Core Viewpoint - Daiwa has downgraded the target price for Master Kong Holdings (00322) from HKD 12 to HKD 11, reiterating a "underperform" rating due to increased competition in the beverage sector from peers like Dongpeng Beverage (605499.SH) and Nongfu Spring (09633) in the sweet tea drink category [1] Company Summary - Master Kong's management has slightly lowered its full-year guidance for 2025, expecting revenue to remain flat to slightly increase year-on-year, compared to earlier expectations of low single-digit growth [1] - The core profit growth is anticipated to maintain over 10% [1] - The instant noodle business has resumed year-on-year growth since July, with market share stabilizing [1] Industry Summary - The ready-to-drink tea, juice, and bottled water segments are expected to face intense competition in the third quarter [1]

Group 1 - Daiwa's report indicates that competitors Dongpeng Beverage (605499) and Nongfu Spring (09633) have achieved success in the sweet tea beverage category, potentially increasing competitive pressure on Master Kong Holdings (00322) [1] - Master Kong's management has slightly lowered its guidance for the full year 2025, expecting revenue to remain flat to slightly increase year-on-year, compared to the previous expectation of low single-digit growth [1] - The core profit growth is expected to maintain over 10%, while the instant noodle business has resumed year-on-year growth since July, stabilizing its market share [1] Group 2 - However, the ready-to-drink tea, juice, and bottled water segments are anticipated to face intense competition in the third quarter [1] - Daiwa has revised its target price for Master Kong from HKD 12 to HKD 11 and reiterated a "underperform" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company's revenue faced short-term pressure in H1 2025; however, profit performance remained strong due to improved gross margins and one-time gains. The earnings forecast for 2025-2027 has been revised upwards [2][9]. - The company achieved a revenue of 40.092 billion RMB in H1 2025, reflecting a year-over-year decrease of 2.7%. Despite this, the gross margin improved by 1.84 percentage points, leading to a net profit of 2.271 billion RMB, which is a year-over-year increase of 20.46% [9][10]. - The beverage segment showed a revenue of 26.359 billion RMB in H1 2025, with a gross margin increase of 2.5 percentage points to 37.7%. The carbonated drinks segment experienced a revenue growth of 6.3% [9][10]. - The instant noodle business reported a revenue of 13.465 billion RMB in H1 2025, down 2.5% year-over-year, but the gross margin increased by 0.7 percentage points to 27.1% [9][10]. Financial Summary - Revenue projections for 2024A to 2027E are as follows: 80.651 billion RMB (2024A), 79.618 billion RMB (2025E), 82.494 billion RMB (2026E), and 84.277 billion RMB (2027E) [4][10]. - Net profit projections are: 3.734 billion RMB (2024A), 4.380 billion RMB (2025E), 4.934 billion RMB (2026E), and 5.566 billion RMB (2027E), with growth rates of 19.8%, 17.3%, 12.7%, and 12.8% respectively [4][10]. - The company’s PE ratio is projected to decrease from 17.21 in 2024A to 11.54 in 2027E, indicating an improving valuation over time [4][10].

Core Viewpoint - CICC has raised its profit forecasts for Master Kong Holdings (00322) for 2025 and 2026 by 3% and 6% to 4.4 billion and 4.9 billion HKD respectively, due to improved gross margins [1] Group 1: Financial Performance - In 1H25, Master Kong reported revenues of 40.1 billion HKD, a year-on-year decrease of 2.7%, while net profit increased by 20.5% to 2.27 billion HKD, with adjusted net profit at 2.11 billion HKD, reflecting a 12% year-on-year increase [1] - The company's gross margin improved by 1.9 percentage points in 1H25, with instant noodles and beverages seeing gross margin increases of 0.7 and 2.5 percentage points respectively [3] - The adjusted net profit margin for 1H25 rose by 0.7 percentage points to 5.3%, indicating stable profit growth [3] Group 2: Segment Performance - The instant noodle segment showed a revenue decline of 2.5% in 1H25, while the beverage segment experienced a 2.6% decrease, impacted by price increases and competitive pressures [2] - New product launches in the instant noodle category, such as tomato and egg noodles, contributed positively to sales, while e-commerce channels remained strong [2] - Beverage sales were affected by price hikes in 1L packaging and intensified competition, with tea and juice categories experiencing significant declines [2] Group 3: Future Outlook - The company expects positive revenue growth for instant noodles in 2H25, with a forecast of low single-digit growth driven by improved product structure [4] - Beverage performance is anticipated to continue facing challenges in 2H25, but the decline is expected to narrow compared to 1H25 [4] - Overall, the company is projected to maintain stable annual revenue and achieve double-digit growth in adjusted net profit [4]

Core Viewpoint - CICC has raised its profit forecasts for Master Kong Holdings (00322) for 2025 and 2026 by 3% and 6% to HKD 4.4 billion and HKD 4.9 billion respectively, due to improved gross margins [1] Group 1: Financial Performance - In 1H25, Master Kong's revenue was HKD 40.1 billion, a year-on-year decrease of 2.7%, while net profit increased by 20.5% to HKD 2.27 billion, with adjusted net profit at HKD 2.11 billion, reflecting a 12% year-on-year increase [1] - The company's gross margin improved by 1.9 percentage points in 1H25, with instant noodles and beverages seeing gross margin increases of 0.7 and 2.5 percentage points respectively [3] - The adjusted net profit margin for 1H25 rose by 0.7 percentage points to 5.3%, indicating stable profit growth [3] Group 2: Segment Performance - In 1H25, the revenue for instant noodles and beverages decreased by 2.5% and 2.6% year-on-year respectively, with market share impacted by price increases from the previous year [2] - Instant noodle sales benefited from successful new product launches, while beverage sales were pressured by price hikes and intensified competition [2] - The company has actively promoted product innovation in beverages, launching various new products, which has significantly increased the proportion of new products compared to previous years [2] Group 3: Future Outlook - The company expects positive revenue growth for instant noodles in 2H25, with a forecast of low single-digit growth in July, driven by improvements in product structure [4] - Beverage performance is anticipated to continue facing pressure in 2H25, but the decline is expected to narrow compared to 1H25 [4] - Overall, the company is projected to maintain stable revenue for the year, with adjusted net profit expected to achieve double-digit year-on-year growth [4]

Core Insights - The company reported a revenue of 40.092 billion yuan for the first half of 2025, a year-on-year decrease of 2.7%, while net profit attributable to shareholders increased by 20.5% to 2.271 billion yuan [1] - Gross profit reached 13.815 billion yuan, reflecting a year-on-year growth of 2.8%, with a gross margin of 34.5%, up by 1.9 percentage points [1] Business Segment Analysis - The instant noodle segment saw a sales decline of 2.5% to 13.465 billion yuan, with specific categories showing varied performance: container noodles down 1.3% to 6.771 billion yuan, high-priced bag noodles down 7.2% to 5.092 billion yuan, mid-priced bag noodles up 8.0% to 1.372 billion yuan, and crispy noodles and others up 14.5% to 0.23 billion yuan [1] - The beverage segment's revenue decreased by 2.6% to 26.359 billion yuan, with tea drinks down 6.3% to 10.67 billion yuan, water down 6.0% to 2.377 billion yuan, fruit juice down 13.0% to 2.956 billion yuan, while carbonated and other beverages increased by 6.3% to 10.256 billion yuan [1] Strategic Initiatives - The company aims to enhance product competitiveness through optimization of flavors, packaging, and processes, resulting in a 2.5 percentage point increase in beverage gross margin to 37.7% despite revenue decline [2] - Future strategies include continuous product innovation, optimizing channel strategies, increasing consumer trust in the brand, and enhancing brand-consumer engagement to adapt to market changes [2]

（原标题：中银国际：康师傅控股(00322)中期业绩符预期 维持"买入"评级） 报告指，公司上半年毛利率同比上升1.8个百分点至34.5%，受益于原材料成本下降及生产效率提升，盈 利能力扩张态势得以延续。该行认为康师傅上半年营收承压已被市场消化，公司或重申2025年全年经调 整净利润实现双位数同比增长的目标，该目标仍有望实现。此外，公司当前股息率具吸引力，2025年预 估股息率超过7%。 智通财经APP获悉，中银国际发布研报称，康师傅控股(00322)上半年总收入同比下降2.7%至400.92亿元 人民币，较该行预期低1%，经调整净利润同比增长12%至21.12亿元人民币，较该行预期高1%。两大核 心业务收入均同比下滑，主要由于涨价后市场份额有所流失;渠道结构变化带来负面影响，尤其在外卖 竞争加剧的背景下更为明显。盈利能力扩张趋势保持不变。维持"买入"评级，目标价13.8港元。 ...

Core Viewpoint - Morgan Stanley's report indicates that Master Kong Holdings (00322) experienced a 2.7% year-on-year decline in sales for the first half of the year, while adjusted earnings rose by 12%, aligning with market expectations. The firm believes that Master Kong's high dividend yield provides downside protection in the Chinese consumer market, making it more attractive amid a sluggish macroeconomic environment and consumer sentiment, thus maintaining an "Overweight" rating [1] Group 1 - Master Kong's EBIT profit margin expanded by 1.7 percentage points to 9.2% [1] - The company's instant noodle market share loss has normalized, which is expected to support positive sales growth in the second half of the year [1] - The beverage segment faces challenges due to intensified competition and slowing demand [1] Group 2 - Morgan Stanley compares Master Kong's performance with Uni-President Enterprises China (00220), which has an EBIT profit margin of 9.6% [1] - The overall macroeconomic and consumer sentiment remains subdued, impacting the industry [1]

Core Viewpoint - Morgan Stanley's report indicates that Tingyi (Cayman Islands) Holding Corp (00322) experienced a 2.7% year-on-year decline in sales for the first half of the year, but adjusted earnings rose by 12% when excluding asset sale gains, aligning with market expectations. The high dividend yield of Tingyi provides a protective buffer in the Chinese consumer market, making it more attractive amid a sluggish macroeconomic environment and consumer sentiment, leading to an "Overweight" rating [1] Group 1 - Tingyi's sales decline of 2.7% year-on-year in the first half of the year [1] - Adjusted earnings increased by 12% when excluding asset sale gains, in line with market expectations [1] - The company is viewed as having a protective advantage due to its high dividend yield in a challenging economic environment [1] Group 2 - Morgan Stanley compares Tingyi's performance with Uni-President Enterprises Corp (00220), noting both companies expanded their EBIT margins by 1.7 percentage points, reaching 9.2% and 9.6% respectively [1] - The loss of market share in the instant noodle segment for Tingyi has normalized, which is expected to support positive sales growth in the second half of the year [1] - The beverage segment faces challenges due to intensified competition and slowing demand [1]

Core Viewpoint - Citibank's report indicates that Master Kong Holdings (00322) experienced a 2.7% decline in revenue for the first half of the year compared to the same period last year, aligning with the bank's estimates and market expectations, while profit increased by 20.5% year-on-year, slightly exceeding forecasts [1] Revenue Performance - The revenue decline was observed in both the noodle and beverage segments [1] - The company is expected to lower its full-year revenue growth guidance to low single digits during the analyst meeting [1] Profitability Insights - Adjusted profit, excluding one-time gains, was 2% lower than the bank's forecast [1] - The profit growth of 20.5% year-on-year indicates a positive trend, albeit with some adjustments needed for a more accurate outlook [1] Management Outlook - Attention will be focused on management's outlook for sales and profit margins for the second half of the year during the analyst meeting [1]