国民饮品旺仔牛奶也卖不动了？ 11月24日晚间，旺仔牛奶母公司中国旺旺（00151.HK）披露截至9月底的半年财报（2025年4月1日至2025年9月30日）。 报告期内，公司实现营收111.08亿元，同比微增2.1%；但陷"增收不增利"困境，股东应占溢利17.17亿元，同比下滑7.8%；净利率为15.46%，创近四 年同期最低，这一利润表现低于市场预期。 旺仔牛奶收入下滑 从营收构成来看，明星大单品旺仔牛奶所属的乳品及饮料业务是中国旺旺的核心板块，占公司总营收的半壁江山。 不过，由于常温乳品市场整体较为低迷，叠加平价现制茶饮的快速发展，旺仔牛奶近年在消费市场的存在感逐渐减弱。 中国旺旺明星单品旺仔牛奶 水芙蓉/摄 今年上半财年，旺仔牛奶营收出现低个位数下滑，拖累公司乳品饮料板块营收下滑，同比减少1.1%至59.41亿元。 电商、即时零售、零食量贩等新兴渠道正在改变快消产品原本的销售格局。旺旺指出，上半财年公司积极布局新兴渠道，其中零食量贩等渠道收益增 长迅速，已占集团总收入的15%。不过记者注意到，公司乳品饮料板块的毛利率从50.3%下滑至47.8%，利润承压显著。 财报发布后的第一个交易日（11月25日） ...

Group 1 - The company maintains stable operational performance while seeking breakthroughs through strategies such as price stability, inventory control, and organizational adjustments [1] - During the off-season, the main products' prices remained stable, with significant year-on-year growth in order volume during festive occasions, although the average drinking volume per banquet slightly decreased [1] - The company has established a customer relationship management department to enhance professional operations and steadily grow its sales team, aiming to strengthen its competitive edge during the new adjustment cycle [1] Group 2 - The company has a clear strategy for its main products, leveraging its price range and brand advantages to continuously increase market share [2] - The company holds a strong position in the 100-500 yuan price range, benefiting from widespread consumption scenarios and strong product recognition, while also addressing market upgrades in the 300 yuan segment [2] - The V series products have performed in line with market expectations, with the V3 product showing strong development in mature markets such as Nanjing and Suzhou [2] Group 3 - The company continues to pursue development in the domestic market while focusing on regional integration in the surrounding areas for expansion [3] - There is still penetration space in the domestic market, with leading market shares in mature markets like Huai'an and Nanjing, while there are opportunities for growth in markets like Yangzhou and Taizhou [3] - The company is actively exploring new channels, with an increasing proportion of online sales and initiatives in instant retail through self-built teams and third-party collaborations [3] Group 4 - The company’s strategy of refining operations in the domestic market while aggressively expanding in surrounding areas is clear, with expectations for revenue growth of 8.5% and 10.1% in 2025-2026 [3] - Projected revenues for 2025 and 2026 are 12.525 billion and 13.789 billion yuan, respectively, with net profits expected to reach 3.672 billion and 4.017 billion yuan [3]