定義 WANT WANT CHINA HOLDINGS LIMITED 中國旺旺控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號：0151) 中國旺旺控股有限公司 提名委員會職權範圍書 最後修訂: 2026年3月31日 通過日期: 2008年2月18日 1. 在本職權範圍書（下稱「職權範圍書」）內： 「董事會」指公司的董事會。 「公司秘書」指公司的公司秘書。 「董事」指董事會的成員。 「提名委員會」指按董事會決議根據本職權範圍書第 2 條設立的提名委員 會。 「高級管理層」指主席、行政總裁、副主席、首席營運官、財務總監、公司 秘書及董事會不時確定為公司高級管理層的集團的任何其他高級管理人員。 「股東」指公司的股東。 「聯交所」指香港聯合交易所有限公司。 組建 2. 提名委員會於 2008 年 2 月 18 日由董事會議決設立。 成員 3. 提名委員會的成員應由董事會從董事中不時委任，成員不少於三名，其中大 多數應爲獨立非執行董事，且至少一名成員須為不同性別人士。法定人數爲 兩名成員。 4. 提名委員會的主席應爲董事會主席或一名獨立非執行董事。 5. 提名委員會每年應至少召開一次會議。 6. 公司秘書 ...

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： 中國旺旺控股有限公司 呈交日期： 2026年3月30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) | 00151 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關 ...

於開曼群島註冊成立的有限公司 ) (股份代號 ：0151) 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。 北京旺洋股權轉讓協議的主要條款載列如下： 關連交易 (1) 北京旺洋股權轉讓協議；及 (2) 杭州友神股權轉讓協議 於 2026 年 3 月 27 日： 榮旺及神旺是蔡先生（本公司主席兼行政總裁、執行董事及最終控股股東）的聯繫人， 因此，根據上市規則的定義，是本公司的關連人士，而股權轉讓協議項下擬進行的交易 構成本公司之關連交易。 由於有關股權轉讓協議項下擬進行的交易所適用的最高百分比率高於 0.1%但低於 5%， 該等交易須遵守上市規則第十四 A 章的申報及公告規定，但獲豁免遵守獨立股東批准規 定。 1 ( (i) 榮旺、北京乳旺與北京旺洋簽訂北京旺洋股權轉讓協議，據此榮旺同意向北京乳 旺轉讓榮旺所持有的北京旺洋 50%的股權；及 (ii) 神旺、杭州大旺與杭州友神簽訂杭州友神股權轉讓協議，據此神旺同意向杭州大 旺轉讓神旺所持有的杭州友神 4 ...

截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國旺旺控股有限公司 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00151 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | USD | | 0.02 | USD | | 600,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 30,000,000,000 | USD | | 0.02 | USD | | 600,000,000 | 本月底法定/註冊股本總額： USD 600,000,000 第 1 頁 共 10 頁 v 1 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國旺旺控股有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00151 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | USD | | 0.02 | USD | | 600,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 30,000,000,000 | USD | | 0.02 | USD | | 600,000,000 | 本月底法定/ ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國旺旺控股有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00151 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | USD | | 0.02 | USD | | 600,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 30,000,000,000 | USD | | 0.02 | USD | | 600,000,000 | 本月底法定 ...

Group 1 - The core viewpoint of the article highlights a significant decline in Hong Kong food stocks, with several companies experiencing notable drops in their share prices [1] Group 2 - China Wangwang (00151.HK) saw a decline of over 6% [1] - Zhou Hei Ya (01458.HK) experienced a drop of over 4% [1] - Other companies such as Master Kong Holdings (00322.HK), Ausnutria Dairy Corporation (01717.HK), China Feihe (06186.HK), China Shengmu Organic Milk (01432.HK), and Mengniu Dairy (02319.HK) all fell by more than 1% [1]

Group 1 - The core viewpoint of the report is that China Wangwang has established itself as a leading food and beverage company in China, with a diverse business portfolio including rice snacks, dairy beverages, and leisure foods [1] Group 2 - The projected revenue for China Wangwang for the fiscal years 2025 to 2027 is estimated to be 24.05 billion, 24.65 billion, and 25.27 billion yuan, reflecting annual growth rates of 2.3%, 2.5%, and 2.5% respectively [1] - The expected net profit attributable to shareholders for the same period is forecasted to be 4.17 billion, 4.41 billion, and 4.61 billion yuan, with a decline of 3.8% in 2025, followed by growth rates of 5.7% and 4.6% in 2026 and 2027 respectively [1] - The earnings per share are projected to be 0.35 yuan, 0.37 yuan, and 0.39 yuan for the fiscal years 2025, 2026, and 2027 [1] Group 3 - The report initiates coverage on China Wangwang with an "outperform" rating, suggesting a favorable outlook compared to the market [1] - A target price of 5.76 Hong Kong dollars is set for the company, based on a price-to-earnings ratio of 15 times for the fiscal year 2025, referencing comparable company valuations [1]

Core Viewpoint - Morgan Stanley reports that the stock price of Want Want China Holdings (0151.HK) has increased by approximately 36.6% over the past 12 months, but expects this strong momentum to reverse in the fiscal year 2023, predicting a decline in sales and profits by 1% and 5% respectively, leading to a downgrade of the rating from "Neutral" to "Underweight" and a target price reduction from HKD 6.7 to HKD 6.2 [1] Group 1 - The operating profit margin of Wangzai Milk decreased by 8 percentage points year-on-year in the second half of fiscal year 2022, attributed to rising costs of milk powder and tin cans, with increasing channel inventory requiring further discounts [1] - The management confirmed that price increases were fully implemented in April 2022, and additional rebates may continue in the second quarter of this year due to ongoing cost inflation [1] - The overall gross margin is expected to decline further by 50 basis points to 44.3% in fiscal year 2023 due to sustained pressure on gross margins for the next 6 to 9 months [1] Group 2 - The report suggests that with the macroeconomic situation in mainland China improving since April and the recent reduction of quarantine days to "7+3", investors should shift focus from defensive consumer goods to reopening themes, including beer, dining, sports products, and liquor [1]

Core Viewpoint - The company has established itself as a leading player in the food and beverage industry in China, with a diversified portfolio and strong brand recognition through comprehensive marketing strategies [1]. Group 1: Business Overview - The company has a concentrated shareholding structure and stable internal governance, with most executives possessing extensive industry experience [1]. - The company operates across multiple segments, including rice snacks, dairy beverages, and leisure foods, enhancing its market presence [1]. Group 2: Revenue Growth and Market Dynamics - The dairy beverage segment, which contributes over half of the revenue, is expected to grow at a CAGR of approximately 3.7% from FY18 to FY24, driven by increasing consumer demand for flavors [2]. - The rice snack business is projected to recover growth, with new products accounting for a double-digit percentage of revenue in FY25H1, and expected revenue growth of 3.5%/2%/2% from FY25 to FY27 [2]. - The leisure food segment, particularly candy, is anticipated to see revenue growth of 5%/4%/4% from FY25 to FY27 [2]. - Emerging channels and markets are expected to continue supporting revenue growth, with non-traditional channel revenue share increasing from less than 10% to approximately 35% from 21H1 to 25H1 [2]. Group 3: Cost Management and Profitability - The company is managing raw material costs effectively, with improvements in gross margin expected due to cost reductions and operational efficiency optimization [3]. - The company plans to mitigate rising import milk powder prices through domestic alternatives, while other major raw material costs remain controllable [3]. - Despite short-term pressure on operating profit margins due to organizational restructuring, overall EBIT margin is projected to recover, reaching 23.8%/23.9%/24.1% from FY25 to FY27 [3]. Group 4: Financial Projections and Investment Recommendation - Revenue forecasts for FY2025-2027 are estimated at 240.5 billion, 246.5 billion, and 252.7 billion yuan, with year-on-year growth rates of 2.3%/2.5%/2.5% [3]. - Net profit attributable to shareholders is projected to be 41.7 billion, 44.1 billion, and 46.1 billion yuan for FY2025-2027, with changes of -3.8%/+5.7%/+4.6% [3]. - The company is assigned a target price of 5.76 HKD based on a 15x PE for FY2025, indicating a 15% upside potential [3].