Ge Long Hui·2025-08-15 03:03Core Insights - The company has experienced short-term revenue pressure in H1 2025, but has maintained strong profitability due to improved gross margins and one-time gains [1] - The earnings forecasts for 2025-2027 have been revised upwards, with EPS estimates now at 0.78, 0.88, and 0.99 yuan respectively [1] Financial Performance - In H1 2025, the company achieved revenue of 40.092 billion yuan, a year-over-year decrease of 2.7%, but gross margin improved by 1.84 percentage points [1] - The net profit attributable to shareholders reached 2.271 billion yuan, reflecting a year-over-year increase of 20.46% [1] Beverage Segment - The beverage business generated revenue of 26.359 billion yuan in H1 2025, down 2.6% year-over-year, but gross margin increased by 2.5 percentage points to 37.7% [2] - The breakdown of beverage revenue includes tea at 10.670 billion yuan (down 6.3%), water at 2.377 billion yuan (down 6.0%), juice at 2.956 billion yuan (down 13.0%), and carbonated drinks at 10.356 billion yuan (up 6.3%) [2] Instant Noodle Segment - The instant noodle business reported revenue of 13.465 billion yuan in H1 2025, a decrease of 2.5% year-over-year, but gross margin improved by 0.7 percentage points to 27.1% [3] - The performance of different product categories includes a decline in container noodles by 1.3% and high-priced bag noodles by 7.25%, while mid-priced bag noodles grew by 8.0% and dry noodles and others increased by 14.5% [3]