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Core Insights - The company is experiencing significant revenue pressure, with a reported revenue of approximately 40 billion RMB for the first half of the year, a decline of over 1.1 billion RMB compared to the previous year [2][3] - Sales in core categories are declining, with instant noodles down by 350 million RMB and beverage sales shrinking by 700 million RMB, both showing a decrease of around 2.5% [2][3] Revenue Breakdown - Instant noodles generated sales of 13.465 billion RMB, accounting for 33.6% of total revenue, while beverage sales were 26.359 billion RMB, making up 65.7% of total revenue [3] - The overall revenue decreased by 2.7% compared to the previous year, with the instant noodle business and beverage business both contributing to this decline [3] Performance of Key Products - The high-end instant noodle segment saw a sales drop of 7.2%, totaling 5.092 billion RMB, which was a key factor in the revenue decline [5] - However, the "Kang Shifu 1.5 times" large portion product drove a 8% increase in mid-range noodle sales, reaching 1.372 billion RMB [7] - The dry noodle product "Xiang Bao Cui" also experienced nearly double-digit growth due to innovative flavors targeting the snack market [7] Competitive Landscape - Compared to its main competitor, Uni-President, which reported a revenue increase of 8.8% to 5.382 billion RMB, Kang Shifu's performance appears weaker [7] - Uni-President's high-end product offerings have gained significant traction, with over 44% of its products priced above 5 RMB [7] Profitability and Strategy - Despite the revenue decline, the company improved its gross margin, with instant noodle gross profit rising to 3.745 billion RMB, reflecting a margin increase of 0.7 percentage points [10] - The beverage division also saw a gross profit of 9.931 billion RMB, with a margin increase of 2.5 percentage points, resulting in a profit of approximately 1.335 billion RMB [10] - The management's current strategy focuses on consolidation, innovation, and development, aiming for high-quality growth [9] Market Response - Following the announcement of the financial results, the company's stock price initially fell but later rebounded, closing with a market capitalization of approximately 63 billion HKD, down 1.75% [11]