According to the news on November 30th,$WANT WANT CHINA (00151.HK)$Fast diving fell by more than 9%. As of press release, it was down 9.21% to HK$4.34, with a turnover of HK$16.1515 million.

According to the news, China Wangwang announced the previous day its results for the six months ended September 30, 2023, with revenue of 11.275 billion yuan (RMB, same below), an increase of 4.1% over the previous year. The profit attributable to corporate equity holders was 1,732 billion yuan, up 8.5% year on year, and basic profit per share was 14.58 points.

The Group's total revenue during the period increased by 4.1% compared to the same period last year. Among them, dairy products and beverages accounted for 54% of total revenue, while rice crackers and snack foods accounted for 45%. Earnings in the dairy and beverage category grew 7.1% year over year, and rice cake category increased 4.5% year over year. Earnings in the snack food category declined 1.5% year on year. Mainly ice products, earnings performance was weak due to the pre-influence of work pace, but confectionery products still recorded a high profit in the first half of the fiscal year.

CICC pointed out that maintaining China's booming “outperform the industry” rating, considering weak demand, the profit forecast for the 23/2024 fiscal year was lowered by 3.1%/3.3% to 37.44/4.93 billion yuan, and the target price was lowered by 6.5% to HK$5.8 billion. The company's 1HFY23 revenue was 11.3 billion yuan, +4.1% year-on-year, and net profit was 1.73 billion yuan, +8.5% year-on-year. The performance was in line with market expectations. No dividends were paid in the medium term, mainly due to high interest rates on US dollar loans and the company's consideration of overseas capital use arrangements. The bank expects the company to pay dividends at the end of the year or fiscal year.