对于2026财年下半年度展望，管理层指，10-11月(第三财季)最新进度较去年同期略有滞后，尤其礼盒产 品受春节档期移至2月影响。预期新兴渠道与零食专卖店渠道在下半年度将持续强劲增长，而传统及现 代渠道压力可能持续。公司将推动米果与零食产品在下半年的增长动能，同时力求在乳制品及饮料领域 迎头赶上。管理层还预期下半年毛利率/营业支出比率趋势与上半年相近，原因包括现有约6个月进口奶 粉库存，近期成本管控效益将于下财年显现；下半年度将持续投入新业务单位的产品推广与广告宣传， 上半年业绩显示新产品贡献度提升，此举对其长期战略至关重要，管理层将持续监控并于后期评估广告 与促销投资效益，认为未来广告与促销投资效益存在提升空间。 富瑞认为，公司在截至今年9月底止半年度销售、一般及行政开支比率上升2.2个百分点至28.8%，其中 分销开支比率上升1.4个百分点，主因广告与促销投资增加，包括跨行业及联名合作项目；行政开支比 率上升0.9个百分点，源于组织架构优化(新增产品业务单位)导致员工成本上升。暂不派发中期股息以保 留营运弹性。 富瑞发布研报称，调低旺旺中国(00151)目标价4%，由5.71港元降至5.48港元，评级维持 ...

对于2026财年下半年度展望，管理层指，10-11月(第三财季)最新进度较去年同期略有滞后，尤其礼盒产 品受春节档期移至2月影响。预期新兴渠道与零食专卖店渠道在下半年度将持续强劲增长，而传统及现 代渠道压力可能持续。公司将推动米果与零食产品在下半年的增长动能，同时力求在乳制品及饮料领域 迎头赶上。管理层还预期下半年毛利率/营业支出比率趋势与上半年相近，原因包括现有约6个月进口奶 粉库存，近期成本管控效益将于下财年显现；下半年度将持续投入新业务单位的产品推广与广告宣传， 上半年业绩显示新产品贡献度提升，此举对其长期战略至关重要，管理层将持续监控并于后期评估广告 与促销投资效益，认为未来广告与促销投资效益存在提升空间。 富瑞认为，公司在截至今年9月底止半年度销售、一般及行政开支比率上升2.2个百分点至28.8%，其中 分销开支比率上升1.4个百分点，主因广告与促销投资增加，包括跨行业及联名合作项目；行政开支比 率上升0.9个百分点，源于组织架构优化(新增产品业务单位)导致员工成本上升。暂不派发中期股息以保 留营运弹性。 智通财经APP获悉，富瑞发布研报称，调低旺旺中国(00151)目标价4%，由5.71港元降至5 ...

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]

Core Viewpoint - The company is expected to continue expanding its profitability in FY24, driven by internal organizational reforms and strong momentum in emerging channels and overseas markets [1] Financial Performance - For FY24, the company's revenue decreased by 0.32% year-on-year, primarily due to the underperformance of ice cream and rice snacks [2] - Gross margin increased by 0.99 percentage points year-on-year, mainly due to lower costs of raw materials and packaging [2] - The net profit margin improved by 1.52 percentage points to 18.41%, with net profit increasing by 8.67% year-on-year [2] - The dividend payout ratio for FY24 was 39.8%, significantly lower than the average level from FY21 to FY23 [2] Product Performance - Dairy beverages saw a revenue increase of 1.3% year-on-year, with a gross margin improvement of 1.2 percentage points, showing a clear recovery in the second half of the fiscal year [2] - Rice snacks experienced a revenue decline of 1.2% year-on-year, with a gross margin decrease of 1.9 percentage points, mainly due to the impact of gift packages and changes in product structure [2] - Snack food revenue decreased by 2.6% year-on-year, but gross margin increased by 0.5 percentage points, with ice cream showing a decline in the first half but achieving rapid growth in the second half [2] Organizational Changes and Market Strategy - In the second half of FY24, the company initiated internal organizational reforms, establishing product-specific divisions to enhance channel collaboration and manage domestic and international operations [3] - The company deepened cooperation with leading snack retailers, with revenue from snack retailers accounting for about 10% [3] - Emerging channels experienced double-digit growth year-on-year, with revenue contribution approaching 10% [3] - Overseas revenue grew by double digits year-on-year, with significant growth in markets such as Japan, North America, and parts of Southeast Asia [3]

Investment Rating - The report maintains a "Buy" rating for China Wangwang (0151) [2][6] Core Views - The company's FY24 profitability continues to expand, with internal organizational reforms initiated in the second half of the fiscal year to enhance channel development, particularly in emerging and overseas markets [2][6] - The revenue for FY24 is projected to decrease by 1.7% year-on-year, primarily due to declines in ice cream and rice snacks, while gross profit margin is expected to increase by 0.99 percentage points due to lower costs of raw materials and packaging [6][5] - The net profit for FY24 is forecasted to grow by 8.6% year-on-year, with a net profit margin increase of 1.52 percentage points to 18.41% [6][5] Financial Summary - Revenue (in million RMB): FY2022: 23,327.17, FY2023: 23,924.37, FY2024: 23,510.74 [5] - Gross Profit (in million RMB): FY2022: 10,071.03, FY2023: 10,990.92, FY2024: 11,189.20 [5] - Net Profit (in million RMB): FY2022: 3,371.58, FY2023: 3,990.47, FY2024: 4,335.57 [5] - The company’s PE ratio is projected to be 13.35 for FY2024 and decrease to 12.08 by FY2027 [5][6] - The target price is set at HKD 7.02 per share, equivalent to RMB 7.71 per share based on the exchange rate of 0.91 [6] Product Performance - Dairy beverage revenue is expected to grow by 1.3% year-on-year, with a gross margin increase of 1.2 percentage points [6] - Rice snacks revenue is projected to decline by 1.2% year-on-year, with a gross margin decrease of 1.9 percentage points [6] - Ice cream revenue showed a decline in the first half of FY24 but is expected to achieve rapid growth in the second half [6] Organizational Changes - The company has initiated internal organizational reforms in FY24, establishing product-based divisions to enhance channel collaboration and manage domestic and international operations [6] - Emerging channels are expected to grow at a double-digit rate, contributing significantly to revenue [6]

Core Viewpoint - The company reported FY2024 results that met market expectations, with a slight decline in revenue but an increase in net profit, indicating resilience in a weak demand environment [1][2]. Financial Performance - FY2024 revenue was 23.51 billion, down 0.3% year-on-year, while net profit was 4.34 billion, up 8.6% year-on-year [1]. - In 2HFY24, revenue reached 12.63 billion, an increase of 2.6% year-on-year, and net profit was 2.47 billion, up 9.5% year-on-year [1]. - The gross margin improved by 1 percentage point year-on-year, benefiting from lower raw material prices [2]. - The net profit margin increased by 1.5 percentage points to 18.4% due to reduced financial expenses and effective tax rate [2]. Revenue Breakdown - Revenue performance by category for FY2024 showed declines in rice snacks (-1.2%) and leisure products (-2.6%), while dairy products saw a slight increase (+1.3%) [1]. - The company achieved low single-digit growth in revenue for rice snacks, driven by the launch of sub-brands [1]. - Emerging channels and overseas markets contributed to double-digit revenue growth, with sales from the snack wholesale channel increasing to approximately 10% of total sales [1]. Future Outlook - For FY2025, revenue is expected to grow steadily, with profit margins likely to remain stable [2]. - The company has implemented organizational changes to enhance marketing strategies and expand channels, which may positively impact future performance [2]. - The company anticipates stable growth across various product categories, supported by inventory management and reduced promotional spending [2]. Valuation and Estimates - The company is trading at 12.8/12.0 times FY2025/2026 P/E ratios [3]. - FY2025 profit forecast has been raised by 5.2% to 4.5 billion, with FY2026 forecast introduced at 4.7 billion [3]. - The target price has been increased by 10% to 5.8 HKD, reflecting an upward valuation trend [3].

Summary of Key Points Core Viewpoint - China Wangwang (00151.HK) reported a slight decline in revenue for the fiscal year ending March 31, 2025, but showed growth in gross profit and net profit attributable to equity holders, indicating resilience in its operations despite challenging market conditions [1][2]. Financial Performance - Total revenue for the fiscal year 2024 was RMB 23.511 billion, a decrease of 0.3% year-on-year - Gross profit reached RMB 11.189 billion, an increase of 1.8% year-on-year - Operating profit was RMB 5.837 billion, reflecting a growth of 4.1% year-on-year - Net profit attributable to equity holders was RMB 4.336 billion, up 8.6% year-on-year, with basic earnings per share at RMB 0.3671 [1][2]. Product Performance - Revenue decline was primarily due to adverse weather and market conditions affecting the ice cream and rice snacks categories, which saw low double-digit and high single-digit declines respectively - The company implemented internal organizational changes in the second half of fiscal 2024, leading to a low single-digit revenue recovery compared to the previous year - Dairy and beverage categories achieved mid-single-digit growth, while the ice cream category experienced over 20% recovery growth [1]. Strategic Initiatives - The company is focusing on product innovation and expanding its market presence, with new products launched in the past five years contributing to double-digit revenue proportions in fiscal 2024 - Emerging channels such as OEM and overseas markets showed double-digit growth, continuing to be significant growth drivers for the company [1][2]. Cost Management - The gross margin increased by 1.0 percentage points to 47.6%, aided by a decrease in the unit costs of major raw materials and packaging - Effective control of overall operating expenses and a reduction in financing costs contributed to the profit growth, with the profit margin for equity holders rising by 1.5 percentage points to 18.4% [2].