VITASOY INT'L二零二五/二零二六年中期报告

For the interim financial period, the Group recorded a 6% decrease in revenue,primarily due to challenges faced by the Chinese Mainland operations, which wereaffected by softer market conditions. External macro and competitive environmentare evolving rapidly. Despite the short-term challenges, we remain confident in ourlong-term potential for continuous scaling up. 於中期財務期間，本集團錄得收入減少6%，主要由於中國內地業務受市況疲弱影響，表現面臨挑戰。外部宏觀及競爭環境瞬息萬變。儘管面對短期挑戰，我們對持續擴大規模的長期潛力充滿信心。 Contents目錄 Directors and Corporate Information Board of Directors 董事會 羅友禮先生 Executive ChairmanMr. Winston Yau-lai LO Independent Non-executive Directors 黎定基先生Paul Jeremy BROUGH先生鍾志平博士容韻儀女士 Mr. Anthony John Liddell NIGHTINGALEMr. Paul Jeremy BROUGHDr. Roy Chi-ping CHUNGMs. Wendy Wen-yee YUNG 羅慕玲女士羅德承先生羅其美女士（副主席） Non-executive Directors Ms. Yvonne Mo-ling LOMr. Peter Tak-shing LOMs. May LO(Deputy Chairman) 陸博濤先生（集團行政總裁）黎中山先生 Executive DirectorsMr. Roberto GUIDETTI(Group Chief Executive Officer)Mr. Eugene LYE Group Chief Financial OfficerMs. Ian Hong NG 集團首席財務總監吳茵虹女士 Company SecretaryMs. Carrie Yee-kwan SO 公司秘書蘇漪筠女士 Registered Office 註冊辦事處 香港新界屯門建旺街一號 No. 1 Kin Wong Street,Tuen Mun,New Territories,Hong Kong Auditors 核數師 畢馬威會計師事務所於《會計及財務匯報局條例》下的註冊公眾利益實體核數師 KPMGPublic Interest Entity Auditor registered in accordance with theAccounting and Financial Reporting Council Ordinance Principal Bankers 主要來往銀行 東亞銀行有限公司香港上海滙豐銀行有限公司招商銀行股份有限公司中國銀行股份有限公司星展銀行（香港）有限公司中國建設銀行（亞洲）股份有限公司 The Bank of East Asia, LimitedThe Hongkong and Shanghai Banking Corporation LimitedChina Merchants Bank Company, Ltd.Bank of China LimitedDBS Bank (Hong Kong) LimitedChina Construction Bank (Asia) Corporation Limited Share Registrar 股份過戶登記處 香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心46樓 Computershare Hong Kong Investor Services Limited46/F., Hopewell Centre,183 Queen’s Road East,Wanchai, Hong Kong Investor Relations Contact 投資者關係聯絡電話：(852) 2468 9272傳真：(852) 2465 1008電郵：ir@vitasoy.com Tel: (852) 2468 9272Fax: (852) 2465 1008Email: ir@vitasoy.com Key Dates 重要日期 二零二五年十二月十一日（星期四） Closure of Register of Members11th December 2025 (Thursday) 二零二五年十二月二十三日（星期二） Interim Dividend Payable23rd December 2025 (Tuesday) Financial Highlights Management Report管理層報告 Forthe interim financial period,the Grouprecorded a 6% decrease in revenue, primarilydueto challenges faced by the ChineseMainlandoperations,which were affectedbysofter market conditions.External macroandcompetitive environment are evolvingrapidly. Despite the short-term challenges, weremain confident in our long-term potential forcontinuous scaling up. 於中期財務期間，本集團錄得收入減少6%，主要由於中國內地業務受市況疲弱影響，表現面臨挑戰。外部宏觀及競爭環境瞬息萬變。儘管面對短期挑戰，我們對持續擴大規模的長期潛力充滿信心。 Mr. Roberto GUIDETTI陸博濤先生 Executive Directorand Group Chief Executive Officer執行董事暨集團行政總裁 Business Highlights 業務摘要 於二零二五╱二零二六財政年度上半年（「中期財務期間」），本集團錄得收入減少6%，主要由於中國內地業務受市況疲弱影響，表現面臨挑戰。 For the first half of the 2025/2026 financial year (the “interimfinancial period”), the Group recorded a 6% decrease in revenue,primarily due to challenges faced by the Chinese Mainlandoperations, which were affected by softer market conditions. 本集團的毛利率及經營利潤率分別為51.1%及7.6%，而本公司股權持有人應佔溢利為港幣172,000,000元。 The Group’s gross profit margin and operating margin were at51.1% and 7.6% respectively and the profit attributable to equityshareholders of the Company was HK$172 million. 在中國內地市場，植物奶及茶類產品類別增速正在放緩，消費者現由傳統零售渠道轉向多種線上平台，包括社交平台及即時電商平台，以及會員制商店與連鎖零食店。由於佔我們業務顯著份額的傳統零售渠道正在放緩，但在我們正在努力拓展規模的電商平台及連鎖零食店渠道的增長未能完全抵銷上述影響，整體收入減少9%。儘管如此，於中期財務期間，在有效推廣及具競爭力定價的帶動下，我們於豆奶及植物奶類別的市場份額有所增長。在茶類方面，我們成功推出鴨屎香檸檬茶等創新產品，提升市場份額。 In the Chinese Mainland market, the category growth rates ofplant milk and tea are slowing down, and consumers are shiftingaway from traditional general trade channels to a variety of onlineplatforms including social and instant commerce platforms as wellas differentiated club stores and snack chains. Revenue declinedby 9% due to a slow down in the general trade channels wherewe have a significant presence and this was not completely offsetby our growth in the online commerce and snack chains channelwhere we are working to build scale. Nevertheless, during theinterim financial period, we have grown market share in the soymilk and plant milk categories, driven by effective promotion andcompetitive pricing. In the tea category, we are improving ourmarket share, supported by successful innovations such as ournew VITA Ya Shi Xiang Lemon Tea. 香 港 業 務（香 港 特 別 行 政 區、澳 門 特 別 行 政區及出口）收入下降4%，主要由於維他天地業務、澳門特別行政區及出口美國業務表現疲弱所致。澳門特別行政區業務受到經濟復甦乏力的負面影響，而維他天地業務疲弱則因颱風季節惡劣天氣頻繁，導致上課天數減少所致。出口美國業務則因徵收關稅令需求抑壓。更為重要的是，香港特別行政區飲品業務再創穩健表現，維持市場領導地位。在持續創新產品的配合下，能夠強化我們現有核心業務的穩定性，並為持續增長作出貢獻。 The Hong Kong Operation (Hong Kong SAR, Macau SAR andExports) recorded a 4% reduction in revenue primarily due toweak performance of the Vitaland business, Macau SAR andexports to the United States. The Macau SAR business wasnegatively impacted by the sluggish economic recovery while theVitaland business was affected by a lesser number of school daysbecause