智通财经网·2025-08-12 07:24Core Viewpoint - Morgan Stanley reports that Tingyi Holding Corp (00322) experienced a 3% year-on-year decline in revenue to RMB 40 billion in the first half of the year, which aligns with the bank's and market expectations. However, net profit increased by 20% to RMB 2.27 billion, including a one-time gain of RMB 211 million from the disposal of a subsidiary. Excluding this one-time factor, net profit grew by 12% to RMB 2.11 billion [1]. Financial Performance - Revenue decreased by 3% year-on-year to RMB 40 billion, meeting expectations [1]. - Net profit rose by 20% to RMB 2.27 billion, with a one-time gain of RMB 211 million included [1]. - Adjusted net profit, excluding one-time factors, increased by 12% to RMB 2.11 billion [1]. Operating Metrics - Regular operating profit grew by 13% year-on-year, in line with expectations [1]. - Operating profit margin expanded by 1.1 percentage points to 7.9%, driven by a gross margin increase of 1.8 percentage points [1]. - Sales and administrative expense ratio increased by 0.8 percentage points, offsetting some of the gross margin gains [1]. Segment Performance - Instant noodle business gross margin improved by 0.7 percentage points to 27.8% [1]. - Beverage business gross margin increased by 2.5 percentage points to 37.7% [1]. Analyst Rating - Morgan Stanley sets a target price of HKD 12.6 and maintains a "Market Perform" rating for the stock [1].