TINGYI (00322) has been assigned a "recommendation" rating, with projected revenues of 81.764/83.870/86.039 billion yuan for 2025-2027, representing year-over-year growth of 1.38%/2.58%/2.59% respectively. The company is expected to achieve net profits attributable to shareholders of 4.259/4.582/4.952 billion yuan for 2025-2027, marking year-over-year growth of 14.04%/7.60%/8.07% respectively.
After more than 30 years of development, the company has become a leading national instant noodle and soft beverage enterprise. Its instant noodle product portfolio includes a rich variety of SKUs: crispy noodles (1 yuan), mid-price noodles (2.5 yuan), high-price noodles (bagged 3 yuan, cup 5 yuan), premium noodles (6-7 yuan), and ultra-premium noodles (12-18 yuan). The beverage portfolio encompasses ready-to-drink tea, carbonated drinks, fruit juices, packaged water, coffee, and sports drinks.
The company has maintained steady growth in recent years, with 2024 revenue reaching 80.651 billion yuan and a CAGR of 4.48% from 2017-2024. Net profit attributable to shareholders reached 3.734 billion yuan in 2024, with a CAGR of 10.82% from 2017-2024, showing steadily improving profitability. The company has emphasized shareholder returns in recent years, maintaining a high dividend payout ratio. As of September 9, 2025, TINGYI's dividend yield over the past 12 months stood at 6.37%.
According to Euromonitor data, the instant noodle industry reached 124 billion yuan in 2024 and is expected to grow at a CAGR of 3.27% from 2024-2029, maintaining steady growth. With rising household income levels, premiumization has become an important development trend in the instant noodle industry. Since 2015, TINGYI has successively launched Soup Master, Quick Restaurant, and Fresh Q Noodles for product upgrades. The company has maintained the number one market share position continuously from 2015-2024, with a 31% market share in 2024, significantly ahead of the second-place competitor (Uni-President at 11%), solidifying its leading industry position.
In the soft beverage sector, health consciousness has become an important driving force, with sugar-free tea, NFC fruit juices, and sports drinks maintaining rapid growth in their respective subcategories. The company has maintained the number one market share in carbonated ready-to-drink tea and fruit juice industries for consecutive years, while holding leading positions in carbonated beverages, ready-to-drink coffee, and bottled water markets.
In terms of channels, the company implements comprehensive channel coverage. Through decades of intensive cultivation and multiple rounds of channel reforms, it has achieved strong channel control, currently covering over 5 million terminal outlets, far exceeding other food and beverage brands.
On the product front, instant noodles continue to advance premiumization, with container noodles and high-price bagged noodles accounting for an increasing proportion, reaching 88% of instant noodle revenue in 2024. The beverage segment features diversified positioning with active promotion of product upgrades and innovation to meet consumer health demands. Ready-to-drink tea has launched sugar-free series, carbonated beverages have strengthened promotion of sugar-free varieties, and fruit juice products have undergone ingredient upgrades.
Brand marketing employs multi-dimensional strategies to promote brand rejuvenation, such as signing celebrities that align with brand positioning for different categories, covering both young consumer groups and general audiences. Partnerships with China Women's Volleyball Team and marathon events, along with aerospace-themed packaging, convey a high-quality image. In terms of scenario marketing, initiatives include launching mini-cup instant noodles precisely targeting outdoor/late-night scenarios.