瑞银指出，据旺旺管理层透露，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。美银认为，公司拓展新兴及零食折扣渠道虽然能推动销量与渗透率增长，但亦可能削弱产 品定价能力并推高渠道成本，对长期利润率构成压力，同时对乳饮品类需求疲软及电商平台补贴竞争感 到担忧。 瑞银发布研报称，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111亿元人民 币(下同)，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。 中国旺旺(00151)再跌超4%，截至发稿，跌4.47%，报4.7港元，成交额3111.69万港元。 ...

Core Viewpoint - China Wangwang's stock has dropped over 4%, currently trading at 4.7 HKD, with a trading volume of 31.12 million HKD. UBS reports that for the first half of the 2026 fiscal year, revenue grew by 2.1% year-on-year to 11.1 billion RMB, while net profit fell by 7.8% to 1.7 billion RMB, indicating a mixed performance with revenue meeting expectations but profit falling short due to increased operating expenses [1][1][1] Financial Performance - Revenue for the first half of the 2026 fiscal year reached 11.1 billion RMB, reflecting a year-on-year growth of 2.1% [1] - Net profit decreased by 7.8% year-on-year to 1.7 billion RMB [1] - Gross margin declined by 1.1 percentage points to 46.2%, while net profit margin fell by 1.7 percentage points to 15.5% [1] Operational Insights - Operating expenses increased by 10.6% year-on-year, primarily due to higher advertising and promotional costs [1] - Management indicated that sales performance in October and November was weaker compared to last year, attributed to the later timing of the 2026 Lunar New Year [1] Future Outlook - Management expects gross margin to remain stable in the second half of the fiscal year, with potential improvements next year as the cost of imported milk powder is anticipated to decline from current high levels [1] - Concerns were raised regarding the impact of expanding into emerging and discount snack channels, which may boost sales and penetration but could weaken pricing power and increase channel costs, posing long-term pressure on profit margins [1] - There are worries about weak demand in the dairy beverage category and competition from e-commerce platform subsidies [1]

美银证券发表研究报告指，中国旺旺9月底止2026财年中期收入按年增长2.1%，符合预期，但净利润按 年跌7.8%，逊预期，主要受到毛利率下滑及销售管理开支上升的拖累。 该行重申对中国旺旺的"跑输大市"评级，认为拓展新兴及零食折扣渠道虽然能推动销量与渗透率增长， 但亦可能削弱产品定价能力并推高渠道成本，对长期利润率构成压力，同时对乳饮品类需求疲软及电商 平台补贴竞争感到担忧。相应地，该行将2026及2027财年每股盈利预测下调8%至10%，目标价从5港元 降至4.7港元。 ...