康师傅控股2025年报

Contents 2Company Profile3Financial Summary6Sales Network7Chairman’s Statement8Group Structure10Management Discussion and Analysis24Prospects25Environmental, Social and Governance Report164Corporate Governance Report195Directors and Senior Management Profile202Directors’ Report219Independent Auditor’s Report227Consolidated Income Statement228Consolidated Statement of Comprehensive Income229Consolidated Statement of Financial Position231Consolidated Statement of Changes in Equity233Consolidated Statement of Cash Flows235Notes to the Consolidated Financial Statements398Corporate Information Company Profile 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. 1992199620123PepsiCoPepsiCo 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. 2025123135526257,609287,037 The Group distributed its products throughout the PRC throughits extensive sales network consisting of 355 sales offices and 262warehouses serving 57,609 wholesalers and 287,037 direct retailersas of 31 December 2025. 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. 1996220251231665(MSCI) The Company was listed on The Stock Exchange of Hong Kong Limitedin February 1996. Market capitalisation as at 31 December 2025 wasHK$66.5 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”. Chairman’s Statement 1992 Master Kong, as a leading national brand in China’s food andbeverage industry, has consistently upheld the corporate mission of“Life+Delicacy”. Since the creation of the brand in 1992, we havealways been oriented toward consumer demands, forging aheadwith innovations in the dynamic market landscape, and committed todriving the enterprise to achieve robust and profound “high-qualitydevelopment”. 20262 February 2026 marks the 30th anniversary of Master Kong’s listing onthe Hong Kong Stock Exchange. Over the past 30 years, we started froma bowl of instant noodles and have grown into a comprehensive foodand beverage enterprise, covering the daily consumption of hundredsof millions of families. This journey is inseparable from the choices ofevery consumer, the trust of every partner, and the perseverance anddedication of generations of Master Kong’s employees. On behalf of theBoard of Directors, I would like to express my utmost gratitude to eachand every one of you. Over the past year, the global consumer market had recoveredmoderately, and the competitive landscape of the industry has beenreshaped at an accelerated pace. Health focus and personalizationhave become the mainstream, and the channel format mix had grownmore diverse. In the midst of such an environment, we did not chooseshortcuts, but insisted on staying true to the essence: speaking throughquality products and delivering with robust operations. On the product side, we managed to cater to consumers’ expectationsfor both deliciousness and health, and continued to promote formulaoptimization and category innovation. On the brand front, wemaintained our efforts to interact with young people with more sincerecommunication methods, so that the brand could truly integrate intotheir daily life occasions. In terms of channel development, we focusedon breaking down the boundaries between online and offline andimproving supply chain efficiency. Digitalization has penetrated intothe entire process of R&D, production and sales, and served as theunderlying capability of the enterprise. 2026(CEO) This year, we have also successfully executed a significant organizationaltransformation. In early 2026, the