受困传统零售，维他奶国际降价寻增

Core Viewpoint - Vitasoy International reported a 6% decline in revenue for the first half of the 2025/2026 fiscal year, totaling HKD 3.227 billion, primarily due to a weak market and intensified competition in the plant-based milk sector [1] Revenue Performance - Revenue from mainland China decreased by 9.19% to HKD 1.778 billion, while net profit fell by 12.45% to HKD 192 million, with mainland China accounting for approximately 55% of total revenue and 63.07% of net profit [3] - The overall revenue decline was attributed to a contraction in traditional retail channels, despite maintaining an operating profit margin of 11% through cost optimization measures [4] Product Strategy - Vitasoy introduced innovative products like the "Vitasoy Lemon Tea" to enhance market share in the ready-to-drink tea category amid slowing growth in plant-based and tea products [4] - A price reduction of approximately 10%-15% for Vitasoy Lemon Tea was implemented to respond to industry price wars, resulting in increased market share [4] Market Challenges - The Hong Kong business also faced growth pressures, with a 4% revenue decline attributed to weak performance in Vitasoy's subsidiary, Macau, and export markets [5] - Adverse weather conditions during the typhoon season negatively impacted business operations, particularly in the Vitasoy subsidiary [5] Competitive Landscape - Vitasoy faces significant competition from companies like Mengniu, Yili, and DaLi Foods, which have launched their own soy milk products, as well as the rise of sugar-free tea and ready-to-drink brands that compete with Vitasoy's offerings [6] - The company plans to increase the proportion of low-sugar or no-added-sugar products to 80% by the 2030/2031 fiscal year to align with health-conscious consumer trends [6] Future Outlook - Analysts suggest that Vitasoy's focus on cost reduction and efficiency improvements, along with potential market opportunities in southern China and Southeast Asia, could support future growth [7]