Core Viewpoint - Nissin Foods (01475) reported a mid-year performance for 2025, showing a revenue increase of 10.52% year-on-year, reaching HKD 2.014 billion, while the profit attributable to shareholders decreased by 7.35% to HKD 157 million, with earnings per share at HKD 0.1505 [1] Financial Performance - Revenue for the period was HKD 2.014 billion, reflecting a year-on-year growth of 10.52% [1] - Profit attributable to shareholders was HKD 157 million, which represents a decrease of 7.35% compared to the previous year [1] - Earnings per share stood at HKD 0.1505 [1] Profitability Metrics - The net profit margin for the period was 7.8%, down from 9.3% in 2024 [1] - The decrease in profit was primarily attributed to increased tax expenses in high-tax jurisdictions and a reduction in deferred tax items [1]

Company Information and Report Overview [Company Profile](index=5&type=section&id=Company%20Profile) Nissin Foods Company Limited, a Hong Kong-listed public company, is ultimately controlled by Japan's Nissin Foods Holdings Co., Ltd., focusing on producing and selling various food products across Hong Kong, mainland China, and other regions - **Nissin Foods Company Limited** is a Hong Kong-listed company, with its ultimate holding company being **Nissin Foods Holdings Japan**[7](index=7&type=chunk) - Its main business involves the **production and sale of noodles, ready meals, frozen foods, beverages, and snacks**, alongside R&D and promotional services[7](index=7&type=chunk) - Primary operating locations include **Hong Kong, mainland China, and other regions**[7](index=7&type=chunk) [Report Statement and Basis of Preparation](index=1&type=section&id=Report%20Statement%20and%20Basis%20of%20Preparation) This interim report covers the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, prepared in accordance with HKAS 34 and Listing Rules, with retrospective restatement for the ABC Pastry acquisition - The report presents **unaudited condensed consolidated interim results** for the six months ended June 30, 2025, with comparative data for the same period in 2024[3](index=3&type=chunk) - The condensed consolidated financial statements are prepared in accordance with **Hong Kong Accounting Standard 34** and applicable disclosure requirements of the **Listing Rules** of The Stock Exchange of Hong Kong Limited[9](index=9&type=chunk) - Due to the finalization of purchase price allocation for the ABC Pastry acquisition, certain items in the **consolidated statement of financial position as at December 31, 2024, were retrospectively restated**, primarily adjusting property, plant and equipment, goodwill, intangible assets, and deferred tax liabilities[11](index=11&type=chunk)[12](index=12&type=chunk) [Key Accounting Policies](index=6&type=section&id=Key%20Accounting%20Policies) The condensed consolidated financial statements are primarily prepared on a historical cost basis, with consistent accounting policies applied as in the 2024 annual financial statements, and HFRS amendments having no significant impact - The condensed consolidated financial statements are primarily prepared on a **historical cost basis**, except for certain financial instruments measured at fair value[13](index=13&type=chunk) - Accounting policies and calculation methods used in this interim period are **consistent with the 2024 annual consolidated financial statements**, except for changes due to the application of amendments to Hong Kong Financial Reporting Standards[13](index=13&type=chunk) - Amendments to Hong Kong Financial Reporting Standards (e.g., HKAS 21 amendments) have **no significant impact** on the Group's financial position and performance for the current interim and prior periods[14](index=14&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue increased by **10.5% to HK$2,014.2 million**, but profit for the period decreased by **7.4% to HK$159.6 million**, mainly due to higher income tax expense, resulting in basic earnings per share falling to **15.05 HK cents** Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,014,201 | 1,822,499 | +10.5% | | Cost of sales and services | (1,337,247) | (1,185,046) | +12.8% | | Gross profit | 676,954 | 637,453 | +6.2% | | Other income | 12,999 | 20,748 | -37.3% | | Selling and distribution costs | (276,065) | (260,831) | +5.8% | | Administrative expenses | (164,512) | (148,381) | +10.9% | | Other expenses | (16,275) | (17,839) | -8.7% | | Other gains and losses | (4,771) | (7,422) | -35.7% | | Finance costs | (95) | (223) | -57.4% | | Profit before tax | 228,235 | 223,505 | +2.1% | | Income tax expense | (68,618) | (51,665) | +32.8% | | Profit for the period | 159,617 | 171,840 | -7.1% | | Profit attributable to owners of the Company | 157,027 | 169,489 | -7.4% | | Basic earnings per share (HK cents) | 15.05 | 16.24 | -7.3% | - Total comprehensive income for the period significantly increased by **30.1% to HK$204,233 thousand**, primarily due to a shift from loss to gain in exchange differences arising from the translation of overseas operations[4](index=4&type=chunk) [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets slightly decreased, but total equity maintained robust growth, with net current assets remaining stable and the current ratio improving from 2.6 to 2.8, indicating good liquidity Condensed Consolidated Statement of Financial Position (As at June 30) | Indicator | 2025 June 30 (HK$ thousand) | 2024 Dec 31 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 2,356,443 | 2,362,853 | -0.3% | | Current assets | 2,315,003 | 2,419,909 | -4.3% | | Current liabilities | 942,691 | 839,304 | +12.3% | | Net current assets | 1,475,699 | 1,477,218 | -0.1% | | Total equity | 3,699,640 | 3,669,974 | +0.8% | | Non-current liabilities | 138,912 | 163,687 | -15.1% | - The **current ratio increased from 2.6** as at December 31, 2024, **to 2.8** as at June 30, 2025, indicating improved liquidity[54](index=54&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides supplementary financial details including revenue breakdown, segment information, other income and expenses, income tax, dividends, earnings per share, trade receivables and payables, share capital, and share award schemes Revenue from Contracts with Customers Breakdown (Six Months Ended June 30) | Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Sale of goods | 2,010,696 | 1,818,847 | +10.5% | | Others (research and promotional services) | 3,505 | 3,652 | -4.0% | | **Total** | **2,014,201** | **1,822,499** | **+10.5%** | - The Group redefined its operating segments on January 1, 2025, by adding a **"Headquarters" segment** to provide a more relevant segment presentation[16](index=16&type=chunk)[19](index=19&type=chunk) Income Tax Expense (Six Months Ended June 30) | Tax Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong Profits Tax | 12,084 | 7,480 | +61.6% | | Mainland China Enterprise Income Tax | 45,272 | 40,247 | +12.5% | | Mainland China Withholding Tax | 11,225 | 18,366 | -38.8% | | Others | 2,977 | – | N/A | | Deferred tax | (2,940) | (14,428) | -79.6% | | **Total Income Tax Expense** | **68,618** | **51,665** | **+32.8%** | - **Basic earnings per share attributable to owners of the Company decreased** from **16.24 HK cents in 2024 to 15.05 HK cents in 2025**[25](index=25&type=chunk) - The Group provides an average credit period of **90 days to trade customers**, with a slight decrease in total trade receivables[27](index=27&type=chunk) - The average credit period for purchases of goods is **60 days**, and total trade payables have decreased[28](index=28&type=chunk) - Under the Share Award Scheme, **220,320 award shares were granted and vested in 2025**, with a total fair value of **HK$1,382,000**[29](index=29&type=chunk)[30](index=30&type=chunk) [Other Income and Gains/Losses](index=9&type=section&id=Other%20Income%20and%20Gains%2FLosses) Other Income (Six Months Ended June 30) | Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Interest income from bank deposits | 5,368 | 8,750 | -38.7% | | Interest income from financial assets at FVTPL | – | 5,938 | -100% | | Miscellaneous income | 7,631 | 6,060 | +25.9% | | **Total** | **12,999** | **20,748** | **-37.3%** | Other Gains and Losses (Six Months Ended June 30) | Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net exchange losses | (2,232) | (5,519) | -59.6% | | Fair value changes of financial assets at FVTPL | (2,306) | 1,244 | -285.4% | | Loss on disposal of property, plant and equipment | (233) | (3,147) | -92.6% | | **Total** | **(4,771)** | **(7,422)** | **-35.7%** | [Income Tax Expense](index=9&type=section&id=Income%20Tax%20Expense) - Income tax expense increased by **32.8% to HK$68,618 thousand** year-on-year, primarily due to higher Hong Kong Profits Tax and mainland China Enterprise Income Tax, and a decrease in deferred tax[21](index=21&type=chunk) - The Group's management has not yet disclosed qualitative and quantitative information regarding Pillar Two income tax risks, as the estimated effective tax rate in all jurisdictions is above 15%[21](index=21&type=chunk) [Items Deducted/Credited to Profit for the Period](index=10&type=section&id=Items%20Deducted%2FCredited%20to%20Profit%20for%20the%20Period) Items Deducted/Credited to Profit for the Period (Six Months Ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Amortisation of intangible assets | 2,896 | 2,388 | +21.3% | | Cost of inventories recognised as expense | 1,337,247 | 1,185,046 | +12.8% | | Depreciation of property, plant and equipment | 76,701 | 74,211 | +3.4% | | Depreciation of right-of-use assets | 3,491 | 4,354 | -19.8% | | Research and development expenses | 16,275 | 17,839 | -8.7% | | Total staff costs | 402,371 | 364,647 | +10.3% | - Staff costs (excluding directors' emoluments) amounted to **HK$391,798 thousand**, and contributions to retirement benefit schemes were **HK$37,882 thousand**[23](index=23&type=chunk) [Dividends](index=10&type=section&id=Dividends) - During the interim period, a final dividend of **9.63 HK cents** per ordinary share and a special dividend of **6.19 HK cents** per ordinary share, totaling **HK$165,112,000**, were declared and paid to the owners of the Company for the year ended December 31, 2024[24](index=24&type=chunk) [Earnings Per Share](index=11&type=section&id=Earnings%20Per%20Share) Earnings Per Share (Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company (HK$ thousand) | 157,027 | 169,489 | | Basic earnings per share (HK cents) | 15.05 | 16.24 | | Diluted earnings per share (HK cents) | 15.05 | 16.24 | [Trade Receivables and Payables](index=11&type=section&id=Trade%20Receivables%20and%20Payables) Ageing Analysis of Trade Receivables (As at June 30) | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 246,615 | 243,366 | | 31 to 90 days | 139,126 | 141,156 | | 91 to 180 days | 14,304 | 13,668 | | Over 180 days | 5,212 | 11,523 | | **Total** | **405,257** | **409,713** | Ageing Analysis of Trade Payables (As at June 30) | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 122,014 | 139,516 | | 31 to 90 days | 26,709 | 33,520 | | 91 to 180 days | 9,270 | 1,074 | | Over 180 days | 19 | 7 | | **Total** | **158,012** | **174,117** | [Share Capital and Share Award Scheme](index=12&type=section&id=Share%20Capital%20and%20Share%20Award%20Scheme) - As at June 30, 2025, the number of issued and fully paid ordinary shares was **1,043,691,480**, with share capital amounting to **HK$2,941,441 thousand**, consistent with 2024[28](index=28&type=chunk) - The trustee of the Share Award Scheme purchased **78,000 ordinary shares** of the Company from the open market and vested **220,320 award shares** during the interim period[28](index=28&type=chunk) - For the six months ended June 30, 2025, the Group recognized a total expense of **HK$1,382,000** in relation to the Share Award Scheme[30](index=30&type=chunk) [Capital Commitments](index=13&type=section&id=Capital%20Commitments) Capital Expenditure Contracted But Not Provided For (As at June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Acquisition of property, plant and equipment | 8,216 | 14,594 | Management Discussion and Analysis [Macroeconomic Environment and Company Strategy](index=14&type=section&id=Macroeconomic%20Environment%20and%20Company%20Strategy) In the first half of 2025, the global economy stabilized, mainland China's economy grew beyond expectations, and Hong Kong experienced moderate growth despite local consumption outflow, prompting the Group to focus on product upgrades, cost optimization, and market expansion with premiumization and differentiation strategies - In the first half of 2025, the global economy showed signs of stabilization, with **mainland China's economy growing beyond market expectations** and Hong Kong's economy experiencing moderate growth[33](index=33&type=chunk)[34](index=34&type=chunk) - **Hong Kong's local consumer spending continued to shift to the Greater Bay Area** in mainland China, putting pressure on the retail and catering sectors[34](index=34&type=chunk) - The Group remains committed to **product upgrades and cost optimization**, driving sustainable growth through premiumization and differentiation strategies[34](index=34&type=chunk) [Overall Financial Performance](index=14&type=section&id=Overall%20Financial%20Performance) The Group achieved strong growth in the review period, with revenue increasing by **10.5% to HK$2,014.2 million** driven by instant noodle business and acquisitions; however, gross profit margin declined due to rising procurement costs, and profit attributable to owners decreased by **7.4%** due to higher income tax expense - The Group's overall revenue significantly increased by **10.5% to HK$2,014.2 million**, primarily driven by robust instant noodle business and contributions from last year's acquisitions[35](index=35&type=chunk) - Gross profit margin decreased by **1.4 percentage points from 35.0% in 2024 to 33.6% in 2025**, mainly due to rising procurement costs[35](index=35&type=chunk) - Profit attributable to owners of the Company decreased by **7.4% to HK$157.0 million**, primarily due to increased income tax expense in high-tax jurisdictions and reduced deferred tax[35](index=35&type=chunk) - Adjusted EBITDA increased by **1.0% to HK$303.2 million**, with an adjusted EBITDA margin of **15.1%**[36](index=36&type=chunk) [Segment Business Performance](index=7&type=section&id=Segment%20Business%20Performance) The Group's operating segments are redefined as Hong Kong and Other Regions, Mainland China, and Headquarters; Hong Kong and Other Regions saw revenue growth of **12.2%** and segment results increased by **12.5%**, while Mainland China's revenue grew by **9.4%** but segment results slightly decreased by **0.3%** due to procurement costs and exchange rates Segment Revenue (Six Months Ended June 30) | Segment | 2025 (HK$ thousand) | 2024 (HK$ thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong and Other Regions | 792,264 | 705,856 | +12.2% | | Mainland China | 1,221,937 | 1,116,643 | +9.4% | | **Total** | **2,014,201** | **1,822,499** | **+10.5%** | Segment Results (Six Months Ended June 30) | Segment | 2025 (HK$ thousand) | 2024 (HK$ thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong and Other Regions | 67,770 | 60,260 | +12.5% | | Mainland China | 172,940 | 173,460 | -0.3% | | Headquarters | (20,513) | (23,318) | -12.0% | | **Total Reportable Segments** | **220,197** | **210,402** | **+4.7%** | [Hong Kong and Other Regions Business](index=15&type=section&id=Hong%20Kong%20and%20Other%20Regions%20Business) - Revenue from Hong Kong and Other Regions business increased by **12.2% to HK$792.3 million**, accounting for **39.3% of the Group's total revenue**, driven by Hong Kong's instant noodle business and increased demand in other regions[37](index=37&type=chunk) - Segment results significantly increased by **12.5% to HK$67.8 million**, benefiting from sales revenue and gross profit growth[38](index=38&type=chunk) [Hong Kong Business](index=15&type=section&id=Hong%20Kong%20Business) - Instant noodle business performance improved, with **steady growth in sales of bagged and cup instant noodles**, and the launch of new flavors and collaborations with popular IPs[39](index=39&type=chunk)[40](index=40&type=chunk) - Frozen food performance remained stable, with the company focusing on **expanding into premium frozen food products** and developing new products for the catering channel[41](index=41&type=chunk) - Hong Kong Jieling (distribution business) continued to grow in the first half of 2025, benefiting from the **recovery of inbound tourism**[42](index=42&type=chunk) - The portfolio of other products (non-noodle) continued to expand, with the launch of **seasonal fruit and vegetable juices and new flavored cereals**, and the expansion of fresh-cut vegetable channels[43](index=43&type=chunk) [Other Regions Business](index=16&type=section&id=Other%20Regions%20Business) - Vietnam business performed excellently, actively exploring and expanding domestic market sales and distribution channels, with a focus on **young consumer groups**[44](index=44&type=chunk) - A **wholly-owned subsidiary was established in Taiwan** to provide clearer sales direction and more sales and promotional support[45](index=45&type=chunk) - South Korea's Gaemi Food (crispy roll snack manufacturer) business performed in line with management expectations, launching several **original design manufacturer products**[46](index=46&type=chunk) - Australia business successfully expanded through the **acquisition of ABC Pastry** (frozen dumpling producer) and the establishment of Australia Nissin Foods Pty. Ltd. (importing and selling instant noodles, etc.)[47](index=47&type=chunk) [Mainland China Business](index=17&type=section&id=Mainland%20China%20Business) - Mainland China's economy grew by **5.3% year-on-year** in the first half, with the consumer market maintaining a steady recovery and total retail sales of consumer goods increasing by **5.0%** year-on-year[48](index=48&type=chunk) - Mainland China business revenue increased by **9.4%** (in local currency: +10.8%) to **HK$1,221.9 million**, accounting for **60.7% of the Group's total revenue**[49](index=49&type=chunk) - Segment results slightly decreased by **0.3%** (in local currency: +1.0%) to **HK$172.9 million**, primarily affected by increased procurement costs and the depreciation of the Hong Kong dollar against the RMB[49](index=49&type=chunk) [Instant Noodle Business](index=18&type=section&id=Instant%20Noodle%20Business) - Adhering to a **premiumization strategy**, the instant noodle business performed steadily with positive growth in both bagged and cup instant noodle sales, expanding sales in inland regions[50](index=50&type=chunk) - **"Cup Noodles" sales expanded** through in-store tastings, online promotions, and collaborations with major retailers, while digital channels enhanced brand awareness for premium bagged instant noodles like "Demae Itcho" and "Nissin Raoh"[50](index=50&type=chunk) - New products like **"Cup Noodles Korean Army Stew Flavor"** were launched, existing products like "Cup Noodles Rich Seafood Shrimp Broth Flavor" were upgraded, and collaborations with "Hatsune Miku" promoted new offerings[51](index=51&type=chunk) [Non-Noodle Business](index=18&type=section&id=Non-Noodle%20Business) - The distribution business (Shanghai Dongfeng Trading) rebounded, introducing **new product lines and brands** such as European bottled water, Japanese sparkling beverages, and Korean snacks[52](index=52&type=chunk) - **"Nissin Koikeya Potato Chips" performed well** with expanding distribution channels; "KAGOME" fruit and vegetable juices attracted health-conscious customers; and microwaveable frozen foods met the demands of urban residents[53](index=53&type=chunk) [Financial Review](index=18&type=section&id=Financial%20Review) The Group maintains a robust financial position with ample liquidity and available bank facilities; as of June 30, 2025, the Group had no external borrowings and a zero gearing ratio, with capital expenditures primarily invested in production plants in Hong Kong and mainland China - As at June 30, 2025, the Group's **total assets were HK$4,677.9 million**, and **total equity was HK$3,699.6 million**[54](index=54&type=chunk) - **Working capital was HK$1,475.7 million**, and the **current ratio was 2.8**, maintaining a sound financial position[54](index=54&type=chunk) - **Net cash was approximately HK$1,355.1 million**, with available bank facilities of **HK$820.0 million**[55](index=55&type=chunk) - The Group had **no external borrowings** and a **zero gearing ratio** as at June 30, 2025[55](index=55&type=chunk) [Liquidity, Financial Resources and Gearing Ratio](index=18&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Gearing%20Ratio) Liquidity and Financial Resources (As at June 30) | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Total assets | 4,677.9 | 4,776.4 | | Total equity | 3,699.6 | 3,670.0 | | Working capital | 1,475.7 | 1,477.2 | | Current ratio | 2.8 | 2.6 | | Net cash | 1,355.1 | 1,402.5 | | Available bank facilities | 820.0 | 820.0 | | External borrowings | 0 | 0 | | Gearing ratio | 0 | 0 | [Capital Expenditure and Commitments](index=19&type=section&id=Capital%20Expenditure%20and%20Commitments) - During the review period, capital expenditure was approximately **HK$102.2 million** (2024: HK$61.2 million), primarily for capital investments in **production plants in Hong Kong and mainland China**[56](index=56&type=chunk) - As at June 30, 2025, capital commitments contracted but not provided for the acquisition of property, plant and equipment amounted to **HK$8.2 million**[57](index=57&type=chunk) [Financial Risk Management](index=19&type=section&id=Financial%20Risk%20Management) - The Group has **not entered into or traded derivative financial instruments** for hedging or speculative purposes[58](index=58&type=chunk) - Major foreign currency risks arise from fluctuations in the **Japanese Yen and RMB against the Hong Kong dollar**, while other foreign currency risks (such as Vietnamese Dong, Korean Won, Australian Dollar, and New Taiwan Dollar) remain minor[58](index=58&type=chunk) [Contingent Liabilities and Pledge of Assets](index=19&type=section&id=Contingent%20Liabilities%20and%20Pledge%20of%20Assets) - As at June 30, 2025, the Group had **no significant contingent liabilities or pledge of assets**[59](index=59&type=chunk)[60](index=60&type=chunk) [Future Outlook](index=19&type=section&id=Future%20Outlook) The Company maintains cautious optimism for long-term business development across regions, continuously controlling costs, enhancing operational efficiency, and pursuing growth through premiumization and diversification strategies, including launching high-quality products, expanding portfolios for health needs, and actively growing market presence in mainland China, Vietnam, South Korea, and Australia - The Company maintains a **cautiously optimistic outlook** for long-term business development across various regions, continuously focusing on **cost control and operational efficiency enhancement**[61](index=61&type=chunk) - It will continue to launch **premium products with excellent taste and quality ingredients**, while expanding its product portfolio to meet the demands of health-conscious consumers and broaden its revenue base[61](index=61&type=chunk) - In mainland China, the Group will continue to **expand its business footprint**, reactivate sales in existing regions, explore new sales channels, and enter untapped markets[62](index=62&type=chunk) - In Vietnam, South Korea, and Australia, the Group will actively **expand sales and distribution channels**, capitalizing on economic growth, changing consumer preferences, and increased demand for high-quality, convenient food[62](index=62&type=chunk)[63](index=63&type=chunk) [Significant Investments, Acquisitions and Disposals](index=20&type=section&id=Significant%20Investments%2C%20Acquisitions%20and%20Disposals) During the review period, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures, nor did it hold any significant investments - During the review period, the Group had **no significant acquisitions or disposals** of subsidiaries, associates, or joint ventures[65](index=65&type=chunk) - The Group held **no significant investments**[65](index=65&type=chunk) [Sustainability](index=20&type=section&id=Sustainability) The Group is committed to providing a stable and reliable food supply, ensuring consumer well-being, and prioritizing food safety, while actively implementing environmental measures such as incorporating biomass materials in "Cup Noodles" production to reduce greenhouse gas emissions, plastic consumption, and food waste - The Group is committed to providing a **stable and reliable food supply**, ensuring consumer well-being, and placing high importance on **food safety**[66](index=66&type=chunk) - It implements various environmental measures, such as incorporating **biomass materials into the production of selected "Cup Noodles" flavors**, to reduce greenhouse gas emissions, plastic consumption, and food waste[66](index=66&type=chunk) [Employment and Remuneration Policies](index=20&type=section&id=Employment%20and%20Remuneration%20Policies) As of June 30, 2025, the Group employed 3,622 staff, with remuneration determined by performance, qualifications, and industry practices, offering medical benefits, training, and discretionary bonuses, while the Share Award Scheme provides long-term incentives for key employees - As at June 30, 2025, the Group had a total of **3,622 employees**[67](index=67&type=chunk) - Remuneration packages are determined with reference to **employee performance, qualifications, experience, and prevailing industry practices**[67](index=67&type=chunk) - The Group provides **medical benefits, internal and external training**, and discretionary bonuses based on individual performance[67](index=67&type=chunk) - The Share Award Scheme aims to provide **long-term incentives** for selected key employees of the Group[67](index=67&type=chunk) Corporate Governance and Supplementary Information [Corporate Governance](index=21&type=section&id=Corporate%20Governance) The Company has adopted and complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules; despite the Chairman and CEO being the same person, the Board believes this structure enables quick and effective decision-making, with independent non-executive directors ensuring power balance and independent judgment - The Company has adopted and complied with the **Corporate Governance Code** set out in Appendix C1 of the Listing Rules[69](index=69&type=chunk) - Mr. Kiyotaka Ando serves as both Chairman and Chief Executive Officer, an arrangement the Board believes facilitates **quick and effective business decisions**, with the presence of independent non-executive directors ensuring a balance of power[69](index=69&type=chunk) [Audit Committee](index=21&type=section&id=Audit%20Committee) The Company has established an Audit Committee in accordance with the Corporate Governance Code, which has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025 - The Company has established an **Audit Committee** in accordance with the Corporate Governance Code and has formulated its terms of reference in writing[70](index=70&type=chunk) - The Audit Committee has reviewed the Group's **unaudited condensed consolidated financial statements** for the six months ended June 30, 2025[70](index=70&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=21&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and the Company held no treasury shares - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's **listed securities**[71](index=71&type=chunk) - As at June 30, 2025, the Company held **no treasury shares**[71](index=71&type=chunk) [Supplementary Information Regarding 2024 Annual Report](index=21&type=section&id=Supplementary%20Information%20Regarding%202024%20Annual%20Report) This section provides additional details on the Share Award Scheme from the 2024 Annual Report, including specifics of award shares granted to the five highest-paid individuals, emphasizing that the scheme has no minimum vesting period - Supplementary information is disclosed regarding the **Share Award Scheme** in the 2024 Annual Report, particularly details of award shares granted to the **five highest-paid individuals**[72](index=72&type=chunk)[73](index=73&type=chunk) - The scheme does not stipulate any **minimum vesting period**, with the vesting schedule and conditions determined at the sole discretion of the Board[74](index=74&type=chunk)

格隆汇8月14日丨日清食品(01475.HK)发布公告，由2025年8月14日起，邓婉雯因退休已辞任公司高级管 理层成员。 ...

智通财经APP讯，日清食品(01475)发布公告，由2025年8月14日起，邓婉雯因退休已辞任公司高级管理 层成员。 ...

自願公告 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。 高橋勝先生 中野幸江教授 坂井利彰教授 伊藤惠子教授 – 1 – 高級管理層 饗庭彰文先生 福岡聖先生 古春雷先生 菊永健先生 小森裕先生 坂井達也先生 繁實建史先生 孫春利先生 謝志平先生 王惠芳女士 趙雄達先生 （排序按高級管理層成員姓氏的英文字母順序排列。） 高級管理人員辭任 此 公 告 乃 由 日 清 食 品 有 限 公 司（「本 公 司」）作 出 的 自 願 公 告，以 知 會 本 公 司 股 東 及 潛 在 投 資 者 有 關 本 公 司 及 其 附 屬 公 司（「本 集 團」）之 最 新 發 展。 本 公 司 董 事 會（「董 事 會」）謹 此 宣 佈，由2025年8月14日 起，鄧 婉 雯 女 士（「鄧 女 士」）因 退 休 已辭任本公司高級管理層 ...

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。 董事會會議公告 日清食品有限公司 (「本公司」) 董事會（「董事會」）謹此宣佈，董事會會議將於二零二 五年八月二十六日（星期二）舉行，藉以（其中包括）批准本公司及其附屬公司截至二 零二五年六月三十日止六個月之中期業績及考慮派發中期股息（如有）。 承董事會命 首席執行官兼執行董事 安藤清隆 香港，二零二五年八月十三日 於本公告日期，執行董事為安藤清隆先生、辰谷真次先生、松浦潔先生、廣井克則先生、 奚曉彤先生及八木孝幸先生；及獨立非執行董事為高橋勝先生、中野幸江教授、坂井利彰 教授及伊藤惠子教授。 ...

FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 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: | 日清食品有限公司 | | | 呈交日期: | 2025年8月6日 | | | I. 法定/註冊股本變動 不適用 | | | II. 已發行股份及/或庫存股份變動 | 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) | 01475 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,043,691,480 | | 0 | | 1,043,691,480 | | 增加 / 減少 (-) | | | 0 | | ...

Core Viewpoint - Nissin Foods reported its financial performance for the period from April to June, highlighting growth in revenue from its China operations despite a decline in core operating profit [1] Financial Performance - Revenue from China operations reached 16.689 billion yen (approximately 814 million RMB), representing a year-on-year increase of 1.4% [1] - Core operating profit decreased by 4.9% to 1.271 billion yen, while operating profit fell by 1.6% to 1.311 billion yen [1] - Excluding exchange rate effects, revenue for the second quarter in China was 17.968 billion yen, with core operating profit at 1.368 billion yen, reflecting year-on-year growth of 9.2% and 2.4% respectively [1] Market Strategy - The company expanded its sales coverage in the Chinese market and made significant progress in promoting its "合味道" brand and high-end bagged noodle products [1] - Nissin Foods is also actively developing its non-noodle business, including frozen foods and snacks, with distribution business achieving synchronized growth [1]

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） 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。 內幕消息 控股股東 NISSIN FOODS HOLDINGS CO., LTD. 截 至2025年6月30日止三個月之 未經審核財務業績 本 公 告 乃 日 清 食 品 有 限 公 司（「本 公 司」，連 同 其 附 屬 公 司 統 稱「本 集 團」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上 市 規 則」）第13.09(2)條及香港法例第571章證券及期貨條例第XIVA部 之 內 幕 消 息 條 文 作 出。 本公 ...

Group 1: Company Overview - The company has been deeply engaged in the instant noodle business for over 70 years, establishing a solid position in the high-end market since its founding in 1984 [1] - The company is backed by Nissin Foods Group from Japan, with a concentrated shareholding structure and a core management team with decades of industry experience [1] - Projected revenue for 2024 is HKD 3.812 billion, with a net profit of HKD 207 million, indicating stable profitability and a gross margin increase to 34.42% [1] Group 2: Industry Trends - The growth rate of the instant noodle market is slowing, with the market size peaking at RMB 128.2 billion in 2013, facing challenges from prepared dishes and takeout services [1] - The frozen food industry is entering a high-speed development phase, with a market size of RMB 183.54 billion in 2023, expected to reach RMB 213.09 billion by 2025 [1] - The traditional main food category in the frozen food sector has a relatively concentrated and stable competitive landscape, while new categories are emerging with strong growth potential [1] Group 3: Brand and Product Strategy - The company has established a high-end brand image through its role as an industry standard setter and a continuous differentiation strategy [2] - Product innovation is driven by pioneering technology and a diverse brand matrix, catering to consumers' differentiated needs [2] - The company optimizes its distribution channels through a multi-channel approach, enhancing brand awareness and market share [2] Group 4: Financial Performance and Outlook - The core instant noodle business provides stable revenue support, while other food segments contribute to growth [2] - The company shows signs of recovery in revenue and profit, with mainland operations maintaining a high proportion and stable growth [2] - The company has effective cost control, with a stable cash flow supporting consistent dividend payouts [2] Group 5: Earnings Forecast - The company is projected to have EPS of HKD 0.27, 0.31, and 0.34 for 2025-2027, with corresponding PE ratios of 26X, 22X, and 20X [3]