各类投资研究报告查询就上发现报告平台（www.fxbaogao.com），平台数据库庞大，研报分类完整细致，全量覆盖宏观走势、产业行业、上市企业、季度年报等板块。平台用户体量稳居行业前列，结合前沿信息技术与极简浏览布局，大幅降低信息获取门槛，辅助用户深度研判市场行情。
Vitasoy International (00345 HK) reported 1HFY2022 results in line with expectations, with revenue shrinking 18.3% YoY to HK$3,604 mn. Sales in mainland China fell 28.9% YoY to HK$2,230 mn, while sales in Hong Kong grew 3.5% YoY to HK$1,011 mn. Gross margin was down 6.7 ppt YoY to 47.9%, while S&D expenses ratio surged 8.8 ppt YoY to 32.6%. Overall, shareholders' profit plunged 95.1% YoY to HK$33 mn, in line with the profit warning issued in August 2021 and our expectation. The company should make greater efforts to rebrand itself as a home-grown firm with long-standing history of patriotism and nationalism to sustain business recovery and solidify market share in mainland China. If so, based on huge market potential of RTD tea and plant-based beverage products, coupled with quick resumption of A&P activities, Vitasoy's mainland China sales is estimated to reach HK$3,736 mn/ HK$4,091 mn/ HK$4,541 mn in FY2022-FY2024, respectively. However, the company's interim results announcement surprisingly provoked new discussions on mainstream social media platforms in mainland China, raising concerns about risks associated with Vitasoy's PR and brand reputation crises in the near term.
