FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 維他奶國際集團有限公司 呈交日期： 2025年11月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 00345 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | 庫存股份變動 | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 佔有關事件前的現有已發 | | | 每股發行/出售 ...

Summary of Key Points Core Viewpoint - As of November 26, a total of 39 stocks reached their 52-week highs, with notable performances from Fire Rock Holdings (02975), Crocodile Garments (02977), and Aisuo Holdings (08585) showing significant increases in their high rates [1]. 52-Week Highs - Fire Rock Holdings (02975) achieved a closing price of 0.114 with a peak of 0.231, marking a high rate of 285.00% - Crocodile Garments (02977) closed at 0.085, reaching a high of 0.189, reflecting a high rate of 170.00% - Aisuo Holdings (08585) closed at 0.021, with a peak of 0.040, resulting in a high rate of 110.53% - Other notable stocks include: - Fulltech Electric Group Holdings (01750) with a high rate of 23.64% - Century United Holdings (01959) at 22.05% - Cassava Resources (00841) at 20.19% [1]. 52-Week Lows - The stock with the largest decline was Jia Jin Investment International (00310), which closed at 0.141, reaching a low of 0.137, resulting in a decline rate of -25.95% - Crown Central Properties (00193) closed at 0.168, with a low of 0.141, reflecting a decline rate of -18.02% - Lion Holdings (02562) had a closing price of 4.710, with a low of 4.680, showing a decline rate of -9.48% - Other significant declines include: - Huading Holdings (03398) at -7.14% - XL Two South Strategy - U (09799) at -5.96% [2].

Core Viewpoint - Macquarie's research report indicates that Vitasoy International's revenue in the mainland market for the third quarter has decreased by 9% year-on-year, with the plant-based milk category down by 10% and tea products up by 5%, showing a slowdown from double-digit growth in the same period last year [1] Group 1: Financial Performance - Revenue in the mainland market decreased by 9% year-on-year in Q3 [1] - Plant-based milk category revenue fell by 10% [1] - Tea category revenue increased by 5%, but growth has slowed compared to last year's double-digit figures [1] - Revenue in the Hong Kong market declined by 4% [1] Group 2: Management Insights and Future Plans - Management has observed a slight improvement in mainland market performance compared to the first half of the fiscal year [1] - The company plans to continue driving growth in the Hong Kong market [1] - There are plans to accelerate expansion into emerging channels such as online and snack chain stores [1] Group 3: Profit Forecast and Target Price - Macquarie has lowered Vitasoy's net profit forecasts for the fiscal years 2026 and 2027 by 16.3% and 13.3%, respectively [1] - The target price has been reduced from HKD 10 to HKD 7.4 [1] - The rating remains "Outperform" [1]

Core Viewpoint - Vitasoy International is struggling to reverse its declining performance, with a 6% year-on-year drop in revenue for the first half of the 2026 fiscal year, primarily due to a 9% decline in revenue from the mainland China market [1][2]. Group 1: Financial Performance - For the first half of the 2026 fiscal year, Vitasoy reported revenue of HKD 3.227 billion, a decrease of 6% year-on-year [1]. - The company's operating profit was HKD 247 million, down 4% year-on-year, while the profit attributable to shareholders increased by 1% to HKD 172 million [1]. - The gross profit margin slightly decreased from 51.6% to 51.1% due to falling product prices in mainland China [1]. Group 2: Market Challenges - Vitasoy's revenue from the mainland China market was HKD 1.778 billion, representing a 9% decline year-on-year, which is the main reason for the overall revenue drop [1][2]. - The plant-based beverage market, where Vitasoy operates, has seen significant growth slow down, with a mere 2% year-on-year growth in 2023 [2]. - Increased competition from major players like Mengniu, Yili, and Dali Foods, who have launched their own soy milk products, is squeezing Vitasoy's market share [2]. Group 3: Strategic Responses - Vitasoy is undergoing leadership changes, with a new head for mainland operations appointed in April 2024, following several leadership transitions [3]. - The company has introduced new products such as sugar-free lemon tea and plans to increase the proportion of low-sugar or no-added-sugar products to 80% by the 2030/31 fiscal year [3]. - To address channel weaknesses, Vitasoy has partnered with over 800 Lawson convenience stores and various dining establishments to launch breakfast sets aimed at boosting sales [3]. Group 4: Leadership Transition - Vitasoy was founded by the Lo family in 1940, and after the passing of founder Lo Kwai Sang in 1995, his son Lo Yau Lee has led the company for 30 years [4]. - In November 2023, Lo Yau Lee's daughter, Lo Chi Mei, was appointed as vice-chairman of the board, signaling a potential succession plan [4][5]. - Lo Yau Lee has indicated that the transition of leadership will be gradual over the next two to three years [5].

Core Viewpoint - Vitasoy International (00345.HK) continues to struggle with declining performance, reporting a 6% year-on-year decrease in revenue for the first half of the 2026 fiscal year, primarily due to a significant drop in sales in the mainland China market [1][2]. Group 1: Financial Performance - For the first half of the 2026 fiscal year, Vitasoy reported revenue of HKD 3.227 billion, a decrease of 6% year-on-year [1]. - The company's operating profit was HKD 247 million, down 4% year-on-year, while the profit attributable to shareholders increased by 1% to HKD 172 million [1]. - Revenue from the mainland China market was HKD 1.778 billion, representing a 9% decline year-on-year, which was the main contributor to the overall revenue drop [1]. Group 2: Market Dynamics - Vitasoy's market share in the plant-based beverage sector has been pressured by increased competition from major players like Mengniu, Yili, and Dali Foods, which have launched their own soy milk products [2]. - The overall growth of the plant-based beverage market in China has slowed, with a reported year-on-year growth rate of only 2% in 2023 [2]. - The rise of new consumption channels such as social e-commerce and membership stores has further challenged Vitasoy, which has traditionally relied on conventional retail networks [2]. Group 3: Strategic Initiatives - Vitasoy is attempting to revitalize its product line by introducing new offerings such as sugar-free lemon tea and high-fiber soy milk, with plans to increase the proportion of low-sugar or no-added-sugar products to 80% by the 2030/31 fiscal year [5]. - The company has implemented price reductions of approximately 10%-15% on its lemon tea products in the mainland market to stimulate sales [5]. - Vitasoy has also partnered with over 800 Lawson convenience stores and various dining establishments in regions like Hunan and Hubei to launch breakfast sets aimed at boosting sales [5]. Group 4: Leadership Changes - Vitasoy has experienced several leadership changes in its mainland operations, with the latest appointment of Wang Dong, a former executive from Procter & Gamble and PepsiCo, as the head of mainland operations [3]. - The company is in a transitional phase regarding its leadership, with the founder's daughter, Luo Qimei, being seen as a potential successor to the current chairman, Luo Youri [6].

Core Viewpoint - Vitasoy International reported a revenue of HKD 3.227 billion for the six months ending September 30, 2025, representing a year-on-year decrease of 6% [1] Financial Performance - The gross profit margin slightly declined to 51.1% during the interim financial period, primarily due to increased trade promotion expenses and a decrease in product prices in mainland China, although some of the decline was offset by lower raw material costs and improved operational efficiency [1] - The profit attributable to equity holders was HKD 172 million, reflecting a year-on-year increase of 1% [1] Market Trends - In the mainland China market, the growth rate of plant-based milk and tea products is slowing, with consumers shifting from traditional retail channels to various online platforms, including social media and instant e-commerce platforms, as well as membership-based stores and chain snack shops [1] - The slowdown in traditional retail channels, which constitute a significant portion of the company's business, has not been fully compensated by the growth in e-commerce platforms and chain snack shops, leading to an overall revenue decline of 9% [1] Product Innovation - Despite the challenges, the company has managed to increase its market share in the soy milk and plant-based milk categories due to effective promotions and competitive pricing [1] - In the tea category, the successful launch of innovative products such as Vitasoy's Lemon Tea has contributed to an increase in market share [1]

维他奶国际(00345)跌近3%，触及6.48港元创去年10月下旬以来新低。截至发稿，跌2.84%，报6.49港 元，成交额1682.26万港元。 消息面上，维他奶国际昨日公布截至2025年9月30日止6个月中期业绩，收入32.27亿港元，同比减少 6%；毛利16.48亿港元，同比减少7%；公司股权持有人应占溢利1.72亿港元，同比增长1%。收入减少 6%主要由于中国内地业务受市况疲弱影响，表现面临挑战。 公告指出，在中国内地市场，植物奶及茶类产品类别增速正在放缓，消费者现由传统零售渠道转向多种 线上平台，包括社交平台及即时电商平台，以及会员制商店与连锁零食店。由于占公司业务显著份额的 传统零售渠道正在放缓，但在公司正在努力拓展规模的电商平台及连锁零食店渠道的增长未能完全抵销 上述影响，整体收入减少9%。 ...

智通财经APP获悉，维他奶国际(00345)跌近3%，触及6.48港元创去年10月下旬以来新低。截至发稿， 跌2.84%，报6.49港元，成交额1682.26万港元。 公告指出，在中国内地市场，植物奶及茶类产品类别增速正在放缓，消费者现由传统零售渠道转向多种 线上平台，包括社交平台及即时电商平台，以及会员制商店与连锁零食店。由于占公司业务显著份额的 传统零售渠道正在放缓，但在公司正在努力拓展规模的电商平台及连锁零食店渠道的增长未能完全抵销 上述影响，整体收入减少9%。 消息面上，维他奶国际昨日公布截至2025年9月30日止6个月中期业绩，收入32.27亿港元，同比减少 6%；毛利16.48亿港元，同比减少7%；公司股权持有人应占溢利1.72亿港元，同比增长1%。收入减少 6%主要由于中国内地业务受市况疲弱影响，表现面临挑战。 ...

Core Viewpoint - Vitasoy International Holdings Limited reported a 6% decrease in revenue for the interim period ending September 30, 2025, primarily due to challenges in the mainland China market, while maintaining a gross margin of 51.1% and an operating profit margin of 7.6% [1] Group 1: Financial Performance - The company recorded a profit attributable to equity holders of HKD 172 million [1] - The board declared an interim dividend of HKD 0.04 per ordinary share, unchanged from the previous interim period [1] - The operating profit margin for the mainland China business was maintained at 11% due to cost optimization measures [2] Group 2: Market Performance - The mainland China business faced revenue decline due to shrinking traditional retail channel sales, although this was partially offset by robust growth in the omnichannel approach [1][2] - In Hong Kong, the beverage business continued to strengthen its leadership position in the non-alcoholic beverage market, despite challenges in the Vitasoy Tian Di business and export to the U.S. [2] - The Australian and New Zealand markets saw a 5% sales growth in local currency, with improved profitability and a significant reduction in operating losses to HKD 22 million [3] Group 3: Product Innovation and Strategy - The company focused on enhancing commercial execution and product innovation, leading to increased market share for Vitasoy's soy and plant-based milk products [1] - New product launches, such as Vitasoy's low-sugar white peach soy milk and lemon tea, contributed to market share growth in the ready-to-drink tea category [1][2] - In the Philippines, the plant-based category has been growing steadily at a double-digit rate, driven by oat and almond products [3]

Core Viewpoint - Vitasoy International Holdings Limited reported a 6% year-on-year decline in revenue for the first half of the 2025/2026 fiscal year, primarily due to a weak market in mainland China [1] Group 1: Financial Performance - Revenue for the first half of the fiscal year reached HKD 3.227 billion [1] - Gross margin and operating profit margin were 51.1% and 7.6%, respectively [1] - Profit attributable to equity holders was HKD 172 million [1] Group 2: Market Dynamics - The decline in revenue in mainland China was attributed to a contraction in traditional retail channels, partially offset by robust growth in omnichannel sales [1] - Vitasoy's market share for soy and plant-based milk products increased, while its ready-to-drink tea segment saw growth due to competitive pricing strategies and the launch of new products [1] Group 3: Regional Performance - In Australia and New Zealand, sales grew by 5% in local currency, with improved market share due to resolved production issues and reduced production costs [2] - The operating loss in Australia and New Zealand decreased significantly to HKD 22 million [2] - Singapore's local and export tofu business continued to grow, although beverage sales faced challenges from intense competition and a high base from the previous year [2] Group 4: Management Outlook - The Executive Chairman expressed confidence in the long-term growth potential despite short-term challenges, with plans to accelerate growth in Hong Kong and further reduce operating losses in Australia, New Zealand, and Singapore [2]