On July 21, Tingyi Holdings fell 3.06% in regular trading, trading at HK$11.45/share, with turnover of HK$86.67 million.

On the news front, Hong Kong Exchange data from July 20 showed Tingyi Holdings' short-selling ratio reached 42.74%, ranking first in the food and beverage sector, indicating concentrated bearish positioning. Additionally, Daiwa recently cut its target price from HK$14 to HK$13, maintaining an outperform rating but noting that PET prices have dropped rapidly from approximately RMB 9,000 to RMB 7,000 per ton over the past two months. The market remains divided on H2 beverage segment gross margins, as CICC previously highlighted that margins will face significant pressure once higher-priced PET procurement begins in the second half.

The company reported full-year revenue of RMB 79.07 billion for 2025, down 2.0% year-over-year, marking its first revenue decline in nine years. However, net profit attributable to shareholders rose 20.5% to RMB 4.5 billion, supported by raw material cost tailwinds and product mix optimization.

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