香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 TINGYI (CAYMAN ISLANDS) HOLDING CORP. 康師傅控股有限公司 * （在開曼群島註冊成立之有限公司） （股份編號：0322） 海外監管公告 公司秘書 葉沛森 香港，2026年1月2日 於本公告日期，本公司之執行董事為魏宏名先生、井田純一郎先生、魏宏丞先生、筱 原幸治先生、高橋勇幸先生及曾倩女士；本公司之獨立非執行董事為徐信群先生、栃尾雅也 先生及文暮良先生。 本公告是由康師傅控股有限公司 (「本公司」) 根據香港聯交所有限公司證券上市規則 第 13.10B 條而作出。 以下附件是本公司依臺灣證券交易所股份有限公司規定於2026年 1月2日在臺灣證券交易 所股份有限公司刊發的公告。 承董事會命 康師傅控股有限公司 網址: http://www.masterkong.com.cn http://www.irasia.com/listco/hk/tingyi *僅供識別 康師傅 ...

Investment Rating - The report does not explicitly state an investment rating for the instant noodle industry Core Insights - The report analyzes the social media heat trends and key events driving the instant noodle category from November 1 to December 31, 2025, across major platforms like Weibo, Douyin, Zhihu, and grass planting platforms. It evaluates changes in volume, interaction, and sentiment, aiming to provide actionable market insights and strategic recommendations for brands to enhance their influence and competitiveness on social media [4]. Summary by Sections Industry Definition and Market Overview - Instant noodles are defined as convenient, quick-to-prepare food products, typically consisting of noodle cakes, seasoning packets, and oil packets. They have maintained a significant role in consumers' daily lives, especially in scenarios like travel, overtime work, and home dining. Despite facing challenges from emerging food formats like takeout and pre-prepared meals, instant noodles hold a dominant position in the fast food sector, capturing a 40.78% market share in the instant food market with a year-on-year growth of 6.21% in Q1 2025 [5][6]. Social Media Trend Analysis - From November to December 2025, the overall volume and interaction of the instant noodle industry on social media showed volatility, driven by key marketing events and social occurrences. For instance, the launch of the "Pure Fresh Chicken Soup" series by Kang Shifu on December 11, promoted by brand ambassador Zhou Shen, significantly boosted related topic volume [8][10]. Additionally, promotional activities on e-commerce platforms also influenced social media heat, such as the "Find Ma Chao" New Year event in mid-December [10]. Key Marketing Events - Major marketing events included the launch of Kang Shifu's "Pure Fresh Chicken Soup" on December 11, which generated substantial social media engagement, and the "Heavenly Choice Good Noodles" campaign linked to space technology, which attracted considerable attention in early November [37][38]. The collaboration with celebrities like Zhang Linghe also contributed to heightened social media activity [10]. Consumer Sentiment Analysis - The sentiment trend for the instant noodle category showed fluctuations, with a notable decline in net sentiment ratio (NSR) in early December, likely due to food safety concerns or negative public sentiment. However, NSR rebounded later in December, possibly due to proactive brand responses to negative publicity [49][52]. The report emphasizes the importance of monitoring sentiment trends to identify potential risks and adjust marketing strategies accordingly [50]. Platform-Specific Insights - Weibo and Douyin emerged as the primary platforms for instant noodle discussions, accounting for 52.8% and 39.5% of total volume, respectively. Weibo is characterized by fast information dissemination and strong topic engagement, while Douyin excels in creative content and user interaction [43][44]. Zhihu and grass planting platforms, although lower in volume, offer unique user engagement opportunities focused on product recommendations and lifestyle sharing [46]. Consumer Core Perspectives - Key consumer insights highlight preferences for product taste and quality, convenience, health concerns, and the impact of celebrity endorsements. Positive sentiments were noted for specific flavors and the convenience of instant noodles, while negative feedback often centered on health implications and rising prices [54]. The report suggests that brands should adapt their strategies based on these consumer insights to enhance competitiveness and satisfaction [54].

Group 1: Core Insights - The transition to the second generation of leadership is crucial for the stability and long-term development of companies in the food and beverage industry, particularly for those founded in the 1990s and early 2000s [1] - By 2025, several food and beverage companies, including Master Kong, Dali Foods, and Youyou Foods, are expected to successfully complete their generational transitions, facing systemic challenges due to changing consumer environments [1] Group 2: Master Kong - Master Kong will officially enter a new phase of leadership with Wei Hongcheng, the third son of founder Wei Yingzhou, taking over as CEO on January 1, 2026, after the retirement of current CEO Chen Yingrang [4] - Under the management of professional managers over the past decade, Master Kong's revenue grew from 51.1 billion to 80.6 billion, and net profit increased from 1.28 billion to 3.73 billion, establishing a modern management system [4] - The company faces challenges as its previous growth model reaches a ceiling, with declining performance in the first half of 2025 indicating the need for transformation [4] Group 3: Dali Foods - Dali Foods, with an annual revenue of 20 billion, will see a management transition from founder Xu Shihui to his daughter Xu Yangyang on November 12, 2025 [7] - The company has experienced a decline in revenue from a peak of 22.29 billion in 2021 to 18.07 billion in 2024, raising questions about Xu Yangyang's ability to revitalize the company's performance [8] - Xu Yangyang has a strong background in the company, having worked in various roles for 17 years, which may aid her in addressing the challenges ahead [8] Group 4: Youyou Foods - Youyou Foods will undergo a unique succession with founder Lu Youzhong stepping down as general manager, passing the role to his nephew Lu You, while his daughter Lu Xin exits the board [11] - This "uncle-nephew co-management" model is a result of a competitive selection process, with Lu You having extensive experience in the company [11] - The company faces significant challenges, including management complexities and reliance on a single strong distribution channel [12] Group 5: Wancheng Group - Wancheng Group will transition to a "aunt-nephew co-management" model, with Wang Lijing taking over as chairperson and Wang Zeneng as general manager following the resignation of founder Wang Jiankun [15] - The transition was accelerated by a crisis involving the founder, leading to a rapid change in leadership dynamics [15] - Wang Zeneng's leadership has already seen aggressive moves, including a significant acquisition and plans for a dual listing [16] Group 6: Huanlejia - Huanlejia's new CEO, Li Zihao, faces immediate challenges with a declining distribution network, having lost 511 distributors in the first half of the year [20] - The company's revenue from distributors has shrunk by 30%, directly impacting its financial performance [20] - Li Zihao is working on rebuilding trust with distributors and implementing strategies for brand and product upgrades [20] Group 7: Other Companies - Companies like Haoxiangni and Liziyuan are also undergoing generational transitions, with new leaders facing similar challenges of product aging and performance decline [21] - The common challenge for these second-generation leaders is to find new growth drivers amid changing consumer demands, akin to a second entrepreneurial venture [21]

Group 1: Food and Beverage Industry - The report highlights that the liquor industry is accelerating its bottoming process, moving towards supply-demand balance, with leading brands like Moutai and Wuliangye expected to stimulate sales through price adjustments in 2026 [3] - The domestic dairy product sector is anticipated to see accelerated domestic substitution due to temporary anti-subsidy measures on EU dairy products, which may increase domestic milk consumption and reverse the industry cycle [3] - Key recommendations include focusing on companies with price elasticity such as Moutai, Wuliangye, and Luzhou Laojiao, as well as high-growth beverage companies like Dongpeng Beverage and Nongfu Spring [2][3] Group 2: Banking Sector - The report on Ningbo Bank indicates a strong growth trajectory in loans, with a year-on-year increase of 17.9% in the first three quarters of 2025, primarily driven by corporate clients [10] - The bank's net profit growth forecasts for 2025-2027 are set at 8.6%, 10.9%, and 12.4%, respectively, with a target price of 38.89 yuan per share [9] - The bank's asset quality is improving, with a decrease in non-performing loan generation rate from 1.23% in Q1 2024 to 0.92% in Q3 2025, indicating a positive trend in credit risk management [11] Group 3: Energy Sector - PX and PTA prices have been on the rise since October 2025, with PX futures increasing from 6296 yuan/ton to 7324 yuan/ton, a rise of 16.33% [13] - The polyester production in China showed strong performance, with a year-on-year increase of 7.7% in the first eleven months of 2025, indicating robust downstream demand [14] - The report anticipates a tight supply-demand balance for PX in the first half of 2026, with new capacity expected to come online in the second half of the year [14] Group 4: Brain-Computer Interface Industry - 2025 is projected to be a pivotal year for the development of brain-computer interfaces in China, with numerous policies being introduced to support the industry [6] - Clinical trials for invasive and semi-invasive brain-computer interfaces are expected to surge, with several companies like Borui Kang aiming for regulatory approval in 2026 [8] - The commercialization of non-invasive brain-computer interfaces is already underway in areas such as brain monitoring and rehabilitation, indicating early market entry [8]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.71% to close at 25,635.23 points, while the Hang Seng Technology Index decreased by 0.30% to 5,483.01 points [2] - The total market turnover for the day was HKD 224.51 billion [2] Stock Performance - Among the Hang Seng Index constituents, 22 stocks rose while 67 fell, with notable declines in Sands China Limited (-4.46%), JD Health (-3.42%), and CK Hutchison Holdings (-3.35%) [2][3] - BYD Company saw an increase of 3.74%, closing at HKD 97.10 per share, while Geely Automobile rose by 3.43% to HKD 17.50 per share [3] Geely Automobile Buyback - Geely Automobile repurchased 1.956 million shares on December 24, involving HKD 33.14 million, and has repurchased a total of 22.434 million shares in the last 30 days, totaling HKD 385 million [4] Industry Insights - The commercial rocket sector received a boost from the Shanghai Stock Exchange's new listing guidelines, which clarify the requirements for commercial rocket companies to list on the Sci-Tech Innovation Board [6][9] - The new guidelines are expected to accelerate capital operations for rocket enterprises, with a focus on long-term structural benefits rather than short-term market reactions [10] Gold Sector Performance - The gold sector faced a downturn due to a drop in gold prices, with major companies like China National Gold Group and Zijin Mining experiencing declines of 5% or more [11][12] - The domestic gold price fell, with SHFE gold closing at CNY 1,007.18 per gram, down 0.91% [12] Future Market Outlook - UBS forecasts that the upward trend in the Chinese market is likely to continue through 2026, driven by advanced manufacturing and technological self-reliance [13]

Core Insights - Guizhou cuisine, particularly the sour soup hotpot, has rapidly gained popularity across China, with over 8,700 restaurants featuring "sour soup" by Q1 2024, marking a 40% growth rate [1][2] - The expansion of Guizhou's culinary offerings includes not only hotpot but also other dishes like baked pots and various noodle dishes, with over 20,000 Guizhou lamb noodle shops nationwide [4][5] - Guizhou's unique geographical and climatic conditions contribute to a rich variety of local ingredients, enhancing the appeal of its cuisine [11][14][16] Summary by Sections Section 1: Growth of Guizhou Cuisine - The rapid expansion of Guizhou sour soup hotpot restaurants, with 80 locations opened by Wang Fendou in just two years [1] - The introduction of sour soup flavors by major chains like Haidilao, indicating a trend towards incorporating Guizhou flavors into mainstream dining [2] Section 2: Diverse Offerings - The rise of baked pots and various Guizhou noodle dishes, with significant numbers of establishments across the country [4] - Guizhou's rich culinary landscape includes over 100 types of hotpot, showcasing a wide variety of flavors and styles [5][6] Section 3: Unique Ingredients - Guizhou's diverse climate allows for a wide range of vegetables and mushrooms, making it a "flavor ingredient library" [16] - The use of local beef and lamb, particularly Guizhou yellow cattle, supports the popularity of Guizhou hotpot and noodle dishes [17][20] Section 4: Cultural and Government Support - The local government's initiatives to promote Guizhou cuisine through branding and skill training have been crucial for its national recognition [26][27] - The establishment of a comprehensive system for recognizing and managing local culinary traditions has helped elevate Guizhou's food culture [28][29]

Group 1 - The core viewpoint of the article highlights a significant decline in Hong Kong food stocks, with several companies experiencing notable drops in their share prices [1] Group 2 - China Wangwang (00151.HK) saw a decline of over 6% [1] - Zhou Hei Ya (01458.HK) experienced a drop of over 4% [1] - Other companies such as Master Kong Holdings (00322.HK), Ausnutria Dairy Corporation (01717.HK), China Feihe (06186.HK), China Shengmu Organic Milk (01432.HK), and Mengniu Dairy (02319.HK) all fell by more than 1% [1]

主会场活动主题为"扩消费、促产业"，现场设古镇市集，汇聚150余家本土企业展销好物，电竞打卡、亲子游乐等互动及文娱节目同步开展。 ▲活动现场 "这个青梅酒有很清新的梅果香味，入口柔和，细品又有层次丰富的回甘，我很喜欢。"游客王先生向记者展示刚买的西岭雪山青梅酒。在村糖会的青梅酒品 鉴专场围了数圈游客，冰青、西岭雪山等大邑本地青梅酒品牌广受欢迎，品尝后购买的不在少数。 "我们把大邑青梅相关企业组织起来，集中在村糖会进行展览展销，特设品鉴环节，让所有游客都能品尝到中国国家地理标志产品—䢺江青梅酒。"大邑县经 科信局相关负责人介绍，除青梅酒，还有青梅果脯、青梅饮料等特色产品，且在市场上反响良好，已远销东南亚、美国等海外地区、国家。日前，大邑县青 梅产业协会成立，未来也将着力推动青梅产业正式迈向组织化、协同化发展，助力"小青梅"成长为"大产业"。 ▲活动现场 12月28日，成都大邑"逛村糖·赶大集"扩消费促产业系列活动启动仪式在安仁古镇景区举行，大邑县制造业产业推介及机会清单同时发布。记者在现场了解 到，本次系列活动在安仁古镇设主会场，在西岭镇、晋原街道等多地设有分会场，冰雪、民俗等多元市集陆续开启，共同营造热闹迎新 ...

Core Insights - The new CEO, Wei Hongcheng, faces significant challenges as both of the company's core businesses, instant noodles and beverages, experienced revenue declines in the first half of 2025 [1][11] - Despite a 20.5% increase in net profit attributable to shareholders, total revenue decreased by 2.7% in the same period [1][11] Group 1: Leadership Transition - Wei Hongcheng, born in 1982, is the son of the founder and has a master's degree from Waseda University and an MBA from Harvard Business School [2][12] - He has held various positions within the company since 2015, most recently as Executive Director responsible for beverage operations [2][12] - Wei Hongcheng's annual salary reached 9.37 million RMB, a 25% increase from the previous year, surpassing the former CEO's salary by 233.4% [2][13] Group 2: Financial Performance - In 2024, the company's total revenue was 806.51 billion RMB, with a slight year-on-year growth of 0.3% [3][13] - The beverage segment, which Wei Hongcheng oversees, generated 516.21 billion RMB, reflecting a 1.3% increase [3][13] - The company has consistently returned significant cash dividends to shareholders, with a total of 37.4 billion RMB in cash dividends for 2024 [5][15] Group 3: Business Challenges - The instant noodle business saw revenues of 287.93 billion RMB in 2023 and 284.14 billion RMB in 2024, with declines of 2.84% and 1.31% respectively [6][16] - The beverage segment's revenue in the first half of 2025 was 263.59 billion RMB, down 2.6%, with tea product sales decreasing by 6.3% [6][16] - The company's market share in the instant noodle sector dropped from 36% in 2020 to 31% in 2024 [6][16] Group 4: Market Dynamics - Competitors like Nongfu Spring have increased their market share in the ready-to-drink tea segment from 5% in 2021 to 12% in 2024 [7][17] - The company has introduced new products in the herbal beverage category but faces stiff competition from established brands [7][17] - The number of distributors decreased by 3,409 in the first half of 2025, indicating challenges in maintaining distribution channels [9][19] Group 5: Pricing Strategy - The company has raised prices on key products, which has affected consumer purchasing decisions and led some to switch to competitors [8][18] - The price of 1L iced tea increased from 4 RMB to 5 RMB, impacting price-sensitive consumers [8][18] - The total liabilities of the company reached 398.82 billion RMB, with a debt ratio of 71.28%, indicating financial pressure [9][19]

Core Viewpoint - The transition of CEO position to Wei Hongcheng, a member of the founding family, indicates a complete control of ownership and management by the Wei family in Kang Shifu, amidst challenges in revenue growth despite profit increases [2][4][6]. Group 1: CEO Transition - Kang Shifu announced that Wei Hongcheng will become CEO starting in 2026, succeeding Chen Yingran, who is retiring [3]. - Wei Hongcheng, aged 43, has a strong educational background and has been leading Kang Shifu's beverage division since 2019, achieving steady revenue and profit growth [3][5]. - The change in leadership reflects a long-planned succession strategy within the Wei family, consolidating power in the hands of the second generation [4]. Group 2: Financial Performance - In the first half of 2025, Kang Shifu reported a revenue of 400.92 billion yuan, a decrease of 2.7% year-on-year, while net profit attributable to shareholders increased by 20.5% [6]. - The company's gross profit margin improved by 2.8% year-on-year, indicating effective cost management despite declining revenues [6]. - The convenience food and beverage segments are facing revenue declines, with instant noodle revenue dropping by 2.5% in the first half of 2025 [5][6]. Group 3: Market Challenges - Kang Shifu's market share in the instant noodle sector decreased from 36% in 2020 to 31% in 2024, while competitors like Nongfu Spring have seen significant growth [5]. - The beverage segment also faced challenges, with a decline in market share in the ready-to-drink tea category from 32% in 2022 to 29% in 2024 [5]. - The company is experiencing a reduction in the number of distributors, which fell from 76,875 in 2023 to 63,806 in the first half of 2025, indicating potential issues with its pricing strategy [6][7]. Group 4: Strategic Insights - Analysts suggest that Kang Shifu's pricing strategy, which involved significant price increases, may have contributed to the loss of distributors and could impact overall sales performance [6][7]. - The company is urged to focus on cost control, supply chain optimization, and product innovation to address market challenges and consumer demand [7]. - Future opportunities may lie in health-oriented products and understanding consumer trends better to drive innovation and growth [7].