Tingyi (Cayman Islands) Holding Corp. (Tingyi) reported a 19.80% year-on-year (YoY) jump in 2025 net profit to RMB 5.18 billion, despite a 2.00% decline in revenue to RMB 79.07 billion. Profit attributable to shareholders rose 20.50% to RMB 4.50 billion, lifting earnings per share to 79.86 cents from 66.28 cents a year earlier.

Gross profit increased 3.10% to RMB 27.53 billion, expanding group gross margin by 1.7 percentage points to 34.8%. Segment-level margin gains were broad-based: Instant Noodles improved 1.1 ppt to 29.7%, Beverages advanced 2.2 ppt to 37.5%, and the “Others” segment rose 1.8 ppt to 53.6%. Group EBIT margin widened 1.2 ppt to 8.8%.

Segment performance diverged. Instant-noodle revenue was flat at RMB 28.42 billion, while beverages slipped 2.90% to RMB 50.12 billion, weighed by softer tea (-5.10%), water (-6.10%) and juice (-15.10%) sales; carbonated soft drinks and others grew 4.80% to RMB 19.31 billion. Nevertheless, segment net profit advanced—Instant Noodles up 10.10% to RMB 2.25 billion and Beverages up 17.70% to RMB 2.95 billion—supported by cost efficiencies and better mix. The “Others” segment narrowed its loss to RMB 25.00 million from RMB 229.00 million.

Cash flow from operations remained robust at RMB 8.20 billion, while capital expenditure fell 13.70% to RMB 3.11 billion. Tingyi’s balance sheet strengthened: the gearing ratio moved further into net-cash territory at ‑29.8% (-19.3% in 2024), and the current ratio edged up to 0.7. Return on equity improved to 30.8% (2024: 26.6%), and return on assets increased to 12.9% (2024: 11.5%). The cash conversion cycle remained negative at –22.7 days, reflecting efficient working-capital management.

The board proposed a final dividend of 39.92 cents and a special final dividend of 39.92 cents, matching the interim payout pattern and maintaining a 100% dividend payout ratio.

Operationally, Tingyi maintained 158 instant-noodle and 381 beverage production lines at year-end 2025. The wholesaler network streamlined to 57,609 from 67,215, while direct retailers expanded sharply to 287,037 from 220,623, indicating deeper market penetration.

Commodity cost indicators show mixed movements in 2025, with PET resin and palm-oil indices down from 2023 levels, while flour and sugar trended higher in the second half, underscoring an evolving cost landscape.

Management presented these results on 23 March 2026, noting the continuation of the “Asset Activation Programme,” which generated one-off gains excluded in the adjusted profit figure of RMB 4.25 billion, up 14.10% YoY.