年轻人随时随地获得轻爽体 验。无论是聚会聚餐、休闲放松，还是短途出游，年轻人均可开 ...