Core Viewpoint - The bottled water industry is experiencing significant market share changes, with China Resources Beverage's "Yibao" and Nongfu Spring likely to benefit from these shifts [1] Group 1: Company Insights - Nongfu Spring's unsweetened tea products are showing strong growth, with an acceleration expected in July, despite a general decline in overall demand for unsweetened tea compared to last year [1] - China Resources Beverage's "Yibao" is positioned to gain from the market share changes in the bottled water sector [1] - Master Kong Holdings' recovery in the second half of the year will depend on its marketing investment levels [1] Group 2: Industry Trends - The overall performance of liquid milk products is weak, indicating challenges within that segment of the beverage industry [1]

Core Insights - The convenience food market is experiencing a stable structure but facing growth pressure, with instant noodles maintaining a dominant market share of nearly 50% in Q2 2025, showing a year-on-year increase of 0.68% [4][5][6] - The overall market share of key categories such as instant noodles, regular ham sausages, and low-temperature sausages exceeds 86%, indicating a concentration of market power among leading products [5][6] - Price indices for convenience foods have shown a steady upward trend, with the overall price index surpassing 100 in late 2024, indicating a shift towards price growth and product upgrades [8][10] Convenience Food Category Overview - The convenience food category includes various subcategories such as instant noodles, canned foods, and pre-prepared meals, totaling 19 subcategories [2] - Instant noodles remain the most significant category, while low-temperature sausages and regular ham sausages are also growing but at a slower pace [4][5] Market Share and Sales Analysis - In Q2 2025, instant noodles accounted for 46.74% of the market share, with a sales decline of 8.85%, indicating pricing or sales pressure despite share growth [5][6] - Regular ham sausages and low-temperature sausages also saw slight increases in market share but experienced sales declines of around 9% [5][6] - The overall trend indicates that while leading categories are gaining market share, they are simultaneously facing significant sales challenges [5][6] Price Index Trends - The price index for convenience foods has shown a consistent increase, with the index reaching a peak of 100.65 in June 2025, reflecting ongoing price growth and product upgrades [8][10] - Instant noodles have maintained a price index above the baseline, indicating strong pricing power in this category [10] New Product Launches - The number of new SKUs in the convenience food category has varied significantly, with instant noodles showing the highest activity in new product launches [12] - Regular ham sausages and low-temperature sausages have seen stable new product introductions, while other categories like instant porridge and spicy noodles have had fewer new launches [12] Key Category Performance - The CR5 market share for instant noodles is 83.03%, indicating a high concentration of market power among leading brands [14] - In the regular ham sausage category, the CR5 market share is 93.19%, with Double Happiness holding over 60% of the market [23] - Low-temperature sausages have a CR5 market share of 72.29%, with Double Happiness and Jinluo as the leading brands [31] SKU Performance - In the instant noodle category, top-performing SKUs include products from White Elephant and Unification, reflecting strong brand positioning [19][21] - For regular ham sausages, Double Happiness dominates the market with multiple products in the top rankings [26][29] - In the low-temperature sausage category, Double Happiness also leads with a diverse product range [38][39] Conclusion - The convenience food market is characterized by a stable structure with leading categories gaining market share but facing sales pressures. The price index trends indicate a shift towards higher pricing, and new product launches remain concentrated in the instant noodle segment, reflecting ongoing competition and consumer demand dynamics [4][5][6][8][10][12]

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。 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 公司秘書 葉沛森 香港，2025年8月4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。 網址: http://www.masterkong.com.cn http://www.irasia.com/listco/hk/tingyi *僅供識別 康師傅控股有限公司臺灣存託憑證流通及兌回情形月報表 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 8月4日在臺灣證券交易 所股份有限公司 ...

该行预期，行业竞争自今年第二季起明显加剧，并料将持续至第三季，惟相信可在第四季放缓。该行相 信，农夫山泉和统一上半年的业绩上或表现更佳，而下半年的主要催化剂是农夫山泉在包装水市场可能 出现的结构变化。 里昂发布研报称，该行所覆盖多家内地饮品股将于8月公布中期业绩，预计农夫山泉(09633)上半年应该 会在低基数和包装水业务复苏下录得15%的强劲收入增长，而统一饮料中国(00220)的净利润将同比增长 26%，收入则升8%。不过，康师傅控股(00322)去年产品提价后，市场份额有所下降，料上半年收入或 同比下降3%。 ...

智通财经APP获悉，里昂发布研报称，该行所覆盖多家内地饮品股将于8月公布中期业绩，预计农夫山 泉(09633)上半年应该会在低基数和包装水业务复苏下录得15%的强劲收入增长，而统一饮料中国 (00220)的净利润将同比增长26%，收入则升8%。不过，康师傅控股(00322)去年产品提价后，市场份额 有所下降，料上半年收入或同比下降3%。 该行预期，行业竞争自今年第二季起明显加剧，并料将持续至第三季，惟相信可在第四季放缓。该行相 信，农夫山泉和统一上半年的业绩上或表现更佳，而下半年的主要催化剂是农夫山泉在包装水市场可能 出现的结构变化。 ...

消费市场是个轮回，所有消费品都值得重新做一遍。在诸多类型的饮料中，今年的轮回似乎落在了"有糖茶"身上。 过去几年，虽然有糖茶的市场规模、SKU数量一直大于无糖茶，但是在声量与品牌的参与热情上，一直乏善可陈，谈及创新也只有元气森林冰茶、果子熟 了多多柠檬茶等几个品牌让人记忆较为深刻。究其背后的原因，一方面，有糖茶在产品形态上主要是冰红茶、果茶等产品，整体过于传统，似乎都是十数 年前推出的产品；另一方面，康师傅、统一、农夫山泉茶π、维他柠檬茶等也都是上市超过了十年的老品牌。市场格局陈旧、产品也传统，新人进来的热 情自然不像快速增长的无糖茶一般高涨。 但其实，无论从市场规模还是创新潜力来看，有糖茶一直都是饮料类目中不能忽视的市场。 基于马上赢品牌CT中的数据可以看到，同样是在饮料类目中，有糖茶的规模在202307-202506始终高于无糖茶将近一倍，即便是在2024年的夏日，以及 2025年刚刚到来的5、6月饮料旺季，也依然没有打破这个"一倍"规模的惯例。另一方面，整个有糖茶在饮料大盘中的市场份额亦实现了轻微的同比提升， 似乎打破了过去几年"无糖茶持续走强、有糖茶份额下滑"的体感与叙事。 可以看到，元气森林冰茶以极 ...

Core Viewpoint - The article discusses how brands can achieve longevity and resilience in a rapidly changing market, emphasizing the importance of deep-rooted capabilities, cultural integration, and continuous innovation. Group 1: Brand Longevity - Brands that aim for long-term success must establish a true competitive moat and continuously work towards building it [2] - The essence of a brand's long-term vitality lies in its ability to transcend short-term goals and maintain a strong foundational capability [1][3] Group 2: Strategic Patience and Professionalism - The concept of long-termism is often misunderstood; it requires a strategic focus on long-term goals while tactically addressing immediate needs [4] - Professionalism is crucial, as demonstrated by brands like Kang Shifu, which applies advanced technology to enhance product quality [5] Group 3: Innovation and Market Adaptation - Brands must innovate to remain competitive, with Kang Shifu exemplifying this through its development of healthier products that meet consumer demands [6][10] - The convenience food sector is shifting towards high-end offerings, but Kang Shifu focuses on quality and value rather than merely competing on price [7][10] Group 4: Cultural Integration - Successful brands often have a rich cultural foundation that enhances their value proposition, as seen in the contributions of companies like LVMH and their support for cultural heritage [11] - Kang Shifu integrates traditional Chinese culinary elements into its product development, creating a strong connection with cultural identity [12][15] Group 5: Structural Advantages - A brand's competitive advantage should be seen as a structural benefit rather than a temporary barrier, requiring ongoing evolution and adaptation [14] - Kang Shifu's commitment to continuous improvement in technology, product quality, and cultural relevance has allowed it to thrive in a competitive landscape [16][17]

格隆汇7月30日丨康师傅控股(00322.HK)宣布，公司将于2025年8月11日(星期一)举行董事会会议，藉以 (其中包括)批准刊发公司及其附属公司截至2025年6月30日止六个月的中期业绩公告，以及考虑派发中 期股息(如适用)。 ...

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份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。 TINGYI (CAYMAN ISLANDS) HOLDING CORP. 公司秘書 葉沛森 香港，2025年7月30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。 （於開曼群島註冊成立之有限公司） （股份編號：0322） 董事會召開日期 康師傅控股有限公司「（本公司」）之董事會「（董事會」）宣佈，本公司將於2025年8月 11日（星期一）舉行董事會會議，藉以（其中包括）批准刊發本公司及其附屬公司截至 2025年6月30日止六個月之中期業績公告，以及考慮派發中期股息（如適用）。 承董事會命 康師傅控股有限公司 康師傅控股有限公司* * 僅供識別 網址： http://www.masterkong.com.cn http://www.irasia.com/listco/hk/ ...

该行分别下调2025及26年销售预测2%及3%，但基于利润率表现较好，上调2025年每股盈利预测4%，且 不排除资产处置可带来一次性收益。同时，考虑到饮料销售隐忧，下调2026年每股盈利预测3%，目标 价相应调降3%，由14.3港元降至13.9港元。不过，康师傅具备稳定股东回报纪录，在100%派息率下提 供逾6%收益率，因此重申"买入"评级。 美银证券研究报告引述渠道消息指，康师傅上半年饮品及即食面销售额分别有中单位数及低单位数下 跌。饮品业务方面，该行料碳酸饮品以外的产品销售跌幅，将由次季中旬的中单位数扩大至近月的高单 位数。除了因先前加价导致的市场份额流失外，内地外卖战推动中低价位手摇茶饮销售，对定位相近的 康师傅即饮饮品造成冲击，加上无糖茶的市场份额攀升，侵蚀原本为康师傅优势领域的含糖茶市场份 额。即食面业务方面，虽然上半年销售有所下跌，但凭借品牌优势、渠道实力以及在特别渠道中推出高 性价比的新品，近期市占率已逐步回稳。若按月跌幅持续收窄，不排除下半年可恢复持平或微幅增长。 ...