Zheng Quan Shi Bao Wang·2025-08-13 05:13Group 1 - The core viewpoint of the report indicates that Master Kong's management has slightly lowered its revenue guidance for the full year of 2025, expecting revenue to remain flat to slightly increase, while maintaining a core profit growth expectation of over 10% [1] - The report shows that Master Kong's instant noodle business has resumed year-on-year growth since July, and its market share is stabilizing [1] - However, the beverage business (including ready-to-drink tea, juice, and bottled water) is expected to face intense competition in the third quarter [1] Group 2 - Daiwa believes that the success of Dongpeng Beverage (605499) in the sweet tea beverage category may intensify competitive pressure on Master Kong's beverage business [1] - As a result, Daiwa has lowered the target price for Master Kong from HKD 12 to HKD 11 and reiterated a "underperform" rating [1]