Summary of Key Points Core Viewpoint - Master Kong's revenue continues to decline, with both instant noodles and beverage sales struggling, marking the first revenue drop in its beverage segment since 2020 [1][9]. Group 1: Financial Performance - In the first half of 2025, Master Kong's revenue decreased by 2.69% to 40.092 billion yuan, while net profit increased by 20.46% to 2.271 billion yuan [1]. - The decline in revenue is attributed to falling sales in both instant noodles and beverages, particularly in the tea beverage segment, which negatively impacted overall revenue growth [1][11]. - In contrast, Uni-President's revenue grew by 10.60% to 17.087 billion yuan, with net profit rising by 33.24% to 1.287 billion yuan [1][6]. Group 2: Instant Noodle Segment - Master Kong's instant noodle revenue fell by 2.53% to 13.465 billion yuan, resulting in a loss of over 300 million yuan in sales [2]. - The decline is attributed to market pressures and product structure adjustments, although gross margin improved by 0.7 percentage points to 27.8% due to product upgrades and price adjustments [2][4]. - Revenue from container noodles and high-priced bag noodles, which together account for over 90% of total revenue, saw declines of 1.25% and 7.16%, respectively [2]. Group 3: Beverage Segment - Master Kong's beverage revenue dropped by 2.61% to 26.359 billion yuan, marking the first decline since 2020 [9]. - The tea beverage segment, which was previously a growth driver, saw a revenue decrease of 6.34% to 10.670 billion yuan [11]. - In contrast, Uni-President's beverage revenue grew by 7.63% to 10.788 billion yuan, although its growth rate has slowed compared to previous years [13]. Group 4: Market Comparison - While Master Kong's performance is declining, competitors like Uni-President and Nissin Foods are experiencing growth in their instant noodle segments [6][7]. - Nissin Foods reported a revenue increase of 1.40% in the second quarter, with instant noodle sales in mainland China growing despite challenges in Hong Kong [7].

Core Viewpoint - Nissin Foods reported its financial performance for the period from April to June, highlighting growth in revenue from its China operations despite a decline in core operating profit [1] Financial Performance - Revenue from China operations reached 16.689 billion yen (approximately 814 million RMB), representing a year-on-year increase of 1.4% [1] - Core operating profit decreased by 4.9% to 1.271 billion yen, while operating profit fell by 1.6% to 1.311 billion yen [1] - Excluding exchange rate effects, revenue for the second quarter in China was 17.968 billion yen, with core operating profit at 1.368 billion yen, reflecting year-on-year growth of 9.2% and 2.4% respectively [1] Market Strategy - The company expanded its sales coverage in the Chinese market and made significant progress in promoting its "合味道" brand and high-end bagged noodle products [1] - Nissin Foods is also actively developing its non-noodle business, including frozen foods and snacks, with distribution business achieving synchronized growth [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company has a solid foundation in the instant noodle market, with a strong position in the high-end segment, and is leveraging overseas expansion for new growth [1][2]. - The company is experiencing a recovery in revenue and profit, driven by continuous product innovation and effective marketing strategies [2][3]. - The financial outlook is positive, with expected earnings per share (EPS) growth from 0.27 to 0.34 HKD from 2025 to 2027, indicating a resilient business model [3]. Summary by Sections Company Overview - The company has been a pioneer in the instant noodle industry since its establishment in 1984, defining global standards and leading the high-quality instant meal trend [1][17]. - It has a concentrated ownership structure, with the majority shareholder holding 72.05% of the shares, ensuring efficient strategic decision-making [24]. Financial Performance - The company’s revenue is projected to be 38.12 billion HKD in 2024, with a net profit of 2.07 billion HKD, reflecting stable profitability [1][3]. - The gross margin is expected to increase to 34.42% in 2024, with a recent recovery in the net profit margin to 10.45% [1][3]. - The company has maintained a stable expense ratio, indicating efficient operational management [2][30]. Industry Analysis - The instant noodle market in China has seen a slowdown in growth, with the market size reaching approximately 1240.14 billion HKD in 2024, but still presents opportunities for innovation and high-end transformation [2][46]. - The frozen food sector is entering a high-growth phase, with the market size expected to reach 2130.9 billion HKD by 2025, driven by evolving consumer preferences and improved logistics [2][46]. Investment Highlights - The core instant noodle business remains robust, while other food segments provide additional growth momentum [2][4]. - The company is effectively controlling costs and maintaining a strong cash flow, supporting consistent dividend payouts [2][3]. - The company is strategically exiting underperforming markets and focusing on Southeast Asia and Australia for expansion [21][24].

Core Viewpoint - Hong Kong serves as a global financial hub, providing a bridge for mainland enterprises to connect with global capital, showcasing resilience amid challenges like U.S. interest rate hikes and geopolitical tensions [1] Group 1: Company Overview - Nissin Foods Holdings Co., Ltd. is a leading instant noodle company listed on the Hong Kong Stock Exchange since December 2017, focusing on the high-end instant noodle market in Greater China [2][3] - The company operates five flagship brands in Hong Kong, including "合味道" and "出前一丁," and has expanded its product offerings to include frozen foods, beverages, and snacks [2][3] - Nissin Foods has established production bases in various regions, including mainland China, where it holds a strong market share in high-end instant noodles [3] Group 2: Market Expansion Strategy - The company aims to expand into inland China and diversify its product offerings, capitalizing on the growing domestic consumption market [5][6] - Recent acquisitions include a 67% stake in a Vietnamese factory and the purchase of a South Korean snack producer, enhancing product variety and market presence [6] - The company is also exploring opportunities in overseas markets like Vietnam, South Korea, and Australia to drive growth [6] Group 3: Sales and Financial Performance - In the first quarter, the company reported a revenue increase of 11.3% year-on-year, with a gross profit margin of 35.1% [13] - Revenue from Hong Kong and other regions grew by 15.2%, driven by strong performance in the instant noodle segment and recovery in non-noodle businesses in South Korea and Australia [13] - The company maintains a healthy balance sheet with HKD 1.4 billion in cash and no debt, indicating robust financial health [14] Group 4: Investor Relations and Market Recognition - The company's investor relations (IR) team has effectively communicated corporate value and engaged with over 340 institutional investors annually [18][19] - Nissin Foods has received multiple awards for excellence in investor relations, reflecting strong market recognition and trust [20] - The IR team has organized various events to enhance market understanding of the company's strategies and operations, fostering transparent communication with investors [19][20]

编辑：竺天 审核： Single 来源：新消费智库 新消费导读 "方便面鼻祖"入华40年后"水土不服"。 这是新消费智库第 2 6 2 0 期文章 作者 ： l y y 日清，号称 "泡面鼻祖"， 它曾 在中国市场把 一杯泡面 打造成了 " 精致速食 " 。 早在 1984 年便进入香港开展业务， 1994 年开始在 内地扩张，在广东顺德建厂。几十年来，日清凭借让中国消费者耳目一新的产品体验，受到消费者的青睐，营收一度超过 40 多亿港元， 却 又在短短三年间， 尽显颓势 。 被称为 "泡面鼻祖"的日清食品近期发布的 2024 财年年报 显示， 2024 年 1 月 1 日 -2024 年 12 月 31 日 ，日清食品 实现营业收入 38.12 亿港元，同比下降 0.56% 。 这是日清食品自 2022 年实现 40.25 亿港元营收之后，连续第二年收入下滑。 尽管报告期内日清食品毛利率小幅提升至 34.4% ，但净利润大幅下滑了 39.1% ，仅为 2.01 亿港元，净利润率下滑至 5.3% 。 在报告期内，日清食品报告期内，公司计提了约 1.359 亿港元的非现金减值，其中包括中国内地及香港长寿面、非油 ...