营收“停滞”利润暴增，维他奶成本优化能否持续？

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]