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。 ...

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。 ...