中金发布研报称，维持中国旺旺(00151)"跑赢行业"评级，维持目标价5.83港币,主因公司品牌力强，上 半财年业绩承压，归母净利润同比下滑7.8%。收入微增，但乳饮品类受成本上升及需求疲弱影响小幅 下滑，而休闲食品与新兴渠道表现较好。 中金主要观点如下： 业绩表现 下半财年收入有望保持稳健，费用投入力度或将延续 该行预计公司3QFY25销售表现有所承压，主要受春节错期影响;预计下半财年公司收入有望保持稳健增 长，零食量贩渠道有望延续高速增长。利润端，该行预计下半财年毛利率&利润率有望环比持平，公司 或延续费用投入力度，持续拉升新品及新兴渠道表现。 风险提示 1HFY25利润小幅低于市场预期公司公布1HFY25业绩：收入111.08亿元，同比+2.1%;归母净利润17.17亿 元，同比-7.8%;利润表现小幅低于市场预期，主因营业费用投入超预期。 需求疲弱，竞争加剧，原材料价格大幅上行。 发展趋势 米果及休闲食品表现好于乳饮料，新兴渠道实现良好增长。1HFY25公司收入增长稳健，分品类看， 1HFY25米果类/乳饮类/休闲食品类收入分别同比+3.5%/-1.1%/+7.7%。具体看：1)米果产品销量同增中 个 ...

智通财经APP获悉，中金发布研报称，维持中国旺旺(00151)"跑赢行业"评级，维持目标价5.83港币,主因 公司品牌力强，上半财年业绩承压，归母净利润同比下滑7.8%。收入微增，但乳饮品类受成本上升及 需求疲弱影响小幅下滑，而休闲食品与新兴渠道表现较好。 中金主要观点如下： 业绩表现 1HFY25利润小幅低于市场预期公司公布1HFY25业绩：收入111.08亿元，同比+2.1%;归母净利润17.17亿 元，同比-7.8%;利润表现小幅低于市场预期，主因营业费用投入超预期。 发展趋势 下半财年收入有望保持稳健，费用投入力度或将延续 该行预计公司3QFY25销售表现有所承压，主要受春节错期影响;预计下半财年公司收入有望保持稳健增 长，零食量贩渠道有望延续高速增长。利润端，该行预计下半财年毛利率&利润率有望环比持平，公司 或延续费用投入力度，持续拉升新品及新兴渠道表现。 风险提示 需求疲弱，竞争加剧，原材料价格大幅上行。 米果及休闲食品表现好于乳饮料，新兴渠道实现良好增长。1HFY25公司收入增长稳健，分品类看， 1HFY25米果类/乳饮类/休闲食品类收入分别同比+3.5%/-1.1%/+7.7%。具体看：1)米 ...

Core Insights - China Wangwang Holdings Limited reported a slight revenue decline of 0.3% year-on-year for the fiscal year 2024, with total revenue reaching 23.51 billion yuan, while net profit attributable to shareholders increased by 8.6% to 4.34 billion yuan [1] - The company’s overall gross margin stood at 47.6%, with the dairy and beverage segment being the core business, achieving a revenue growth of 1.3% to 12.11 billion yuan [1][3] Revenue Breakdown - The dairy and beverage segment saw a low single-digit growth, with Wangzai milk experiencing low unit growth and beverages achieving double-digit growth [1] - The rice snack segment reported a revenue of 5.90 billion yuan, down 1.2% year-on-year, affected by weak demand for gift packages during the Spring Festival [1] - The snack food segment experienced a revenue decline of 2.6% to 5.36 billion yuan, primarily due to a slowdown in ice cream sales [2] Market Expansion and Strategy - China Wangwang is focusing on emerging channels such as content e-commerce and social e-commerce, with double-digit revenue growth in overseas markets, particularly in Japan, North America, and parts of Southeast Asia [2] - The company is enhancing its organizational agility to respond quickly to market changes and is actively developing new products to increase consumer engagement [2] - The company plans to invest 705 million New Taiwan dollars in purchasing property in Kaohsiung, Taiwan, to support its production capabilities [3][4] Future Outlook - Analysts expect stable revenue growth for the fiscal year 2025, with profit margins remaining stable due to the company’s organizational changes and expansion into new channels [3] - The overseas market is anticipated to be a key growth driver, supported by localized marketing strategies and the establishment of overseas production bases [3]