（原标题：康师傅换帅！创始人之子接棒CEO，去年薪酬937万元） 【导读】康师傅将于2026年1月1日更换首席执行官 中国基金报记者 郑俊婷 12月18日，食品饮料巨头康师傅（证券代码：00322.HK）发布一则重磅人事公告，宣布公司现任首席 执行官陈应让决定退休，其服务合约将于2025年12月31日届满后不再续签；自2026年1月1日起，创始人 家族第二代、43岁的魏宏丞将正式接任首席执行官一职。 这一关键任命标志着，在职业经理人掌舵十年后，康师傅的核心经营权将重归魏氏家族手中。 少帅接棒重回家族治理轨道 此番即将走马上任"新帅"魏宏丞，是一位兼具国际视野与一线业务经验的少帅。公开资料显示，魏宏丞 本科毕业于伦敦帝国学院，后获得哈佛商学院工商管理硕士学位。在加入家族企业前，他曾就职于黑石 集团纽约办公室及百事公司总部，拥有顶级投资机构和快消巨头的历练背景。 （图片来源：康师傅官微） 魏宏丞并非突然被推至台前。公告显示，他自2015年2月起进入康师傅体系，担任康师傅饮品控股有限 公司董事，并从2019年起出任该公司董事长。 康师傅称，在魏宏丞领导下，康师傅饮品战略决策高效落地，营收与利润连年稳健增长。他坚持以 ...

Core Viewpoint - The appointment of Wei Hongcheng as the new CEO of Master Kong marks a significant shift back to family governance after a decade of professional management, indicating a potential change in strategic direction for the company [2][6]. Group 1: Leadership Transition - Master Kong announced that current CEO Chen Yingrang will retire on December 31, 2025, and Wei Hongcheng will take over as CEO starting January 1, 2026 [2]. - Wei Hongcheng, aged 43, is the second generation of the Wei family and has a strong background with degrees from Imperial College London and Harvard Business School, along with experience at Blackstone and PepsiCo [8][9]. - Since joining the company in February 2015, Wei has been instrumental in the growth of Master Kong's beverage segment, focusing on consumer needs and sustainable development [9]. Group 2: Business Challenges - Master Kong is currently facing challenges such as declining revenue in its core business segments, with a reported drop of over 1.1 billion yuan in revenue in the first half of the year [13]. - The beverage segment, which accounts for 65.7% of total revenue, saw a 2.6% year-on-year decline, while the instant noodle segment also experienced a 2.5% drop [13]. - The company is adapting to changes in distribution channels, with a significant reduction in the number of distributors and direct retailers, losing over 3,400 distributors and nearly 1,500 direct retailers by mid-2025 [13]. Group 3: Strategic Initiatives - Despite the challenges, Master Kong maintains a leading position in the instant noodle market and is focusing on product innovation and health-oriented upgrades to stimulate growth [13][14]. - New product launches in the beverage sector, such as sugar-free jasmine tea and PH9.0 alkaline water, reflect a commitment to health trends [14]. - The company's ongoing investment in sustainable development has begun to yield results, contributing to cost reduction and brand image enhancement [14]. Group 4: Market Reaction - Following the announcement of the leadership change, Master Kong's stock price rose by 1.63% to HKD 11.84 per share, with a total market capitalization of HKD 66.74 billion [14].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company's profitability continues to improve, with shareholder returns remaining at a high level. The dividend yield for the fiscal year 2024 is expected to exceed 7%. Future valuation recovery is likely to focus on stabilizing revenue, with expectations for sequential improvement in revenue in the second half of the year as the negative impacts of price increases are gradually absorbed [2][8]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 40.092 billion, a year-on-year decrease of 2.7%. The gross profit margin increased by 1.9 percentage points to 34.5%, primarily due to cost structure optimization and improved operational efficiency. The net profit attributable to shareholders was 2.271 billion, representing a year-on-year growth of 20.5%. After excluding a one-time gain of approximately 211 million from the sale of a subsidiary, the adjusted net profit attributable to shareholders was 2.112 billion, a year-on-year increase of 12.0% [4][5]. Business Segments - **Instant Noodles Segment**: Revenue was 13.465 billion, down 2.5% year-on-year. The gross profit margin slightly increased by 0.7 percentage points to 27.8%, leading to a segment net profit growth of 11.9% to 951 million [5]. - **Beverage Segment**: Revenue was 26.359 billion, down 2.6% year-on-year. The gross profit margin significantly improved by 2.5 percentage points to 37.7%, resulting in a segment net profit growth of 19.7% to 1.335 billion [5][6]. Strategic Focus - The beverage business is focusing on health and innovation while maintaining its core offerings. The company is expanding its no-sugar beverage line and introducing differentiated products like "electrolyte alkaline water" to compete in the market. The core product "Ice Red Tea" is being enhanced through new flavors and scenario-based marketing [6]. - The instant noodle business is adopting a dual strategy of premiumization and value for money. The company plans to promote innovative products and cater to mid-to-high-end consumers while also offering larger volume products to meet consumer demand for value [7]. Future Outlook - The ongoing improvement in profitability and high dividend yield provide a safety margin for investors. The company is expected to see a sequential improvement in revenue in the second half of the year as the negative impacts of price increases are absorbed. EPS is projected to be 0.77 and 0.89 for 2025 and 2026, respectively, with corresponding PE valuations of 13 and 11.5 times [8].

Core Insights - The instant noodle industry is facing challenges in 2025, with competition from food delivery services impacting market share, yet there are signs of resilience and adaptation within the industry [1][2] - Despite a decline in overall sales, companies like Kang Shifu are innovating and adapting to consumer demands for higher quality and diverse offerings, indicating a shift from a growth phase to a more mature market [2][4] Financial Performance - Kang Shifu reported a revenue of 13.465 billion yuan in the first half of the year, accounting for 33.6% of total revenue, with a net profit increase of 11.9% to 951 million yuan [1] - The gross profit margin for the instant noodle business improved by 0.7 percentage points to 27.8%, outperforming industry peers [1] Market Trends - The Chinese instant noodle market, while experiencing fluctuations, remains the largest globally, with a consumption volume of 438 million packages in 2024 [3] - The market is transitioning from a focus on quantity to quality, with consumers seeking better taste and health benefits [4][10] Product Innovation - Kang Shifu is actively expanding its product offerings, introducing over 10 new products and 40 SKUs in the first half of 2025, catering to various price points and consumer preferences [6][10] - The launch of the "Special Special" fresh noodle line, featuring zero-fried technology, highlights the company's commitment to quality and innovation [8][12] Consumer Engagement - The company is redefining the instant noodle experience by integrating products into various consumption scenarios, such as outdoor activities and late-night snacks, to increase frequency of use [6][10] - Kang Shifu's focus on digital transformation and supply chain optimization enhances its ability to meet consumer demands effectively [14][16] Long-term Strategy - The company's growth is attributed to a long-term strategy that emphasizes quality raw materials, advanced production techniques, and a robust supply chain [11][14] - Kang Shifu's commitment to corporate social responsibility and cultural heritage further strengthens its brand image and consumer trust [18][19] Industry Outlook - The current industry adjustment period presents opportunities for differentiation, with Kang Shifu positioned to attract previously lost consumers and expand its market reach [19] - The narrative of industry decline is seen as a superficial observation, with actual developments indicating a structural upgrade in consumer preferences and market dynamics [19]

Core Viewpoint - The article discusses how brands can achieve longevity and resilience in a rapidly changing market, emphasizing the importance of deep-rooted capabilities, cultural integration, and continuous innovation. Group 1: Brand Longevity - Brands that aim for long-term success must establish a true competitive moat and continuously work towards building it [2] - The essence of a brand's long-term vitality lies in its ability to transcend short-term goals and maintain a strong foundational capability [1][3] Group 2: Strategic Patience and Professionalism - The concept of long-termism is often misunderstood; it requires a strategic focus on long-term goals while tactically addressing immediate needs [4] - Professionalism is crucial, as demonstrated by brands like Kang Shifu, which applies advanced technology to enhance product quality [5] Group 3: Innovation and Market Adaptation - Brands must innovate to remain competitive, with Kang Shifu exemplifying this through its development of healthier products that meet consumer demands [6][10] - The convenience food sector is shifting towards high-end offerings, but Kang Shifu focuses on quality and value rather than merely competing on price [7][10] Group 4: Cultural Integration - Successful brands often have a rich cultural foundation that enhances their value proposition, as seen in the contributions of companies like LVMH and their support for cultural heritage [11] - Kang Shifu integrates traditional Chinese culinary elements into its product development, creating a strong connection with cultural identity [12][15] Group 5: Structural Advantages - A brand's competitive advantage should be seen as a structural benefit rather than a temporary barrier, requiring ongoing evolution and adaptation [14] - Kang Shifu's commitment to continuous improvement in technology, product quality, and cultural relevance has allowed it to thrive in a competitive landscape [16][17]