Core Insights - The 2025 Global Brand Economy Conference and the 16th Golden Flag Brand Awards highlighted the achievements of brands, with Master Kong winning the highest honor, the "Grand Prize," for its ESG communication project "The Modern Adventures of Princess Nanny" [1][12] - Master Kong also received recognition for its Hangzhou Flavor Museum project, which won the "Corporate Public Relations Communication Case Gold Award," and was included in the "Top 50 Brands with Social Value" [1][12] Group 1: Awards and Recognition - Master Kong won four awards at the Golden Flag Awards, showcasing its commitment to high-quality development and sustainable brand practices [1][12] - Other notable winners included projects from companies like Malaysia's Petronas, Roche, JD.com, and leading brands such as BMW, Mars, Huawei, and Bayer [5] Group 2: Innovative Practices - The award-winning project "The Modern Adventures of Princess Nanny" utilized a unique combination of "costume drama" and "AI digital human broadcasting," effectively engaging audiences on social media and promoting ESG concepts [6][8] - The Hangzhou Flavor Museum features ten themed spaces and interactive installations, transforming traditional industrial scenes into engaging educational experiences, thus merging industrial tourism with brand communication [8] Group 3: Sustainable Operations - Master Kong has integrated sustainable development into its operations, achieving significant reductions in carbon emissions and energy consumption, including a 19.04% decrease in energy consumption per million yuan of revenue from 2017 to 2024 [10][12] - The company’s innovative technologies, such as heat recovery systems and AIOT energy-efficient refrigerators, are expected to enhance its green operations further [10] Group 4: Industry Impact - Master Kong's ongoing ESG initiatives have garnered multiple recognitions, including being featured in the UN Global Compact's 25th Anniversary Excellent Case Collection and receiving accolades from S&P Global and Fortune [12] - The company's achievements reflect its commitment to long-termism and high-quality development, positioning it as a leading brand in sustainable practices within the food and beverage industry [12]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 康師傅控股有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00322 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,000,000,000 | USD | | 0.005 USD | | 35,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 7,000,000,000 | USD | | 0.005 USD | | 35,000,000 | 本月底法定/註冊股本總額： USD 35, ...

Core Viewpoint - The beverage market is experiencing a significant transformation characterized by rising prices and the decline of the 3 yuan price range, driven by consumer demand for healthier options and changes in the industry landscape [6][17][20]. Price Trends - Traditional beverages priced around 3 yuan are becoming increasingly rare, with many drinks now costing 5 to 6 yuan or more, reflecting a shift in consumer purchasing behavior [5][8]. - Major brands like 康师傅 and 可口可乐 have announced price increases for their products, with 康师傅's 500ml iced tea rising from 3 yuan to 3.5 yuan, and 可口可乐's prices also seeing similar hikes [12][16]. Cost Factors - The beverage industry's cost structure includes significant contributions from raw materials such as sugar, PET resin, and packaging, with sugar prices directly impacting beverage pricing [14][16]. - The rising costs of ingredients, particularly sugar, have led to increased prices for traditional sugary drinks, while healthier options often command even higher prices due to their premium ingredients [16][17]. Market Transformation - The beverage market is undergoing a profound change, with new categories like sugar-free teas and functional drinks gaining popularity, reflecting a shift towards health-conscious consumption [17][20]. - This transformation is not merely about price increases but involves a complete restructuring of the industry value chain and competitive landscape, emphasizing health, personalization, and emotional value [18][20]. Consumer Behavior - Consumers are increasingly willing to pay a premium for beverages that offer cleaner ingredients and health benefits, indicating a fundamental shift in consumer values [18][20]. - The new beverage era prioritizes product development, supply chain efficiency, and deep consumer insights over traditional price competition [20].

Group 1 - Midea Group's A-shares continued to rise, reaching a peak of 81.66 yuan, the highest in over four years [1] - As of the report, the stock increased by 1.76%, closing at 81.41 yuan per share [1] - Midea Group's H-shares also rose over 1%, hitting a new high for the year [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 本公告是由康師傅控股有限公司 (「本公司」) 根據香港聯交所有限公司證券上市規則 第 13.10B 條而作出。 以下附件是本公司依臺灣證券交易所股份有限公司規定於2025年12月1日在臺灣證券交易 所股份有限公司刊發的公告。 TINGYI (CAYMAN ISLANDS) HOLDING CORP. 康師傅控股有限公司 * （在開曼群島註冊成立之有限公司） （股份編號：0322） 海外監管公告 網址: http://www.masterkong.com.cn http://www.irasia.com/listco/hk/tingyi 承董事會命 康師傅控股有限公司 公司秘書 葉沛森 香港，2025年12月1日 於本公告日期，本公司之執行董事為魏宏名先生、井田純一郎先生、魏宏丞先生、筱 原幸治先生、高橋勇幸先生及曾倩女士；本公司之獨立非執行董事為徐信群先生、栃尾雅也 先生及文暮良先生。 *僅供識別 康師 ...

Core Insights - The 2025 Entrepreneur Boao Forum will be held from December 2 to 5 in Boao, Hainan, focusing on high-quality development in the food and beverage industry through technological innovation and sustainable practices [1][2] - The forum has been a platform for sharing insights on China's economic high-quality development since its inception in 2016, with a focus on health-oriented product innovation, smart supply chain upgrades, and green transformation [1][2] Company Strategy - The company aims to deepen product innovation and upgrade health-oriented scenarios to meet the needs of Generation Z [2] - It plans to promote smart manufacturing through the "dark factory" model to enhance efficiency and drive manufacturing upgrades [2] - The company is committed to sustainable development, implementing practical ESG practices to contribute to a green, low-carbon lifestyle [2] Industry Trends - The food and beverage industry has undergone significant changes over the past decade, including shifts in consumer demand, market restructuring, and technological upgrades [1] - The company seeks to leverage AI and green transformation to address industry challenges and better meet consumer needs [2] - The upcoming forum will gather various stakeholders to discuss enhancing confidence in China's economic high-quality development and fostering innovation and cooperation [2]

Core Insights - The report by Sullivan indicates that the Chinese instant noodle industry is experiencing steady growth, with a market size expected to reach 1,105.4 billion RMB in 2024 and projected to grow to 1,333.3 billion RMB by 2029, reflecting a shift from "quantity" to "quality" [1][11][12] - The demand for old hen soup instant noodles has surged, with the market size increasing from 280 million servings in 2020 to 2.19 billion servings in 2024, achieving a compound annual growth rate (CAGR) of 67.2% [1][21] - Consumer pain points include insufficient flavor restoration, low health and nutrition content, and severe product homogeneity, which need to be addressed for future growth [1][22][24] Industry Overview - The overall demand for instant noodles in China is rebounding amidst urbanization and consumption upgrades, with a significant portion of consumption driven by the younger workforce [6][9] - The average per capita consumption of instant noodles in China is projected to be 31 servings in 2024, which is still lower than that of South Korea and Japan, indicating substantial growth potential [9][11] Market Trends - The old hen soup instant noodle segment is becoming a crucial category within the industry, benefiting from consumption upgrades and technological innovations [1][18] - The market is expected to stabilize with a CAGR of approximately 35.9% from 2024 to 2029, with the market size potentially exceeding 10 billion servings [21][33] Consumer Pain Points - Key consumer concerns include the inadequate restoration of chicken soup flavor, low compatibility between noodles and soup, and a lack of distinctive product features [22][24] - Consumers are increasingly seeking healthier options, with expectations for lower fat and sodium content, as well as more natural ingredients [35][36] Technological Innovations - The rapid development of locking freshness technology is addressing consumer pain points by enhancing flavor restoration and product quality [2][25][34] - Companies like Master Kong are leading in this area, utilizing patented technologies to improve the flavor and stability of their products [2][28][32] Future Outlook - The industry is expected to see multi-dimensional growth driven by quality upgrades, health-oriented product optimization, and the integration of convenience in consumption [33][34][36] - The future of locking freshness technology may involve digitalization, standardization, and modularization, allowing for regional flavor upgrades and cross-scenario applications [30][31]

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with "Outperform" ratings for several companies including China Feihe, Haidilao, and China Resources Beer, while Budweiser APAC is rated as "Neutral" [1]. Core Insights - The report highlights significant price increases in vegetables and corrugated paper, with the spot cost index for vegetables rising by 7.08% month-on-month and 16.16% year-on-year, while corrugated paper prices increased by 8.81% month-on-month and 17.49% year-on-year [6][24][27]. - Most spot cost indices for monitored consumer goods have risen, while futures cost indices have generally declined, indicating a mixed outlook for the sector [31]. Summary by Category Beer - The spot cost index for beer decreased by 2.25% month-on-month, with a cumulative decline of 3.04% since the beginning of the year [12][32]. - The futures index also fell by 2.62% month-on-month, reflecting ongoing supply-demand imbalances [12][32]. Condiments - The spot cost index for condiments decreased by 0.95% month-on-month, with a cumulative decline of 3.50% since the start of the year [15][33]. - Soybean prices have shown an increase, with spot prices rising by 1.38% month-on-month [15][33]. Dairy Products - The spot cost index for dairy products increased by 0.74% month-on-month, while the futures index decreased by 1.07% [18][34]. - Fresh milk prices have declined to 3.03 yuan/kg, a year-on-year decrease of 3.2% [18][34]. Instant Noodles - The spot cost index for instant noodles increased by 0.64% month-on-month, while the futures index decreased by 1.47% [21][35]. - Palm oil prices have decreased significantly, impacting production costs [21][35]. Frozen Foods - The spot cost index for frozen foods increased by 0.37% month-on-month, while the futures index rose by 0.52% [24][36]. - Vegetable prices have surged due to adverse weather conditions, contributing to rising costs [24][36]. Soft Drinks - The spot cost index for soft drinks increased by 2.50% month-on-month, while the futures index decreased by 1.70% [27][37]. - The price of PET chips has declined, affecting overall production costs [27][37].

Core Insights - The company faces significant complaints regarding food safety, including reports of foreign objects found in products, such as a consumer finding a fingernail in a noodle product [2][3] - Despite these issues, the company has reported an increase in shareholder profits, with a 20.5% year-on-year increase in net profit for the first half of 2025, while revenue decreased by 2.7% [6][9] - The company maintains a high dividend payout ratio, with a 100.04% dividend rate in 2024, indicating that a significant portion of profits is distributed to shareholders, including foreign stakeholders [10][11] Food Safety Issues - The company has been criticized for its food safety practices, with numerous complaints on platforms like Black Cat Complaints, totaling 3,809 complaints related to the brand [2][3] - The CEO has stated that the company has invested billions to establish a food safety management system, claiming to monitor over 1,500 safety indicators annually [4] Production Safety Concerns - The company has faced penalties for production safety violations, including a fine of 525,000 yuan for a safety incident in June 2025 [5] - Regulatory inspections revealed further issues, such as non-functional gas concentration detection equipment, leading to additional penalties [5] Financial Performance - For the first half of 2025, the company's total revenue was 40.092 billion yuan, with a decline in both core business segments: instant noodles and beverages [6][8] - Instant noodle revenue decreased by 2.5% to 13.465 billion yuan, while beverage revenue fell by 2.6% to 26.359 billion yuan [7][8] - Despite revenue declines, the company reported improved profit margins in both segments due to price adjustments and cost management [7][8] Executive Compensation and Shareholder Returns - The company's executives received substantial compensation, with the chairman earning 9.719 million yuan and another key executive earning 9.37 million yuan in 2024 [10] - The company has a history of high dividend payouts, with significant portions of profits going to shareholders, including a 20.40% stake held by a Japanese company [10][11]

Core Viewpoint - The article discusses the return of white sugar to beverage ingredient lists, driven by an upgrade in consumer health awareness and a demand for controllable taste experiences [4][27]. Group 1: Market Trends - The beverage market has seen a significant shift with the rise of sugar-free drinks, initiated by brands like Yuanqi Forest in 2018, which led to a decline in the presence of white sugar in ingredient lists [9][15]. - However, in the recent beverage season, traditional beverage companies have reintroduced white sugar in their products, indicating a change in consumer preferences towards a balance of taste and health [8][15]. - The global largest erythritol manufacturer, San Yuan Bio (301206.SZ), saw its erythritol revenue peak at 1.567 billion yuan in 2021, but it is projected to drop to 515 million yuan in 2024 due to an oversupply in the market [12][13]. Group 2: Consumer Preferences - Consumers are now more inclined to accept the presence of white sugar in beverages, as seen with brands like Yuanqi Forest and Nongfu Spring launching new products that contain white sugar while promoting low-sugar options [15][17]. - The trend reflects a shift from an absolute avoidance of sugar to a preference for lower sugar content that still delivers enjoyable taste experiences [27][28]. - Brands are strategically reducing serving sizes to manage sugar intake while still offering products that satisfy taste preferences, indicating a nuanced approach to sugar consumption [18][22]. Group 3: Competitive Landscape - The sugar tea market, valued at nearly 90 billion yuan, is experiencing a competitive yet stable environment, with traditional beverage companies maintaining significant market shares [32][35]. - Major players like Master Kong, Uni-President, and Nongfu Spring dominate the market, collectively holding over 69% of the market share, with growth rates exceeding 5% [35][36]. - The introduction of new products in the sugar tea category continues to outpace sugar-free options, suggesting a sustained consumer interest in traditional flavors [34][35].