涨价和推新，“带不动”康师傅饮料收入

Core Viewpoint - The article discusses the financial performance of Master Kong (康师傅) in the first half of 2025, highlighting a decline in beverage sales and the impact of pricing strategies on market share [2][4][7]. Financial Performance - Master Kong's overall beverage sales amounted to 26.359 billion yuan, a decrease of 2.6% year-on-year, marking the first decline in beverage sales since 2021 [2][4]. - The tea beverage segment reported sales of 10.670 billion yuan, down 6.3% compared to the previous year [3][4]. - For the fiscal years 2021 to 2024, Master Kong's beverage sales were 44.802 billion yuan, 48.336 billion yuan, 50.939 billion yuan, and 51.621 billion yuan, with year-on-year growth rates of 20.18%, 7.89%, 5.39%, and 1.3% respectively [5]. Pricing Strategy and Market Impact - In 2024, Master Kong implemented price increases on several products, including its popular iced tea, which led to a loss of market share to competitors [4][6]. - The price increase strategy was particularly impactful in a market where consumers are highly sensitive to price changes and have many alternatives [4][6]. New Product Launches and Marketing Efforts - In the first half of the year, Master Kong introduced new flavors for its iced tea and launched various marketing campaigns targeting younger consumers [6]. - The company expanded its distribution channels, including live streaming and content e-commerce, to enhance brand visibility among younger demographics [6]. Overall Business Performance - Master Kong reported a revenue decline of 2.7% to 40.092 billion yuan, while net profit increased by 20.5% to 2.271 billion yuan, attributed to improved gross margins [7]. - The company plans to focus on product upgrades, structural adjustments, and enhanced marketing strategies in the second half of the year to improve revenue and profit margins [7].