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） ...

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。 财报发布后的第一个交易日（11月25日），中国旺旺盘中最高跌超6.5%，最后以4.71港元/股收盘，下跌4.27%。与此同时，公司核心业务增长疲软、费用 高企等问题引发市场关注。 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。 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 ...

Core Viewpoint - Wangwang, a well-known national brand, is struggling to keep up with the evolving market and consumer preferences, facing challenges from emerging food brands and a decline in its traditional product appeal [1][9]. Group 1: Marketing Issues - Wangwang has been penalized for false advertising, with a recent fine of 15,300 yuan for misleading claims about its high-calcium milk product [3][5]. - The company has a history of marketing failures, including past violations of advertising laws and misleading claims about product ingredients [6][7]. - Marketing strategies have not resonated with modern consumers, leading to ineffective campaigns that fail to attract new customer interest [10][12]. Group 2: Product and Innovation Challenges - Wangwang's flagship products, such as Wangzai milk, have not seen innovation in years, resulting in declining sales as consumer preferences shift towards healthier options [9][14]. - Despite attempts to launch new brands and products targeting different demographics, the reception has been lukewarm, indicating a lack of genuine innovation [10][12]. - The company has struggled to adapt to the online sales environment, missing out on significant e-commerce opportunities [11][12]. Group 3: Financial Performance - Recent financial results show a decline in revenue and profit, with a 4.83% drop in revenue to 10.833 billion yuan and a 23.6% decrease in net profit to 1.596 billion yuan for the first half of the 2022 fiscal year [13][14]. - The gross profit margin has been on a downward trend, falling from 48.05% in 2019 to 42.82% in the first half of 2022 [14]. - Analysts have expressed concerns about Wangwang's future performance, with several institutions lowering their target prices and profit forecasts due to challenging sales prospects [15].