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 ...

11月25日，维他奶国际集团有限公司（以下简称"维他奶国际"或"集团"）发布2025/2026财政年度上半 年（2025年4月1日至2025年9月30日）业绩公告。 报告期内，维他奶国际实现收入32.27亿港元，同比减少6%，主要由于内地业务受市况疲弱影响；公司 股权持有人应占溢利1.72亿港元，同比增长1%；集团的毛利率及经营利润率分别为51.1%及7.6%。维他 奶国际在公告中提到，将于12月23日派发中期股息每股4港仙。 由于实施成本优化措施抵消了销售额的下降，内地业务在中期财务期间将经营利润率维持在11%水平。 同期，维他奶国际在香港地区的业务，继续巩固其在非酒精饮品市场的领导地位。维他奶低糖白桃豆奶 及维他鸭屎香柠檬茶等新产品上市，加上维他0糖柠檬茶及气泡系列持续畅销，以及维他无糖茶的稳固 市场地位，均稳固了集团在该等品类中的领先地位。 值得一提的是，维他奶国际捕捉到早餐场景背后的情感价值，于今年6月份至8月份推出了"早餐食刻享 美好"营销活动，通过构建覆盖视频平台、户外媒体和热门播客的"早餐场景媒介矩阵"，以情感为纽 带，将品牌深度植入消费者的日常生活。 例如，集团于早餐时段，在爱奇艺、优酷等视频 ...

Core Insights - The Chinese sugar-free tea industry has transitioned from rapid growth to structural optimization and brand differentiation, becoming a vibrant segment in the soft drink market [1][2] - The market size of sugar-free beverages in China is projected to grow from 2.26 billion yuan in 2015 to 57.05 billion yuan in 2024, with a compound annual growth rate (CAGR) of 43.2% [1][18] - In 2025, sugar-free tea sales are expected to experience a decline for the first time, primarily due to market saturation in first- and second-tier cities, product homogenization, and competition from alternative beverages [1][19] Industry Overview - Sugar-free tea is defined as ready-to-drink tea with a sugar content not exceeding 0.5 grams per 100 grams or 100 milliliters, categorized into green tea, black tea, oolong tea, and others [12][19] - The overall tea beverage market is also growing steadily, with a market size increase from 114.4 billion yuan in 2018 to 154.5 billion yuan in 2024, reflecting a CAGR of 5.2% [1][42] Market Dynamics - In 2025, jasmine tea leads in market share, followed closely by oolong tea, while pu-erh and green tea maintain stable shares [2][20] - The consumer demographic is predominantly under 30 years old, accounting for 70.8% of the market, with health concerns being the primary purchasing motivation [2][32] - Offline channels dominate with an 81.5% share, with convenience stores being the core consumption scene, while online channels are rapidly growing [2][34] Competitive Landscape - The market is characterized by a "one strong, many strong" competition pattern, with Dongfang Shuye leading with a 75% market share, followed by Suntory and Kang Shifu [2][19] - The industry concentration is increasing, with the top five companies (CR5) in the ready-to-drink tea market reaching 79.6% in the first half of 2025 [2][19] Consumer Trends - Health consciousness is driving the market, with consumers increasingly favoring products that are sugar-free, low-calorie, and additive-free [2][35] - The demand for functional and flavorful beverages is rising, with consumers showing a preference for quality and taste over price competition [2][35] Future Outlook - The industry is expected to continue evolving towards functionalization and flavor diversification, with increasing brand differentiation [2][19] - The growth of the sugar-free tea market will be supported by rising health awareness, technological advancements in taste optimization, and favorable policies promoting low-sugar products [2][39][40]