老品做大、新品做精，康师傅依然强劲

Core Insights - The instant noodle industry in China is experiencing significant growth, with a notable increase in new product launches and consumer demand [1][3][4] Group 1: Market Dynamics - In 2024, China consumed 43.8 billion packs of instant noodles, a year-on-year increase of over 1.6 billion packs compared to 2023 [3] - The market for instant noodles is still expanding, especially when compared to per capita consumption in Japan and South Korea [3] - Major brands are actively innovating and launching new products, indicating a strong market enthusiasm [1][4] Group 2: Product Innovation - Master Kong has launched over 10 new products in the first half of the year, covering a wide price range from 3 to over 20 yuan [4] - The company has developed a patented "0-fried" noodle technology, enhancing the health profile of its products while maintaining taste [6] - New products like "Special Special" and "Fresh Q Noodles" have been well-received, showcasing the brand's commitment to health and flavor [6][10] Group 3: Consumer Engagement - Master Kong's mini bucket and "Little Full Cup" products cater to outdoor and weekend consumption trends, appealing particularly to younger consumers [8] - The brand has successfully launched limited products in membership stores, receiving positive market feedback [10] - The company emphasizes cultural resonance and emotional connection with consumers, integrating traditional Chinese culinary elements into its offerings [16][18] Group 4: Financial Performance - Master Kong's gross margin increased by 0.7 percentage points to 27.8%, with net profit growing by 11.9% to 951 million yuan [15] - The company has established a robust profit model through digital transformation and efficient supply chain management [13][15] Group 5: Brand Positioning - Master Kong has consistently ranked among the top three in Kantar's consumer index for 12 consecutive years, reflecting strong brand loyalty [21] - The brand's focus on cultural depth and health needs has helped it avoid price wars and maintain a competitive edge [21]