"旺仔的眼睛是向上看的，这代表旺旺随时都要保持向上的目标。"旺旺的创始人蔡衍明曾这样说过。 然而，6月24日发布的财报却显露了向上的艰难：2024财年营收235.11亿元，同比微降0.3%；净利润 43.36亿元，同比增长8.6%，呈现增利不增收，多项细分业务普遍承压。 纵观近十年，旺旺业绩发展接近停滞。百亿级大单品旺仔牛奶增长乏力，能显著拉动增长的新品仍未出 现，旺旺渐渐"不旺"了。 除了卖零食，旺旺这些年没少跨界，从医疗、酒店到保险、房地产，乃至养老、宠物、美妆、潮牌，诸 多热门赛道尝试均未激起水花。 今年3月，"旺旺集团"更名为"中国旺旺"（00151.HK）引发情怀点赞，也未能转化为实际增长。 这家承载童年记忆、成立已经四十载的品牌，正在面临"中年危机"。 旺旺不旺了 2024财年（2024年4月1日至2025年3月31日），旺旺营收235.11亿元，同比微降0.3%；毛利111.89亿元， 同比增长1.8%；净利润为43.36亿元，同比增长8.6%。 对于营收下降的原因，旺旺表示主要是冰品与米果礼包受极端天气及消费环境拖累，收益分别下滑"低 双位数"与"高个位数"。 从营收体量来看，达到百亿规模的零 ...

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].