Ge Long Hui·2025-11-24 04:10Core Viewpoint - China Wangwang (00151.HK) reported a revenue of RMB 11.108 billion for the first half of the 2025 fiscal year, reflecting a year-on-year growth of 2.1%, while the profit attributable to equity holders decreased by 7.8% to RMB 1.717 billion, with basic earnings per share at RMB 0.1455 [1][2] Group 1: Financial Performance - The total revenue for the first half of the 2025 fiscal year was RMB 11.1078 billion, showing a growth of 2.1% compared to the same period last year, with sales increasing nearly in double digits [1] - The profit attributable to equity holders decreased by 7.8% year-on-year to RMB 1.717 billion [1] - The basic earnings per share for the period was RMB 0.1455 [1] Group 2: Product and Market Performance - The ice cream segment within the leisure food category achieved double-digit growth [1] - Emerging channels such as e-commerce and OEM continued to perform well, with revenue from these channels growing in double digits [1] - The company launched new products targeting the snack wholesale channel, which were well-received by consumers, demonstrating effective strategic response to rapid market changes [1] Group 3: International and New Product Growth - Overseas revenue for the first half of the 2025 fiscal year saw low single-digit growth, with positive momentum in regions like Japan and India [1] - Revenue from new products launched in the past five years accounted for a mid-double-digit percentage of total revenue, serving as a significant growth engine for the company [1] Group 4: Cost and Margin Analysis - The gross profit margin for the first half of the 2025 fiscal year decreased by 1.1 percentage points to 46.2% [2] - While the costs of some raw materials like white sugar and gelatin decreased, the rising costs of imported whole milk powder and palm oil offset these benefits, leading to a decline in gross margin [2] - Overall operating expenses increased by 10.6%, primarily due to promotional expenses for new channels and products following internal organizational restructuring [2]