今日（11月24日）午间盘后，中国旺旺发布中期业绩报告。2025财年上半年，公司实现营收111.08亿 元，同比增长2.1%，归母净利润为17.17亿元，同比下滑7.8%。下午开盘后，公司股价呈现波动下跌的 态势，截至收盘跌2.38%至每股4.92港元。 乳品及饮料、米果及休闲食品撑起了中国旺旺的营收，上半财年的营收占比分别为53%和46%。对于中 国消费者而言，中国旺旺所销售的旺仔牛奶、旺旺仙贝都是耳熟能详的产品，但它们已经不是公司营收 增长的主力。 上半财年，旺仔牛奶等乳品收益同比低个位数下降，饮料及其他收益同比增长近40%，饮料销量更是翻 倍；食品方面，米果收益同比增长3.5%，休闲食品收益同比增长7.7%。值得一提的是，新品贡献了越 来越多的收益，休闲食品类的新品占此类收益的四分之一，饮料新品占此类收益近50%。 但越来越多的新品也逐渐在推高中国旺旺的推广促销费用，导致了上半财年增收不增利的局面。财报显 示，2025财年上半年，公司整体营业费用（分销成本与行政费用合计）同比增加10.6%，促销推广费用 占收益的比例从上一财年同期的2.4%增长至3.4%。 中国旺旺在财报中称，2024财年下半年内部组织 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容而產 生或因倚賴該等內 容而引致之任何損失承擔任何責任。 香港，2025 年 11 月 24 日 於本公告日期，本公司執行董事為蔡衍明先生、蔡紹中先生、蔡旺家先生、黃永松先生、朱紀 文先生、蔡明輝先生及黎康儀女士；非執行董事為槇春夫先生及鄭文憲先生；獨立非執行董事 為貝克偉博士、謝天仁先生、李國明先生、潘志強先生及江何佩琼女士。 中國旺旺控股有限公司及其附屬公司截至 2025 年 9 月 30 日止六個月之中期業績演示材料可參 閱以下附件。 ( 於開曼群島註冊成立的有限公司 ) 承董事會命 中國旺旺控股有限公司 董事 黎康儀 (股份代號 ：0151) 截至 2025 年 9 月 30 日止六個月之 中期業績演示材料 截至2025年9月30日 中期業績 2025年11月24日 免責聲明 本演示材料所載資料之用途為僅供閣下個人參考，該等資料如有變更，恕不另行通知。對於本演示材料所載資料的公平性、準確性、完整性或正確性， 我們均無作出任何明示或隱含的聲明或保證，閣 ...

Financial Performance - The company's revenue increased by 2.1% year-over-year, reaching RMB 11,108 million in 1H FY25 compared to RMB 10,877 million in 1H FY24[5] - Gross profit margin decreased by 110 basis points from 47.3% in 1H FY24 to 46.2% in 1H FY25, influenced by increased costs of whole milk powder and product mix[5] - Operating profit decreased by 11.0% from RMB 2,541 million in 1H FY24 to RMB 2,261 million in 1H FY25[5] - Profit attributable to owners of the company decreased by 7.8% from RMB 1,863 million in 1H FY24 to RMB 1,717 million in 1H FY25, with an income tax rate of 23.0%[5] Revenue Breakdown by Product Category - Rice crackers revenue increased to RMB 2,130 million in 1H FY25 from RMB 2,057 million in 1H FY24[11], with sales volume up by mid-single digits[14] - Dairy and beverage revenue decreased slightly to RMB 5,941 million in 1H FY25 from RMB 6,009 million in 1H FY24[15], while beverage sales doubled[15] - Snack food revenue increased to RMB 2,940 million in 1H FY25 from RMB 2,731 million in 1H FY24[16], with ice product sub-category increasing by mid-double digits[34] Channel Performance - Emerging channels and snack food retail channels experienced high-speed growth[5, 14, 15, 16, 33, 34] - Snack food retail channels account for approximately 15% of the group's revenue[37] - Emerging channels account for over 10% of the group's revenue[37] - Overseas market revenue increased by low-single digits and accounts for high-single digits of the group's revenue[37] Expenses and Working Capital - Operating expenses increased by 10.6% from RMB 2,894 million in 1H FY24 to RMB 3,202 million in 1H FY25, driven by increased A&P expenses[5, 18] - Distribution costs increased from RMB 1,369 million in 1H FY24 to RMB 1,550 million in 1H FY25[21], with distribution costs accounting for 14.0% of revenue in 1H FY25, up from 12.6% in 1H FY24[19] - Inventory increased from RMB 2,576 million on March 31, 2025, to RMB 2,748 million on September 30, 2025[26], with inventory turnover days increasing from 74 to 80 days[25]

Group 1 - The core point of the article highlights the rising popularity of Chinese snacks and beverages in international markets, particularly in Southeast Asia and South Korea, where they have become trendy and sought after by local consumers [6][10][20] - Wahaha is set to rebrand as "Wah Xiaozong" next year, which has sparked mixed reactions among fans, with some expressing nostalgia and others criticizing the name change [2] - Ice tea, once considered a "working-class drink" in China, has gained a new status in South Korea, where over 30 Korean female celebrities have become its unofficial endorsers [4][10] Group 2 - Chinese snacks like spicy strips and melon seeds have gained significant traction overseas, with brands like Yanjinpuzi earning 516 million yuan from international sales last year, marking a 7.7% increase [8][39] - The price of Chinese spicy strips has skyrocketed in the U.S., with a 65g pack selling for $16.99, significantly higher than domestic prices, indicating a strong demand [10][18] - The popularity of Chinese snacks has led to the emergence of imitation products in foreign markets, showcasing their influence and acceptance [12][18] Group 3 - The success of Chinese snacks abroad is attributed to effective marketing strategies, including leveraging social media influencers and adapting products to local tastes [21][22][31] - Brands like Qiaqia and Wangwang have established production bases in countries like Vietnam and Thailand, facilitating their entry into local markets [43][45] - The article emphasizes that the future of the overseas market for Chinese snacks is promising, as the strategies used by foreign brands to enter China are now being applied in reverse [49][50]

Group 1 - The "health economy" is effectively capturing the "Z generation" through product innovation and social media marketing, with traditional Chinese medicine brands attracting young consumers by offering health-focused products like herbal teas and scented candles [2] - Functional beverages and tea drinks are rapidly replacing traditional bottled water, with significant growth expected in these categories driven by health and personalization demands, while the bottled water market faces stagnation due to oversaturation and price wars [3] - The prepared food industry is undergoing a deep adjustment, with major players like Weizhi and Qianwei experiencing revenue declines due to rising raw material costs and intensified competition, despite the overall market size continuing to expand [4] Group 2 - The tea beverage market is showing signs of differentiation, with Nongfu Spring experiencing a 15.6% revenue increase, while Kangshifu's tea beverage revenue declined by 6.3%, attributed to decreased demand for sugary teas and channel contraction [5] - Japan's mature functional food market offers insights for developing senior food products in China, where the aging population presents a significant market opportunity, necessitating diverse and functional food offerings [7] - Energy drinks are shifting from being favored by laborers to becoming popular among younger consumers, with the market size reaching 111.4 billion yuan, driven by health-conscious formulations and appealing packaging [8] Group 3 - The ready-to-drink tea market is projected to grow at a compound annual growth rate of 5.6% by 2034, with emotional satisfaction and taste optimization being key purchasing drivers [9] - The no-sugar tea market is transitioning from explosive growth to intense competition, with brands focusing on taste innovation to maintain market share as health consciousness rises [11] - Major food and beverage companies are actively investing in product innovation and strategic acquisitions to navigate economic uncertainties, with Coca-Cola and Nestlé reporting significant revenue growth [12] Group 4 - Yonghui Supermarket has launched a new bakery product, "Camellia Flower Toast," emphasizing health and quality, contributing to a noticeable increase in sales [13] - Mengniu's milk powder segment has achieved growth through scientific innovation and targeted marketing, with a reported revenue increase of 2.5% [14] - Wangzai Milk has introduced regionally themed packaging to resonate with local cultures, enhancing brand engagement and driving sales [15] Group 5 - Haidilao has opened a dessert shop to attract customers during off-peak hours, responding to declining revenue and foot traffic [16] - Yuanqi Forest has rapidly grown its market share in the no-sugar sparkling water segment, achieving sales of 11.7 billion yuan, but faces challenges related to product dependency and competition [18] - Yili's new health-focused drink, "Stone Flower and Western Ginseng Water," targets the growing market for traditional health beverages, with a projected market size of 3 billion yuan by 2024 [19] Group 6 - Ziguangyuan has opened a new yogurt station that combines baked goods and snacks, aiming to diversify its product offerings and attract a broader customer base [20] - Yuanqi Forest's "Good Free" series has entered the international market, showcasing a successful blend of traditional health culture and modern consumer demands [21] - The restaurant brand Blue Frog has launched a bakery section to counteract slowing growth, indicating a strategic pivot to enhance customer engagement [23]

Core Points - The recent ban on the use of reconstituted milk in pure milk production has raised significant attention in the dairy industry [1][3] - The new regulation, effective from September 16, mandates that sterilized milk can only be produced using raw milk, eliminating the use of reconstituted milk [1][4] - The decision aims to enhance the quality of liquid milk products and promote the consumption of fresh milk, aligning with the directives of the 2024 Central Document No. 1 [3][4] Industry Impact - The ban is expected to improve the quality of pure milk products, as raw milk contains various active nutrients that enhance flavor compared to reconstituted milk [3][4] - The domestic fresh milk quality has significantly improved, with a testing pass rate of 99.9% over the past 16 years, indicating a robust supply chain for raw milk [3][4] - Major dairy companies like Yili and Mengniu have already transitioned to using raw milk for their sterilized milk products, minimizing the impact of the new regulation on their operations [11][12] Product Classification - Liquid milk in China is categorized into four main types: pasteurized milk, sterilized milk, reconstituted milk, and fermented milk, with the new regulation specifically affecting pasteurized and sterilized milk [6][11] - Reconstituted milk is still permitted in the production of other dairy products such as flavored milk and fermented milk, allowing for a variety of consumer options [6][7][11] Consumer Perception - There are concerns regarding the nutritional value of reconstituted milk, but experts suggest that it is not a "substandard product" and can still provide essential nutrients when produced and labeled correctly [12][13] - The advantages of reconstituted milk include longer shelf life and less stringent storage requirements compared to fresh milk, making it a viable option in areas with limited access to cold chain logistics [12][13]

Core Viewpoint - The new regulation effective from September 16 mandates that sterilized milk can only be produced using raw milk, prohibiting the use of reconstituted milk, thereby enhancing the purity of the product [4][7]. Group 1: Regulatory Changes - The revision of the "National Food Safety Standard for Sterilized Milk" specifies that only raw milk can be used in the production of sterilized milk, eliminating the allowance for reconstituted milk [4][7]. - The implementation of this new standard has led to a noticeable absence of reconstituted milk in the ingredient lists of various brands of sterilized milk observed in Beijing supermarkets [4][5]. Group 2: Market Impact - Despite the new regulation, the market prices for sterilized milk have not shown significant fluctuations, with some brands still engaging in promotional activities for the upcoming Mid-Autumn Festival and National Day [4][5]. - The industry experts suggest that the impact of this regulation on the market will be limited, as major dairy companies have already shifted to using raw milk for producing sterilized milk in response to increasing competition and consumer demand for higher quality products [5][6]. Group 3: Consumer Behavior - Consumers are increasingly favoring low-temperature fresh milk over sterilized milk, indicating a shift in preference towards products perceived as fresher and more nutritious [5]. - The new regulation has prompted consumers to be more aware of the ingredients in their milk products, with a growing demand for transparency regarding the use of raw versus reconstituted milk [8]. Group 4: Historical Context - The allowance for reconstituted milk in sterilized milk production was established in 2010, primarily due to the insufficient supply of raw milk at that time [7]. - The previous use of reconstituted milk was driven by its advantages in terms of storage and transportation, as well as longer shelf life, which appealed to both producers and consumers [7].

Core Viewpoint - Jiyang District has successfully developed its food and beverage industry into a key driver of regional economic growth, leveraging its traditional strengths and modern innovations to enhance its market presence and competitiveness on both national and international stages [2][5][10] Group 1: Industry Development - Jiyang District has established itself as a significant player in the national food industry, attracting over 160 well-known food companies, including Wangwang and Uni-President, which have contributed to a robust industrial cluster [2][3] - The district's food and beverage industry has evolved from a single-point development model to a collaborative cluster model, characterized by leading enterprises, supporting industries, and brand aggregation [2][4] - The region has seen a notable increase in production value, with 25 large-scale food and beverage enterprises achieving a total output value of 8.095 billion yuan, reflecting a year-on-year growth of 10.4% [8] Group 2: Technological Innovation - Jiyang District is embracing technological advancements, transitioning from traditional manufacturing to smart production through the introduction of automated production lines and digital management systems [6][7] - The implementation of smart production lines has significantly increased production efficiency while ensuring product quality, with some lines capable of producing tens of thousands of bottles per hour [6] - The district has fostered a culture of innovation, with numerous companies obtaining patents and achieving recognition for their technological advancements, thereby enhancing the overall competitiveness of the food industry [7] Group 3: Strategic Planning - Jiyang District is strategically positioning itself in the high-value special food sector, with initiatives such as the establishment of the China (Jinan) Special Medical Food City and the formation of a special food industry alliance [5] - The dual-engine strategy of combining traditional industries with future potential sectors aims to solidify the existing foundation while capturing new growth opportunities [5][10] Group 4: Government Support and Services - The local government has created a favorable business environment through consistent policies and support, which has encouraged long-term investments from major food companies [8][9] - Jiyang District has implemented a service-oriented approach to address the needs of enterprises, ensuring that businesses can focus on production without concerns about operational challenges [9][10] - The district promotes a culture that values and supports businesses, enhancing its attractiveness for both new and existing companies [10]

Core Viewpoint - The Chongqing Yongchuan District Market Supervision Administration conducted a sampling inspection of 237 batches of edible agricultural products, with 232 passing and 5 failing the safety standards [2]. Group 1: Inspection Results - A total of 237 samples were tested, with 232 samples meeting the safety standards, resulting in a pass rate of approximately 97.9% [2]. - The 5 non-compliant samples were identified, and the local market supervision authorities have initiated legal actions against the products found to be non-compliant [2][3]. Group 2: Compliance Actions - The authorities have implemented risk control measures, including tracing the distribution of the non-compliant products, recalling, and removing them from shelves [2]. - The inspection results are in accordance with the Food Safety Law of the People's Republic of China, which mandates that any non-compliant product is deemed unsafe [2][3].

Group 1 - The core idea of the news is the construction of the Wangwang Special Experience Pavilion, which aims to create an immersive "edible fairy tale world" for children, enhancing the cultural and tourism industry in the region [2][4] - The pavilion covers an area of approximately 10,000 square meters and is located near Wangwang Group's first factory established in mainland China in 1992 [2] - The main structure of the pavilion consists of five cylindrical shapes, symbolizing "gathering together" and focusing on food science education with a foundation in Chinese culture [2] Group 2 - The pavilion features various interactive areas for children, including exhibition halls, physical stores, and online experiences, catering to sightseeing, leisure, shopping, science education, and research needs [2] - The construction of the pavilion's main building has progressed significantly, with the concrete pouring of the roof nearly completed, and outdoor spaces are being enhanced with visible greenery [2] - Wangwang Group, founded in 1962, aims to transform its classic snack IP into immersive entertainment facilities while emphasizing "food safety + cultural education" [4]