Vitasoy International (0345) H2 2025 earnings summary

Executive summary

• Revenue increased by 1% year-over-year to HK$6,274 million, with strong performance in Mainland China and Hong Kong and improved profitability across all geographies.

• Operating profit nearly doubled (+96%) to HK$364 million, driven by efficiency gains, product innovation, and improved results in Mainland China.

• Profit attributable to equity shareholders surged 102% year-over-year to HK$235 million, reflecting strong operational leverage and efficiency.

• Gross profit margin improved by 1.3 percentage points to 51.3%, supported by lower commodity costs and manufacturing efficiencies.

• New product launches and marketing campaigns enhanced brand relevance and consumer engagement.

Financial highlights

• Full-year revenue: HK$6,274 million (+1% year-over-year); gross profit: HK$3,218 million (+3%).

• Operating profit: HK$364 million (+96%); EBITDA: HK$836 million (+22%).

• Profit attributable to equity shareholders: HK$235 million (+102%).

• Basic EPS increased to HK21.9 cents from HK10.9 cents (+102%).

• Free cash flow improved, with cash on hand at HK$1,268 million and net cash position at HK$657 million.

Outlook and guidance

• Focus on sustaining business scale and profitability amid geopolitical and economic headwinds and slower category growth.

• Mainland China to maintain scale and structural profitability; Hong Kong to solidify core portfolio and drive innovation.

• Australia and ASEAN to pursue top-line growth and reduce operating losses.

• Continued mitigation of international tariff risks and monitoring of global trade barriers.

• Confident in gradual improvement and long-term prospects despite short-term challenges.