康师傅控股2024年报

Tingyi (Cayman Islands) Holding Corp. (the “Company”), and itssubsidiaries (the “Group”) specialise in the production and distributionof instant noodles and beverages in the People’s Republic of China (the“PRC”). The Group started its instant noodle business in 1992, andexpanded into instant food business and beverage business in 1996.In March 2012, the Group further expanded its beverage business byforming a strategic alliance with PepsiCo for the beverage business inthe PRC. The Company exclusively manufactures, bottles, packages,distributes and sells PepsiCo soft drinks in the PRC. After years of hardwork and accumulation, “Master Kong” has become one of the best-known brands among consumers in the PRC. Being a leading brand in the fast moving consumer goods industry,Master Kong has to hold the industry responsibility of food safetyand quality guarantee. The Group constantly builds and improvesmanagement system, establishes risk prevention management system,implements entire control over food safety and ensures product qualityand safety. We will constantly strive for product quality and food safety,as well as provide consumers with safe, tasty and healthy food products. The Group distributed its products throughout the PRC throughits extensive sales network consisting of 357 sales offices and 271warehouses serving 67,215 wholesalers and 220,623 direct retailersas of 31 December 2024. This extensive sales network is a significantcontributor to the Group’s leading market position and it enables theGroup to introduce new products rapidly and effectively. The Company was listed on The Stock Exchange of Hong Kong Limitedin February 1996. Market capitalisation as at 31 December 2024 wasHK$57 billion. The Company is a constituent stock of Morgan StanleyCapital International (MSCI) China Index and Hang Seng Index. Focused on food manufacture, sales and distribution business, theGroup will continue to strengthen its logistics and sales network in thePRC with target of becoming “The largest Group for Chinese InstantFood & Beverage in the World”. CONSOLIDATED INCOME STATEMENT Master Kong, as a company of the leading national brand in China’sfood and beverage industry, has consistently upheld the mission of“Life+Delicacy”, taken consumer demand as the orientation, andbeen pressing ahead with innovations, thus driving the “high-qualitydevelopment” of the company. In retrospect of the 2024, the global economy was complex and volatile,and the food and beverage industry faced opportunities and challengesof fluctuations in raw material prices, intensified market competitionand channel transformations, among others. In the face of changes inthe internal and external environment, the Group maintained a sounddevelopment momentum and delivered resilient growth in performanceby leveraging its prudent strategies and team efforts. Over the past year, guided by long-termism principle, the Grouphas been continuously promoting product upgrades and structuraladjustments, increasing investment in research and development,and launching a series of healthy and delicious products to meet thediverse needs of consumers for different occasions. Efforts have beenmade to strengthening the emotional bond between our brand andyoung consumer groups, refining channel operation and marketing,and improving cost efficiency. In the meanwhile, the Group acceleratedintegration of system platforms and further strengthened applicationof digital technologies. The bottom line of food safety has beenuncompromisingly committed, and the concept of green developmenthas been practiced to fully support consumers’ pursuit of a better life. The outlook to 2025 heralds that Master Kong will firmly stay thecourse of comprehensive and coordinated development, featuringboth “quality” and “quantity”. We will keep bolstering our investmentin product innovation, branding and channel expansion for a robustoperation. With excellent quality and premium service, Master Kongwill be built into a comprehensive food and beverage “National Brand”that instills confidence in the government, brings joys to partners, andreassures consumers, thus making greater contributions to the society. Here, on behalf of Tingyi Holding, I would like to extend my sinceregratitude to the shareholders and the Board of Directors who haveconsistently supported us, all our dedicated colleagues who have putin great efforts, the vast audience of consumers, and our esteemedbusiness partners. Wei Hong-Ming Chairman of the Board Hong Kong, ChinaMarch 24, 2025 MACRO AND INDUSTRY REVIEW The table below shows the breakdown of revenues and proportion oftotal revenue for each product category during the reporting period: During the period, the improvement in selling prices and the decline inraw material prices drove the Group’s gross profit margin to improveyear-on-year. The following table shows the breakdown of the grossprofit and gross profit margin of each product category during thereporti