Zhi Tong Cai Jing·2025-11-24 04:16Core Insights - China Wangwang (00151) reported a revenue of approximately 11.108 billion RMB for the six months ending September 30, 2025, representing a year-on-year growth of 2.1% [1] - The profit attributable to equity holders decreased by 7.8% to approximately 1.717 billion RMB, with basic and diluted earnings per share at 14.55 cents [1] Group Performance - For the first half of the 2025 fiscal year, the group's total revenue reached 11.1078 billion RMB, growing by 2.1% compared to the same period last year, with sales increasing nearly in double digits [1] - The ice cream segment within the leisure food category achieved double-digit growth [1] - The group maintained strong performance in emerging channels such as e-commerce and OEM, with revenue from these channels also experiencing double-digit growth [1] - The company proactively launched new products targeting the snack wholesale channel, which were well-received by consumers, demonstrating the effectiveness of its strategic response to rapid market changes [1] - 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] - New products launched in the past five years contributed to a mid-double-digit percentage of total revenue, becoming a significant growth driver for the company [1] 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% compared to the same period last year [2] - While the unit costs of some bulk raw materials and packaging materials decreased, the rising costs of imported whole milk powder and palm oil offset these positive effects, leading to a decline in gross margin [2] - Overall operating expenses increased by 10.6%, primarily due to the company's internal organizational restructuring and the increased promotional expenses for new channels and products [2]