还要涨价，康师傅管理层：“1L装冰红茶卖4元太便宜了”

Core Viewpoint - The company reported a decline in revenue but an increase in net profit for the first half of 2025, indicating a focus on high-quality development despite challenges in sales growth [1][2]. Financial Performance - Revenue for the first half of 2025 was 40.092 billion yuan, a decrease of 2.7% year-on-year [1]. - Net profit reached 2.688 billion yuan, an increase of 20.3% year-on-year [1]. - Shareholder net profit was 2.271 billion yuan, up 20.5% year-on-year [1]. - In comparison, a competitor, Uni-President China, reported a revenue of 17.087 billion yuan, a growth of 10.6% year-on-year, and a net profit of 1.287 billion yuan, up 33.2% year-on-year [1]. Market Reaction - Following the earnings announcement, the company's stock price initially dropped nearly 6% but later recovered slightly, closing at 11.12 HKD per share, down 2.46% from the previous day [1]. - The total market capitalization stood at 62.68 billion HKD as of August 13 [1]. Business Segments - Revenue from instant noodles was 13.465 billion yuan, down 2.5% year-on-year [3]. - Beverage revenue was 26.359 billion yuan, down 2.6% year-on-year, with a total decline of 7.06 billion yuan compared to the same period in 2024 [3]. - The beverage segment experienced its first mid-year revenue decline in five years [4]. Strategic Focus - The management indicated that the company is undergoing a transformation towards high-quality development, aiming for stable revenue growth in the coming years [1][5]. - The company plans to enhance the growth of its mid-to-low-end instant noodles to balance the decline observed in the first half of the year [5]. - The beverage segment's transformation is not meeting expectations, with a focus on improving the performance of sugar-free tea products [8]. Pricing Strategy - The company has raised prices for its 1L beverage products, which has contributed to a decline in sales volume [6]. - Despite challenges, the management confirmed that they will not lower the prices of the raised products [6][7]. Profitability - The beverage segment's gross margin improved to 37.7%, an increase of 2.5 percentage points year-on-year, contributing to a 19.7% rise in net profit for this segment [7]. Future Development - The company aims to strengthen its position in the sugar tea market and increase the growth of sugar-free tea products [8]. - There is a recognition of the need to invest more in functional beverages, with plans to develop a more competitive offering in this category [9].