TINGYI(HK:00322) Ge Long Hui·2025-08-13 03:24Core Viewpoint - The management of Master Kong has slightly lowered its revenue guidance for the full year 2025, expecting revenue to remain flat to slightly increase year-on-year, compared to earlier expectations of low single-digit growth [1] Group 1: Revenue and Profitability - The core profit growth is expected to maintain over 10% [1] - The instant noodle business has resumed year-on-year growth since July, with market share stabilizing [1] Group 2: Competitive Landscape - The ready-to-drink tea, juice, and bottled water segments are anticipated to face intense competition in the third quarter [1] - Competitor Dongpeng Beverage has achieved some success in the sweet tea beverage category, potentially increasing competitive pressure on Master Kong's beverage business [1] Group 3: Target Price and Rating - The target price for Master Kong has been lowered from HKD 12 to HKD 11, with a reiterated "underperform" rating [1]