老牌饮料的转型挑战，维他奶上半财年营收承压下滑6%

Core Viewpoint - Vitasoy International Holdings Limited reported a decline in overall revenue for the first half of the fiscal year 2025/26, primarily due to weak performance in traditional retail channels in mainland China, despite some growth in emerging channels [2][3]. Group 1: Financial Performance - Total revenue for the six months ending September 30, 2025, was HKD 3.227 billion, a decrease of 6% from HKD 3.443 billion in the same period last year [2]. - Profit attributable to equity holders slightly increased by 1% to HKD 172 million [2]. - Revenue from mainland China, the largest market for Vitasoy, was HKD 1.778 billion, down 9% year-on-year, significantly impacting overall performance [2]. Group 2: Market Challenges and Strategies - The decline in revenue was mainly attributed to the poor performance of traditional retail channels, although all-channel business showed steady growth [2]. - Vitasoy is focusing on core product categories such as soy milk, plant-based milk, and ready-to-drink tea, implementing competitive pricing strategies and product innovations to adapt to market changes [2]. - New product launches, including the "Duck Shit Lemon Tea," and competitive pricing for existing products have helped improve market share in the soy and plant-based milk categories [2]. Group 3: Regional Performance - The Hong Kong business, including Macau and exports, remains stable, with Vitasoy consolidating its leadership in the non-alcoholic beverage market [3]. - New product launches like low-sugar white peach soy milk and the Duck Shit Lemon Tea, along with strong sales of zero-sugar lemon tea and sparkling series, have reinforced category leadership [3]. - However, adverse weather conditions and weak retail performance in Macau, along with fluctuating U.S. tariff policies affecting North American exports, have negatively impacted overall performance in Hong Kong [3]. Group 4: Competitive Landscape - Vitasoy faces increasing competition in the soy milk sector from major players like Mengniu, Yili, and DaLi Foods, which are launching their own soy milk products [3]. - The tea beverage segment is also under pressure from the rise of sugar-free tea trends and various fresh lemon tea brands, challenging Vitasoy's traditional lemon tea offerings [3]. Group 5: Leadership Transition - The company is in a gradual leadership transition phase, with 84-year-old executive chairman, Lo Kwei Cheung, still actively involved, while his daughter, Lo Chi Mei, was appointed vice-chairman in 2023, signaling a potential succession [4]. - Despite the challenges in revenue growth, strategies focused on cost control and efficiency improvements have begun to show results in maintaining profitability [4]. - To achieve a true business recovery, Vitasoy needs to seek breakthroughs in product innovation, channel expansion, and brand rejuvenation to address increasing market competition and changing consumer preferences [4].