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 ...

Group 1 - The core viewpoint of the report indicates that several beverage companies in mainland China are expected to announce strong mid-year performance, with notable growth in revenue and profit for specific companies [1] Group 2 - Nongfu Spring (09633) is projected to achieve a robust 15% revenue growth in the first half of the year, driven by a low base and recovery in the bottled water business [1] - Uni-President China (00220) is expected to see a 26% year-on-year increase in net profit and an 8% rise in revenue [1] - However, Tingyi (00322) is anticipated to experience a 3% decline in revenue due to a decrease in market share following last year's price increases [1] Group 3 - The report anticipates intensified industry competition starting from the second quarter of this year, which is expected to continue into the third quarter, but believes it will slow down in the fourth quarter [1] - Nongfu Spring and Uni-President are expected to perform better in the first half of the year, with the main catalyst for the second half being potential structural changes in the bottled water market for Nongfu Spring [1]

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]

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/ ...

Core Viewpoint - The report indicates that Master Kong's beverage and instant noodle sales experienced mid-single-digit and low-single-digit declines in the first half of the year, respectively [1] Beverage Business - The sales decline of non-carbonated beverages is expected to worsen from mid-single-digit in the second quarter to high-single-digit in recent months [1] - Market share loss is attributed to previous price increases and competition from mid-priced hand-shaken tea drinks, which impact Master Kong's ready-to-drink beverage segment [1] - The rise in market share of sugar-free tea is eroding Master Kong's previously stronghold in the sugary tea market [1] Instant Noodle Business - Despite a sales decline in the first half of the year, Master Kong's market share has gradually stabilized due to brand strength, channel capabilities, and the introduction of high-cost-performance new products in special channels [1] - If the monthly sales decline continues to narrow, there is potential for sales to stabilize or see slight growth in the second half of the year [1] Financial Forecasts - Sales forecasts for 2025 and 2026 have been reduced by 2% and 3%, respectively [1] - However, due to better profit margin performance, the earnings per share (EPS) forecast for 2025 has been increased by 4% [1] - The EPS forecast for 2026 has been lowered by 3% due to concerns over beverage sales, leading to a target price reduction of 3%, from HKD 14.3 to HKD 13.9 [1] Shareholder Returns - Master Kong has a stable record of shareholder returns, offering over 6% yield with a 100% payout ratio, leading to a reaffirmation of the "Buy" rating [1]

Investment Rating - Industry Rating: Outperforming the market (maintained rating) [4] Core Viewpoints - The liquor sector is showing signs of recovery as companies actively launch new products to adapt to changing consumer demands. The current PE-TTM for the Shenwan liquor index is 18.51X, which is at a reasonable low level compared to the past decade [2][11] - The beverage sector, particularly beer and soft drinks, is expected to benefit from upcoming consumption promotion policies and adjustments to alcohol bans, which will drive sales recovery [3][12] - The pre-processed food and seasoning sectors are leading the market, with a focus on companies that can enhance efficiency and market share through cost reduction and product diversification [13][19] Summary by Sections Market Performance Review - From July 21 to July 25, the food and beverage sector increased by 0.74%, while the Shanghai Composite Index rose by 1.69%. Notable increases were seen in pre-processed foods (+1.97%) and health products (+1.88%) [1][20] Liquor Sector Insights - The liquor sector increased by 0.94%, outperforming the overall food and beverage sector. Key players like Tianyoude Liquor saw significant gains, potentially linked to local infrastructure investments [2][11] - Recommendations include strong alpha companies such as Shanxi Fenjiu and Guizhou Moutai, as well as beta companies like Luzhou Laojiao and Wuliangye [2][19] Beer and Beverage Sector Insights - The beer sector rose by 1.06%, with Budweiser Asia and Chongqing Beer leading the gains. Management changes at Zhujiang Beer are expected to positively impact the company [3][12] - The soft drink sector also performed well, with notable increases from brands like Nongfu Spring (+8.1%) [3][14] Investment Recommendations - For the liquor sector, strong alpha companies benefiting from market concentration include Shanxi Fenjiu and Guizhou Moutai [19] - In the consumer goods sector, companies that align with cost reduction and market share enhancement strategies are recommended, including Dongpeng Beverage and Nongfu Spring [19] Sector and Individual Stock Performance - The food and beverage sector's dynamic PE ratio is 21.1X, ranking it 21st among primary industries. The highest valuations are seen in other liquor (55.83X) and health products (48.77X) [26][27]

Core Viewpoint - The article highlights the unprecedented boom in the Hong Kong stock market in the first half of 2025, driven by a surge in A+H listings from mainland companies, indicating a strategic shift from passive financing to proactive market positioning [1][3]. Group 1: A+H Listing Trend - Approximately 50 A-share companies have disclosed plans for Hong Kong listings in the first half of 2025, including major firms like CATL and Midea [1]. - The current wave of A+H listings features financially robust companies, contrasting with previous instances of "bloodletting" listings where firms often faced share price declines [1][3]. - The A+H listing trend is influenced by multiple factors, including policy changes, liquidity improvements, and the internationalization needs of companies [3][4]. Group 2: Macro and Micro Factors - On a macro level, China's economy has been recovering, supported by government policies that signal intervention in the capital markets, leading to improved fundamentals for companies [4]. - The global trend of de-dollarization has resulted in a decline in the dollar index by 10%-11%, prompting investors to seek opportunities in other markets, including Hong Kong [3][4]. - On a micro level, companies like Midea and CATL are pursuing internationalization, seeking to attract global talent and facilitate overseas mergers and acquisitions through access to international capital markets [5][6]. Group 3: Market Dynamics and Investor Behavior - The Hong Kong Stock Exchange has made significant efforts to attract quality companies, enhancing its appeal as a platform for global investors [6][9]. - The influx of high-quality A+H listed companies is expected to create a more diverse market, although it may lead to a "crowding out" effect for smaller firms due to fixed liquidity [12][13]. - The return of quality companies to the A-share market could enhance index-based investments, aligning more closely with the realities of the Chinese economy [14]. Group 4: Regulatory and Compliance Considerations - A+H listings increase compliance costs for companies, as they must adhere to both mainland and Hong Kong regulatory standards, which can drive operational efficiency [10][12]. - The presence of international investors in the Hong Kong market may lead to a more rational valuation of Chinese companies, benefiting the overall market [12].