丨证券研究报告丨 港股研究丨公司点评丨康师傅控股（0322.HK） [Table_Title] 康师傅控股 2025 年半年报业绩点评：短期收入 承压，盈利能力延续改善 报告要点 [Table_Summary] 盈利能力改善延续，股东回报维持高水平。以当前市值计，2024 年度分红的股息率超 7%。展 望未来，公司估值修复的核心或聚焦于收入端的企稳回升。随着提价的负面影响逐步被消化， 公司在下半年，有望实现收入端的逐季改善。 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 康师傅控股（0322.HK） cjzqdt11111 [Table_Title 康师傅控股2]2025 年半年报业绩点评：短期收入 承压，盈利能力延续改善 [Table_Summary2] 事件描述 康师傅控股 2025 年上半年实现营业收入 400.92 亿元，同比下降 2.7%；毛利率同比提 ...

证券研究报告：食品饮料|行业周报 发布时间：2025-08-25 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 17416.22 | | 52 | 周最高 | 19809.29 | | 52 | 周最低 | 14118.56 | 行业相对指数表现 2024-08 2024-11 2025-01 2025-03 2025-06 2025-08 -8% -4% 0% 4% 8% 12% 16% 20% 24% 28% 32% 食品饮料 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 近期研究报告 《圣贝拉（2508.HK）：产康全周期业务 快速增长，经调利润弹性释放》 - 2025.0 ...

Group 1: Industrial Transformation and Green Development - The city of Jiaozuo is exploring a new path for resource-based urban transformation, focusing on green development technologies to drive industrial change and promote environmentally friendly and resource-saving products [2] - Liu Ning emphasized the importance of integrating green development throughout the production process, advocating for the elimination of inefficient capacity and the cultivation of green dynamics in the chemical new materials industry [2] - The focus is on creating a high-value chemical new materials industry chain that is characterized by low investment, high output, and low pollution, promoting a circular development model [2] Group 2: Agricultural Modernization - Liu Ning highlighted the need for collaboration in agricultural production, emphasizing the importance of high-quality farmland, seeds, methods, opportunities, and systems to achieve breakthroughs in grain production [3] - The focus is on enhancing local resource advantages to develop specialty industries and extend the modern agricultural industry chain, thereby increasing the added value of agricultural products [3] - The aim is to effectively integrate small farmers into larger markets through the promotion of deep processing of agricultural products [3] Group 3: Environmental Protection and Sustainable Development - Liu Ning called for the implementation of Xi Jinping's ecological civilization thoughts and the promotion of high-quality development through advanced manufacturing that is high-end, intelligent, and green [4] - The emphasis is on adhering to the "dual responsibility" principle in environmental protection, tackling pollution, and promoting green production and lifestyle transformations [4] - The goal is to achieve a greener and more sustainable environment in the Central Plains region, ensuring cleaner air, water, and soil [4]

每经记者｜杨欢 每经编辑｜刘艳美 据漯河日报消息，近日，郑州市委副书记、市长庄建球率考察团来漯，围绕郑州都市圈协同发展进行考察交流。漯河市委副书记、市长黄钫等陪同。考察团 先后到中国食品名城品牌馆、中原食品实验室、河南安迈康生物科技有限公司进行考察，对漯河持之以恒做大做强食品产业、大力发展新质生产力、以一流 创新平台赋能高质量发展的生动实践和取得的一系列成果表示赞赏。 双方在交流中表示，将以此次考察为契机，按照河南省委十一届九次全会和省政府郑州都市圈建设工作推进会议部署要求，进一步加强沟通对接，实现资源 共享、优势互补，共同推动郑州都市圈建设迈向更高水平，为奋力谱写中原大地推进中国式现代化新篇章提供强有力支撑。 解读：作为第10个获批的国家级都市圈，郑州都市圈处于我国"两横三纵"城镇化战略格局中陆桥通道、京广通道交会处。在国家已批复的17个都市圈中，郑 州都市圈范围居第7位，常住人口数量居第4位，经济总量居第10位。 产业是都市圈发展的"根基"，仅以中部地区为例，当前武汉都市圈重点打造光电子信息、生命健康等产业集群；合肥都市圈全力建设新型显示、智能电动汽 车等产业集群；长株潭都市圈则是瞄准工程机械、轨道交通等 ...

Core Insights - Instant noodles have seen a significant decline in sales, with a drop of 4 billion packages over the past decade, indicating a shift in consumer preferences and market dynamics [1] Industry Changes - The instant noodle market in China has undergone substantial changes, leading to decreased demand and sales [1] - Factors contributing to the decline include changing consumer tastes and the emergence of healthier food options [1]

Core Viewpoint - The ham sausage industry, once a staple in the convenience food market, is facing significant sales declines alongside instant noodles, with a notable drop in consumer demand and changing preferences towards healthier options [1][2][3]. Consumer Demand - Consumers are increasingly opting for healthier snacks and instant foods, leading to a decline in ham sausage purchases. Many consumers express a lack of necessity for ham sausage in their diets, citing health concerns and the availability of better alternatives [2][4]. - The traditional high salt content and additives in ham sausages are causing consumers to lose interest, as they now prefer low-calorie, high-fiber, and minimally processed foods [2][4]. Market Performance - The market share for instant sausages has decreased from 34.87% in 2023 to 33.51% in the first half of 2024, indicating a clear trend of market contraction [3]. - Leading company Shuanghui Development reported a revenue drop from a peak of 73.94 billion in 2020, with a 9.34% decline in total revenue to 27.7 billion in the first half of 2024, alongside a 14.16% decrease in total profit [3]. Industry Challenges - Retailers are experiencing low sales, with some reporting only a few units sold per week, and promotional efforts failing to stimulate consumer interest [4]. - The industry is facing competition from emerging products such as instant noodles, canned foods, and pre-prepared meals, which offer more variety and better nutritional profiles, further squeezing the market for ham sausages [4][5]. Response to Market Changes - Some ham sausage companies are attempting to adapt by innovating and improving their products to align with health trends, such as launching low-fat and reduced-salt options [5]. - The industry is at a critical juncture, with the potential for recovery hinging on its ability to innovate and meet evolving consumer preferences [5].

Core Insights - The instant noodle market in China is experiencing a significant decline, with consumption dropping by 4 billion packages from 2020 to 2023, reflecting a broader shift in consumer preferences towards healthier and more diverse food options [2][3][4] - The rise of food delivery services has transformed consumer expectations, making instant noodles a less appealing choice compared to the variety and quality of meals available through these platforms [3][4] - High-speed rail development has further diminished the demand for instant noodles, as travel times have decreased and healthier meal options are now available on trains [3][4] Health Awareness - Increased health consciousness among consumers has led to a reevaluation of instant noodles, which are often criticized for their high oil and salt content [2] - The perception of instant noodles as unhealthy is compounded by their nutritional limitations, which are a fundamental reason for their declining popularity [2] Food Delivery Services - The rapid expansion of food delivery services has provided consumers with quick access to a wide range of hot meals, surpassing the convenience of instant noodles [3] - The variety and quality of food available through delivery services have redefined the concept of convenience, making instant noodles less competitive [3] High-Speed Rail Impact - The introduction of high-speed rail has reduced travel times, leading to a decreased reliance on instant noodles as a travel food option [3] - New dining services on trains emphasize health and convenience, further contributing to the decline of instant noodle consumption [3] Societal Changes - The decline in instant noodle sales reflects a deeper transformation in societal lifestyles and consumer standards, moving from mere sustenance to a focus on quality and health [4] - The redefinition of "convenience" in modern society highlights a shift towards higher quality food choices, indicating a broader trend towards improved living standards [4]

Group 1 - The price of instant noodles has been increasing, with classic varieties that used to cost below 5 yuan now priced at around 6 yuan, and premium varieties selling for 15 to 20 yuan, with some high-end options reaching 79.9 yuan [1] - Industry giant Kang Shifu reported a revenue decline of 1.1 billion yuan in the first half of the year, with both instant noodles and beverages facing challenges, leading to a 2.53% year-on-year decrease in instant noodle business revenue to 13.465 billion yuan [1]

Core Viewpoint - The instant noodle industry in China is experiencing a significant decline in consumption, with a reduction of 4 billion packages from 2020 to 2023, and a projected sales drop of 8.9% in the second quarter of 2025 compared to the previous year [3][4]. Group 1: Market Dynamics - The rise of food delivery services has severely impacted the instant noodle market, with the Chinese food delivery market expected to exceed 1.27 trillion yuan in 2024, serving 592 million users [3]. - The price of traditional instant noodles has increased from 4.5 yuan to 5 yuan, but this is still less appealing compared to the convenience and variety offered by food delivery options [3][4]. - A study indicates that for every 1% increase in the food delivery market, instant noodle consumption decreases by 0.0533% [3]. Group 2: Health Consciousness - Growing health awareness among consumers has led to a decline in the popularity of instant noodles, with 59.3% of consumers expressing concerns about the unhealthy aspects of fried instant noodles [4]. - A typical instant noodle package contains 6 grams of salt and 25 grams of fat, exceeding daily recommended limits, reinforcing its "unhealthy" image [4]. - Attempts to reposition instant noodles as premium products have failed, as consumers remain skeptical about the health benefits of higher-priced options [4][5]. Group 3: Changing Consumption Habits - The expansion of high-speed rail has diminished the traditional demand for instant noodles during travel, with a 1% increase in high-speed rail mileage correlating to a 0.3191% decrease in instant noodle consumption [4]. - Passengers are increasingly opting for local food delivery services over instant noodles, with daily orders for local specialties exceeding 300, and average spending reaching 50 yuan [5]. - The shift in consumer preferences and the introduction of fresh meal options on trains have further eroded the market for instant noodles [5]. Group 4: Future Outlook - The decline in instant noodle consumption is seen as a natural evolution of consumer demand rather than a failure of the product itself [5]. - The industry must adapt to the changing landscape by balancing convenience, nutrition, and affordability to regain consumer interest and restore its former status as a staple food [5].

Industry Overview - Instant noodle consumption in China has significantly declined, with a drop of 4 billion packages from 2020 to 2023, leading to a projected consumption of 438 billion packages in 2024, marking a notable decrease in popularity [1] - The industry leader, Master Kong, has experienced a revenue decline of 1.1 billion yuan in the first half of the year, with instant noodle revenue falling by 2.53% to 13.465 billion yuan, a decrease of 350 million yuan [2] - Competitors like Uni-President and White Elephant have shown growth, while Master Kong and Jinmailang have faced contraction [4] Consumer Behavior - Young consumers are increasingly opting for alternatives such as takeout, pre-prepared meals, and self-heating foods, which offer better value compared to instant noodles [5] - The price of instant noodles has risen, with classic varieties now costing around 6 yuan and premium options reaching 15-20 yuan, with some high-end products priced at 79.9 yuan [7] Market Dynamics - The convenience of high-speed rail has reduced the demand for instant noodles traditionally consumed during travel, further impacting sales [8] - In response to market challenges, companies are innovating with new flavors and ingredients, such as adding unconventional items like herbs and even dessert flavors, which have gained popularity on social media [8]