<p>這家老牌食品巨頭的收入在最新的財年再次開始增長，但渠道重組、新產品推廣和成本上升壓制了其利潤。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/07/08021314/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_8-7-2026_10926_thebambooworks.com_-1024x666.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/07/08021314/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_8-7-2026_10926_thebambooworks.com_-1024x666.jpeg"/></p>
<p><em>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>中國旺旺在截至 3 月的財年收入增長 3.8%，達到 244 億元人民幣，但利潤下降 11.5%，降至 38.4 億元人民幣。</li>
<li>這家食品巨頭的分銷成本上升 16.9%，因其重組銷售渠道，拖累了盈利能力。</li>
</ul>
<p>過去的食品巨頭可以依靠成熟的分銷網絡和幾款暢銷產品輕鬆度過多年。但特產小吃製造商、基於內容的電子商務、按需零售和折扣商業模式的集體崛起，給這一經過時間考驗的模式帶來了重大沖擊。如今的品牌擁有者不能再像以前那樣僅僅將產品推入經過驗證的渠道，而必須不斷重新設計他們的產品、定價和消費場景，以適應不斷變化的口味。</p>
<p>對於像 <strong>中國旺旺控股有限公司</strong>（0151.HK）這樣的老牌企業，依賴經典產品和廣泛分銷的公司，渠道改革已成為他們在追趕時代變化時的新運營模式。該公司的 <strong>最新年度財務報告</strong> 顯示，中國旺旺的轉型已經使公司重新回到增長軌道，至少在收入方面。然而，它仍然處於一個痛苦的過渡期，面臨着利潤壓力。</p>
<p>中國旺旺在截至 3 月的最新財年收入達到 244 億元人民幣（35.9 億美元），同比增長 3.8%，而銷售量也錄得高個位數增長。但其毛利率從 47.6% 下降至 46.3%。反映出其面臨的財務壓力，該公司的營業利潤同比下降 14%，降至 50.2 億元人民幣，淨利潤下降 11.5%，降至 38.4 億元人民幣。</p>
<p>如此艱難的收入增長是中國旺旺在過去兩年持續進行渠道改革的結果。該公司在 2024 財年末推出了 “征服城市，贏得世界” 戰略，重新組織產品類別，並建立了新的產品業務部門。這些步驟旨在改變過去依賴批發商、超市和暢銷產品廣泛分銷的模式，轉向更貼合多樣化渠道和消費場景的新方法。</p>
<p>在改革中，中國旺旺將傳統批發業務細分為更細的領域，基於較小的區域和產品組合尋找新客户。同時，它還將產品推向更年輕化的場景，如學校周邊、電子競技場和枱球廳。在便利店層面，其主要關注點已轉向即飲和單份產品。在超市中，它加強了家庭裝和禮盒的包裝。而在特產小吃零售方面，它增加了適合高銷量銷售的商品數量。</p>
<p>在其最新的財年中，傳統和現代渠道仍佔總收入的近 70%，儘管這兩個部分均下降了高個位數。相比之下，特產小吃零售渠道快速增長，佔收入的約 15%，而新興渠道也增長了低雙位數。傳統渠道仍然是公司的基礎，但增長顯然正在向特產小吃零售、電子商務、按需零售、自動售貨機和社交媒體平台轉移。</p>
<h4><strong>暢銷產品放緩</strong></h4>
<p>公司的產品組合也隨着渠道的變化而發生了變化。乳製品和飲料仍然是公司的最大細分市場，收入為 123.4 億元人民幣，同比增長 1.9%，佔總收入的約一半。但乳製品細分市場略微下降 0.3%。公司的真正增長動力是飲料和其他小類別，增長近 40%，佔銷售量增長的 80% 以上。米餅細分市場錄得 59.4 億元人民幣，僅增長 0.5%，作為整體收入基礎的穩定器。</p>
<p>中國旺旺一直擁有依靠暢銷產品開拓市場的組織基因。在早期，公司在台灣生產罐頭食品。後來它前往日本，學習米餅的製作，憑藉如其 “殼殼仙貝米餅” 等產品的成功建立了旺旺品牌。進入中國大陸後，其旺旺小小孩奶飲料使其成為了一個國家品牌。</p>
<p>但雖然這樣的暢銷產品可以建立基礎，但最終會達到瓶頸。相反，公司新的飲料產品和小眾類別如糖果和冰品在小吃食品細分市場中錄得了更快的增長。</p>
<p>其中，表現最突出的則是小吃食品細分市場，其收入增長 10.4%，達到 59.2 億元人民幣，銷售量也實現了雙位數增長。受益於新產品如果凍、擠壓糖和壓縮奶糖的銷量增加，公司的糖果類別收入達到了歷史新高。這表明中國旺旺的增長敍事已轉向更多的小眾類別和多樣化的消費場景。</p>
<p>至於去年的利潤下降，這一下降是由於多種因素的共同作用，包括成本上升和過渡性支出。其中，銷售成本上升了 6.3%，達到了 131 億元，這主要是由於進口全脂奶粉和棕櫚油成本的上升。同時，分銷成本增加了 16.9%，達到了 35.4 億元，因為公司開發了新渠道並推廣新產品，而行政費用也增長了 11.4%，達到了 33.5 億元。</p>
<p>與同行相比，旺旺的收入增長與利潤下降的分裂局面顯得尷尬。<strong>頂益</strong>（0322.HK）在 2025 年的收入下降了 2%，降至 790.7 億元，但淨利潤卻增長了 20.5%。同樣，<strong>統一企業中國</strong>（0220.HK）的利潤也增長了 10.9%。相比之下，旺旺未能將收入增長轉化為利潤增長，顯示其渠道改革和市場投資仍在壓制其利潤率。</p>
<p>幸運的是，旺旺仍然是一家現金充裕的公司。到 3 月底，公司現金和長期銀行存款總計 158.6 億元。其總借款降至 26.6 億元，淨現金為 132 億元。公司在年度內記錄的經營活動淨現金流入為 45 億元，足以支持其在新渠道、新產品和海外擴張方面的持續投資。</p>
<p>然而，投資者似乎對看到更好的改革後結果感到不耐煩。旺旺在發佈最新業績後，股價在兩個交易日內暴跌了 18.7%，使其在過去六個月的損失達到了 32.5%。目前，該股的市盈率約為 8.5 倍，低於頂益的 11 倍和統一的 12.7 倍。</p>
<p>投資者可能擔心旺旺為其收入增長所支付的高昂代價。為了改變這種情況，公司需要證明特色零食零售、新興渠道和新產品不僅僅是在產生銷售量，還能夠重新獲得旺旺早期暢銷產品所帶來的豐厚利潤。</p>
<p><em>要訂閲 Bamboo Works 每週免費通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

中國旺旺

<p>中國旺旺控股在截至三月的財年報告中，收入增長 3.8%，達到 244 億元人民幣，但淨利潤下降 11.5%，降至 38.4 億元人民幣。利潤下降的原因是由於持續的渠道重組和新產品推廣，分銷成本上升了 16.9%。儘管收入增長恢復，但公司在從傳統批發模式轉向新興渠道（如特色零食零售和電子商務）過程中面臨利潤壓力</p>

<p><em>The veteran food giant’s revenue began expanding again in its latest fiscal year, but channel reconstruction, new product promotions and rising costs depressed its profit</em></p>
<div class="lb-trans"><p>這家老牌食品巨頭的收入在最新的財年再次開始增長，但渠道重組、新產品推廣和成本上升壓制了其利潤。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/07/08021314/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_8-7-2026_10926_thebambooworks.com_-1024x666.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/07/08021314/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_8-7-2026_10926_thebambooworks.com_-1024x666.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</strong></h4>
</div><ul>
<li>Want Want’s revenue for its fiscal year through March rose 3.8% to 24.4 billion yuan, but its profit fell by 11.5% to 3.84 billion yuan</li>
<li>The food veteran’s distribution costs rose 16.9% as it restructured its sales channels, dragging down its profitability</li>
</ul>
<div class="lb-trans"><ul>
<li>中國旺旺在截至 3 月的財年收入增長 3.8%，達到 244 億元人民幣，但利潤下降 11.5%，降至 38.4 億元人民幣。</li>
<li>這家食品巨頭的分銷成本上升 16.9%，因其重組銷售渠道，拖累了盈利能力。</li>
</ul>
</div><p>Food giants in the past could coast along for years simply by banking on established distributor networks and a few blockbuster products. But the collective rise of specialty snack makers, content-based e-commerce, on-demand retail and discount business models have thrown a major spanner into that time-tested model. Today’s brand owners can no longer merely push products into tried-and-true channels like they once did, and must instead constantly redesign their products, pricing, and consumption scenarios for changing tastes.</p>
<div class="lb-trans"><p>過去的食品巨頭可以依靠成熟的分銷網絡和幾款暢銷產品輕鬆度過多年。但特產小吃製造商、基於內容的電子商務、按需零售和折扣商業模式的集體崛起，給這一經過時間考驗的模式帶來了重大沖擊。如今的品牌擁有者不能再像以前那樣僅僅將產品推入經過驗證的渠道，而必須不斷重新設計他們的產品、定價和消費場景，以適應不斷變化的口味。</p>
</div><p>For stalwarts like <strong>Want Want China Holdings Ltd.</strong> (0151.HK) that rely heavily on classic products and extensive distribution, channel overhauls have become a new operational flavor of the day as they race to keep up with the changing times. The company’s <strong>latest annual financial results</strong> show Want Want’s transformation has already put the company back on a growth track, at least on its top line. Yet it still remains in a painful transition characterized by pressure on its bottom line.</p>
<div class="lb-trans"><p>對於像 <strong>中國旺旺控股有限公司</strong>（0151.HK）這樣的老牌企業，依賴經典產品和廣泛分銷的公司，渠道改革已成為他們在追趕時代變化時的新運營模式。該公司的 <strong>最新年度財務報告</strong> 顯示，中國旺旺的轉型已經使公司重新回到增長軌道，至少在收入方面。然而，它仍然處於一個痛苦的過渡期，面臨着利潤壓力。</p>
</div><p>Want Want’s revenue reached 24.4 billion yuan ($3.59 billion) in its latest fiscal year through March, up 3.8% year-on-year, while its sales volume also recorded high single-digit growth. But its gross margin dipped from 47.6% to 46.3%. Reflecting the financial pressures it’s feeling, the company’s operating profit fell 14% year-over-year to 5.02 billion yuan, and its net profit slipped 11.5% to 3.84 billion yuan.</p>
<div class="lb-trans"><p>中國旺旺在截至 3 月的最新財年收入達到 244 億元人民幣（35.9 億美元），同比增長 3.8%，而銷售量也錄得高個位數增長。但其毛利率從 47.6% 下降至 46.3%。反映出其面臨的財務壓力，該公司的營業利潤同比下降 14%，降至 50.2 億元人民幣，淨利潤下降 11.5%，降至 38.4 億元人民幣。</p>
</div><p>Such laborious top-line growth is the result of Want Want’s ongoing channel overhaul over the past two years. The company launched its &#34;conquering cities and winning the world&#34; strategy at the end of its 2024 fiscal year, reorganizing its product categories and establishing a new product business division. The steps were aimed at changing a past model that relied heavily on wholesalers, supermarkets, and the widespread distribution of blockbuster products, into a new approach more closely tailored to a wider range of channels and consumption scenarios.</p>
<div class="lb-trans"><p>如此艱難的收入增長是中國旺旺在過去兩年持續進行渠道改革的結果。該公司在 2024 財年末推出了 “征服城市，贏得世界” 戰略，重新組織產品類別，並建立了新的產品業務部門。這些步驟旨在改變過去依賴批發商、超市和暢銷產品廣泛分銷的模式，轉向更貼合多樣化渠道和消費場景的新方法。</p>
</div><p>Under the overhaul, Want Want subdivided its traditional wholesale business into finer segments, seeking new customers based on smaller regions and product combinations. At the same time, it also pushed its products into more youth-oriented scenarios such as areas around schools, e-sports arenas, and billiard halls. At the convenience store level, its primary focus has become ready-to-drink and single-serving products. In supermarkets, it strengthened its family-sized packaging and gift boxes. And for specialty snack retail, it increased the number of items suitable for high-volume sales.</p>
<div class="lb-trans"><p>在改革中，中國旺旺將傳統批發業務細分為更細的領域，基於較小的區域和產品組合尋找新客户。同時，它還將產品推向更年輕化的場景，如學校周邊、電子競技場和枱球廳。在便利店層面，其主要關注點已轉向即飲和單份產品。在超市中，它加強了家庭裝和禮盒的包裝。而在特產小吃零售方面，它增加了適合高銷量銷售的商品數量。</p>
</div><p>In its latest fiscal year, traditional and modern channels still accounted for nearly 70% of total revenue, though both segments declined by high single-digits. By comparison, specialty snack retail channels grew rapidly to account for about 15% of revenue, while emerging channels also grew by low double-digits. Traditional channels remain the company’s base, but growth is clearly shifting toward specialty snack retail, e-commerce, on-demand retail, vending machines and social media platforms.</p>
<div class="lb-trans"><p>在其最新的財年中，傳統和現代渠道仍佔總收入的近 70%，儘管這兩個部分均下降了高個位數。相比之下，特產小吃零售渠道快速增長，佔收入的約 15%，而新興渠道也增長了低雙位數。傳統渠道仍然是公司的基礎，但增長顯然正在向特產小吃零售、電子商務、按需零售、自動售貨機和社交媒體平台轉移。</p>
</div><h4><strong>Blockbuster product slowdown</strong></h4>
<div class="lb-trans"><h4><strong>暢銷產品放緩</strong></h4>
</div><p>The company’s product mix has also changed in tandem with the channels. Dairy and beverages remain the company’s largest segment with 12.34 billion yuan, up 1.9% year-over-year, accounting for about half of total revenue. But the dairy segment fell by a slight 0.3%. The company’s real growth drivers were beverages and other minor categories, which rose nearly 40% and made up over 80% of sales volume growth. The rice cracker segment recorded 5.94 billion yuan, up just 0.5%, acting as a stabilizer for the overall revenue base.</p>
<div class="lb-trans"><p>公司的產品組合也隨着渠道的變化而發生了變化。乳製品和飲料仍然是公司的最大細分市場，收入為 123.4 億元人民幣，同比增長 1.9%，佔總收入的約一半。但乳製品細分市場略微下降 0.3%。公司的真正增長動力是飲料和其他小類別，增長近 40%，佔銷售量增長的 80% 以上。米餅細分市場錄得 59.4 億元人民幣，僅增長 0.5%，作為整體收入基礎的穩定器。</p>
</div><p>Want Want has always possessed the organizational DNA to open up markets by relying on blockbuster products. In its early years, the company manufactured canned foods in Taiwan. It later went to Japan, where it learned about rice crackers, building its Want Want brand on the success of products like its Shelly Senbei Rice Crackers. After entering Mainland China, its Want Want Hot-Kid Milk Drink established it as a national brand.</p>
<div class="lb-trans"><p>中國旺旺一直擁有依靠暢銷產品開拓市場的組織基因。在早期，公司在台灣生產罐頭食品。後來它前往日本，學習米餅的製作，憑藉如其 “殼殼仙貝米餅” 等產品的成功建立了旺旺品牌。進入中國大陸後，其旺旺小小孩奶飲料使其成為了一個國家品牌。</p>
</div><p>But while such blockbuster products can establish a foundation, they eventually plateau. Conversely, the company’s new beverage products and niche categories such as candies and ice products under the snack foods segment recorded faster growth.</p>
<div class="lb-trans"><p>但雖然這樣的暢銷產品可以建立基礎，但最終會達到瓶頸。相反，公司新的飲料產品和小眾類別如糖果和冰品在小吃食品細分市場中錄得了更快的增長。</p>
</div><p>Among those, the most outstanding performer was the snack foods segment, whose revenue climbed 10.4% to 5.92 billion yuan, as sales volume also achieved double-digit growth. Benefiting from increased volume for new products such as gummies, squeeze candy and compressed milk candy tablets, revenue from the company’s candies category reached an all-time high. That shows Want Want’s growth narrative has shifted toward more niche categories and diverse consumption scenarios.</p>
<div class="lb-trans"><p>其中，表現最突出的則是小吃食品細分市場，其收入增長 10.4%，達到 59.2 億元人民幣，銷售量也實現了雙位數增長。受益於新產品如果凍、擠壓糖和壓縮奶糖的銷量增加，公司的糖果類別收入達到了歷史新高。這表明中國旺旺的增長敍事已轉向更多的小眾類別和多樣化的消費場景。</p>
</div><p>As for last year’s profit decline, the drop owed to a confluence of factors, including rising costs and transitional expenses. Among these, the cost of goods sold rose by 6.3% to 13.1 billion yuan, which was primarily the result of rising costs for imported whole milk powder and palm oil. At the same time, distribution costs increased by 16.9% to 3.54 billion yuan, as the company developed new channels and promoted new products, while administrative expenses also grew by 11.4% to 3.35 billion yuan.</p>
<div class="lb-trans"><p>至於去年的利潤下降，這一下降是由於多種因素的共同作用，包括成本上升和過渡性支出。其中，銷售成本上升了 6.3%，達到了 131 億元，這主要是由於進口全脂奶粉和棕櫚油成本的上升。同時，分銷成本增加了 16.9%，達到了 35.4 億元，因為公司開發了新渠道並推廣新產品，而行政費用也增長了 11.4%，達到了 33.5 億元。</p>
</div><p>When compared to its peers, Want Want’s split situation of rising revenue but falling profits looks awkward. <strong>Tingyi</strong> (0322.HK) saw its revenue drop by 2% to 79.07 billion yuan in 2025, but its net profit rose by 20.5%. Similarly, <strong>Uni-President China’s</strong> (0220.HK) profit also rose by 10.9%. By comparison, Want Want’s failure to convert revenue growth into profit growth shows its channel overhaul and marketing investments are still weighing on its margins.</p>
<div class="lb-trans"><p>與同行相比，旺旺的收入增長與利潤下降的分裂局面顯得尷尬。<strong>頂益</strong>（0322.HK）在 2025 年的收入下降了 2%，降至 790.7 億元，但淨利潤卻增長了 20.5%。同樣，<strong>統一企業中國</strong>（0220.HK）的利潤也增長了 10.9%。相比之下，旺旺未能將收入增長轉化為利潤增長，顯示其渠道改革和市場投資仍在壓制其利潤率。</p>
</div><p>Fortunately, Want Want remains a cash-rich company. The company’s cash and long-term bank deposits totaled 15.86 billion yuan at the end of March. Its total borrowings fell to 2.66 billion yuan, giving it net cash of 13.2 billion yuan. The company recorded net cash inflow from operating activities of 4.5 billion yuan for the year, which is enough to support its continued investments in new channels, new products and overseas expansion.</p>
<div class="lb-trans"><p>幸運的是，旺旺仍然是一家現金充裕的公司。到 3 月底，公司現金和長期銀行存款總計 158.6 億元。其總借款降至 26.6 億元，淨現金為 132 億元。公司在年度內記錄的經營活動淨現金流入為 45 億元，足以支持其在新渠道、新產品和海外擴張方面的持續投資。</p>
</div><p>Still, investors appear impatient to see better post-overhaul results. Want Want’s stock plunged by 18.7% over the two trading days after it published its latest results, bringing its losses to 32.5% over the past six months. The shares currently trade at a trailing price-to-earnings (P/E) ratio of about 8.5 times, lower than Tingyi’s 11 times and Uni-President’s 12.7 times.</p>
<div class="lb-trans"><p>然而，投資者似乎對看到更好的改革後結果感到不耐煩。旺旺在發佈最新業績後，股價在兩個交易日內暴跌了 18.7%，使其在過去六個月的損失達到了 32.5%。目前，該股的市盈率約為 8.5 倍，低於頂益的 11 倍和統一的 12.7 倍。</p>
</div><p>Investors may be worried over the high price Want Want is paying for its revenue growth. To change that, the company needs to show that specialty snack retail, emerging channels and new products are not solely generating sales volume, but are also capable of recapturing the same kind of lucrative profits that Want Want’s blockbuster products commanded in an earlier era.</p>
<div class="lb-trans"><p>投資者可能擔心旺旺為其收入增長所支付的高昂代價。為了改變這種情況，公司需要證明特色零食零售、新興渠道和新產品不僅僅是在產生銷售量，還能夠重新獲得旺旺早期暢銷產品所帶來的豐厚利潤。</p>
</div><p><em>To subscribe to Bamboo Works weekly free newsletter, click</em> here</p>
<div class="lb-trans"><p><em>要訂閲 Bamboo Works 每週免費通訊，請點擊</em> 這裏</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
</div>

中國旺旺的年收入增長了 3.8%，但利潤下降了 11.5%