27 Jun 2024

Want Want reported Mar-end FY24 revenue of Rmb23.6bn, up 2.9% YoY, which was mainly driven by robust growth in its Dairy & Beverages segment. Sales from emerging channels, traditional channels and modern channels all recorded growth with emerging channels/modern channels grew by HSD/LSD-MSD YoY, while overseas market also saw a strong mid-to-high teens YoY growth. Traditional channels resumed YoY growth in revenue, with HSD growth in the milk sub-category, and double-digit growth in the beverages sub-category. Management will also actively seek cooperation with offline systems of snacks specialty retailers, which have emerged in the past two years. By end-FY24, Want Want has overseas subsidiaries in five countries, namely Vietnam, Thailand, Indonesia, Germany and North America. Through launching diversified marketing and promotional activities, such as short videos on TikTok, seasonal pop-up stores and food tasting events at POS, it has increased the recognition of the Want Want brand and its product exposure in overseas markets.

CROSBY Research – Want Want China (151 HK): Robust NP growth on higher GPM