旺旺管理层透露，今年10至11月销售表现较去年差，主要因2026年农历新年较迟。利润率方面，管理层 预期下半年毛利率与上半年相比将保持稳定，明年则有望改善，因进口奶粉成本由目前高位逐步回落; 长期而言，广告及促销费用比率将维持在3至4%水平。 中国旺旺2026财年上半财年(截至今年9月底止中期)收入同比增长2.1%至111亿元人民币(下同)，净利润 则同比下降7.8%至17亿元; 毛利率同比跌1.1个百分点至46.2%，净利润率同比跌1.7个百分点至15.5%。 该行认为收入符合预期，但盈利低于市场预期，主要受营运开支同比增长10.6%拖累，其中广告及促销 费用有所增加。 智通财经APP获悉，瑞银发布研报称，下调中国旺旺(00151)2026及2027财年净利润预测9%及8%; 料 2026财年全年收入及净利润分别同比增长2%及下跌9%，而2026财年下半年则分别增长2%及下跌10%。 目标价由6港元降至5.6港元，维持"买入"评级。 ...

瑞银发表研究报告指，中国旺旺2026财年上半财年(截至今年9月底止中期)收入按年增长2.1%至111亿 元，净利润则按年下降7.8%至17亿元；毛利率按年跌1.1个百分点至46.2%，净利润率按年跌1.7个百分 点至15.5%。该行认为收入符合预期，但盈利低于市场预期，主要受营运开支按年增长10.6%拖累，其 中广告及促销费用有所增加。 管理层透露，今年10至11月销售表现较去年差，主要因2026年农历新年较迟。管理层预期下半年毛利率 与上半年相比将保持稳定，明年则有望改善，因进口奶粉成本由目前高位逐步回落；长期而言，广告及 促销费用比率将维持在3至4%水平。 该行下调中国旺旺2026及2027财年净利润预测9%及8%，预计2026财年全年收入及净利润分别按年增长 2%及下跌9%，而2026财年下半年则分别增长2%及下跌10%；目标价由6港元降至5.6港元，维持"买 入"评级。 ...

Group 1 - Morgan Stanley forecasts weak performance for major engineering and construction companies in mainland China in Q2 2025, with this trend likely to continue into the second half of the year [1] - The firm has lowered net profit forecasts for China Railway and China State Construction by 18% to 30% for 2025 to 2026 [1] - China Railway's H-share rating has been downgraded from "Overweight" to "Market Perform," with the target price reduced from HKD 5.6 to HKD 4.6; the A-share rating remains "Market Perform," with the target price lowered from CNY 7 to CNY 5.8 [1] - China State Construction's rating has been downgraded from "Overweight" to "Underweight," with the target price reduced from HKD 6.5 to HKD 4.7 [1] Group 2 - Morgan Stanley remains more optimistic about China Railway's H-shares compared to China State Construction due to its higher exposure in the infrastructure sector, which is expected to benefit more significantly if stimulus policies are introduced [1]