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 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2月2日在臺灣證券交易 所股份有限公司刊發的公告。 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) HOLDINGCORP. 承董事會命 康師傅控股有限公司 公司秘書 葉沛森 香港，2026年2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。 網址: http://www.masterkong.com.cnhttp:/ /www.irasia.com/listco/hk/tingyi *僅供識別 ...

【国泰海通食饮】周报第5期：茅台动销批价上行，零食迎接备货行情 本周1月29日白酒板块单日大幅上涨，主要受地产政策、茅台批价、流动性等多重因素催化。 据我们观察，茅台价盘理顺后渠道融合度显著提升，线上i茅台掀起抢购潮，线下经销商出货甚至略快于往年，近 期礼赠及饮用需求增加，普飞批价本周一度涨超1700元。 展望后续：1）短期维度，白酒开门红推进中，除强势品牌外多数渠道打款积极性一般，预计动销高峰2月开启， 届时若普飞等核心大单品需求持续释放，则有望支撑价盘，若批价确认企稳，我们认为其对股价的压制将会减 轻；2）中期维度，2026年景气修复和库存去化尚需时间，预计酒企通过以价换量或控量的方式维持渠道韧性，典 型的以价换量如高端龙头茅台、五粮液，控量如习酒、郎酒等，5-6月起行业迎来低基数，动销或将逐步企稳，具 备较强放量潜力的品牌有望更快修复，行业预计呈现主动或被动去库之势，为后续发展奠定基础。 大众品：元旦良好人流量利好出行相关食饮需求。 成长为主线、重视供需出清下的拐点机会。 1）首选具有价格弹性标的：贵州茅台、五粮液、泸州老窖以及有望陆续出清标的：迎驾贡酒、古井贡酒、山西汾 酒、今世缘、珍酒李渡、舍得酒业 ...

New Product Launches - Heinz has launched a new "nutritional noodles" product, available in original, pork liver spinach, and beef tomato flavors, made from Canadian wheat and free from added salt, sugar, and preservatives [4] - Pop Mart has introduced a new dessert brand "POP BAKERY," featuring products like ice cream and cookies [4] - Master Kong has released two new noodle products, braised beef noodles and Sichuan beef noodles, using large cuts of meat and fresh ingredients [4] - McDonald's China has launched several new limited-time products for the Spring Festival, available in over 7,700 restaurants [6] - Danone's Alpro has introduced "Alpro Meal To Go," a plant-based meal replacement drink containing 20g of plant protein [5] - Yili has partnered with JD Health to launch "Milk Oat Bird's Nest Porridge," featuring 400mg of traceable bird's nest [6] - Wanglaoji has released a limited edition diamond gem set priced at 18.28 million, featuring 18K gold and 18,202 natural gems [7] - Mengniu has launched "Lutein Blueberry Milk," enriched with DHA and vitamins [7] - Hengshun has introduced "Vinegar Cola," combining traditional vinegar with a fizzy drink [9] Industry Events - MLB has announced actress Zhang Ruonan as its new brand ambassador, focusing on street culture and self-expression [11] - KFC has adjusted its delivery product prices, with an average increase of 0.8 yuan [11] - Douyin e-commerce has upgraded its after-sales mechanism to improve operational efficiency for merchants [11] - Crocs has partnered with LEGO to launch a new collaborative series [11] Financing and Acquisitions - Muxin Intelligent has completed a B-round financing of over 100 million yuan [18] - Anta Sports has reached an agreement to acquire a 29.06% stake in Puma for 1.5 billion euros (approximately 12.4 billion yuan) [20] - Puratos has acquired American nut supplier Vör Foods to enhance its innovation in baked goods [20] - Fen Chuan Ji has completed a 100 million yuan A-round financing for supply chain upgrades and digital management [20] - Nowwa Coffee has completed a multi-hundred million yuan C-round financing [22] - WH Group's subsidiary Smithfield Foods has signed an agreement to acquire Nathan's Famous for approximately 450 million USD [25] Food Industry Developments - Koko Manfen has launched a new drink featuring plum and three beans [27] - Woji Fresh has introduced a gift box of pure milk dessert soups [27] - Luckin Coffee has opened a co-branded store with the Australian Open [27] - Tea Xiaokai has launched "Magic Frozen Tea" with seaweed pearls [27] - Tetra Pak is investing 600 million euros (approximately 5 billion yuan) to build a new factory in Sweden [31]

茅台动销批价上行，零食迎接备货行情 [Table_Industry] 食品饮料 ——食品饮料行业周报 | | | 投资要点： [Table_Report] 相关报告 食品饮料《白酒筑底，政策、批价双重催化》 2026.01.30 食品饮料《食饮获配比例回落，乳品、零食板块 加配》2026.01.29 食品饮料《白酒探底，餐供积极》2026.01.25 食品饮料《茅台市场化转型，消费触底反弹可 期》2026.01.18 食品饮料《渠道变革，精酿崛起》2026.01.13 证 券 研 究 报 告 股 票 研 究 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 訾猛(分析师) | 021-38676442 | zimeng@gtht.com | S0880513120002 | | 颜慧菁(分析师) | 021-23183952 | yanhuijing@gtht.com | S0880525040022 | | 张宇轩(分析师) | 021-23154172 | zhangyuxuan ...

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with several companies rated as "Outperform" and one as "Neutral" [1]. Core Insights - The report indicates that price hikes in the consumer staples sector are weaker than expected, while costs remain low [1]. - The monitored spot cost indices for six consumer goods categories have declined, while futures cost indices have primarily increased [34]. Summary by Category Beer - The spot cost index decreased by 1.87% month-on-month, while the futures index increased by 3.15%. Year-to-date, the spot index has changed by -0.6% and the futures index by +1.81% [35]. - Glass prices have shown a month-on-month decrease of 1.2% for spot prices and an increase of 3.4% for futures prices [35]. Condiments - The spot cost index decreased by 1.37% month-on-month, while the futures index increased by 3.03%. Year-to-date changes are -0.42% for spot and +2.23% for futures [36]. - Soybean prices have decreased by 2.4% month-on-month for spot prices, while futures prices increased by 6.7% [36]. Dairy Products - The spot cost index decreased by 1.93% month-on-month, while the futures index increased by 1.58%. Year-to-date changes are -0.43% for spot and +1.68% for futures [37]. - Fresh milk prices rose to 3.04 yuan/kg, with corn prices increasing by 0.4% month-on-month [37]. Instant Noodles - The spot cost index decreased by 0.51% month-on-month, while the futures index increased by 3.31%. Year-to-date changes are +0.79% for spot and +3.46% for futures [38]. - Palm oil prices increased by 9.6% month-on-month for spot prices [38]. Frozen Food - The spot cost index decreased by 1.74% month-on-month, while the futures index decreased by 0.61%. Year-to-date changes are -1.44% for spot and -0.14% for futures [39]. - Vegetable prices fell by 1.8% month-on-month [39]. Soft Drinks - The spot cost index decreased by 3.71% month-on-month, while the futures index remained unchanged. Year-to-date changes are -1.12% for spot and -0.19% for futures [40]. - PET chip prices increased by 5.4% month-on-month [40].

Core Insights - The 2026 Qiantang Consumer Expo has officially launched the Qiantang Spring Consumption Season, featuring a variety of quality products including tech items, local specialties, and cross-border goods [1][2] - The event showcases well-known local brands such as Geely, Ford, Panasonic, and others, highlighting a complete industrial chain in Qiantang [1] - The expo aims to stimulate consumer spending through dual subsidies on home appliances and 3C products, enhancing the shopping experience for attendees [1] Group 1 - The Qiantang New Year Goods Expo runs until February 8, providing an engaging experience for citizens with opportunities to shop, play, and enjoy local delicacies [1] - The event includes a dedicated "BRICS Goods" consumption channel, featuring products from BRICS countries like Russian vodka and Ethiopian coffee beans, catering to diverse consumer needs [2] - Traditional cultural activities such as writing Spring Festival couplets and family photo sessions are integrated into the shopping experience, adding a unique touch to the event [2] Group 2 - In 2025, Qiantang aims to boost consumption through various initiatives, achieving a retail sales total of 50.5 billion yuan, a year-on-year increase of 13.1%, leading the province in growth [2] - The Qiantang District Commerce Bureau plans to implement a "three-year action plan" to stimulate consumption, focusing on issuing vouchers, hosting themed events, and supporting new consumption formats [2] - The goal is to ignite consumer enthusiasm and provide strong momentum for the local market, enhancing the overall economic environment [2]

Group 1 - Goldman Sachs is optimistic about Master Kong (00322) focusing on instant noodle business, expecting market share and operational efficiency to improve this year [1] - The company has raised its profit forecast for 2025 to 2027 by 5% to 8%, anticipating an expansion in operating profit margin for the instant noodle business due to easing cost pressures, product price increases, and cost savings [1] - The target price for Master Kong has been increased from HKD 12.7 to HKD 13.7, maintaining a "Buy" rating [1] Group 2 - For its peer, Uni-President China (00220), Goldman Sachs has lowered its revenue forecast for 2025 to 2027 by 1% to 4%, reflecting the impact of intensified market competition on the beverage business [1] - The profit forecast for Uni-President has been reduced by 5% to 10%, with an estimated sales growth of approximately 3.5% this year supported by instant noodle and OEM businesses, and a profit growth of 1% [1] - Consequently, the target price for Uni-President has been decreased from HKD 9 to HKD 8.2, maintaining a "Neutral" rating [1]

Group 1 - Goldman Sachs is optimistic about Master Kong (00322) focusing on instant noodle business, expecting market share and operational efficiency to improve this year [1] - The company has raised its profit forecast for 2025 to 2027 by 5% to 8%, anticipating an expansion in operating profit margin due to easing cost pressures, product price increases, and cost savings [1] - The target price for Master Kong has been increased from HKD 12.7 to HKD 13.7, maintaining a "Buy" rating [1] Group 2 - For its peer, Uni-President China (00220), Goldman Sachs has lowered revenue forecasts for 2025 to 2027 by 1% to 4% due to increased market competition affecting the beverage business [1] - Profit forecasts for Uni-President have been reduced by 5% to 10%, with an estimated sales growth of approximately 3.5% this year and a profit growth of 1% supported by instant noodles and OEM business [1] - The target price for Uni-President has been decreased from HKD 9 to HKD 8.2, maintaining a "Neutral" rating [1]

Core Viewpoint - Goldman Sachs expresses optimism about Master Kong's focus on instant noodle business, anticipating improvements in market share and operational efficiency this year [1] Group 1: Business Performance - The forecast for the operating profit margin of the instant noodle business is expected to expand due to easing cost pressures, product price increases, and cost savings [1] - Earnings forecasts for 2025 to 2027 have been raised by 5% to 8% [1] Group 2: Stock Rating and Target Price - The target price has been increased from HKD 12.7 to HKD 13.7 [1] - The "Buy" rating has been reaffirmed [1]

Core Viewpoint - The establishment of the "1m² Warm Heart Noodle Shop" by Kang Shifu in Shanghai's Minhang District represents a significant initiative aimed at providing warmth and support to new employment groups through a collaborative model involving government and enterprises [1][3][4]. Group 1: Project Overview - The "1m² Warm Heart Noodle Shop" is part of the "Rainbow Circle" Party Building brand, marking the first integration of this project into a community-focused initiative [1][3]. - The project aims to serve new employment groups, particularly outdoor workers like delivery riders and couriers, by providing a space for them to rest and enjoy a warm meal [7][14]. - Kang Shifu's chairman in Shanghai, Su Lirong, emphasized the company's commitment to social responsibility and the importance of providing comfort through food [3][4]. Group 2: Community Engagement - The opening ceremony was attended by various local officials and community representatives, highlighting the collaborative effort between Kang Shifu and local governance [4][6]. - The initiative has received positive feedback from the community, particularly from delivery riders who expressed the need for a warm place to rest during their busy schedules [8][12]. Group 3: Product Offering - The noodle shop serves Kang Shifu's signature "Old Hen Soup Noodles," which are marketed as a healthier option with low oil and salt content, catering to the needs of urban consumers seeking comfort food [9][11]. - The product features innovative preservation techniques to maintain freshness and quality, distinguishing it from typical fast food offerings [9][11]. Group 4: Long-term Vision - The "1m² Warm Heart Noodle Shop" is set to expand to ten core locations in Shanghai, transitioning from a temporary pop-up to a permanent service station, thereby enhancing its outreach to more new employment groups [7][14]. - This initiative reflects a broader strategy by Kang Shifu to integrate corporate social responsibility with community needs, fostering a sense of shared support and care [16][17].