维他奶营收下滑6%：核心市场失速与降本增效的平衡术

Core Viewpoint - Vitasoy International reported a revenue of HKD 3.227 billion for the six months ending September 30, a 6% year-on-year decrease, while profit attributable to equity holders slightly increased by 1% to HKD 172 million, indicating a complex situation of declining revenue but stable profits due to cost control measures [1][2][8] Revenue and Profit Analysis - The revenue decline of HKD 2.16 billion, or 6%, was primarily driven by weakness in the core market, particularly in mainland China, which saw a revenue drop of 9.19% to HKD 1.778 billion [2][8] - Profit growth of 1% was achieved through a 7% reduction in total operating expenses to HKD 1.441 billion, with significant cuts in administrative expenses by 15% and marketing and distribution costs by 2% [2][8] Market Performance - The mainland market, contributing 55% of total revenue and 63.07% of net profit, faced a dual decline in revenue and profit, with net profit down 12.45% to HKD 192 million [2][8] - Other markets showed mixed results: Hong Kong and Macau revenue fell by 4% to HKD 1.112 billion, while Australia and New Zealand saw a 5% increase in revenue, although they still reported losses [3][9] Challenges in the Mainland Market - The primary issue in the mainland market is the inadequate response to channel transformation, as consumer preferences shift from traditional retail to e-commerce and new retail formats, leading to a 9.19% revenue decline [4][10] - Vitasoy's reliance on traditional channels has hindered its ability to adapt quickly to market changes, resulting in a significant impact on its performance [10][11] Competitive Landscape - The growth of core product categories, such as plant-based milk and tea, has slowed, exacerbating revenue pressures amid increasing competition from major players like Mengniu and Yili in the soy milk sector [5][11] - Vitasoy has adopted a "price reduction + innovation" strategy to maintain market share, which has led to lower product prices and increased promotional spending, ultimately affecting gross margins [5][11] Regional Challenges - The Hong Kong business faced challenges due to a sluggish recovery in the Macau retail market and tariff pressures on exports to the U.S., resulting in a 4% revenue decline [6][12] - While there are positive signs in overseas markets, such as a 5% revenue increase in Australia and New Zealand, these markets have not yet provided substantial support to offset declines in the mainland market [6][12]