2026年8月17日午间快照：香港与中国市场日报

17 August 2026 What’s Hot Today: ►TINGYI (322 HK, HK$13.35, HK$753bn)–Sustainedprofitability enhancement Effectivecostcontrolboostearnings–Tingyi,morecommonlyknownforitsMasterKongbrand,isaleadingproducerofinstantnoodlesandbeveragesinChina.Thecompanycontinuedtodeliverimprovingprofitdespitemoderatetoplinegrowth.Revenuein1H26edgeduponly1.1%YoYtoRMB40.5bninacompetitiveretail environment.However,gross profit rose 5%YoY toRMB14.5bn,andEBITDAgrew3.6%YoYtoRMB5.65bn.Adjustedattributableprofit,surged15.2%YoYtoRMB2.43bnexcludingaRMB160mnoneoffdisposalgain.GPMexpandedby130bpsYoYto35.8%,thankstoeffectivecostsavingmeasureswhileNPM edgedup30bpsYoYto 6.0%.The new CEOMr.WeiHongcheng,whotookofficeinJanuary2026andhassinceacceleratedthe“BacktoDay1”transformation,seemstobeeffective. Instantnoodlesbusinessremainsresilient–Theinstantnoodlessegment,whichaccountsfor33.9%oftotalrevenue,sawbetterperformancethanthebeveragessegment(65.5%ofrevenue)inbothrevenueandmargins.Noodlesrevenueadvanced2.0%YoYtoRMB13.7bn,whileGPMexpandedby250bpsto30.3%.Allmajornoodlecategoriescontributedpositively,withhighpricedpacketsgrowing3.3%YoYandmidpricedpacketsgrowing2.8%YoY,liftingsegmentprofitby5.5%YoYtoRMB1.0bn.Incontrast,thebeveragesbusinessmanagedonly0.7%YoYrevenuegrowthdespitea9.1%growthinteadrinkswhichwaslargelyoffsetbydeclinesinwater(-4.9%),juice(-13%),andcarbonates(-2.8%). Ourview:Tingyi’s1H26resultsdemonstratedasustainabletrendofprofitabilityenhancement.Lookingahead,MgtguidesFY26revenuegrowthataLSDrate,withbettervisibilityfornoodlesthanforbeveragesinthesecondhalf.ThemainheadwindisPETcosts,asthePETpriceindexrosesignificantlyin1H26,whichislikelytocompressbeverageGPMin3Q.Thatsaid,JulyandAugustremainpeakseasonsforbeveragesalesandcouldprovidesomesupportto3Qtopline.Thestockcurrentlytradesat14xFY26EP/E.(AmeliaDeng) So urce: B lo o mberg Kingsway Research Team Phone No.(852) 2283 7307(852) 2283 7306(852) 2283 7618 Disclaimer Thisdocumentisnotanoffertosellorthesolicitationofanoffertobuyorsubscribeforanysecurities.Thesecuritiesreferredtointhisdocumentmaynotbeeligibleforsaleincertainjurisdiction.Neitherthisdocumentnoranyportionhereofmaybetakendistributedortransmitteddirectlyorindirectlyintosuchjurisdictionnortoanyresidentsthereof.Anyfailuretocomplywiththisrestrictionmayconstituteaviolationoftheapplicablelawsandregulationsandpersonsintowhosepossessionthisdocumentcomesshouldinformthemselvesabout,andobserve,anysuchrestrictions.Thisdocumenthasbeenproducedforprivatecirculationandmaynotbecopied,photocopied,duplicated,orredistributed without thepriorwrittenconsent ofKingswayFinancial Services GroupLimited(“KFS”)anditsaffiliatedcompanies(collectively,“KingswayGroup”). ThisreportisdistributedinHongKongSpecialAdministrativeRegionofthePeople’sRepublicofChina(“HongKong”)byKFSwhichisregisteredasalicensedcorporationundertheSecuritiesandFuturesOrdinance(Cap.571ofTheLawsofHongKong)withtheSecuritiesandFuturesCommissionofHongKong(“SFC”)anditsSFCCEnumberisADF346. Theinformationcontainedinthisreporthas been takenfrom sourcesbelievedtobe reliablebut norepresentationor warrantyexpressedorimpliedismadeastotheiraccuracyorcorrectness.Thisreportispublishedfortheassistanceofrecipientsbutisnottoberelieduponasauthoritativeortakeninsubstitutionfortheexerciseofjudgmentbyanyrecipient.Itisnottobeconstruedasanoffer,invitation or solicitation to buy or sell anysecurities of the company or companies covered herein.Anyrecommendationcontainedinthisreportdoesnothaveregardtothespecificinvestmentobjectives,financialsituationandtheparticularneedsofanyspecificaddressee.Allopinionsandestimatesreflectourjudgmentonthedateofthisreportandaresubjecttochangewithoutnotice. KFS,includingitsparent,subsidiariesand/oraffiliates,mayactasleadorco-managerinanofferingofthesecuritiesofanyissuerdiscussedherein,mayfromtimetotimeperformfinancialservicesorotheradvisoryservicesfor,orsolicitfinancialservicesorotherbusinessfrom,anyissuer. Withinthepastyear,KFS,includingitsparent,subsidiariesand/oraffiliates,mayhaveactedasmarketmakerortradedonaprincipalbasisinthefinancialinstrumentsofanyissuerdiscussedhereinandmayactasunderwriter,placementagent,advisororlendertosuchissuer. KFS,includingitsparent,subsidiaries,affiliates,shareholders,officers,directors,andemployeesmayhavelongorshortpositionsin,andbuyorsell,thesecurities,commoditiesorderivatives(includingoptions)oranyotherfinancialinstrumentsthereof,ofanyissuers. AnemployeeofKFS,includingitsparent,subsidiariesand/oraffiliates,mayactasdirector,orberepresentedontheboardsofdirectors,ofanysuchentitiesorissuers. Head Office Affiliated & Overseas Offices Hong KongKingsway Financial Services Group Limited7/F, Tower One, Lippo Centre,89 Queensway, Hong KongTel: 852-2283-7000Fax: 852-2877-2665 Guangdong廣東新華滙富商業保理有限公司601–5, Building 3130JiaoxiRoad, Nansha District,Guangzhou, 511455, PRC