智通财经网·2025-09-18 08:52Core Viewpoint - The report from Huaxin Securities indicates that Master Kong Holdings (00322) is focusing on high-quality development and market competitiveness, despite a slight decline in total revenue for H1 2025 [1][2] Financial Performance - Total revenue for H1 2025 is reported at 40.092 billion yuan, a decrease of 3% year-on-year [1] - Net profit attributable to shareholders is 2.271 billion yuan, an increase of 20% year-on-year [1] - Adjusted net profit attributable to shareholders is 2.112 billion yuan, an increase of 12% year-on-year [1] - The company’s gross margin improved by 2 percentage points to 34.46% due to cost structure optimization and enhanced operational efficiency [1] Business Segmentation - Instant noodle business revenue decreased by 3% to 13.465 billion yuan, influenced by market pressure and product structure adjustments [2] - Beverage business revenue also decreased by 3% to 26.359 billion yuan, with gross margin increasing by 2 percentage points to 37.68% due to favorable raw material costs and improved management efficiency [2] - Other business revenue saw a significant decline of 17% to 0.268 billion yuan, but gross margin increased slightly by 0.1 percentage points to 51.55% [2] Strategic Initiatives - The company is enhancing product differentiation and upgrading its offerings, focusing on high-end products and innovative flavors to attract younger consumers [2] - New product launches, such as the sugar-free green tea "Fresh Green Tea," have quickly gained popularity, indicating effective market penetration strategies [2] Earnings Forecast - The adjusted earnings per share (EPS) for 2025-2027 are revised to 0.76, 0.81, and 0.86 yuan respectively, with the 2025 forecast slightly adjusted from previous estimates [1]