Core Viewpoint - Morgan Stanley's report indicates that Master Kong Holdings (00322) experienced a 2.7% year-on-year decline in sales for the first half of the year, while adjusted earnings rose by 12%, aligning with market expectations. The firm believes that Master Kong's high dividend yield provides downside protection in the Chinese consumer market, making it more attractive amid a sluggish macroeconomic environment and consumer sentiment, thus maintaining an "Overweight" rating [1] Group 1 - Master Kong's EBIT profit margin expanded by 1.7 percentage points to 9.2% [1] - The company's instant noodle market share loss has normalized, which is expected to support positive sales growth in the second half of the year [1] - The beverage segment faces challenges due to intensified competition and slowing demand [1] Group 2 - Morgan Stanley compares Master Kong's performance with Uni-President Enterprises China (00220), which has an EBIT profit margin of 9.6% [1] - The overall macroeconomic and consumer sentiment remains subdued, impacting the industry [1]

Core Viewpoint - Morgan Stanley's report indicates that Tingyi (Cayman Islands) Holding Corp (00322) experienced a 2.7% year-on-year decline in sales for the first half of the year, but adjusted earnings rose by 12% when excluding asset sale gains, aligning with market expectations. The high dividend yield of Tingyi provides a protective buffer in the Chinese consumer market, making it more attractive amid a sluggish macroeconomic environment and consumer sentiment, leading to an "Overweight" rating [1] Group 1 - Tingyi's sales decline of 2.7% year-on-year in the first half of the year [1] - Adjusted earnings increased by 12% when excluding asset sale gains, in line with market expectations [1] - The company is viewed as having a protective advantage due to its high dividend yield in a challenging economic environment [1] Group 2 - Morgan Stanley compares Tingyi's performance with Uni-President Enterprises Corp (00220), noting both companies expanded their EBIT margins by 1.7 percentage points, reaching 9.2% and 9.6% respectively [1] - The loss of market share in the instant noodle segment for Tingyi has normalized, which is expected to support positive sales growth in the second half of the year [1] - The beverage segment faces challenges due to intensified competition and slowing demand [1]

Core Viewpoint - Citibank's report indicates that Master Kong Holdings (00322) experienced a 2.7% decline in revenue for the first half of the year compared to the same period last year, aligning with the bank's estimates and market expectations, while profit increased by 20.5% year-on-year, slightly exceeding forecasts [1] Revenue Performance - The revenue decline was observed in both the noodle and beverage segments [1] - The company is expected to lower its full-year revenue growth guidance to low single digits during the analyst meeting [1] Profitability Insights - Adjusted profit, excluding one-time gains, was 2% lower than the bank's forecast [1] - The profit growth of 20.5% year-on-year indicates a positive trend, albeit with some adjustments needed for a more accurate outlook [1] Management Outlook - Attention will be focused on management's outlook for sales and profit margins for the second half of the year during the analyst meeting [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Kang Shifu Holdings (00322) experienced a 2.7% decline in revenue for the first half of the year compared to the same period last year, aligning with the bank's estimates and market expectations, while profit increased by 20.5% year-on-year, slightly exceeding forecasts [1] Revenue Performance - Revenue from both instant noodles and beverages declined during the first half of the year [1] - The overall revenue drop of 2.7% is consistent with market expectations and the bank's predictions [1] Profitability Analysis - The profit growth of 20.5% year-on-year slightly surpassed the bank's estimates and market expectations [1] - Adjusted profit, excluding one-time gains, was 2% lower than the bank's forecast [1] Future Outlook - The bank anticipates that during the analyst meeting, management will lower the full-year revenue growth guidance to a low to mid-single-digit percentage [1] - Attention will be focused on management's outlook for sales and profit margins in the second half of the year during the analyst meeting [1]

大和发布研报称，展望未来，康师傅控股(00322)上的利润扩张前景将面临越来越大的阻力，原因包括 康师傅加价(于2024年4月及7月加价)的尾风将减弱，因为同比比较基数效应已正常化;及中国软饮料行业 的竞争加剧，尤其是夏季新鲜饮料的强劲势头，对该股评级为"跑输大市"。 报告指，康师傅上半年营收较去年同期减少2.7%，但核心盈利则较去年同期增长12%，主因是毛利率由 去年同期的32.6%扩大至34.5%。该行注意到营收比市场预期低2%，但核心盈利大致符合市场预期，归 功于较预期强劲的毛利率扩张。在不同的产品线中，康师傅上半年业绩的唯一亮点是碳酸饮料，可能是 由于公司受惠于其最大竞争对手可口可乐加价，以及中国整体碳酸饮料消费的复苏。 ...

Core Viewpoint - The profit expansion prospects for Master Kong Holdings (00322) will face increasing resistance due to the diminishing tailwind from price increases and intensified competition in the Chinese soft drink industry, particularly in the summer fresh beverage segment, leading to a rating of "underperform" [1] Financial Performance - Master Kong's revenue for the first half of the year decreased by 2.7% compared to the same period last year, while core profit increased by 12% year-on-year, primarily due to an expansion in gross margin from 32.6% to 34.5% [1] - Revenue was 2% lower than market expectations, but core profit was roughly in line with market expectations, attributed to stronger-than-expected gross margin expansion [1] Product Line Performance - The only highlight in Master Kong's performance for the first half of the year was in the carbonated beverage segment, benefiting from price increases by its largest competitor, Coca-Cola, and a recovery in overall carbonated beverage consumption in China [1]

中银国际发表报告指，康师傅上半年总收入按年下降2.7%至400.92亿元，较该行预期低1%；经调整净 利润按年增长12%至21.12亿元，较该行预期高1%；毛利率按年上升1.8个百分点至34.5%，受益于原材 料成本下降及生产效率提升，盈利能力扩张态势得以延续。 该行维持对其"买入"评级，目标价为13.8港元。该行认为康师傅上半年营收承压已被市场消化，公司或 重申2025年全年经调整净利润实现双位数按年增长的目标，该目标仍有望实现。此外，公司当前股息率 具吸引力，2025年预估股息率超过7%。 ...

Core Viewpoint - Morgan Stanley's report indicates that Master Kong Holdings (00322) experienced a 3% year-on-year decline in revenue to 40 billion RMB, which aligns with the bank's and market expectations. However, net profit increased by 20% to 2.27 billion RMB, including a one-time gain of 211 million RMB from the disposal of a subsidiary. Excluding this one-time factor, net profit grew by 12% to 2.11 billion RMB [1] Financial Performance - Revenue for the first half of the year decreased by 3% to 40 billion RMB, meeting expectations [1] - Net profit rose by 20% to 2.27 billion RMB, with a one-time gain contributing to this figure [1] - Adjusted net profit, excluding one-time factors, increased by 12% to 2.11 billion RMB [1] - Regular operating profit grew by 13%, in line with expectations [1] - Operating profit margin expanded by 1.1 percentage points to 7.9%, driven by a gross margin increase of 1.8 percentage points [1] Segment Performance - Instant noodle business gross margin increased by 0.7 percentage points to 27.8% [1] - Beverage business gross margin improved by 2.5 percentage points to 37.7% [1] - Sales and administrative expense ratio rose by 0.8 percentage points, offsetting some of the gross margin improvements [1] Investment Rating - Morgan Stanley sets a target price of 12.6 HKD and maintains a "Market Perform" rating for Master Kong Holdings [1]

Core Viewpoint - Morgan Stanley reports that Tingyi Holding Corp (00322) experienced a 3% year-on-year decline in revenue to RMB 40 billion in the first half of the year, which aligns with the bank's and market expectations. However, net profit increased by 20% to RMB 2.27 billion, including a one-time gain of RMB 211 million from the disposal of a subsidiary. Excluding this one-time factor, net profit grew by 12% to RMB 2.11 billion [1]. Financial Performance - Revenue decreased by 3% year-on-year to RMB 40 billion, meeting expectations [1]. - Net profit rose by 20% to RMB 2.27 billion, with a one-time gain of RMB 211 million included [1]. - Adjusted net profit, excluding one-time factors, increased by 12% to RMB 2.11 billion [1]. Operating Metrics - Regular operating profit grew by 13% year-on-year, in line with expectations [1]. - Operating profit margin expanded by 1.1 percentage points to 7.9%, driven by a gross margin increase of 1.8 percentage points [1]. - Sales and administrative expense ratio increased by 0.8 percentage points, offsetting some of the gross margin gains [1]. Segment Performance - Instant noodle business gross margin improved by 0.7 percentage points to 27.8% [1]. - Beverage business gross margin increased by 2.5 percentage points to 37.7% [1]. Analyst Rating - Morgan Stanley sets a target price of HKD 12.6 and maintains a "Market Perform" rating for the stock [1].

大和发表报告指，康师傅上半年营收较去年同期减少2.7%，但核心盈利则较去年同期增长12%，主因是 毛利率由去年同期的32.6%扩大至34.5%。该行注意到营收比市场预期低2%，但核心盈利大致符合市场 预期，归功于较预期强劲的毛利率扩张。在不同的产品线中，康师傅上半年业绩的唯一亮点是碳酸饮 料，可能是由于公司受惠于其最大竞争对手可口可乐加价，以及中国整体碳酸饮料消费的复苏。 展望未来，该行认为公司的利润扩张前景将面临越来越大的阻力，原因包括康师傅加价(于2024年4月及 7月加价)的尾风将减弱，因为按年比较基数效应已正常化；及中国软饮料行业的竞争加剧，尤其是夏季 新鲜饮料的强劲势头。大和对该股评级为"跑输大市"。 ...