Core Viewpoint - Master Kong's revenue declined by 2.7% in the first half of 2025, indicating a situation of "profit growth without revenue growth," with both instant noodle and beverage businesses experiencing a downturn, prompting the company and competitors to seek innovation, with health-oriented products becoming a new direction [1][2]. Financial Performance - In the first half of 2025, Master Kong reported revenue of 40.092 billion yuan, a decrease of 1.109 billion yuan compared to the same period last year, marking a 2.7% decline, the first revenue drop in five years [2][3]. - Instant noodle revenue was 13.465 billion yuan, down 2.5% year-on-year, selling 349 million yuan less than in 2024 [2][4]. - Beverage revenue was 26.359 billion yuan, a decrease of 2.6%, accounting for 65.7% of total revenue [4]. - Net profit for the first half of 2025 was 2.271 billion yuan, an increase of 20.46% year-on-year, but this was partly due to non-recurring income, which, if excluded, would reduce the net profit growth rate to around 17% [3][4]. Market Trends - The instant noodle market is experiencing its coldest winter in 20 years, with consumption dropping by 4 billion packs from 2020 to 2023, and expected to fall to 43.8 billion packs in 2024 [2]. - The rise of new consumer preferences for healthier and more convenient food options is impacting traditional instant noodle sales, with a significant increase in pre-prepared meals and self-heating hot pot products [5][6]. Competitive Landscape - Master Kong's performance is lagging behind its competitor, Uni-President, which achieved double-digit growth in both revenue and profit in the same period [4]. - The company has adjusted its pricing strategy, increasing the suggested retail price of its instant noodles, which has led to a rise in gross margin by 0.7 percentage points to 27.8% [7][8]. Distribution Network - Master Kong's distribution network has contracted, with a reduction of 12.6% in the number of distributors by the end of 2024, and a further decrease in the first half of 2025 [7][8]. - The company is focusing on optimizing its distribution strategy to enhance profitability, targeting higher-quality distributors [8]. Innovation and Future Direction - To adapt to changing consumer preferences, Master Kong is introducing healthier product lines, including non-fried noodles and premium offerings [9]. - The rise of health-conscious consumers presents an opportunity for innovation in the instant noodle sector, with a growing market for health-oriented instant noodle products [9][10].

但我们认为该事件为时点选择的短期战术性问题，长期战略仍在正确的轨道。尽管收入较弱，但饮料板 块盈利能力表现优秀。25H1 康师傅饮品板块毛利率提升至37.7%，提高2.5pct，主因成本下行。上半年 饮品业务归母净利达到13.35 亿元，同比增长19.7%，对公司整体利润增长仍然贡献突出。 方便面：基数影响将逐渐消化，短期数据有所回暖。方便面板块2025 年上半年实现收入134.65 亿元， 同比微降2.5%。其中，中价位袋面产品收入保持良好增长，同比提升8.0%，而高价袋面受提价等因素 影响同比下降7.2%，容器面收入则微降1.3%。2024 年7 月1 日开始公司对部分方便面产品进行了提价， 因此25H1 方便面板块毛利率延续提升趋势，方便面毛利率提升0.7pct 至27.8%，其中正贡献主要是售价 及结构，负贡献主要是产能利用率。但我们预计25H2 的基数影响将减弱，根据渠道调研，7-8月方便面 数据同比小幅转正。 股息价值凸显。截至2025 年6 月30 日，集团银行存款（含长期定存）及手头现金为人民币194.9 亿。 25H1 公司经营活动现金流入约31.2 亿元，现金流保持充裕。公司多年来坚持百分 ...

其中，在上半年，康师傅方便面业务销售额同比下滑2.5%至134.65亿元。具体来看，容器面销 售额同比下滑1.3%至67.71亿元；高价袋面销售额同比下滑7.2%至50.92亿元；中价袋面销售 额同比增长8.0%至13.72亿元；干脆面及其他销售额同比增长14.5%至2.3亿元。 记者丨 贺泓源 刘瑾睿 编辑丨骆一帆 康师傅对于增长压力的感受是深刻的。 8月11日，该公司披露2025年上半年业绩。财报显示，上半年康师傅营收约为400.92亿元，同 比下降2.7%，销售额跌超11亿元；归母净利润为22.71亿元，同比增长20.5%。 营收下滑背后是，康师傅主要品类销售额都在跌。 还要看到，市场压力下，康师傅正在从数量上"收缩"分销网络。 在今年上半年，该公司营销商数量从去年同期的67215家降至63806家。直营零售商数量从去 年同期的220623家降至今年的219124家。 2 智能 悦 读 · 权 威 . o n 扫码点击下载 总体来看，康师傅正在适应新节奏。 作为对比，食品业务增长成为统一企业中国业绩亮点。在上半年，统一该项业务营收53.8 亿 元，同比增长8.8%。其中，茄皇收入实现双位数增长，汤达人收 ...

Core Viewpoint - The recent controversy surrounding the "Duoban" trademark by White Elephant Food highlights the challenges the company faces in maintaining brand reputation amidst intense market competition and consumer misunderstandings [2][9]. Company Summary - White Elephant Food's official response clarified that "Duoban" is a registered trademark and not an indication of increased product quantity, with the actual weight specified on the packaging [3]. - The company has introduced larger portion products, such as the 110-120g noodles based on the original 70g, to differentiate from standard offerings [3]. - White Elephant has registered multiple trademarks related to "Duoban" from 2018 to 2024, with some successfully registered while others were rejected [5]. Industry Summary - The instant noodle industry is experiencing downward pressure, with competitors like Kang Shifu and Uni-President facing revenue challenges, indicating a shrinking market [7]. - New food categories such as self-heating hot pots and ready-to-eat noodles are emerging, further squeezing the consumption scenarios for traditional instant noodles [7]. - White Elephant's beverage business is struggling due to a lack of experience among its noodle distributors, making it difficult to establish a strong presence in the beverage market [7]. - Consumer complaints against White Elephant have reached 1,681, primarily concerning product quality issues, which negatively impact the brand's reputation [7].

Core Viewpoint - The integration of aerospace technology into the food industry, exemplified by the collaboration between Kang Shifu and China's space exploration efforts, signifies a shift towards higher quality and innovative production methods in the Chinese food sector [1][3][29]. Group 1: Aerospace Technology Application - Kang Shifu has incorporated aerospace patented temperature control technology into its instant noodle production, enhancing product consistency regardless of external weather conditions [6][9]. - The company has achieved the "World's Excellent Aerospace Patent Instant Noodle" certification, showcasing its commitment to quality and innovation [3][9]. - The introduction of limited edition aerospace-themed packaging and products reflects a strategic marketing approach aimed at appealing to younger consumers [3][20]. Group 2: Product Innovation - Kang Shifu's product innovations include the use of FD freeze-drying technology in its beef noodle soup, preserving nutritional value and flavor [5][9]. - The "Fresh Q Noodle," launched in 2024, utilizes a "0-oil frying" patented technology, achieving significant sales success shortly after its release [8][9]. - The company emphasizes rigorous food safety controls, conducting over 3.5 million tests annually across more than 1,500 indicators to ensure product quality [4][9]. Group 3: Digital Transformation - Kang Shifu is implementing a digital transformation across its supply chain, utilizing AI and automated agriculture to enhance efficiency and product quality [11][16]. - The establishment of environmentally friendly vegetable bases ensures the safety and quality of raw materials, supporting the company's commitment to sustainability [11][19]. - A digital MRP system has been developed for rapid response to food safety risks, integrating traceability and logistics management [17][22]. Group 4: Industry Leadership and Future Trends - Kang Shifu's strategic focus on technology and efficiency positions it as a leader in the food industry, driving quality upgrades and industry evolution [25][28]. - The company's practices illustrate a broader trend in the food sector towards integrating advanced technology and digital solutions to meet consumer demands for safety and quality [22][29]. - As more companies adopt "new quality productivity," the Chinese food industry is poised to ascend the global value chain [29].