Core Viewpoint - Macquarie maintains an "Outperform" rating for Master Kong (00322), believing that the new management will focus on strict cost management and revenue recovery, leading the company to achieve sustainable growth starting in 2026 [1] Financial Projections - Macquarie has raised its earnings forecasts for Master Kong for 2025, 2026, and 2027 by 2.1%, 2.1%, and 2.0% respectively, based on confidence in strict operating expense control [1] - The target price for Master Kong has been increased from HKD 14.7 to HKD 15, reflecting a 2% upward adjustment, while maintaining a 15x price-to-earnings ratio for 2026 [1] Dividend Expectations - The expected dividend returns for Master Kong are attractive, with dividend yields projected at 7% for 2025 and 8% for 2026 [1] Sales and Profit Outlook - Sales for the second half of 2025 are expected to see a slight year-on-year increase of 0.1%, driven by a 3% growth in instant noodle business, which offsets a 1.5% decline in beverage sales [1] - Operating profit is anticipated to grow by 13.4% year-on-year, primarily benefiting from strict cost control strategies and favorable raw material price trends [1] Market Dynamics - Following the price increase of instant noodle products in July 2024, the low base effect is expected to manifest, leading to positive sales growth for instant noodles in the second half of 2025, with expectations of continuation until the end of the year [1] - Due to declining raw material prices, the gross margin for the second half of 2025 is expected to expand by 0.7 percentage points year-on-year [1]

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12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: 2026年1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 35,0 ...

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，2026年1月2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。 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2026年 1月2日在臺灣證券交易 所股份有限公司刊發的公告。 承董事會命 康師傅控股有限公司 網址: http://www.masterkong.com.cn http://www.irasia.com/listco/hk/tingyi *僅供識別 康師傅 ...

Group 1 - The stock price of Master Kong Holdings (00322.HK) has increased by over 3%, currently up 3.06% at HKD 12.47 [2] - The trading volume reached HKD 132 million [2]

Group 1 - The core point of the article is that 康师傅控股 (00322) has appointed 魏宏丞 as the new CEO, marking a return to family governance after 11 years of professional management [1] - The stock price of 康师傅控股 increased by 3.06% to HKD 12.47, with a trading volume of HKD 132 million at the time of reporting [1] - The new CEO, 魏宏丞, is the son of the founder 魏应州 and the brother of the chairman 魏宏名, indicating a significant shift in the company's leadership structure [1] Group 2 - According to a report from Goldman Sachs, 康师傅控股 faces challenges in achieving its sales targets for the fiscal year 2025, primarily due to weak beverage business performance [1] - Despite the sales challenges, the company is expected to meet its profit targets, driven by pricing power, favorable cost conditions, efficiency improvements, and strict promotional management [1] - For 2026, 康师傅's management has reiterated a focus on improving profit margins while aiming to restore revenue growth and continue efficiency enhancement measures [1]

Core Viewpoint - Master Kong Holdings (00322) has announced a leadership change with CEO Chen Yingrang retiring and being succeeded by Wei Hongcheng, marking a shift back to family control after 11 years of professional management [1] Group 1: Leadership Change - CEO Chen Yingrang has decided to retire and will not renew his service contract with the company [1] - Wei Hongcheng, the new CEO, is the brother of Chairman Wei Hongming and the son of founder Wei Yingzhou, indicating a return to family management [1] Group 2: Market Performance - Master Kong's stock has risen over 3%, currently trading at HKD 12.47 with a transaction volume of HKD 1.32 billion [1] Group 3: Financial Outlook - Goldman Sachs reported that Master Kong faces challenges in achieving its sales targets for the fiscal year 2025, primarily due to weak beverage business [1] - Despite sales challenges, the company is expected to meet its profit targets due to pricing base effects, favorable cost conditions, efficiency improvements, and strict promotional management [1] - For 2026, management aims to focus on improving profit margins while also looking to restore revenue growth and continue efficiency enhancement measures [1]

Group 1: Management Changes at Kang Shifu Holdings - CEO Chen Yingrang will retire, and his contract will end on December 31, 2025. Wei Hongcheng will take over as CEO starting January 1, 2026 [1] - Wei Hongcheng, aged 43, has an international education background and experience in the beverage sector, which may boost market expectations for reforms [1] - The company faces challenges such as weak demand for instant noodles and pressure from beverage price wars, which could limit profit improvement unless product innovation and channel expansion accelerate by 2026 [1] Group 2: Cultural and Tourism Investigation in Jiangsu - The Jiangsu Provincial Department of Culture and Tourism is investigating the appearance of a valuable painting from the Nanjing Museum at an auction, which has raised concerns [2] - A working group has been established to handle the investigation, and any illegal activities will be addressed according to the findings [2] - If the procedures are deemed compliant, the impact on the museum and tourism system will be limited; however, any procedural flaws could undermine the credibility of state-owned cultural institutions [2] Group 3: Hainan's Border Closure and Travel Surge - Hainan Free Trade Port has officially started its closure operations, leading to a more than 100% year-on-year increase in international flight bookings to Haikou for the 2026 Spring Festival [3] - Major source countries for travelers include Russia, Singapore, Australia, Malaysia, South Korea, and Thailand [3] - The closure, combined with holiday policies, is expected to boost revenue for airlines, airports, duty-free shops, and hotels on the island [3] Group 4: Strategic Partnership between Fosun Tourism and BYD - Fosun Tourism has entered into a global long-term strategic partnership with BYD to leverage their strengths in green travel, smart manufacturing, and tourism [4] - The collaboration aims to create a "travel + vacation" ecosystem and enhance international operations for both companies [4] - This partnership is expected to increase customer flow and revenue for projects like Taicang Alps and enrich the benefits for BYD vehicle owners [4]

Core Viewpoint - The announcement of CEO Chen Yingrang's retirement and the appointment of Wei Hongcheng as the new CEO of Master Kong Holdings marks a significant leadership transition for the company [3][4]. Group 1: Leadership Changes - Chen Yingrang has decided to retire and will not renew his service contract, which is set to expire on December 31, 2025 [3]. - Wei Hongcheng will be appointed as the new CEO effective January 1, 2026, while continuing his role as an executive director [4]. - Wei Hongcheng, aged 43, has been an executive director since January 1, 2019, and holds degrees from Imperial College London and Harvard Business School [4]. Group 2: Company Performance - For the first half of 2025, Master Kong Holdings reported revenues of 40.092 billion yuan, a year-on-year decrease of 2.7% [4]. - The gross profit margin increased to 34.5%, reflecting a year-on-year growth of 1.9 percentage points [4]. - The profit attributable to shareholders rose to 2.271 billion yuan, marking a year-on-year increase of 20.5% [4].

Core Viewpoint - The announcement reveals the retirement of Chen Yingrang as CEO of Master Kong Holdings, effective December 31, 2025, and the appointment of Wei Hongcheng as the new CEO starting January 1, 2026 [1] Company Announcement - Chen Yingrang has decided to retire and will not renew his service contract with the company [1] - The board has appointed Wei Hongcheng as the new CEO, effective January 1, 2026, while he will continue to serve as an executive director [1] - Wei Hongcheng is the brother of Wei Hongming, the chairman and executive director, and their family holds 100% of the major shareholder, Ting Hsin (Cayman Islands) Holdings Co., Ltd [1] - As of the announcement date, Wei Hongcheng holds 5 million shares of the company and has options to subscribe for 1.385 million shares [1]

Group 1 - The core announcement is that Mr. Chen Yingrang has decided to retire and will not renew his service contract with the company [1] - The service contract between the company and Mr. Chen, who serves as the Chief Executive Officer, will expire on December 31, 2025 [1] - Mr. Wei Hongsheng has been appointed as the new Chief Executive Officer, effective from January 1, 2026, and he will continue to serve as an executive director [1]