其中，中国内地业务收入为12.22亿港元，占比60.7%，同比增长9.4%；香港及其他地区业务收入为7.92 亿港元，占比39.3%，同比增长12.2%。收入增长主要来自即食面业务表现稳健，以及去年完成的多项 收购（如澳洲ABC Pastry、韩国Gaemi Food）带来的额外贡献。公司拥有人应占溢利同比减少7.4%，主 因为高税率司法权区的所得税开支增加及递延税项减少。毛利率由去年同期的35%下降至33.6%，主因 为采购成本上升。 北京商报讯（记者 郭秀娟 实习记者 王悦彤）8月26日，日清食品发布2025年中期业绩，报告期内收入 为20.14亿港元，同比增加10.52%；公司拥有人应占溢利为1.57亿港元，同比减少7.35%。 ...

Core Viewpoint - Goldman Sachs reports that Master Kong's management has updated its full-year guidance, expecting sales to remain flat to low single-digit growth, down from the previous low to mid-single-digit growth forecast [1] Group 1: Financial Performance - The management anticipates a double-digit growth in recurring net profit, with a 12% increase in the first half of this year [1] - The expected net profits for Master Kong in 2025 and 2026 are projected to be 4.3 billion and 4.6 billion respectively, representing year-on-year growth of 15% and 9% [1] - The net profit margin is expected to improve to 5.2% and 15.8% for 2025 and 2026 [1] Group 2: Business Segments - The management expects the instant noodle business to recover to positive growth in the second half of the year, aiming for overall positive growth for the year [1] - Positive growth is anticipated for the carbonated beverage segment, while the decline in the non-carbonated beverage segment is expected to narrow [1] Group 3: Cost and Investment Strategy - Management forecasts a low single-digit increase in palm oil prices for the year, while costs for plastics (PET), sugar, and flour are expected to decrease by mid-single digits [1] - The group will continue to focus on light investments and streamline administrative expenses to enhance operating profit margins by 2026 [1] Group 4: Adjustments and Ratings - Due to increased competition leading to a rise in sales management expense ratios, the recurring net profit forecasts for 2025 to 2027 have been revised down by 4% to 6% [1] - The target price has been adjusted from HKD 14.6 to HKD 13.8, while maintaining a "Buy" rating [1]

摩根大通发布研报称，康师傅控股(00322)上半年销售同比跌2.7%，(撇除资产出售收益)经调整盈利升 12%，大致符合市场预期。该行认为，由于康师傅拥有高股息率，其在中国消费市场中具备下行保护， 在整体宏观经济和消费情绪平淡的情况下显得更具吸引力，予"增持"评级。 小摩将康师傅的表现与统一企业中国(00220)作比较，两间公司的EBIT利润率均扩张1.7个百分点，分别 为9.2%及9.6%。康师傅的即食面市场份额损失已正常化，将有利于公司下半年的销售增长转正。饮料 业务面对竞争加剧和需求放缓，可能仍面临挑战。 ...

Core Viewpoint - Morgan Stanley's report indicates that Master Kong Holdings (00322) experienced a 3% year-on-year decline in revenue to 40 billion RMB, which aligns with the bank's and market expectations. However, net profit increased by 20% to 2.27 billion RMB, including a one-time gain of 211 million RMB from the disposal of a subsidiary. Excluding this one-time factor, net profit grew by 12% to 2.11 billion RMB [1] Financial Performance - Revenue for the first half of the year decreased by 3% to 40 billion RMB, meeting expectations [1] - Net profit rose by 20% to 2.27 billion RMB, with a one-time gain contributing to this figure [1] - Adjusted net profit, excluding one-time factors, increased by 12% to 2.11 billion RMB [1] - Regular operating profit grew by 13%, in line with expectations [1] - Operating profit margin expanded by 1.1 percentage points to 7.9%, driven by a gross margin increase of 1.8 percentage points [1] Segment Performance - Instant noodle business gross margin increased by 0.7 percentage points to 27.8% [1] - Beverage business gross margin improved by 2.5 percentage points to 37.7% [1] - Sales and administrative expense ratio rose by 0.8 percentage points, offsetting some of the gross margin improvements [1] Investment Rating - Morgan Stanley sets a target price of 12.6 HKD and maintains a "Market Perform" rating for Master Kong Holdings [1]