“运动营养”跟不上，西王食品亏损翻倍

Core Viewpoint - Xiwang Food is expected to report a significant increase in losses for the fiscal year 2025, with projected net losses ranging from 880 million to 1.32 billion yuan, compared to a loss of 444 million yuan in the previous year, indicating a year-on-year doubling of losses [1][2]. Financial Performance - The company anticipates a net profit attributable to shareholders of a loss between 880 million and 1.32 billion yuan for 2025, compared to a loss of 443.57 million yuan in the same period last year [2]. - The expected net profit after deducting non-recurring gains and losses is projected to be a loss between 880 million and 1.3 billion yuan, compared to a loss of 432.73 million yuan in the previous year [2]. - Basic earnings per share are expected to be between -1.22 yuan and -0.82 yuan, compared to -0.41 yuan per share last year [2]. - The company has reported consecutive losses over the past three years, with cumulative losses amounting to approximately 1.08 billion yuan from 2022 to 2024 [2]. Operational Challenges - The increase in losses is attributed to rising prices of raw materials, particularly whey protein, and intensified competition in the sports nutrition sector [2]. - The company plans to recognize an impairment loss on intangible assets estimated between 950 million and 1.5 billion yuan, subject to final audit [2]. Strategic Outlook - Despite the challenges, the management aims to implement significant corrective measures in 2026 to improve future performance [4]. - The company plans to optimize product costs by diversifying its product portfolio, shifting towards high-margin products, and reducing reliance on whey protein [4]. - Xiwang Food intends to expand into new product categories, including new proteins, creatine, peptides, and collagen, to build a strong innovative product line [4]. Market and Cost Management - The company will increase investment in digital channels, focusing on high-margin categories through platforms like Amazon, while optimizing product offerings at Walmart [5]. - A strict cost control policy will be adopted, including dynamic budget monitoring, expenditure reduction, and optimization of organizational structure to enhance operational efficiency [5]. - As of January 30, the company's stock price decreased by 1.25% to 3.17 yuan per share, with a total market capitalization of approximately 3.422 billion yuan, indicating stagnant stock performance over the past year [5].