Zhi Tong Cai Jing·2025-08-13 07:04Group 1 - Daiwa's report indicates that competitors Dongpeng Beverage (605499) and Nongfu Spring (09633) have achieved success in the sweet tea beverage category, potentially increasing competitive pressure on Master Kong Holdings (00322) [1] - Master Kong's management has slightly lowered its guidance for the full year 2025, expecting revenue to remain flat to slightly increase year-on-year, compared to the previous expectation of low single-digit growth [1] - The core profit growth is expected to maintain over 10%, while the instant noodle business has resumed year-on-year growth since July, stabilizing its market share [1] Group 2 - However, the ready-to-drink tea, juice, and bottled water segments are anticipated to face intense competition in the third quarter [1] - Daiwa has revised its target price for Master Kong from HKD 12 to HKD 11 and reiterated a "underperform" rating [1]