Tingyi (Cayman Islands) Holding Corp.'s business continues to improve in 2025, uniting efforts to embark on a new journey.

Tingyi (Cayman Islands) Holding Corp. 2025 Business Continues to Improve, Uniting Hearts and Minds to Embark on a New Journey

- Gross Profit Margin Rises to 34.8%, Profit Attributable to Owners of the Company Grows 20.5% Year-on-Year

On March 23, 2026, Tingyi (Cayman Islands) Holding Corp. (0322.HK, hereinafter referred to as the "Company", together with its subsidiaries, the "Group") released its 2025 annual results announcement. In 2025, against a backdrop of dramatic changes in consumer behavior and a complex and volatile market environment, the Group consistently adhered to a consumer-centric approach, coordinated the promotion of high-quality development, drove product innovation and upgrades, precisely met diverse scenario needs, accelerated the development of high-growth channels, comprehensively enhanced overall operational efficiency, and promoted the steady development of all financial indicators. For the twelve months ended December 31, 2025, the Group's revenue declined 2.0% year-on-year to RMB 79.068 billion. Among this, the instant noodle business revenue was RMB 28.421 billion, and the beverage business revenue was RMB 50.123 billion. The gross profit margin increased by 1.7 percentage points year-on-year to 34.8%, EBITDA grew 10.2% year-on-year to RMB 10.607 billion, and profit attributable to owners of the Company grew 20.5% year-on-year to RMB 4.501 billion. The Board proposed a final dividend of RMB 39.92 cents per ordinary share and a special final dividend of RMB 39.92 cents per ordinary share, bringing the full-year dividend payout ratio to 100%.

Financial Summary

For the 12 months ended December 31

RMB'000 2025 2024 Change

Revenue 79,068,022 80,650,914 ↓ 2.0%

Gross Profit Margin (%) 34.8% 33.1% ↑ 1.7 percentage points

Group Gross Profit 27,531,704 26,695,643 ↑ 3.1%

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) 10,606,522 9,627,802 ↑ 10.2%

Profit for the Period 5,175,852 4,322,135 ↑ 19.8%

Profit Attributable to Owners of the Company 4,500,698 3,734,429 ↑ 20.5%

Earnings per Share (RMB cents)

Basic 79.86 66.28 ↑ 13.58 cents

Diluted 79.84 66.28 ↑ 13.56 cents

Bank deposits and cash (including long-term time deposits) as of December 31, 2025, amounted to RMB 19,486,056 thousand, an increase of RMB 3,483,388 thousand compared to December 31, 2024. The net debt to capital ratio was -29.8%.

In 2025, the Chinese economy demonstrated resilience with a 5% year-on-year GDP growth. However, the food and beverage market entered a stage of stock game and an upgrade in demand for functional and emotional value. Brand, quality, and flavor remained key drivers of purchasing decisions. Furthermore, emerging business formats such as instant retail, snack discount stores, and membership stores brought dramatic changes to channels and consumer behavior. Against the backdrop of increasingly fierce market competition and continuously evolving consumer behavior, a company's core competitiveness is increasingly reflected in the construction of a moat around its core brands. Companies that can continuously drive product innovation and channel optimization around consumer needs will be more agile in capturing market opportunities, consolidating consumer trust, and thereby achieving high-quality, sustainable long-term development.

In 2025, the gross profit structure of the instant noodle business continued to improve. The instant noodle business revenue was RMB 28.421 billion, showing a slight year-on-year increase, accounting for 35.9% of the Group's total revenue. During the year, favorable raw material prices and selling prices led to a 1.1 percentage point year-on-year increase in the instant noodle gross profit margin to 29.7%. Driven by the higher gross profit margin, the profit attributable to owners of the Company for the instant noodle business for the full year 2025 grew significantly by 10.1% year-on-year to RMB 2.252 billion. Facing increasingly intense industry competition, the instant noodle business solidly advanced its core strategy of "consolidating key products, dominating major flavor tracks, and cultivating innovative products." It continuously improved the product matrix, deeply collaborated with popular IPs, effectively amplified brand voice, and steadily optimized the gross profit structure. On the product side, it deepened core key products and iterated flavor upgrades while closely aligning with changing consumption trends, precisely deploying in healthy and premiumization tracks to accurately tap into new incremental markets. On the marketing side, it conducted omni-channel communication relying on mainstream social platforms like Bilibili and Xiaohongshu, combined with cross-border collaborations with well-known IPs, deepening the brand perception of high-end convenience, significantly enhancing brand influence and market awareness. Simultaneously, guided by aerospace quality, it promoted the comprehensive application of patented aerospace temperature control technology in production lines, fully demonstrating the brand's differentiated advantages in product quality and technological content.

The beverage business firmly implemented the strategy of "consolidating core products and developing innovative products." The overall beverage business revenue was RMB 50.123 billion, accounting for 63.4% of the Group's total revenue. During the year, favorable raw material prices and product portfolio optimization led to a 2.2 percentage point year-on-year increase in the beverage gross profit margin to 37.5%. Driven by the higher gross profit margin, the profit attributable to owners of the Company for the beverage business for the full year 2025 increased significantly by 18.5% year-on-year to RMB 2.274 billion. During the year, the beverage business built a synergistic growth pattern across all categories by deepening the advantages of core categories and proactively deploying in emerging tracks. On the product side, based on stabilizing core products, it continuously expanded incremental tracks, launched high-quality sugar-free products, closely followed the wellness consumption trend, created herbal wellness scenarios, and successfully opened up new incremental spaces such as "medicine and food sharing the same origin." On the marketing side, it continued to strengthen deep IP collaborations to broaden audience circles while enhancing cultural tourism channel deployment and high-end hotel partnerships, anchoring high-end consumption scenarios, continuously elevating brand value, and providing strong support for the business to achieve stable operation and sustainable growth.

Mr. James Wei, Chief Executive Officer of Tingyi, said: "2026 marks the beginning of the '15th Five-Year Plan' period. It is expected that, under more proactive and effective macroeconomic policies, expanding domestic demand will become a key focus for economic growth, and the consumer market will also usher in a critical window for deep transformation. The food and beverage industry continues to evolve around the main theme of high-quality development, with consumer stratification becoming more refined. Functional value, emotional resonance, and green concepts are moving from trends to the mainstream, becoming core elements driving brand growth. Facing the opportunities and challenges in the new cycle, the Group will be strategically guided by the spirit of 'Back to Day 1,' returning to the efficient agility and wolf-like fighting culture of the early entrepreneurial days, building a platform that dares to speak the truth, dares to try, and grows together, fully stimulating the vitality of all employees. While unleashing organizational vitality, we will continue to strengthen basic R&D capabilities and the digital operation system. Based on national health demands, we will drive product iteration and upgrades through technological innovation, promote the continuous leap in product value, and adapt high-quality supply to the new consumption structure. Upholding the 'economic-ESG' sustainable development concept, we will internalize social responsibility as the foundation of our development, solidify user trust through high-quality products, build a brand moat with long-term value, create a sustainable and stable return system for shareholders, and propel the Group to move steadily and far 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") are principally engaged in the production and sales of instant noodles and beverages in China. The Group started producing instant noodles in 1992 and expanded its business to include convenience foods and beverages in 1996. In March 2012, the Group further expanded its beverage business scope by completing a strategic alliance with PepsiCo's beverage business in China, beginning to exclusively manufacture, bottle, package, sell, and distribute PepsiCo's non-alcoholic beverages in China. "Master Kong," as a household name brand in China, has been deeply loved and supported by Chinese consumers after years of cultivation and accumulation.