Want Want China (151) H1 2025 earnings summary

Executive summary

• Revenue increased by 2.1% year-over-year to RMB 11,108 million for 1H FY25, with sales volume up nearly double digits and strong growth in emerging and specialty snack retail channels, as well as new products launched in the past five years contributing a mid-teen percentage of total revenue.

• Operating profit declined by 11.0% year-over-year to RMB 2,260.7 million, with operating margin at 20.4%.

• Profit attributable to equity holders fell 7.8% year-over-year to RMB 1,717.4 million, with margin down 1.6 percentage points to 15.5%.

• Gross profit margin declined by 1.1 percentage points to 46.2% due to higher costs for imported whole milk powder and palm oil.

• Channel diversification, rapid growth in e-commerce, instant retail, and overseas markets supported overall performance.

Financial highlights

• Revenue: RMB 11,108 million (+2.1% YoY); Gross profit: RMB 5,131.7 million (-0.2% YoY).

• Operating profit: RMB 2,260.7 million (-11.0% YoY); Net profit: RMB 1,717.4 million (-7.8% YoY).

• Basic and diluted EPS: RMB 14.55 cents (-7.8% YoY).

• Gross profit margin: 46.2% (-1.1ppt YoY); Operating margin: 20.4% (-3.0ppt YoY); Net margin: 15.5% (-1.6ppt YoY).

• No interim dividend declared; final dividend of RMB 1,711.4 million paid in September 2025.

Outlook and guidance

• Focus remains on channel refinement, brand differentiation, product innovation, and marketing diversification to enhance agility and maximize product revenue, with continued investment in product R&D, channel expansion, and creative marketing.

• Plans to further expand overseas, especially in Vietnam, and accelerate e-commerce and new retail deployment.