Core Viewpoint - Bank of America Securities reports that Uni-President China (00220) achieved a year-on-year revenue growth of 10.6% and a net profit growth of 33.2% in the first half of the year, indicating a strong performance that exceeded expectations [1] Financial Performance - Revenue and net profit growth for the second quarter reached high single digits and 35% respectively, outperforming forecasts [1] - Core business remains solid, with food and beverage sales increasing by 8.8% and 7.6% year-on-year, while other businesses surged by 91.6%, with 73% of this growth attributed to customer OEM (e.g., from brands like Pinduoduo and Sam's Club) [1] Future Outlook - Based on revised growth expectations, Bank of America has raised its earnings per share estimates for Uni-President for 2025 and 2026 by 7% and 4% respectively, and increased the target price from HKD 9.3 to HKD 10.6 [1] - The management has cautiously maintained a full-year sales growth guidance of 6% to 8%, citing short-term challenges from competition in the delivery platform subsidies affecting sugar-free tea and milk tea products [1] - Despite these challenges, the bank believes the targets can be easily achieved as Uni-President has not followed competitors in raising prices, and its market share continues to grow [1] Strategic Initiatives - The company is actively launching upgraded beverage products and increasing marketing investments in the second half of the year [1] - The expansion of OEM business is seen as a significant opportunity for future growth and enhances the company's insights into consumer trends, allowing it to convert these trends into profits through partnerships [1]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company demonstrated robust performance with revenue and profit exceeding expectations, achieving a revenue of 17.087 billion RMB in H1 2025, a year-on-year increase of 10.6%, and a net profit of 1.287 billion RMB, up 33.2% year-on-year [1][3]. - The food segment showed strong growth, with revenue of 5.382 billion RMB in H1 2025, a year-on-year increase of 8.8%, and a profit of 190 million RMB, up 32.1% year-on-year [1]. - The beverage segment also performed well, generating revenue of 10.788 billion RMB in H1 2025, a year-on-year increase of 7.6%, with notable growth in tea beverages [2]. Summary by Sections Food Business - The food division's revenue reached 5.382 billion RMB in H1 2025, reflecting an 8.8% increase year-on-year, contributing 31.5% to total revenue [1]. - Key products like "Soup Master" and "Unified Old Pickled Cabbage Beef Noodles" showed steady growth, with "Eggplant King" achieving double-digit growth and "Full Han Feast" seeing high double-digit growth [1]. Beverage Business - The beverage segment generated 10.788 billion RMB in H1 2025, a 7.6% year-on-year increase, accounting for 63.1% of total revenue [2]. - Revenue from tea beverages, juice, and milk tea reached 5.068 billion, 1.821 billion, and 3.398 billion RMB respectively, with year-on-year growth rates of 9.1%, 1.7%, and 3.5% [2]. - The beverage division's profit was 1.544 billion RMB, up 25.4% year-on-year [2]. Financial Performance - The company achieved a gross margin of 34.3% in H1 2025, an increase of 0.5 percentage points year-on-year, driven by sales growth and a decrease in raw material prices [2]. - The net profit margin improved significantly to 7.5%, up 1.3 percentage points year-on-year, due to revenue growth, improved gross margin, and reduced expense ratios [2]. Investment Outlook - The company is expected to maintain steady performance with a projected net profit growth of 24.3%, 13.4%, and 11.7% for 2025, 2026, and 2027, reaching 2.299 billion, 2.608 billion, and 2.914 billion RMB respectively [3]. - The strong demand for instant noodles and beverages, along with effective market expansion strategies, positions the company well for future growth [3].

Core Viewpoint - Unified Enterprise China reported a record high revenue of 17.087 billion yuan for the first half of 2025, with a net profit of 1.287 billion yuan, reflecting a year-on-year growth of 33.2% [1] Group 1: Financial Performance - The company achieved a revenue of 17.087 billion yuan, marking the highest revenue for the same period in history [1] - The net profit attributable to shareholders reached 1.287 billion yuan, representing a year-on-year increase of 33.2% [1] - The growth in performance is attributed to the stable development of food and beverage businesses, including products like Qie Huang, Unification Old Bowl Sauerkraut Beef Noodles, Unification Green Tea, Unification Double Brew Lemon Tea, and Hai Zhi Yan [1] Group 2: Operational Efficiency - The company experienced an increase in gross profit due to enhanced production capacity and a decline in certain raw material prices [1] - Overall operational efficiency has maintained a steady growth trend [1] Group 3: Strategic Focus - The company aims to continuously observe and align with consumer demand trends through precise innovation, omnichannel integration, and deep engagement in niche scenarios and emotional marketing [1] - The focus is on creating a meaningful brand experience and enhancing product strength to improve consumer usage experience [1]

该行参与了统一企业中国上日(6日)举行的2025年上半年业绩电话会议。公司2025年第二季核心盈利年 增35%至6.85亿元人民币，尽管今年上半年收入年增10.6%，管理层维持全年收入年增6%至8%的目标， 意味因饮料行业竞争加剧，2025年下半年面临压力。同时，大和预期统一下半年营运利润率扩张速度将 慢过上半年，因第三季促销成本、饮料代工业务快速增长、产品组合不利变动(转向泡面)、以及棕榈油 价格逆风影响。 大和发布研报称，将统一企业中国(00220)评级从"买入"下调至"跑赢大市"，因目标价上行空间减少。以 目标市盈率维持17倍计，目标价从10港元下调至9.8港元。大和将统一2025至2027年每股盈测下调2%至 5%，因预期期内营运利润率扩张放缓。 ...

Core Viewpoint - The report from Credit Lyonnais indicates that Uni-President China achieved a year-on-year revenue growth of 10.6% in the first half of the year, exceeding market expectations by 2% due to an increase in OEM revenue [2] Financial Performance - Revenue growth of 10.6% year-on-year, driven primarily by an increase in OEM income [2] - Profitability increased by 33% year-on-year, surpassing market expectations by 6% to 7%, benefiting from lower-than-expected sales expense ratios [2] Future Outlook - Despite a slowdown in beverage business growth in the second half of the year, this is offset by higher OEM revenue and better-than-expected profit margin expansion [2] - Earnings forecasts for 2025 and 2026 have been raised by 5% and 2% respectively [2] - Target price adjusted from HKD 10.3 to HKD 10.5, maintaining an "outperform" rating [2]

8月6日，2025财年中报归属股东应占溢利12.87亿人民币，同比增长33.24%，基本每股收益0.2979人民 币。 本文源自：金融界 作者：行情君 8月7日，统一企业中国(00220)盘中上涨5.08%，截至09:30，报9.72元/股，成交2728.71万元。 统一企业中国控股有限公司是一家市场领先的饮料和方便面制造商，自1992年开始营运，并于2007年在 香港联交所主板上市。公司的品牌精神是"三好一公道"，即品质好、信用好、服务好、价格公道，致力 于以爱心、诚心、信心为基础，为消费者提供商品和服务，并在产品创新上不断突破。 截至2025年中报，统一企业中国营业总收入170.87亿元、净利润12.87亿元。 ...

统一企业中国(00220)绩后高开逾3%，截至发稿，涨3.68%，报9.59港元，成交额667.46万港元。 公告称，2025年上半年食品业务收益取得53.82亿元，较去年同期增长8.8%。集团以满足消费者需求为 宗旨，在产品力上精益求精，同时不断创新迭代，顺应消费者个性化、多样化需求，为消费者营造完美 的消费体验；致力于将产品渗透到不同消费场景，满足消费者多元化的享用需求，依托高品质差异化产 品打通更多市场渠道和消费圈层；坚持价值营销，提升品牌美誉度和忠诚度，积累品牌资产。 消息面上，统一企业中国发布2025年中期业绩，该集团取得收益人民币170.87亿元(单位下同)，同比增 加10.6%；公司权益持有人应占溢利12.87亿元，同比增加33.24%；每股基本盈利29.79分。 ...

1H25业绩超市场预期 （原标题：中金：维持统一企业中国(00220)跑赢行业评级 目标价11.5港元） 智通财经APP获悉，中金发布研报称，考虑到竞争加剧背景下统一企业中国(00220)饮料业务仍表现稳 健，上调25/26年盈利预测3%/3%至22.9/26.2亿元;当前交易在16/14倍25/26年P/E;维持目标价11.5港元， 对应20/17倍25/26年P/E和24%上行空间，维持跑赢行业评级。 中金主要观点如下： 1H25公司毛利率同比提升0.5ppt，分品类看，饮料毛利率同比+1.4ppt，主要得益于成本下降及产能利用 率提升;食品毛利率同比-0.4ppt，主因棕榈油价格上升，而公司通过减促和产能利用率提升缓解原材料 上涨压力，2Q食品毛利率已现改善趋势。费用端，1H25公司销售费用率同比-1.2ppt，得益于公司的费 用投放精准("1元乐享"活动体现于毛利率);管理费用率同比-0.2ppt，保持相对平稳;毛利率提升叠加费控 得当带动净利率同比+1.3ppt至7.5%，延续提升趋势。 该行预计3Q竞争加剧致饮料业务略有承压，全年稳健增长趋势不改 受外卖补贴加剧市场竞争的影响，该行预计3Q饮料收入 ...

统一企业中国(00220)绩后高开逾3%，截至发稿，涨3.68%，报9.59港元，成交额667.46万港元。 消息面上，统一企业中国发布2025年中期业绩，该集团取得收益人民币170.87亿元(单位下同)，同比增 加10.6%；公司权益持有人应占溢利12.87亿元，同比增加33.24%；每股基本盈利29.79分。 公告称，2025年上半年食品业务收益取得53.82亿元，较去年同期增长8.8%。集团以满足消费者需求为 宗旨，在产品力上精益求精，同时不断创新迭代，顺应消费者个性化、多样化需求，为消费者营造完美 的消费体验；致力于将产品渗透到不同消费场景，满足消费者多元化的享用需求，依托高品质差异化产 品打通更多市场渠道和消费圈层；坚持价值营销，提升品牌美誉度和忠诚度，积累品牌资产。 ...

Core Viewpoint - CICC has raised the profit forecast for Uni-President China (00220) for 2025 and 2026 by 3% to 2.29 billion and 2.62 billion yuan respectively, citing the company's resilient beverage business amid increasing competition [1] Group 1: Financial Performance - The company reported 1H25 revenue of 17.087 billion yuan, a year-on-year increase of 10.6%, and a net profit attributable to shareholders of 1.287 billion yuan, up 33.2% year-on-year [2] - In 2Q25, the net profit attributable to shareholders was 685 million yuan, reflecting a year-on-year increase of 34.6% [2] Group 2: Beverage Business Performance - The beverage segment achieved a revenue increase of 7.6% year-on-year in 1H25, despite intensified competition [3] - Tea beverage revenue grew by 9.1% year-on-year in 1H25, with double-digit growth in products like Double Brew and Spring Green Tea [3] - Juice and milk tea revenues increased by 1.7% and 3.5% year-on-year respectively, indicating stable growth [3] Group 3: Cost and Profitability - The company's gross margin improved by 0.5 percentage points year-on-year in 1H25, driven by cost reductions and enhanced capacity utilization [3] - The beverage gross margin increased by 1.4 percentage points year-on-year, while the food gross margin decreased by 0.4 percentage points due to rising palm oil prices [3] - The net profit margin rose by 1.3 percentage points to 7.5% in 1H25, supported by effective cost control measures [3] Group 4: Future Outlook - The company anticipates that the beverage business may face slight pressure in 3Q due to intensified competition, but expects overall steady growth for the year [4] - The company maintains a rational competitive strategy and aims to keep its expense investment steady, which is expected to support stable profit margins in the second half of the year [4]