Financial Summary

In 2025, China's economy demonstrated resilience with a 5% year-on-year GDP growth. However, the food and beverage market entered into the stage of stock competition and demand upgrading for functional and emotional values. Brand, quality, and flavors remained key drivers of purchasing decisions. Additionally, emerging formats such as instant retail, snack discount stores, and membership stores had brought about drastic changes in channels and consumer behaviors. Against the backdrop of intensifying market competition and evolving consumption patterns, a company's core competitiveness increasingly lies in building a strong moat for their core brands. Those that continuously drive product innovation and channel optimization around consumer needs will be more agile in capturing market opportunities, strengthening consumer trust, and ultimately achieving high-quality and sustainable long-term development.

In 2025, the gross profit of the Instant Noodles business improved steadily. The Group’s revenue from the Instant Noodles Business was RMB28.421 billion, which grew slightly year-on-year, accounting for 35.9% of the Group’s total revenue. During the year, due to favorable raw material prices and selling prices, the gross profit margin of instant noodles expanded by 1.1 percentage points year-on-year to 29.7%, and the profit attributable to shareholders of the Company for the year of 2025 in the Instant Noodles Business increased significantly by 10.1% year-on-year to RMB 2.252 billion, driven by the year-on-year increase in gross profit margin. During the year, in the face of intensifying industry competition, the Instant Noodles Business steadily advanced its core strategy of “consolidating blockbuster products, seizing the popular flavors track, and cultivating innovative products.” By continuously improving the product portfolio and forging deep collaborations with popular IPs, it effectively amplified brand presence and steadily optimized gross margin structure. On the product front, the business relied on deep cultivation of core blockbuster products and iterative flavor upgrades, while closely aligning with evolving consumer trends to precisely target the health-focused and premium market segments, tapping into new growth opportunities. On the marketing front, it leveraged mainstream social platforms such as Bilibili and Xiaohongshu to conduct omnichannel communication, combined with cross-industry collaborations with well-known IPs to reinforce the brand perception of high-end and convenient consumption. As a result, brand influence and market recognition improved significantly. Meanwhile, guided by aerospace-grade quality standards, the business promoted the full application of aerospace patented temperature control technology in the production line, fully demonstrating the brand’s differentiated advantages in product quality and technological innovation.

The Beverages Business firmly executed the strategy of “consolidating core products and developing innovative products”, the revenue from the Beverages Business was RMB50.123 billion, accounting for 63.4% of the Group’s total revenue. During the year, due to favorable raw material prices and optimized product mix, the gross profit margin of Beverages expanded by 2.2 percentage points year on-year to 37.5%. Driven by a year-on-year expansion of gross profit margin, the profit attributable to shareholders of the Company in the Beverages Business for the year of 2025 increased significantly by 18.5% year-on-year to RMB 2.274 billion. During the year, the Beverages Business strengthened its core category advantages and proactively positioned itself in emerging tracks, establishing a collaborative growth model across the full product portfolio. On the product front, while consolidating core products, it continuously expanded into incremental growth segments by launching high-quality sugar-free offerings and aligning with the wellness consumption trend to create herbal wellness scenarios, successfully opening up new growth spaces such as products made from homologous medicinal and food materials. On the marketing front, the Company deepened IP collaborations to broaden audience reach, enhanced its presence in cultural tourism channels and high-end hotel partnerships, and targeted premium consumption scenarios. These efforts consistently elevated brand value, providing strong support for the business to achieve steady operations and sustainable growth.

Mr. Wei Hong-Chen, Chief Executive Officer, commented, “As the first year of the 15th Five-Year Plan period, 2026 is expected to see expanding domestic demand become a key driver of economic growth under a more proactive and effective macroeconomic policy, while the consumer market will also usher in a critical window of profound transformation. The food and beverage industry will closely follow the theme of high-quality development, and consumption stratification will become more refined. Functional attributes, emotional resonance, and green concepts are shifting from trends to mainstream factors, becoming core elements driving brand growth. In the face of opportunities and challenges in the new cycle, the Group will be guided by the spirit of “Back to Day 1” as its strategic direction, embracing the efficiency, agility and entrepreneurial drive of our founding days, and building a platform that encourages honesty, bold experimentation and mutual growth, thus fully unleashing the vitality of all employees. While unleashing organizational vitality, we will continue to strengthen our foundational R&D capabilities and digital operation systems. Rooted in the health needs of the nation, we will drive product iteration and upgrades through technological innovation, continuously elevate product value, and align high-quality supply with the evolving consumption landscape. Adhering to the “economic-ESG” sustainable development philosophy, we will internalize social responsibility as the foundation of our development, solidify user trust through quality products, build a brand moat with long-term value, and create a sustainable and stable return system for shareholders, propelling the Group toward steady and sustained progress in the new stage of high-quality development.”

About Tingyi (Cayman Islands) Holding Corp. (0322.HK)

Tingyi (Cayman Islands) Holding Corp. (the “Company”), and its subsidiaries (the “Group”) specialise in the production and distribution of instant noodles and beverages in the People’s Republic of China (the “PRC”). The Group started its instant noodle business in 1992, and expanded into instant food business and beverage business in 1996. In March 2012, the Group further expanded its beverage business by forming a strategic alliance with PepsiCo for the beverage business in the PRC. The Company exclusively manufactures, bottles, packages, distributes and sells PepsiCo soft drinks in the PRC. After years of hard work and accumulation, “Master Kong” has become one of the best-known brands among consumers in the PRC.

For enquiries, please contact:

Investor Enquiries
Investor Relations Team, Tingyi (Cayman Islands) Holding Corp.
E-mail: ir@tingyi.com

Christensen China Limited
Stephanie Chen
E-mail: stephanie.chen@christensencomms.com
Tel: +852 2117 0861