Core Viewpoint - The entry of Nongfu Spring into the iced tea market with its new product "Ice Tea" is expected to intensify competition in the beverage industry, particularly targeting the existing player Yuanqi Forest, which has seen significant sales growth in its iced tea segment [6][7]. Group 1: Market Dynamics - Nongfu Spring plans to invest 2 billion yuan in research and promotion for its iced tea product, emphasizing its "100% real tea extraction" process and "0 additives" approach [7]. - Yuanqi Forest's iced tea sales reached 200 million yuan in 2023 and are projected to exceed 1 billion yuan in 2024, marking a 500% year-on-year growth [19]. - The iced tea market is characterized by fierce competition, with Yuanqi Forest's sugary iced tea challenging established brands like Master Kong and Uni-President, while Nongfu Spring's no-sugar iced tea aims to capture market share [7][20]. Group 2: Historical Context - The iced tea category in China was pioneered by the local brand "Xuri Sheng," which launched its iced tea product in 1994 and achieved significant market success, capturing over 70% market share at its peak [9][12]. - Following Xuri Sheng's success, competitors like Uni-President and Master Kong entered the market, leading to intense competition and the eventual decline of Xuri Sheng by 2002 [13][15]. Group 3: Current Competitive Landscape - As of 2024, Master Kong's iced tea revenue approached 18 billion yuan, maintaining a dominant position in the market, while Xuri Sheng has ceased operations [15][20]. - Uni-President has also adapted its strategy by launching low-sugar versions of its products and increasing marketing efforts, resulting in an 8.2% revenue growth in its beverage segment [21]. - Yuanqi Forest has adjusted its product sizes and introduced new flavors to enhance its market presence, achieving a 460% year-on-year sales growth in 2024 [22]. Group 4: Future Trends - The global iced tea market is projected to reach 53.3 billion USD in 2023, with a compound annual growth rate of 6.7%, indicating strong growth potential [24]. - Consumer preferences are shifting towards reduced-sugar or no-sugar options, with 71.4% of consumers considering "sugar reduction" as a key factor in their purchasing decisions [24].

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7月31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8月6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 35,00 ...

Core Insights - The ice tea market is evolving from a brand-centric approach to a category-focused one, with various brands like Yuanqi Forest and Nongfu Spring entering the market to redefine product standards through differentiated technology [1][2][3] - Health consciousness among consumers is driving the trend towards reduced sugar content in beverages, with 71.4% of consumers prioritizing "sugar-free/reduced sugar" labels when purchasing iced tea [2][3] - The global iced tea market is projected to grow from $53.3 billion in 2023 to over $100 billion by 2033, with a compound annual growth rate of 6.7% [6][9] Industry Trends - The Chinese government has initiated health promotion policies focusing on reducing sugar, salt, and oil in food, signaling a shift towards healthier beverage options [2][3] - Traditional brands like Master Kong and Uni-President leverage established distribution networks, while new brands utilize innovative technologies and health-focused marketing to capture younger consumers [6][9] - The competition in the iced tea market is intensifying, with both established and emerging brands striving to balance health benefits with taste, as consumer preferences shift towards lower sugar options [4][5][10] Consumer Preferences - Taste remains a critical factor in consumer purchasing decisions, with sweetness, tea flavor, and aroma being the top three attributes valued by iced tea drinkers [4][5] - Younger consumers (ages 18-25) exhibit higher loyalty and repurchase rates for iced tea, particularly valuing a rich and balanced flavor profile [4][5] - Brands are responding to consumer demand for reduced sugar without compromising taste, with innovations such as Yuanqi Forest's use of liquid nitrogen freezing technology to enhance flavor [5][9] Competitive Landscape - New brands are differentiating themselves through unique formulations and health claims, such as Hao Wang Shui's electrolyte-infused iced tea targeting fitness enthusiasts [9][10] - Yuanqi Forest has reported a 53.9% year-on-year sales growth in its iced tea category, indicating strong market acceptance and brand recognition [9][10] - The market is characterized by a clear segmentation, with traditional brands maintaining a stronghold through extensive distribution while new entrants challenge them with innovative products [6][9]

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。 ...

Core Insights - The beverage market is experiencing a cyclical shift, with "sugar tea" gaining renewed attention this year, contrasting with the previous focus on sugar-free tea [1][2][35] - Despite a traditional market perception, sugar tea remains a significant category in terms of market size and innovation potential, consistently outperforming sugar-free tea in scale [4][6] Market Dynamics - From July 2023 to June 2025, the market size of sugar tea is projected to remain nearly double that of sugar-free tea, with a slight year-on-year increase in market share for sugar tea [4][6] - The introduction of new products in the sugar tea category has been more robust compared to sugar-free tea, with sugar tea's new SKU count being more than double that of sugar-free tea during peak seasons [6][12] Brand Performance - Yuanqi Forest's iced tea has emerged as a standout performer, with a market share growth rate of approximately 150% and a sales growth rate exceeding 50% [10][22] - Traditional brands like Master Kong maintain a significant market share of around 40%, but their growth has stabilized, while smaller brands like Nestle Tea and Wahaha show notable growth potential [10][12] Consumer Trends - The sugar tea market is characterized by a high concentration of red tea, green tea, and jasmine tea, which together account for over 80% of the market [17] - The preferred packaging sizes for sugar tea are shifting towards larger formats, with 650-1000ml bottles gaining popularity, reflecting consumer preferences for value and convenience [19][21] Competitive Landscape - The competitive environment is intensifying, with numerous new entrants and imitations of successful products like Yuanqi Forest's iced tea [35][39] - The market is witnessing a shift from traditional iced tea to a broader category of "iced tea," appealing to health-conscious consumers and younger demographics [44][46] Innovation and Technology - Yuanqi Forest's use of "-196°C liquid nitrogen freezing technology" for preserving flavor has set a new standard in the sugar tea category, enhancing product appeal [27][28] - The diversification of flavors and larger packaging options are key strategies for brands to differentiate themselves in a crowded market [32][34]

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]