涨价和推新，「带不动」康师傅饮料收入

Core Insights - The core viewpoint of the news is that Master Kong's beverage sales have declined in the first half of the year, primarily due to price increases that have negatively impacted market share and sales volume [1][5]. Sales Performance - In the first half of the year, Master Kong's beverage sales amounted to 10.67 billion yuan, a year-on-year decrease of 6.3% [1]. - The overall beverage business sales for Master Kong in the first half of 2025 were 26.36 billion yuan, reflecting a 2.6% decline year-on-year, marking the first sales drop since 2021 [1]. - From 2021 to 2024, Master Kong's beverage sales were 44.80 billion yuan, 48.34 billion yuan, 50.94 billion yuan, and 51.62 billion yuan, with year-on-year growth rates of 20.18%, 7.89%, 5.39%, and 1.3% respectively [2]. Competitive Landscape - In comparison, Uni-President's tea beverage revenue for the first half of the year was approximately 5.07 billion yuan, showing a year-on-year increase of 9.1%, while overall beverage revenue was about 10.79 billion yuan, up 7.6% [3]. Product Strategy and Marketing - Master Kong has introduced new flavors for its iced tea products, including Long Island Iced Tea and Double Mint, aiming to cater to younger consumers [3][4]. - The company has also launched various new products, including herbal drinks and a vitamin juice drink, while expanding its marketing channels through live streaming and campus activities [4]. Financial Overview - Master Kong reported a revenue decline of 2.7% to 40.09 billion yuan in the first half of the year, but net profit increased by 20.5% to 2.27 billion yuan, attributed to improved gross margins [5]. - The gross margin increased by 1.9 percentage points to 34.5%, driven by cost structure optimization and enhanced operational efficiency [5].