TINGYI(HK:00322) Xin Lang Cai Jing·2025-12-19 13:44Group 1: Leadership Change - The CEO of Master Kong Holdings, Chen Yingrang, announced his retirement effective at the end of the year, with Wei Hongcheng, the founder's son, set to take over [1][12][13] - This transition marks a shift from a "professional manager era" back to a "family management era" within the company [1][12] Group 2: Current Business Challenges - Master Kong is facing significant growth pressures, with revenue growth stagnating at a compound annual growth rate of only 0.8% over the past four years, rising from 78.7 billion to 80.65 billion [6][17] - The instant noodle segment has seen a decline for two consecutive years, with a 2.5% drop in revenue to 13.465 billion in the first half of the year [6][18] - The beverage segment, which Wei Hongcheng has overseen, has also experienced a slowdown, with revenue growth dropping from 20.18% in 2021 to just 1.3% in 2024, and a 2.6% decline in revenue to 26.359 billion this year [20][22] Group 3: Competitive Landscape - Competitors like Uni-President have reported a 7.5% increase in beverage revenue, highlighting the intense competition in the market [22] - The price increases implemented by Master Kong have led to a loss of price-sensitive consumers, contributing to a decrease in both distributor and retail store numbers [11][22] Group 4: Executive Compensation - Wei Hongcheng's salary reached 9.37 million, a 25% increase from the previous year, significantly higher than the former CEO's salary of 7.036 million [3][4][15]