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8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9月4日 第 1 頁 共 10 頁 v 1.1.1 FF301 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) | 00322 | 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 | | | 5,636,516,360 | | | 0 | | 5,636,516,360 | | 增加 / 減少 (-) | | | | | | 0 | | | | 本月底結存 | | | 5,636,516,360 | | | 0 | | 5,636,516,360 | I. ...

Group 1: Market Trends and Consumer Behavior - The core driving force behind the changing market landscape is the generational shift in mainstream consumer demographics, particularly urban middle-class and younger groups who prioritize quality and experience over mere affordability in food consumption [1][18] - The rise of food delivery and instant retail is providing consumers with diverse and convenient meal solutions, prompting traditional fast food industries to accelerate transformation and innovation [1] Group 2: Product Innovation by Kang Shifu - Kang Shifu has launched the "Special Fresh Boiled Noodles," a groundbreaking product that utilizes a unique single-basket boiling technique, addressing the industry's core pain points and redefining the standard for instant noodles [2][7] - The product achieved remarkable market success, with over 100,000 orders within three days of launch and surpassing 140,000 orders in the first week, making it a top-selling item in its category on Douyin [4][12] Group 3: Competitive Advantages - The product's competitive edge lies in its technological innovation, which allows for a fresh-boiled taste that distinguishes it from conventional instant noodles, thus breaking the homogenization of the market [7][11] - Kang Shifu has established a new industry standard for fresh-boiled noodles, moving away from traditional methods and creating a technical and value moat through the "5132 Fresh Boiling Standard" [9] Group 4: Market Strategy and Capital Implications - The launch of "Special Fresh Boiled Noodles" demonstrates Kang Shifu's capability for disruptive innovation, which is crucial for capital market evaluations as it indicates potential for high returns and market reconfiguration [12][15] - The product targets the mid-to-high-end instant noodle market, aiming to enhance profitability and improve overall business performance through differentiated advantages [13][15] Group 5: Long-term Market Potential - The Chinese instant noodle market, with a consumption of 42.2 billion servings in 2023, shows significant growth potential compared to other countries, emphasizing the need for products that meet evolving consumer demands [17] - The shift in consumer psychology towards valuing both convenience and quality presents an opportunity for Kang Shifu to capture market share and redefine consumer expectations in the instant noodle category [17][18]

Core Viewpoint - The emergence of new consumption trends is reshaping market competition, driven by the generational shift in mainstream consumer groups, particularly urban middle-class and younger demographics who prioritize quality and experience over mere affordability [1][22]. Group 1: Industry Trends - The rapid rise of food delivery and instant retail is providing diverse fast-food solutions, prompting traditional fast-food industries to accelerate transformation and innovation [1]. - The Chinese instant noodle market, with a consumption of 42.2 billion servings in 2023, shows significant growth potential compared to Japan and South Korea, indicating a shift in consumer demands towards quality and convenience [22]. Group 2: Company Innovation - Kang Shifu has launched the "Special Fresh Boiled Noodles," a disruptive innovation that introduces a new category of instant noodles, utilizing a unique single-basket boiling process to enhance taste and redefine quality standards [2][8]. - The product achieved remarkable market performance, with over 100,000 orders within three days of launch and 140,000 orders within a week, becoming a top seller on Douyin [4][12]. Group 3: Competitive Advantages - The core competitive advantage of "Special Fresh Boiled Noodles" lies in its technological innovation, which addresses the common issue of taste in traditional instant noodles by simulating the cooking process of fresh noodles [8][10]. - Kang Shifu has established a new industry standard for fresh boiled noodles, moving away from traditional methods and creating a technical moat with the "5132 Fresh Boiling Standard" [10][20]. Group 4: Market Strategy - The product's market strategy effectively targets the dual consumption needs of modern young consumers who seek both convenience and high quality, thus reshaping their perception of instant noodles [12][23]. - The pricing strategy aligns with dine-in and delivery options, aiming to capture the mid-to-high-end instant noodle market, which could enhance overall profitability for Kang Shifu [16][18]. Group 5: Capital Market Implications - The successful launch of "Special Fresh Boiled Noodles" signals Kang Shifu's capability for disruptive innovation, potentially leading to a re-evaluation of its long-term investment value in the capital market [14][15]. - The rapid sell-out of the product serves as a catalyst for changing market perceptions regarding consumer demand for high-end instant food products and Kang Shifu's brand influence [18][20].

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） 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 9 月1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 公司秘書 葉沛森 香港，2025年9月1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 海外監管公告 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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company's profitability continues to improve, with shareholder returns remaining at a high level. The dividend yield for the fiscal year 2024 is expected to exceed 7%. Future valuation recovery is likely to focus on stabilizing revenue, with expectations for sequential improvement in revenue in the second half of the year as the negative impacts of price increases are gradually absorbed [2][8]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 40.092 billion, a year-on-year decrease of 2.7%. The gross profit margin increased by 1.9 percentage points to 34.5%, primarily due to cost structure optimization and improved operational efficiency. The net profit attributable to shareholders was 2.271 billion, representing a year-on-year growth of 20.5%. After excluding a one-time gain of approximately 211 million from the sale of a subsidiary, the adjusted net profit attributable to shareholders was 2.112 billion, a year-on-year increase of 12.0% [4][5]. Business Segments - **Instant Noodles Segment**: Revenue was 13.465 billion, down 2.5% year-on-year. The gross profit margin slightly increased by 0.7 percentage points to 27.8%, leading to a segment net profit growth of 11.9% to 951 million [5]. - **Beverage Segment**: Revenue was 26.359 billion, down 2.6% year-on-year. The gross profit margin significantly improved by 2.5 percentage points to 37.7%, resulting in a segment net profit growth of 19.7% to 1.335 billion [5][6]. Strategic Focus - The beverage business is focusing on health and innovation while maintaining its core offerings. The company is expanding its no-sugar beverage line and introducing differentiated products like "electrolyte alkaline water" to compete in the market. The core product "Ice Red Tea" is being enhanced through new flavors and scenario-based marketing [6]. - The instant noodle business is adopting a dual strategy of premiumization and value for money. The company plans to promote innovative products and cater to mid-to-high-end consumers while also offering larger volume products to meet consumer demand for value [7]. Future Outlook - The ongoing improvement in profitability and high dividend yield provide a safety margin for investors. The company is expected to see a sequential improvement in revenue in the second half of the year as the negative impacts of price increases are absorbed. EPS is projected to be 0.77 and 0.89 for 2025 and 2026, respectively, with corresponding PE valuations of 13 and 11.5 times [8].

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 公司秘書 葉沛森 香港，2025年8月25日 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 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25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 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 20 ...

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 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25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 公司秘書 葉沛森 香港，2025年8月25日 康師傅控股有限公司 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/tingy ...

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。 康師傅控股有限公司 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 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25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 公司秘書 葉沛森 香港，2025年8月25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 聲明 ...

康師傅控股有限公司 摘要 | | | 截至6月30日止6個月 | | | | --- | --- | --- | --- | --- | | | 人民幣千元 | 2025年 | 2024年 | 變動 | | ‧ | 收益 | 40,092,163 | 41,201,208 | ↓2.7% | | ‧ | 毛利率(%) | 34.5% | 32.6% | ↑1.9個百分點 | | ‧ | 集團毛利 | 13,815,035 | 13,439,915 | ↑2.8% | | ‧ | 扣除利息、稅項、折舊及攤銷前盈利(EBITDA) | 5,450,637 | 4,824,605 | ↑13.0% | | ‧ | 本期溢利 | 2,688,304 | 2,235,065 | ↑20.3% | | ‧ | 本公司股東應佔溢利 | 2,271,116 | 1,885,310 | ↑20.5% | | ‧ | 本公司股東應佔經調整溢利* | 2,111,604 | 1,885,310 | ↑12.0% | | ‧ | 每股溢利（人民幣分） | | | | | | 基本 | 40.30 | 33.46 | ↑6.84分 | ...

Core Insights - The company has shown continuous improvement in profitability despite a slight decline in revenue, reflecting effective high-quality development strategies and operational resilience [1][2] Revenue Performance - In H1 2025, the company achieved revenue of 40.092 billion RMB, a year-on-year decrease of 2.7% [1] - The beverage segment reported revenue of 26.359 billion RMB, down 2.6% year-on-year, with specific declines in tea drinks, packaged water, and fruit juice [1] - The instant noodle segment generated revenue of 13.465 billion RMB, a slight decrease of 2.5% year-on-year, with mid-priced products showing an 8.0% increase [2] Profitability Metrics - The company's net profit attributable to shareholders reached 2.271 billion RMB, a year-on-year increase of 0.5% [1] - The gross margin for the beverage segment improved to 37.7%, up 2.5 percentage points, primarily due to cost reductions [1] - The gross margin for the instant noodle segment increased by 0.7 percentage points to 27.8%, driven by pricing and product mix [2] Cash Flow and Dividend Policy - As of June 30, 2025, the company had bank deposits and cash totaling 19.49 billion RMB, indicating strong cash flow [2] - The company has maintained a consistent dividend payout ratio of 100% over the past years, with a projected dividend yield of 7.2% based on current market capitalization [2] Future Projections - Revenue forecasts for 2025-2027 are 79.89 billion RMB, 81.96 billion RMB, and 84.10 billion RMB, with expected growth rates of -0.9%, +2.6%, and +2.6% respectively [3] - Projected net profits for the same period are 4.24 billion RMB, 4.51 billion RMB, and 4.79 billion RMB, with corresponding EPS of 0.75, 0.80, and 0.85 RMB [3]