Core Viewpoint - Macquarie's research report indicates that Vitasoy International's revenue in the mainland market for the third quarter has decreased by 9% year-on-year, with the plant-based milk category down by 10% and tea products up by 5%, showing a slowdown from double-digit growth in the same period last year [1] Group 1: Financial Performance - Revenue in the mainland market decreased by 9% year-on-year in Q3 [1] - Plant-based milk category revenue fell by 10% [1] - Tea category revenue increased by 5%, but growth has slowed compared to last year's double-digit figures [1] - Revenue in the Hong Kong market declined by 4% [1] Group 2: Management Insights and Future Plans - Management has observed a slight improvement in mainland market performance compared to the first half of the fiscal year [1] - The company plans to continue driving growth in the Hong Kong market [1] - There are plans to accelerate expansion into emerging channels such as online and snack chain stores [1] Group 3: Profit Forecast and Target Price - Macquarie has lowered Vitasoy's net profit forecasts for the fiscal years 2026 and 2027 by 16.3% and 13.3%, respectively [1] - The target price has been reduced from HKD 10 to HKD 7.4 [1] - The rating remains "Outperform" [1]

维他奶国际(00345)跌近3%，触及6.48港元创去年10月下旬以来新低。截至发稿，跌2.84%，报6.49港 元，成交额1682.26万港元。 消息面上，维他奶国际昨日公布截至2025年9月30日止6个月中期业绩，收入32.27亿港元，同比减少 6%；毛利16.48亿港元，同比减少7%；公司股权持有人应占溢利1.72亿港元，同比增长1%。收入减少 6%主要由于中国内地业务受市况疲弱影响，表现面临挑战。 公告指出，在中国内地市场，植物奶及茶类产品类别增速正在放缓，消费者现由传统零售渠道转向多种 线上平台，包括社交平台及即时电商平台，以及会员制商店与连锁零食店。由于占公司业务显著份额的 传统零售渠道正在放缓，但在公司正在努力拓展规模的电商平台及连锁零食店渠道的增长未能完全抵销 上述影响，整体收入减少9%。 ...

智通财经APP获悉，维他奶国际(00345)跌近3%，触及6.48港元创去年10月下旬以来新低。截至发稿， 跌2.84%，报6.49港元，成交额1682.26万港元。 公告指出，在中国内地市场，植物奶及茶类产品类别增速正在放缓，消费者现由传统零售渠道转向多种 线上平台，包括社交平台及即时电商平台，以及会员制商店与连锁零食店。由于占公司业务显著份额的 传统零售渠道正在放缓，但在公司正在努力拓展规模的电商平台及连锁零食店渠道的增长未能完全抵销 上述影响，整体收入减少9%。 消息面上，维他奶国际昨日公布截至2025年9月30日止6个月中期业绩，收入32.27亿港元，同比减少 6%；毛利16.48亿港元，同比减少7%；公司股权持有人应占溢利1.72亿港元，同比增长1%。收入减少 6%主要由于中国内地业务受市况疲弱影响，表现面临挑战。 ...

11月25日，维他奶国际集团有限公司(以下简称"维他奶集团")公布其截至2025年9月30日中期业绩。财 报显示，于中期财务期间，维他奶集团录得收入减少6%，主要由于中国内地业务受市场疲软的影响， 表现面临挑战。集团的毛利率及经营利润率分别为51.1%及7.6%，而公司股权持有人应占溢利为1.72亿 港元。基于集团的财务表现及现金状况，董事会宣派中期股息每股普通股4.0港仙(去年中期财务期间： 每股普通股4.0港仙)，将于2025年12月23日派付。 而在澳洲及新西兰市场，维他奶集团的收入在生产稳定后强劲增长，持续逐步改善盈利能力。据介绍， 澳洲及新西兰以当地货币计算的销售增长5%，在核心平台的市场份额有所提升。此乃去年的生产问题 全面解决后产能已恢复，促使商业活动全面复苏，以及持续降低生产成本所致。因此，盈利能力有所改 善以及经营亏损较去年同期大幅减少至2200万港元。 在新加坡市场，维他奶集团的本地及出口豆腐业务持续增长，惟被相对疲弱的饮品业务抵消。中期财务 期间的总收入以当地货币计算减少1%。经营亏损以当地货币计算大幅减少53%。本地及出口豆腐业务 于中期财务期间继续保持增长势头，收入持续增长。饮品业务 ...

全球规模最大的燕麦饮公司Oatly（噢麦力）2025年第三季度实现盈利性增长，令沉寂多年的植物奶市场再次受到关注。 2021年，Oatly在美国纳斯达克上市，并凭借在餐饮渠道的成功掀起全球植物奶风潮。企查查数据显示，2021年我国植物奶市场共完成14起融资事件，披露 融资总额超过35亿元。彼时除新兴品牌外，国内外乳业巨头加之传统饮料品牌也纷纷布局植物奶或植物酸奶赛道。然而自2022年起，植物奶领域投融资活动 开始减少，2024年以来几乎陷入停滞状态。马上赢数据显示，截至2025年第三季度，植物奶在包装饮料线下零售货架的市场占比较2023年一季度下滑7个百 分点，近几年流行的燕麦奶品类占比始终不高。 据业内人士分析，植物奶市场降温受口味、价格、消费基础、行业竞争、供应链及渠道建设等多重因素影响。目前，植物奶产品虽定位为营养丰富的饮品， 甚至被视作牛奶替代品，但实际上其营养与牛奶存在差异。饮用场景上也与牛奶重合，尚未形成独立的消费场景，同时面临口感与价格的双重挑战。未来， 新一代植物奶的价值在于为饮品添加新的功能维度与情绪价值。消费者选择从"好喝"转向"喝得安心"，品牌方也在寻找新的植物奶解决方案，既要支撑口味 ...

Core Viewpoint - Beyond Meat, known as the "first plant-based meat stock," reported a 14.73% decline in revenue for the first three quarters of 2025, with net losses widening, prompting a strategic shift to expand beyond plant-based meat products and seek new growth models [1][2]. Financial Performance - For the first three quarters, Beyond Meat achieved a total revenue of $214 million, a year-on-year decrease of 14.37%, and a net loss of $193 million, compared to a net loss of $115 million in the same period last year [1][2]. - In Q3 alone, revenue was $70.22 million, down 13.32% year-on-year, with a net loss of $111 million, significantly larger than the $26.58 million loss in the same quarter last year [1][2]. Sales Decline Factors - The revenue decline is attributed to a 10.3% decrease in product sales and a 3.5% drop in average selling price, influenced by reduced distribution points in U.S. retail channels and decreased sales to fast-food clients in international food service [2]. - Non-operating factors, including non-cash impairment charges related to certain long-term assets, contributed to the widening net loss [2]. Market Challenges - The current demand weakness for plant-based meat is believed to stem from the products' inability to meet mainstream market needs, as indicated by the product lifecycle theory, suggesting that plant-based meat remains in a niche market without a solid consumer base [2]. - Significant gaps in taste, price, and nutritional composition compared to real meat, along with stable or declining prices for traditional meat, further compress the market space for plant-based alternatives [2]. Strategic Shift - To address the current challenges, Beyond Meat is implementing a transformation plan, shifting focus from meat imitation to traditional plant proteins, and gradually phasing out the "Meat" label [4]. - This strategic pivot is seen as rational, aligning with health food trends and leveraging existing supply chains to enhance gross margins, while also exploring new product forms like ready-to-eat protein bars and plant-based milk [4].

Core Insights - The plant-based milk market, once a rapidly growing consumer category, is experiencing a decline due to increased competition and heightened price sensitivity among consumers [1] - Sales in the U.S. alternative milk sector fell by 4.4% last year, reaching $2.9 billion, marking the first decline in four years, with no recovery expected by 2025 [1] - Traditional dairy products are seeing faster growth compared to plant-based alternatives, with various types of milk, including lactose-free and whole milk, outpacing oat, almond, coconut, and soy substitutes [1] Company Insights - Oatly's stock has significantly dropped since its IPO in 2021, falling from a peak of $58 to the low teens [2] - Beyond Meat has also seen a drastic decline in its stock price, from nearly $240 to below $1 [2] - The market trend is shifting towards high-protein and gut health products, prompting mergers and acquisitions, such as PepsiCo's acquisition of Poppi and Danone's attempt to acquire Lifeway Foods, although the latter deal ultimately failed [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.384 billion yuan for the first half of 2025, a year-on-year decline of 15.30%, and a net profit attributable to shareholders of 258 million yuan, down 11.97% year-on-year [7] - The early Chinese New Year in 2025 and overall weak consumer sentiment have led to continued revenue pressure, although new water series products have begun to contribute [7] - The company has increased its marketing expenses, with sales expenses for the first half of the year reaching 281 million yuan, a year-on-year increase of 2.93% [7] - Cash flow remains strong, with cash received from sales in Q2 amounting to 432 million yuan, a year-on-year increase of 14.38% [7] - The company plans to repurchase at least 30 million shares, with 3 million shares repurchased by July 31, 2025, indicating a commitment to shareholder returns [7] - Revenue and profit forecasts have been adjusted downward for 2025 due to the "small year" phenomenon, with expected revenues of 2.921 billion yuan and net profits of 604 million yuan [7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 2.955 billion yuan, with a year-on-year growth of 9.76% [1] - The net profit attributable to shareholders for 2023 is estimated at 638.13 million yuan, reflecting a year-on-year increase of 6.02% [1] - The company expects a decline in revenue for 2025, with a forecast of 2.921 billion yuan, a decrease of 11.14% year-on-year [1] Market Position - The company's market capitalization is approximately 9.115 billion yuan, with a price-to-earnings ratio of 14.33 [4] - The stock price has fluctuated between 6.73 yuan and 11.31 yuan over the past year [4] Future Outlook - The company anticipates a return to growth in 2026, benefiting from a favorable Chinese New Year timing [7] - New product contributions are expected to increase, with ongoing monitoring of market performance [7]

Core Viewpoint - The article highlights the innovative advancements in plant-based meat products, particularly focusing on the transformation of soybean protein into high-quality meat alternatives that closely mimic the texture and juiciness of real meat [2][3]. Group 1: Technological Innovations - The research team has developed a new processing technology for high-moisture plant-based meat, addressing the industry's long-standing challenges of texture and moisture retention [2]. - Key technologies include the separation of soybean protein components, modification of functional groups, and the creation of new processing equipment for high-moisture extrusion [2][3]. - The team employs a unique gradient temperature and pressure control technique, allowing for flexible adjustments to maintain high protein content while simulating the fibrous texture and juiciness of animal muscle [2]. Group 2: Market Development - The plant-based lunch meat product has achieved industrialization and is performing well in online sales, particularly appealing to health-conscious consumers [3]. - The research team has established close collaborations with various companies in the fields of plant-based meat, milk, and beverages, indicating a strong market presence and potential for growth [3]. Group 3: Future Directions - The team is expanding its research into the field of plant fermentation, aiming to develop products such as plant-based yogurt and ice cream from soybean protein [3][4]. - The potential applications of soybean protein are vast, suggesting ongoing innovation and exploration in the plant-based food sector [4].

Core Insights - Vitasoy International Group Limited reported a revenue of HKD 6.274 billion for the fiscal year ending March 31, 2025, representing a 1% year-on-year growth, while profit attributable to equity holders surged by 102% to HKD 235 million [1] - The revenue growth was primarily driven by strong performance in core products in mainland China and robust results in the Hong Kong market [1] - The mainland China market, as the largest market for the group, recorded a revenue of HKD 3.363 billion, with a 1% year-on-year growth excluding exchange rate effects [1] Mainland China Market Performance - The second half of the fiscal year saw a notable improvement in sales performance in mainland China, with a revenue growth of 2%, compared to flat growth in the first half [1] - Operating profit in mainland China reached HKD 311 million, with a 42% year-on-year growth excluding exchange rate effects, attributed to effective sales strategies and improved operational efficiency [1] Hong Kong Market Performance - Vitasoy International's operating profit in the Hong Kong market increased by 24%, achieving an operating profit margin of 12%, driven by higher sales volume, reduced indirect costs, and lower raw material costs [1] Australia and New Zealand Market Recovery - In Australia, the business experienced continuous sales growth and reduced operating losses, with revenue growth of 5% in local currency and a reduction in operating losses by 4% to AUD 15 million [2] - The recovery followed the resolution of earlier production line issues, indicating a rebound in business momentum despite a competitive sales environment [2] Product Development and Market Trends - The company has launched its own sugar-free tea products in response to the growing demand in the sugar-free tea sector, with positive performance in the Hong Kong market [2] - Vitasoy International plans to continue product development and innovation based on consumer needs, aiming to enhance business value through superior taste and quality [2] Future Outlook - For the upcoming fiscal year, Vitasoy International aims to strengthen sales execution, increase sales per outlet, and improve product supply [3] - The company is focused on expanding market share in core product categories like plant-based milk and ready-to-drink tea, particularly in mainland China, while also addressing challenges in growth rates [3] - The group remains confident in its ability to capture growth opportunities through its core product portfolio and health-focused innovations [3]