智通财经APP获悉，中国旺旺(00151)再跌超4%，截至发稿，跌4.47%，报4.7港元，成交额3111.69万港元。
瑞银发布研报称，中国旺旺2026财年上半财年(截至今年9月底止中期)收入按年增长2.1%至111亿元人民币(下同)，净利润则按年下降7.8%至17亿元；毛利率按年跌1.1个百分点至46.2%，净利润率按年跌1.7个百分点至15.5%。该行认为收入符合预期，但盈利低于市场预期，主要受营运开支按年增长10.6%拖累，其中广告及促销费用有所增加。
瑞银指出，据旺旺管理层透露，今年10至11月销售表现较去年差，主要因2026年农历新年较迟。利润率方面，管理层预期下半年毛利率与上半年相比将保持稳定，明年则有望改善，因进口奶粉成本由目前高位逐步回落。美银认为，公司拓展新兴及零食折扣渠道虽然能推动销量与渗透率增长，但亦可能削弱产品定价能力并推高渠道成本，对长期利润率构成压力，同时对乳饮品类需求疲软及电商平台补贴竞争感到担忧。
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