(Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） Stock Code 股份代號：1475 ANNUAL REPORT 2024 年 報 ANNUAL REPORT 2024 年報 Contents 目錄 5 Chairman's Statement 董事長報告 13 Financial Highlights 財務撮要 15 Management Discussion and Analysis 管理層討論及分析 32 Corporate Information 公司資料 34 Board of Directors and Senior Management 董事會及高級管理層 44 Corporate Governance Report 企業管治報告 65 Directors' Report 董事會報告 92 Independent Auditor's Report 獨立核數師報告 98 Consolidated Statement of Profit or Loss and Other Comprehensive Income ...

各位投资人早上好欢迎大家参加我们这一次会议我们这次会议是日清时景的业绩交流会我是果证国际的分析师曹莹那么我们今天非常荣幸的请到了公司的投资者关系高级经理Sammi总来为大家介绍一下公司最近的一个业绩的情况以及未来的展望 那我先会简单的介绍一下我们去年的一个经营状况还有今年就是二五年头两个月的一个经营表现然后我们再进入这个问答环节 首先我们看一下这个表就是总结一下我们24年的一个业绩情况收入方面我们可以说是持平就是稍微微微跌了0.5%左右然后 这个主要的原因就是其实我们练习这一块呢其实这个练习是比较稳定的 香港跟国内的话面临的业绩也是属于比较稳定但是因为我们国内的收入这个汇率的原因所以导致最后的结果是稍微微微有一点下跌但是毛利的情况还是比较健康就是毛利跟毛利率都是有一个提升的 在另外一方面就是我们的金利润收入是一个大幅的下跌这个原因最主要是一些会计准则的一些情况就是我们做了大概135亿的资产减值所以就导致我们的金利润是有一个下降但是如果是看 伊底达的话呢其实我们的经营情况还是比较稳定就是撇除这些减值跟一些就是固定支出的话那其实我们业绩情况还是属于一个比较稳健的状况 如果看我们的资产负债表的话,其实还是比较健康的 ...

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 之 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。 Nissin Foods Company Limited 日 清 食 品 有 限 公 司 （ 於 香 港 註 冊 成 立 的 有 限 公 司 ） （股份代號：1475） 截 至2024年12月31日止年度之全年業績 日 清 食 品 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）欣 然 公 布 本 公 司 及 其 附 屬 公 司（「本 集 團」）截 至2024年12月31日止年度綜合經審核業績連同去年2023年 的 比 較 數 字 如 下： 綜合損益及其他全面收入表 截 至2024年12月31日止年度 | | | 2024年 | 2023年 | | --- | --- | --- | --- | | | 附 ...

Summary of Conference Call Company Overview - The company discussed is Nissin Foods, headquartered in Japan, with a history dating back several decades. It entered the Hong Kong market in 1984 and began expanding into China in the 1990s. The company was listed in Hong Kong in 2017 [2][3]. Industry Insights - The global demand for instant noodles is high, with Vietnam having the highest per capita consumption, followed by South Korea. China ranks tenth, indicating potential growth opportunities in the market [1]. - The company has a presence in several Asian markets, including Vietnam, South Korea, Taiwan, and China, with plans to enter Australia and New Zealand [2][3]. Key Acquisitions and Market Expansion - In September, the company acquired a frozen dumpling factory in Australia and announced plans to enter the Australian market in collaboration with its parent company [3][4]. - The acquisition of Gamey Food, a leading snack producer in South Korea, aims to leverage existing distribution channels to penetrate the local instant noodle market [4]. Sales and Revenue Trends - The company reported that its sales in Hong Kong and other Asian regions are recovering, with a slight growth observed in the third quarter of 2023. The revenue distribution is approximately 40% from Hong Kong and 60% from mainland China [8][9]. - The company has maintained a gross margin of around 35% over the past five years, despite fluctuations due to rising costs of raw materials [9][10]. Product Strategy - Nissin Foods focuses on high-end products, with a significant portion of its sales coming from premium instant noodles. The company aims to introduce new products, including spicy noodles and non-fried options, to cater to evolving consumer preferences [19][21]. - The company has noted a trend of consumers seeking value, leading to increased sales of larger packaging options [14]. Challenges and Market Conditions - The company faces challenges in the Hong Kong market due to population outflow and competition from cross-border shopping in Shenzhen. However, it has mitigated some impacts by increasing exports to markets like Canada and the UK [13][14]. - In mainland China, there is a noted trend of consumer downgrade, with a shift towards more affordable products [14]. Financial Performance and Future Outlook - The company aims for a stable dividend policy, targeting a payout ratio of around 50%. Management is optimistic about maintaining or increasing dividends in the future [10][29]. - The management expects to achieve a low single-digit growth in sales for the remainder of the year, with a more optimistic outlook for 2024, driven by new acquisitions and market expansion [17][28]. Sustainability Initiatives - The company has shifted to using paper cups instead of plastic and emphasizes food safety in its operations [11]. Conclusion - Nissin Foods is strategically positioned for growth in both domestic and international markets, with a focus on high-quality products and expansion into new regions. The management remains cautious yet optimistic about future performance amid current market challenges [30].

Financial Performance - For the nine months ended September 30, 2024, the company reported revenue of HKD 2,862,173, a decrease of 3.1% compared to HKD 2,955,978 for the same period in 2023[2] - Gross profit for the same period was HKD 997,437, down from HKD 1,005,835, reflecting a slight decline in profitability[2] - The company's net profit for the nine months was HKD 255,492, a decrease of 6.2% from HKD 272,272 in the previous year[2] - Basic and diluted earnings per share were HKD 24.07, down from HKD 25.90, indicating a decline of 7.1%[2] - The company did not recommend any dividend payment for the current period, maintaining a zero dividend for the nine months ended September 30, 2023[10] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 3,890,887, an increase from HKD 3,787,548 as of December 31, 2023[4] - Non-current assets increased to HKD 2,333,756 from HKD 2,179,577, showing growth in long-term investments[3] - Current liabilities rose to HKD 918,425 from HKD 896,185, indicating a slight increase in short-term obligations[4] - The company’s cash and cash equivalents decreased to HKD 982,450 from HKD 1,199,054, reflecting a reduction in liquidity[3] - The company’s total equity increased to HKD 3,783,844 from HKD 3,674,703, indicating a strengthening of the financial position[4] Shareholder Information - The company’s controlling shareholder, Nissin Foods Holdings Co., Ltd., holds approximately 72.05% of the issued shares, reflecting strong ownership stability[1] Revenue Breakdown - Revenue from external customers in Hong Kong and other Asia was HKD 1,097.7 million, while revenue from mainland China was HKD 1,764.5 million for the nine months ended September 30, 2024[11] - The company's operating performance in Hong Kong and other Asia showed a revenue decrease of 3.9%, attributed to consumer spending shifts to the Greater Bay Area[11] - The mainland China business revenue decreased by 2.7% (a 1.5% decrease in local currency), due to weaker consumer sentiment and the depreciation of the RMB against the HKD[11] Acquisitions and Market Presence - The company acquired 100% of Gaemi Food Co., Ltd. on September 3, 2024, for KRW 48,000 million (approximately HKD 286.94 million)[15] - The integration of GAEMI FOOD as a subsidiary since September 2024 is expected to enhance the company's market presence[21] Auditor Review and Compliance - The company’s auditor has reviewed the unaudited consolidated financial information without any reservations[9] - The financial results were prepared in accordance with International Financial Reporting Standards, and comparisons with the group's financial performance should be made cautiously due to differing fiscal year ends[18] Performance in China Segment - Revenue from the China segment for the six months ending September 30, 2024, was ¥35,457 million, reflecting a 7.7% increase compared to the previous year[21] - Core operating profit for the China segment was ¥3,691 million, a 4.6% increase year-over-year[21] Sales Performance - For the three months ending September 30, 2024, net sales to third parties reached ¥18,999 million, a 5.1% increase from ¥18,076 million in the same period of 2023[20] - Total sales for the six months ending September 30, 2024, amounted to ¥37,128 million, up 7.4% from ¥34,545 million in the same period of 2023[20] - Operating income for the three months ending September 30, 2024, was ¥2,437 million, slightly up from ¥2,420 million in the same period of 2023[20] - The company reported a stable sales performance for its bagged noodles despite a decline in frozen food sales in Hong Kong due to changing consumer behavior[21] Risks and Future Outlook - The company emphasized the importance of considering significant risks and uncertainties that may impact future performance forecasts[22]

日清食品有限公 NISSIN FOODS COMPANY LIMITED (Incorporated in Hong Kong with limited liability) (於香港註冊成立的有限公司) Stock Code 股份代號：1475 2024 DNA ... .. .. .. .. .. .. .. .. .. 【 S .. . TAST e R 美味 H EE INTERIM REPORT 2024 中 期 報 告 | --- | --- | |----------|----------------------------------------------------------------------------------------------------------------| | | | | CONTENTS | | | | | | | 目錄 | | 02 | Corporate Information | | | 公司資料 | | 04 | Management Discussion and Analysis 管理層討論及分析 | | 14 | Other Informatio ...

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 之 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。 Nissin Foods Company Limited 日 清 食 品 有 限 公 司 （於香港註冊成立的有限公司） （股份代號：1475） 截 至2024年6月30日止六個月中期業績 日清食品有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司及其附屬公司（「本集團」） 截 至2024年6月30日止六個月未經審核綜合中期業績連同2023年同期未經審核數字之 比 較 如 下： 簡明綜合損益及其他全面收入表 截 至2024年6月30日止六個月 | --- | --- | --- | --- | |----------------|---------|--------------------|------------- ...

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 之 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。 Nissin Foods Company Limited (I)本公司截至2024年3月31日止三個月之未經審核綜合財務資料 及 (II)內幕消息 – 控股股東NISSIN FOODS HOLDINGS CO., LTD. 截 至2024年3月31日止財政年度 之未經審核財務業績 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

, t and the see e are and and in the subject of and and the 1 NISSIN 良品有 NISSIN FOODS COMPANY LIMITED (Incorporated in Hong Kong with limited liability) (於香港註冊成立的有限公司) Stock Code 股份代號 : 1475 11 11 11 000 and and Annual Report 2023 年報 · 12 and States of State -- 1 r : an . and of the state the pro- 1 Devoted to bringing you great taste and a smile to your face 致力帶給您幸福的美味 Nissin Foods is committed to providing the highest quality products to customers. We do so by continuously conducting research and product ...

Revenue and Profit Performance - Revenue for 2023 decreased to HKD 3,833,194 thousand from HKD 4,067,732 thousand in 2022, a decline of 5.8%[2] - Net profit for 2023 was HKD 333,149 thousand, a slight decrease from HKD 342,896 thousand in 2022[2] - Total comprehensive income for 2023 was HKD 307,809 thousand, significantly higher than HKD 122,306 thousand in 2022[3] - Earnings per share (basic) for 2023 were 31.64 HK cents, up from 29.96 HK cents in 2022[5] - Revenue decreased by 5.8% to HKD 3,833.2 million (2022 restated: HKD 4,067.7 million) due to reduced consumption and negative foreign exchange impact[47] - Net profit attributable to shareholders increased by 5.6% to HKD 330.2 million (2022 restated: HKD 312.8 million), with a net profit margin of 8.6% (2022 restated: 7.7%)[47] - Adjusted EBITDA slightly increased by 0.4% to HKD 607.8 million (2022 restated: HKD 605.4 million), with an adjusted EBITDA margin of 15.9% (2022 restated: 14.9%)[47] - Pre-tax profit for 2023 was HK$456.965 million, compared to HK$462.885 million in 2022[30] - Total tax expense for 2023 was HK$123.816 million, up from HK$119.989 million in 2022[30] - Basic earnings per share for 2023 were HK$0.316, up from HK$0.300 in 2022[34] Gross Profit and Margin - Gross profit remained stable at HKD 1,303,061 thousand in 2023 compared to HKD 1,302,795 thousand in 2022[2] - Gross profit remained flat at HKD 1,303.1 million (2022 restated: HKD 1,302.8 million), with gross margin increasing by 2.0 percentage points to 34.0% in 2023[47] Assets and Liabilities - Total assets increased to HKD 3,787,548 thousand in 2023 from HKD 3,672,836 thousand in 2022[6] - Non-current assets grew to HKD 2,179,577 thousand in 2023 from HKD 2,103,271 thousand in 2022[6] - Cash and cash equivalents decreased to HKD 1,199,054 thousand in 2023 from HKD 1,257,573 thousand in 2022[6] - Equity attributable to owners of the company increased to HKD 3,631,441 thousand in 2023 from HKD 3,555,753 thousand in 2022[7] - Total assets of the group as of December 31, 2023, were HKD 4,683.7 million, with total equity of HKD 3,674.7 million[63] - Operating capital of the group was HKD 1,608.0 million, with a current ratio of 2.8 as of December 31, 2023[63] - Net cash position of the group was approximately HKD 1,310.4 million, with available bank financing of HKD 820.0 million as of December 31, 2023[63] - Trade receivables decreased to HK$372.854 million in 2023 from HK$430.898 million in 2022[35] Revenue Breakdown by Region - Total revenue for 2023 was HKD 3,833,194 thousand, with HKD 2,319,983 thousand from Mainland China and HKD 1,513,211 thousand from Hong Kong and other Asian regions[16] - Revenue from external customers in Hong Kong and other Asia regions was HKD 1,513,211 thousand, while in Mainland China it was HKD 2,319,983 thousand, totaling HKD 3,833,194 thousand for the year ending December 31, 2023[20] - External revenue from Hong Kong decreased to 1,229,961 thousand HKD in 2023 from 1,309,448 thousand HKD in 2022[25] - External revenue from Mainland China decreased to 2,325,737 thousand HKD in 2023 from 2,457,628 thousand HKD in 2022[25] - Total external revenue from other regions (Vietnam, Canada, Australia, USA, Taiwan, and Macau) decreased to 277,496 thousand HKD in 2023 from 300,656 thousand HKD in 2022[25] - Revenue from Hong Kong and other Asian businesses decreased by 6.5% to HKD 1,513.2 million (2022 restated: HKD 1,617.9 million), accounting for 39.5% of total revenue (2022 restated: 39.8%)[49] - Revenue from mainland China decreased by 5.3% (or 1.1% in local currency) to HKD 2,320.0 million, accounting for 60.5% of the group's total revenue[58] Segment Performance - Segment performance for Hong Kong and other Asia regions was HKD 85,085 thousand, while for Mainland China, it was HKD 350,602 thousand, totaling HKD 435,687 thousand for the year ending December 31, 2023[20] - Segment performance for Hong Kong and other Asian businesses decreased by 24.5% to HKD 85.1 million (2022 restated: HKD 112.7 million)[50] Revenue by Product and Service - Revenue from sales of goods in 2023 was HKD 3,826,566 thousand, a decrease from HKD 4,061,541 thousand in 2022[16] - Revenue from other sources, including sales of broken noodles and research and promotional services, was HKD 6,628 thousand in 2023, up from HKD 6,191 thousand in 2022[16] - Revenue recognized at a point in time was HKD 3,830,438 thousand in 2023, compared to HKD 4,064,708 thousand in 2022[16] - Revenue recognized over time was HKD 2,756 thousand in 2023, down from HKD 3,024 thousand in 2022[16] Accounting and Financial Reporting - The company's financial statements for the year ended December 31, 2023, are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS) and include disclosures required by the Hong Kong Companies Ordinance and the Listing Rules of the Hong Kong Stock Exchange[9] - The company's auditors have issued an unqualified report on the financial statements, with no emphasis of matter or statements under sections 406(2), 407(2), or (3) of the Companies Ordinance[9] - The company has applied new and revised HKFRS, including HKFRS 17 (Insurance Contracts), HKAS 8 (Amendments to the Definition of Accounting Estimates), and HKAS 12 (Amendments on Deferred Tax related to Assets and Liabilities arising from a Single Transaction), which became effective from January 1, 2023[10] - The application of HKAS 1 and HKFRS Practice Statement 2 (Amendments on Accounting Policy Disclosures) has clarified the definition of significant accounting policy information and introduced a four-step process for assessing materiality in accounting policy disclosures[11] - The company has adopted the Hong Kong Institute of CPAs' guidance on the accounting impact of the cancellation of the MPF offsetting mechanism for long service payments, which will take effect on May 1, 2025[12] - The company adjusted its accounting treatment for long-service payments due to changes in Hong Kong accounting standards, resulting in a cumulative catch-up adjustment in the 2022 financial statements[13] - The company did not early adopt several new and revised Hong Kong Financial Reporting Standards, which are expected to have no significant impact on the financial statements[14] Investments and Acquisitions - The company acquired 66.01% of the target company for approximately $9.5 million (equivalent to HKD 74.435 million) and later invested an additional $2 million (equivalent to HKD 15.671 million) to increase its stake to 67%[15] - The company acquired a 66.01% stake in Nissin Foods Vietnam Co., Ltd. and injected USD 2 million into the subsidiary[46] - The company acquired a 67% stake in Nissin Vietnam for a total consideration of $11.5 million, aiming to leverage its expertise and resources to accelerate growth in Vietnam's instant noodle market[56] - The company acquired Nissin Vietnam for a total consideration of approximately USD 11.5 million, completed on July 10, 2023[71] - The company exercised a call option to acquire the remaining 19% equity interest in Hong Kong Dongfeng for approximately RMB 0.5 million, making it a wholly-owned subsidiary on July 3, 2023[71] Employee and Compensation - Total employee costs decreased slightly to HK$727.360 million in 2023 from HK$729.384 million in 2022[31] - The company granted a total of 301,310 reward shares to selected employees in 2022, with an estimated fair value of HKD 5.63 per share, totaling HKD 1,697,000[40][42] - In 2023, the company granted 266,420 reward shares to selected employees, with an estimated fair value of HKD 5.94 per share, totaling HKD 1,684,000[40][42] - The company recognized total expenses of HKD 1,684,000 for the reward shares granted in 2023, compared to HKD 1,697,000 in 2022[42] - Total number of employees increased to 3,409 as of December 31, 2023, up from 3,274 in the previous year[73] - Employee costs (excluding director remuneration) amounted to approximately HK$705.5 million for the year[73] Dividends and Share Repurchases - The company proposed a final dividend of HK$0.1582 per share for 2023, totaling HK$165.112 million[33] - The company repurchased and canceled 4,099,000 ordinary shares in 2022 at an average price of HK$6.34 per share[38] - The company proposed a final dividend of HK$0.1582 per share for the year ended December 31, 2023, payable on June 27, 2024, subject to shareholder approval[79] - The company will suspend share transfer registration from May 31 to June 5, 2024, for determining eligibility to attend and vote at the Annual General Meeting[80] - Share transfer registration will also be suspended from June 13 to June 17, 2024, for determining eligibility to receive the final dividend[80] Capital Expenditure and Commitments - Capital commitments for the acquisition of property, plant, and equipment were HKD 49,983,000 in 2023, down from HKD 93,033,000 in 2022[43] - Capital expenditure for the year was HKD 329.6 million, primarily due to equity investments in Nissin Vietnam and production facilities in Hong Kong and Mainland China[64] - Capital commitments for the acquisition of property, plant, and equipment as of December 31, 2023, were HKD 50.0 million[65] Market and Business Development - The company operates primarily in Hong Kong and other Asian regions, including mainland China, focusing on the production and sale of noodles, frozen foods, beverages, and snacks[8] - The company introduced new flavors for its flagship brands, including "Cup Noodles" and "Demae Iccho," and launched new products such as "Nissin Yuen Chow Chicken Flavor Instant Noodles" and "Doll Instant Noodles King Hong Kong Style Satay Beef Flavor"[51] - The company expanded its focus on premium frozen food products, introducing new items like "Nissin Frozen Tempura Udon" and "Nissin Black Pepper Flavor Pan-Fried Dumplings"[53] - Distribution business in Hong Kong rebounded due to the easing of the pandemic and economic recovery, with increasing tourist numbers boosting sales[54] - KAGOME business expanded sales channels across different regions, including convenience stores, commercial offices, high-end restaurants, and airline lounges, receiving positive consumer feedback[54] - Nissin cereal successfully replicated its success in Hong Kong and mainland China to new markets in Southeast Asia, with sales and volume growth in Singapore, and introduced a new Royal Milk Tea cereal variant[55] - Fresh-cut vegetable business, launched in December 2020, saw rising demand in 2023, with expanded distribution channels and increased sales and volume[55] - The company launched a low-fat Nissin yogurt series, including original and strawberry flavors, in both cup and drink formats, to capitalize on consumer health trends[55] - The company expanded its instant noodle business in mainland China, particularly in the northwest region, and introduced new Japanese-style flavors under the Cup Noodles brand, while also collaborating with popular IPs for co-branded products[59] - The company established a subsidiary and sales office in Taiwan to expand its sales channels and revenue base[69] Economic and Market Conditions - Vietnam's GDP grew by 5.05% in 2023, with retail sales of consumer goods and services increasing by 9.6%, and food and food-related retail sales growing by 11.7%[56] - Mainland China's GDP grew by 5.2% in 2023, with Q4 GDP growth of 5.2%, but consumer confidence was impacted by weak household and business confidence, leading to a slowdown in economic recovery[57] Other Financial Metrics - Unallocated income for the year ending December 31, 2023, was HKD 18,858 thousand[20] - Net exchange loss for the year ending December 31, 2023, was HKD 17,572 thousand[20] - Interest income for the year ending December 31, 2023, was HKD 27,896 thousand[20] - Fair value changes of financial assets at fair value through profit or loss for the year ending December 31, 2023, was HKD 4,116 thousand[20] - Impairment losses on property, plant, and equipment for the year ending December 31, 2023, was HKD 8,778 thousand[20] - Loss on disposal of property, plant, and equipment for the year ending December 31, 2023, was HKD 2,970 thousand[20] - Financial costs for the year ending December 31, 2023, was HKD 270 thousand[20] - Total income tax expense decreased to 123,816 thousand HKD in 2023 from 119,989 thousand HKD in 2022[28] - The tax rate for Mainland China subsidiaries remained at 25% for both years[29] - R&D expenses increased to HK$36.202 million in 2023 from HK$33.162 million in 2022[31] - Customer A1 contributed 705,301 thousand HKD in 2023, down from 821,380 thousand HKD in 2022[26] - Customer B2 contributed 695,571 thousand HKD in 2023, up from 664,586 thousand HKD in 2022[26] - Government subsidies related to confirmed expenses decreased to 11,372 thousand HKD in 2023 from 29,383 thousand HKD in 2022[26] - Non-current assets in Mainland China increased to 925,682 thousand HKD in 2023 from 776,107 thousand HKD in 2022[25] - Non-current assets in Hong Kong and other Asia decreased to 1,065,964 thousand HKD in 2023 from 1,155,325 thousand HKD in 2022[25] Future Outlook and Strategy - The company is optimistic about long-term business development in various regions, focusing on cost control and operational efficiency improvement[68] - In Vietnam, the company sees growth opportunities in the premium instant noodle market due to increasing consumer awareness of health and wellness[69] Corporate Governance and Reporting - The company's 2023 annual report will be available on the company's website and sent to shareholders in April 2024[81]