Core Viewpoint - The company's 1H25 performance aligns with expectations, showing a slight decline in revenue but a significant increase in net profit, indicating resilience in a competitive market [1][2]. Financial Performance - 1H25 revenue reached 40.1 billion yuan, a year-on-year decrease of 2.7%, while net profit was 2.27 billion yuan, up 20.5% year-on-year [1]. - Adjusted net profit stood at 2.11 billion yuan, reflecting a 12% year-on-year increase after excluding asset disposal gains [1]. - The gross margin improved by 1.9 percentage points year-on-year, with instant noodles and beverages seeing respective gross margin increases of 0.7 and 2.5 percentage points [2][3]. Segment Analysis - Instant noodles and beverages experienced revenue declines of 2.5% and 2.6% year-on-year, respectively, due to price adjustments and competitive pressures [1]. - New product launches in the instant noodle segment, such as tomato and egg noodles, showed positive growth, while e-commerce channels performed strongly [1]. - Beverage sales were impacted by price increases and intensified competition, with specific categories like tea and juice experiencing significant declines [1]. Future Outlook - The company anticipates a positive outlook for instant noodle revenue in 2H25, expecting mid-single-digit growth driven by product mix improvements [3]. - Beverage performance is expected to stabilize, with a narrowing decline in the second half of the year [3]. - Cost benefits from raw materials are projected to further enhance gross margins in 2H25 [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been raised by 3% and 6%, respectively, to 4.4 billion and 4.9 billion yuan [4]. - The company is currently trading at 14 and 12 times the P/E ratio for 2025 and 2026, with a target price of 14 HKD, indicating a 23% upside potential [4].

中金主要观点如下： 1H25方便面升级调整后步入正轨，饮料受1L装提价及行业竞争影响有所承压 1H25方便面/饮料收入同比-2.5%/-2.6%，在去年两个板块提价后市占率均承压，其中方便面1H25新品成 效显著，番茄鸡蛋面&老母鸡面实现较好增长;新兴渠道表现亮眼，电商渠道稳居行业首位，零食渠道 增长翻倍，与山姆等会员店合作定制产品市场反馈积极。4-5月方便面市占率环比企稳，提价升级调整 影响基本结束。饮料受1L装提价及行业竞争加剧影响，分品类看，1H25茶饮料/水/果汁/碳酸&其他收入 分别同比-6.3%/-6.0%/-13.0%/+6.3%，其中碳酸在去年低基数下回暖显著，500ml含糖茶饮销售额/量均 保持稳定，茶饮料同比下滑主要由1L装拖累。公司上半年积极推动饮料产品延伸及创新，推出多口味 无糖&含糖茶饮、果汁新品多维计划、中式养生水等产品，新品占比较此前年份显著提升。 1H25成本红利及结构升级下毛利率改善，整体利润率实现较好提升 1H25公司毛利率同比+1.9ppt，其中面/饮料毛利率分别同比+0.7/2.5ppt，方便面主要受益于产品提价及 结构优化，部分抵消棕榈油成本上涨压力;而饮料则持续受益 ...