智通财经APP获悉，星展发布研报称，维持康师傅控股(00322)"买入"评级，目标价由14.1港元降至13.5 港元，目标预测市盈率维持17倍，基于7厘股息。 康师傅大碗与经典系列即食面及1公升装饮品去年加价后，两者市占对比同业如统一企业中国(00220)及 农夫山泉(09633) 转差。该行对公司销售作更审慎假设，料今年收入同比轻微下跌，明年则温和复苏 4%，受惠于雪柜投资强化渠道渗透，以及新兴渠道战略性增长，包括电商及零售商会员。 该行料公司今年业绩仅及指引下限，即食面销售料低单位数下跌，饮品销售亦略为下跌。该行预期原材 料成本趋势维持大致有利情况，譬如面粉及糖，纵使棕榈油价格仍同比上升，利润率料于下半年维持稳 定扩张。总计下调对公司今明两年盈利预测4%及1%。扣除上半年一次性因素。全年盈利料同比升6%。 ...

Investment Rating - The report suggests maintaining attention on the company as it is expected to return to growth in 2025 [4] Core Viewpoints - The company is expanding its production capacity and continuing to grow its business in China by acquiring land for new facilities, with a total cost of RMB 30.68 million [1] - A new automated facility is planned to enhance production efficiency and meet the increasing demand from Chinese consumers, with an investment of no less than RMB 240 million [2] - The new factory is expected to be operational by 2029, contributing positively to the company's operational development and growth prospects [2] - The acquisition of land is strategically located near existing facilities, which will help create synergies and improve operational efficiency in the Greater Bay Area [3] Summary by Sections - **Investment Expansion**: The company has successfully bid for two plots of land in Zhuhai, Guangdong, for a total of RMB 30.68 million, aimed at constructing new production facilities [1] - **Production Capacity**: The new facility will utilize automation and efficient production processes to increase capacity and reduce unit production costs, addressing the evolving needs of consumers [2][3] - **Operational Efficiency**: The new automated facility is expected to enhance operational efficiency, reduce downtime, and optimize resource utilization, thereby lowering production costs [3] - **Market Positioning**: The company has a strong brand presence and is adapting to new consumer trends while expanding into emerging domestic channels and overseas markets [4]

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 之 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 份 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。 自願公告 收購土地使用權 董事會欣然宣佈，於2025年9月10日，本公司透過其於中國的全資附屬公司通過公開 競 買 成 功 中 標 兩 幅 地 塊 的 土 地 使 用 權，總 代 價 為 人 民 幣30.68百 萬 元。該 等 地 塊 均 位 於 中 國 廣 東 省 珠 海 市 金 灣 區，並 由 珠 海 市 自 然 資 源 局 以 網 上 掛 牌 的 方 式 公 開 出 讓。 預期將於2025年9月23日前就地塊收購與珠海市自然資源局訂立國有建設用地使用 權出讓合同。該等地塊毗鄰珠海日清，將由本集團用作建設新生產設施。 上市規則的涵義 由於上市規則第14.07條項下有關地塊收購事項的各項適用百分比率均低於5%，故地 塊收購事項並不構成上市規則第14章項下的本公司須予公佈交 ...

Core Insights - Nissin Foods reported a revenue of HKD 2.014 billion for the mid-year 2025, representing a year-on-year increase of 10.52% [1] - The profit attributable to the company's owners was HKD 157 million, a decrease of 7.35% compared to the previous year [1] Revenue Breakdown - Revenue from mainland China amounted to HKD 1.222 billion, accounting for 60.7% of total revenue, with a year-on-year growth of 9.4% [1] - Revenue from Hong Kong and other regions reached HKD 792 million, making up 39.3% of total revenue, with a year-on-year increase of 12.2% [1] Growth Drivers - The revenue growth was primarily driven by strong performance in the instant noodle segment and contributions from acquisitions made last year, such as Australia's ABC Pastry and South Korea's Gaemi Food [1] Profitability Metrics - The profit attributable to the company's owners decreased by 7.4% due to increased income tax expenses in high-tax jurisdictions and a reduction in deferred tax items [1] - The gross profit margin fell from 35% in the same period last year to 33.6%, primarily due to rising procurement costs [1]

Core Viewpoint - Goldman Sachs reports that Master Kong Holdings (00322) has updated its full-year guidance, now expecting sales to be flat to low single-digit growth, down from low to mid-single-digit growth previously [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 latest projections for net profit in 2025 and 2026 are RMB 4.3 billion and RMB 4.6 billion, representing year-on-year growth of 15% and 9% respectively, with net profit margins improving to 5.2% and 15.8% [1] Group 2: Business Segments - The management expects the instant noodle business to return to positive growth in the second half of the year, aiming for overall positive growth for the year [1] - For beverages, the management anticipates positive growth in carbonated drinks, while the decline in non-carbonated drinks is expected to narrow [1] Group 3: Cost and Investment Strategy - The management forecasts a low double-digit increase in palm oil prices for the year, while costs for plastic (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: Valuation and Ratings - The target price has been adjusted from HKD 14.6 to HKD 13.8, while maintaining a "Buy" rating [1] - 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]

成本方面，管理层料棕榈油全年价格有低十位数升幅，但同时塑料(PET)、糖及面粉成本有中单位跌 幅。下半年集团将持续聚焦轻投资及精简行政费用，以提升2026年的经营利润率。该行最新料康师傅 2025及26年净利润为43亿及46亿元人民币，同比增15%及9%，净利润率改善至5.2%及15.8%;考虑到竞 争加剧导致销售管理费用率上升，将2025至27年经常性净利润预测下调4至6%。 智通财经APP获悉，高盛发布研报称，康师傅控股(00322)管理层更新全年指引，最新料全年销售持平至 增长低单位，而原先指引为低至中单位数增长;料经常性净利润维持双位数增长，而今年上半年升幅为 12%。业务而言，管理层预期即食面业务下半年恢复正增长，目标全年亦实现正增长。至于饮品，预期 有气饮品将有正增长，而非有气饮品跌幅收窄。目标价由14.6港元下调至13.8港元，维持"买入"评级。 ...

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。 ...

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。 智通财经APP获悉，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。 ...

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]