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同比少卖了7亿元,康师傅上半年饮料业务失速
Guan Cha Zhe Wang· 2025-08-14 11:39
Group 1: Company Performance - In the first half of 2025, Master Kong's revenue declined by 2.7% to approximately 400.92 billion yuan, marking a continuous decline in revenue for two consecutive years [1] - The net profit attributable to shareholders increased significantly by 20.5% to 22.71 billion yuan [1] - Beverage revenue, particularly from tea drinks, fell by 2.6% to 263.59 billion yuan, with tea beverage revenue specifically dropping by 6.3% to 106.7 billion yuan [1] Group 2: Market Dynamics - The decline in Master Kong's beverage sales is attributed to increased competition from low-priced hand-shaken tea drinks and the rising market share of unsweetened tea, which has impacted the sweetened tea segment [2] - The tea beverage market is experiencing a shift towards affordable options, with a clear competitive landscape favoring low-cost tea drinks [3][4] Group 3: Industry Trends - The tea beverage industry is witnessing a rapid chain development, with the affordable tea segment showing strong ecological advantages and a clear competitive structure [3] - The industrial model in the tea beverage sector is more advantageous, allowing for a "winner-takes-all" scenario, where early movers can achieve significant scale and cost advantages [4] Group 4: Coffee Market Insights - In the first half of 2025, the coffee market saw a net increase of 11,841 stores, representing a growth of 21.64% compared to the end of 2024 [8] - Luckin Coffee maintained its leading position with a net increase of 3,866 stores, achieving a growth rate of 17.31% [8] - Some international brands, such as Costa Coffee and Starbucks, faced store reductions due to intense competition from local brands [9]
茶咖日报|同比少卖了7亿元,康师傅上半年饮料业务失速
Guan Cha Zhe Wang· 2025-08-14 11:36
Group 1: Company Performance - In the first half of 2025, Master Kong's revenue declined by 2.7% year-on-year to approximately 400.92 billion yuan, marking the third consecutive year of revenue decline [1] - The beverage segment of Master Kong saw a 2.6% drop in revenue to 263.59 billion yuan, with tea beverage sales falling by 6.3% to 106.7 billion yuan [1] - The net profit attributable to shareholders increased significantly by 20.5% to 22.71 billion yuan [1] Group 2: Market Dynamics - The rise of low-priced hand-shaken tea drinks and the no-sugar tea market has negatively impacted Master Kong's market share in the sugary tea segment [2] - The tea beverage market is experiencing a shift towards more affordable options, with a clear competitive landscape favoring budget tea brands [3][4] Group 3: Industry Trends - The tea beverage industry is witnessing a rapid chain development, with budget tea brands benefiting from a large and stable customer base [3] - The industrial model in the tea beverage sector is more advantageous, allowing for a "winner-takes-all" scenario, which could lead to significant market consolidation [4] Group 4: Coffee Market Insights - In the first half of 2025, the coffee market saw a net increase of 11,841 stores, representing a growth rate of 21.64% compared to the end of 2024 [8] - Major coffee brands like Luckin Coffee and Kudi Coffee are expanding rapidly, while some international brands are facing store reductions due to competition from local brands [9]
康师傅今年上半年营收约400亿元,方便面少卖3.5亿元,未来500ml饮品或将涨价
Sou Hu Cai Jing· 2025-08-14 10:07
Core Insights - The company reported a revenue of 400.92 billion RMB for the first half of 2025, a year-on-year decrease of 2.7%, while net profit attributable to shareholders increased by 20.5% to 22.71 billion RMB [2][4] Revenue Breakdown - The two main business segments, instant noodles and beverages, both experienced a decline in revenue. Instant noodle revenue was 134.65 billion RMB, down approximately 3.5 billion RMB year-on-year, while beverage revenue was 263.59 billion RMB, down about 7 billion RMB [3][8] - The company’s gross profit margin improved by 1.9 percentage points to 34.5% due to cost structure optimization and enhanced operational efficiency [5] Distributor and Channel Dynamics - The number of distributors decreased to 63,806, down by 3,409 from the end of 2024, indicating a consolidation of the distribution network [6] - The company aims to support high-quality partners while phasing out inefficient distributors, which has led to a decline in traditional channel sales [6] Financial Health - Total liabilities reached 398.82 billion RMB, an increase of 4.3 billion RMB from the previous year, with a debt ratio of 71.28%, up 4.42 percentage points [6] Instant Noodle Segment - Instant noodle sales saw a revenue decline of 2.5%, with a net profit increase of 11.9% to 9.51 billion RMB. The company implemented price adjustments in May 2024, which contributed to a rise in gross profit margin for this segment [7] - Management indicated that sales in July showed signs of recovery, suggesting a stabilization in the instant noodle business [7] Beverage Segment - Beverage revenue was 263.59 billion RMB, a year-on-year decrease of 2.6%, with net profit increasing by 19.6% to 17.52 billion RMB [8] - Sales of tea beverages, water, and juice declined, while carbonated and other drinks saw a slight increase. The gross profit margin for beverages improved by 2.5 percentage points to 37.7% [9] - The company plans to gradually increase the price of its 500ml beverages from 3 RMB to 3.5 RMB, while maintaining current pricing for other products to enhance profitability [10]
星展:上调对康师傅控股今明两年盈利预测 维持“买入”评级
Zhi Tong Cai Jing· 2025-08-14 09:16
Core Viewpoint - DBS has downgraded the revenue forecast for Master Kong Holdings (00322) for 2025 and 2026 by 4%, while raising the gross margin forecast by 1 percentage point, particularly in the ready-to-drink beverage segment [1] Group 1: Revenue and Profit Forecasts - The bank expects Master Kong to achieve a 7% core profit growth in the second half of the year, compared to a 12% year-on-year increase in the first half, mainly benefiting from cost control [1] - The average annual compound growth rate for Master Kong from 2024 to 2026 is projected to be 10% [1] Group 2: Earnings Adjustments - DBS has raised its earnings forecasts for Master Kong by 5% and 1% for the next two years, reflecting an increase in other income [1] - The target price for Master Kong has been adjusted from HKD 14.6 to HKD 14.1, maintaining a "Buy" rating with a target price-to-earnings ratio of 17 times [1]
星展:上调对康师傅控股(00322)今明两年盈利预测 维持“买入”评级
智通财经网· 2025-08-14 09:14
Group 1 - The core viewpoint of the report is that DBS has downgraded the revenue forecast for Master Kong Holdings (00322) for 2025 and 2026 by 4%, while raising the gross margin forecast by over 1 percentage point, particularly in the ready-to-drink beverage segment [1] - DBS expects Master Kong to achieve a 7% core profit growth in the second half of the year, compared to a 12% year-on-year increase in the first half, mainly benefiting from cost control [1] - The bank anticipates a compound annual growth rate (CAGR) of 10% for Master Kong from 2024 to 2026 [1] Group 2 - DBS has raised its profit forecasts for Master Kong by 5% and 1% for the next two years, reflecting an increase in other income [1] - The "buy" rating for Master Kong is maintained, with the target price adjusted from HKD 14.6 to HKD 14.1, based on a target price-to-earnings ratio of 17 times [1]
康师傅饮品涨价后少卖7亿,管理层称不会降价
3 6 Ke· 2025-08-14 07:38
【#涨了5毛钱后康师傅饮料少卖7亿#,但管理层称不会降价】#康师傅500ml冰红茶或涨至3.5元# 管理层表示,康师傅还是想坚持高质量的发展。1L装冰红茶卖4元太便宜了,但卖4.5元可以改善好几个 点的毛利率,所以我们认为这个方向是对的,还是会坚持走下去。并且,接下来会慢慢的把500ml冰红 茶的价格从3元往3.5元去靠。 提价导致的销量下滑也是康师傅饮料业务营收下滑的原因之一。2024年一季度,康师傅对旗下1L装冰 红茶、绿茶、茉莉蜜茶等饮品进行提价,终端价由4元涨至4.5元-5元。不过,当被问及康师傅是否会将 调价的饮品价格进行回调时,管理层回应称,虽然饮品业务在今年下半年会继续面临挑战,但公司并不 会将调价的饮品价格往下调的。 据时代周报消息,8月11日,康师傅控股发布公告披露2025年中期业绩。期内,该集团实现收入400.92 亿元,同比下降2.7%;录得净利润26.88亿元,同比增长20.3%。按业务细分来看,康师傅的营收主要由 方便面、饮品两大业务组成。2025年上半年,其方便面业务收入134.65亿元,同比下滑2.5%;饮品业务 收入263.59亿元,同比下滑2.6%,较2024年同期少卖了7. ...
康师傅控股反弹逾3% 里昂认为公司利润增长的能见度较高
Zhi Tong Cai Jing· 2025-08-14 07:21
Core Viewpoint - 康师傅控股's stock rebounded over 3%, closing at HKD 11.5 with a trading volume of HKD 147 million, indicating positive market sentiment despite mixed forecasts from analysts [1] Group 1: Revenue and Profit Forecasts - 星展银行 has lowered 康师傅's revenue forecasts for 2025 and 2026 by 4%, but raised the gross margin forecast by 1 percentage point, particularly in the ready-to-drink beverage segment [1] - The bank expects 康师傅 to achieve a 7% core profit growth in the second half of the year, compared to a 12% year-on-year increase in the first half, mainly due to cost control [1] - The annual compound growth rate from 2024 to 2026 is projected at 10%, with profit forecasts for the next two years increased by 5% and 1% respectively, reflecting additional income [1] Group 2: Management Guidance and Market Conditions - 里昂证券 noted that 康师傅's management provided new revenue guidance for the fiscal year 2025, aiming for flat to low single-digit year-on-year growth, with core net profit expected to grow at a double-digit rate [1] - Despite uncertainties in the competitive landscape and beverage recovery, 里昂 believes 康师傅's profit growth visibility is high due to better cost control [1] - The firm maintains that 康师傅's double-digit core profit growth target is achievable, although its revenue forecast is slightly below the company's guidance [1]
还要涨价,康师傅管理层:“1L装冰红茶卖4元太便宜了”
Xin Lang Cai Jing· 2025-08-14 07:20
文|时代周报 张钇璟 编辑|杨春霞 8月11日,康师傅控股(00322.HK,以下简称"康师傅")发布公告披露2025年中期业绩。期内,该集团 实现收入400.92亿元,同比下降2.7%;录得净利润26.88亿元,同比增长20.3%;股东应占净利润22.71亿 元,同比增长20.5%。 对比来看,老对手统一企业中国(00220.HK,以下简称"统一")上半年营收、利润均实现两位数增 长,康师傅的表现略显逊色。今年上半年,统一实现营收170.87亿元,同比增长10.6%;权益持有人应 占净利润12.87亿元,同比增长33.2%。 业绩公布的次日(即8月12日),康师傅股价早盘一度重挫近6%至10.69港元,不过此后其股价逐步回 升。截至8月13日收盘,公司股价报11.12港元/股,较8月11日下跌2.46%,总市值达626.8亿港元。 对于这张"增利不增收"的半年度成绩单,康师傅管理层在8月12日举办的业绩会上表示,虽然上半年营 收不及预期,但康师傅现在处在高质量发展的转型过程中。今年公司希望能够把全年营业额做平或者转 正,明年、后年能够实现正增长。 "下半年至未来一两年,我们希望利润增速能大于营业额增速,市占 ...
港股异动 | 康师傅控股(00322)反弹逾3% 里昂认为公司利润增长的能见度较高
智通财经网· 2025-08-14 07:15
Core Viewpoint - 康师傅控股's stock rebounded over 3%, closing at 11.5 HKD with a trading volume of 147 million HKD, despite a revenue forecast downgrade by DBS for 2025 and 2026 [1] Group 1: Revenue and Profit Forecasts - DBS lowered 康师傅's revenue forecast for 2025 and 2026 by 4%, but raised the gross margin forecast by over 1 percentage point, particularly in the ready-to-drink beverage segment [1] - DBS expects 康师傅 to achieve a 7% core profit growth in the second half of the year, compared to a 12% year-on-year increase in the first half, mainly due to cost control [1] - The annual compound growth rate from 2024 to 2026 is projected at 10% [1] Group 2: Management Guidance and Market Outlook - Credit Lyonnais noted that 康师傅's management provided new revenue guidance for the fiscal year 2025, aiming for flat to low single-digit year-on-year growth, with core net profit expected to grow at a double-digit rate [1] - Despite uncertainties in the competitive landscape and beverage recovery, Credit Lyonnais believes 康师傅 has better visibility for profit growth due to improved cost control [1] - The firm maintains that 康师傅's double-digit core profit growth target should be achievable [1]
研报掘金|招商证券:上调康师傅评级至“增持” 下半年销售复苏趋势更加明确
Ge Long Hui A P P· 2025-08-14 03:14
报告指,虽然康师傅营收略低于预期,但公司在上半年盈利受利润率驱动小幅超预期,毛利率按年提升 190个基点至34.5%,经调整净利润按年增长12%。管理层将全年销售指引从低至中单位数增长下调至持 平至低单位数增长。不过,考虑到上半年营收按年下降2.7%,这一指引仍暗示下半年将实现环比复 苏,惟复苏幅度较为温和。 格隆汇8月14日|招商证券发表报告,将康师傅评级由"中性"上调至"增持",原因是自该行在去年8月27 日将康师傅评级下调至"中性"以来,多个关键因素已发生积极变化,利润率比预期更具韧性,下半年销 售复苏趋势更加明确,原材料成本环境依然有利。该行对其目标价由13.5港元微升至13.6港元,认为公 司7.6%股息率叠加估值吸引。 ...