---
title: "HK$3.227 Billion! Vitasoy International's Interim Revenue Declines 6%"
description: "On November 25, Vitasoy International Holdings Limited (VITASOYINT'L) reported a 6% year-on-year decline in revenue to approximately HK$3.227 billion for the six months ended September 30, 2025, while profit attributable to shareholders rose 1% to HK$172 million. The company attributed the revenue decline to challenging market conditions in mainland China, where revenue fell 9.19%."
author: "让消费更纯粹的"
publisher: "New Distribution"
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published: "2025-11-28"
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# HK$3.227 Billion! Vitasoy International's Interim Revenue Declines 6%

> On November 25, Vitasoy International Holdings Limited (VITASOYINT'L) reported a 6% year-on-year decline in revenue to approximately HK$3.227 billion for the six months ended September 30, 2025, while profit attributable to shareholders rose 1% to HK$172 million. The company attributed the revenue decline to challenging market conditions in mainland China, where revenue fell 9.19%.

### **Source** | 整点消费 **ID** | ZDXFBA Author | 整点消费
On November 25, Vitasoy International Holdings Limited (VITASOYINT'L, hereinafter "Vitasoy International") disclosed its results for the six months ended September 30, 2025.
Image source: Company announcement (screenshot)
During the reporting period, Vitasoy International achieved revenue of approximately HK$3.227 billion (Hong Kong dollars, same below), a year-on-year decrease of 6%; profit attributable to equity holders of the company was approximately HK$172 million, a year-on-year increase of 1%.
Meanwhile, Vitasoy International's gross margin slightly declined from 51.6% to 51.1%, primarily due to increased trade promotion expenses and lower product selling prices in mainland China, partially offset by lower raw material costs and improved production operational efficiency.

**Core Market Revenue and Net Profit "Double Decline"**
Regarding the revenue decline, Vitasoy International stated: "Mainly due to the challenging performance of the mainland China business affected by weak market conditions."
Image source: Company announcement (screenshot)
During the reporting period, Vitasoy International's revenue from mainland China was approximately HK$1.778 billion, a year-on-year decline of 9.19%; it generated a profit of HK$192 million for Vitasoy International, a year-on-year decline of 12.45%. It is worth noting that mainland China's revenue accounted for over 55% of Vitasoy International's total revenue, and net profit accounted for 63.07%.
It is no exaggeration to say that the mainland China market determines Vitasoy International's "fundamentals." During the period, Vitasoy International's operating profit margin in mainland China was 11%.
Regarding the performance decline in the mainland China market, Vitasoy International explained in its financial report: In the mainland China market, the growth of plant-based milk and tea product categories is slowing down, and consumers are shifting from traditional retail channels to various online platforms, including social platforms and real-time e-commerce platforms, as well as membership stores and chain snack stores. As the traditional retail channels, which account for a significant share of our business, are slowing down, although the company is striving to expand its e-commerce platforms and chain snack store channels, the growth from these channels has not fully offset the impact.
Image source: Xiaohongshu @momo
However, Vitasoy International still stated that during the interim financial period, driven by effective promotions and competitive pricing, our market share in the soy milk and plant-based milk categories increased; in the tea category, we successfully launched innovative products such as Vitasoy Duck Shit Fragrance Lemon Tea, increasing market share.
During the reporting period, Vitasoy International's revenue from Hong Kong operations (including Hong Kong Special Administrative Region, Macao Special Administrative Region, and exports) was HK$1.112 billion, a year-on-year decrease of 4%; this region achieved a net profit of HK$135 million, a year-on-year decline of 15.35%.
Image source: Xiaohongshu @椰椰
In this regard, Vitasoy International stated that this was mainly due to the weak performance of the Vitasoy Sky business, Macao Special Administrative Region, and export to the US business. The Macao Special Administrative Region business was negatively affected by the sluggish economic recovery, while the Vitasoy Sky business was weak due to frequent severe weather during the typhoon season, resulting in fewer school days.
However, Vitasoy International still stated that the region's business remained stable, maintaining a double-digit net profit margin.
The export to the US business was suppressed by tariffs. More importantly, the Hong Kong Special Administrative Region beverage business continued to deliver stable performance and maintained market leadership. With continuous product innovation, we can strengthen the stability of our existing core business and contribute to sustained growth.
Revenue from Australia and New Zealand was HK$279 million, up 5% in local currency. Household penetration and market share of our core platforms continued to grow. With stable production and further cost reductions, profitability improved, and operating loss narrowed from HK$45.508 million to HK$22.065 million.
In Singapore, Vitasoy International achieved revenue of HK$56.943 million, a slight year-on-year increase of nearly 2%. Vitasoy International stated that the local and export tofu business in Singapore continued to grow, but was offset by the relatively weak beverage business, and the imported beverage business still faced intense competitive pressure. In the Philippines, we focused on the growth of the family pack business and continued to reduce floating expenses.

**"Cutting Expenses" to Protect Profits**
Regarding the decline in net profit, Vitasoy International stated: "Mainly due to lower sales volume, increased trade promotion expenses, and lower product selling prices in mainland China, partially offset by lower raw material costs and improved production operational efficiency."
Image source: Xiaohongshu @时光有你
It is worth noting that despite the decline in net profit, this is still the result of the company's active cost reduction and efficiency improvement.
During the reporting period, Vitasoy International's total operating expenses decreased by 7% to HK$1.441 billion (compared to HK$1.555 billion in the same period last year); marketing, selling, and distribution expenses decreased by 2% to HK$976 million (compared to HK$998 million in the same period last year). Vitasoy International explained: "Mainly due to lower transportation costs and reduced employee-related expenses."
In addition, Vitasoy International's administrative expenses decreased by 15% to HK$322 million (compared to HK$381 million in the same period last year), mainly due to the absence of one-time severance costs incurred by Vitasoy (Shanghai) Co., Ltd. last year, as well as improved operational efficiency.
Other operating expenses mainly include employee costs for support functions, impairment of property, plant, and equipment, and other tax expenses in mainland China. These expenses decreased by 20% to HK$143 million (compared to HK$170 million in the same period last year), mainly due to the absence of impairment of property, plant, and equipment last year.

**"Growth Protection" in the Second Half of the Fiscal Year**
In the future outlook, Vitasoy International frankly stated that the external macro and competitive environment is changing rapidly. Mainland China is at the forefront of this critical evolution. After facing challenges in the first half of the fiscal year, the Hong Kong business will accelerate growth in the second half of the fiscal year, while the Australia and New Zealand and Singapore businesses will strive to accelerate growth and further reduce operating losses.
Image source: Xiaohongshu @小光
Regarding the future development of the mainland China market, Vitasoy International stated that as the industry landscape changes, especially changes in sales channels, we will continue to enhance the capabilities of our mainland China business, while strengthening sales execution of the Vitasoy and Vitasoy brands in core regions to ensure value competitiveness. To achieve these goals, we are actively strengthening sales team resources to ensure accelerated sales growth.
We are confident that through collaborative planning and execution proposals, we will build the ability to win customers, while flexibly responding in the emerging social media and e-commerce platform environment to demonstrate influence.
As for the Hong Kong business, Vitasoy International stated that we will continue to drive product innovation to support excellent commercial performance and maintain a solid foundation for the Hong Kong business. We are actively addressing the short-term challenges faced by the Vitasoy Sky business, Macao Special Administrative Region, and export to the US business, and are committed to further driving sales growth in the second half of the fiscal year.


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## Citation metadata

- Publisher: New Distribution
- Author: 让消费更纯粹的
- Published: 2025-11-28
- Canonical: https://xinjignxiao.com/en/articles/hk-3-227-billion-vitasoy-international-s-interim-revenue-declines-6-f918a125/
- Original source: https://mp.weixin.qq.com/s/oAd66AG4Ss4WSwZLMOgRYA

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