BEIJING, Sept. 4 (Xinhua) -- Chinese food and beverage giant Master Kong, also known as Tingyi Holding Corp., achieved revenue of 32.93 billion yuan in the first half of this year, up 8 percent year on year. The company's net profit grew 47.3 percent year on year to 2.65 billion yuan, hitting an all-time high, according to the interim report released on August 24.
The company's robust performance is of great significance in showing direction for the food and beverage industry under the uncertainty brought by the epidemic.
Boosted by the news, the company's shares surged as much as 16.67 percent during its trading on the Hong Kong Stock Exchange on August 25, marking the biggest intraday gain since May 2010, with the share price hitting a two-year high.
Many international organizations have paid attention to Master Kong's outstanding performance. It was selected as an outstanding case in a report on the sustainable development of Chinese enterprises issued recently by the United Nations Development Programme (UNDP) and as an excellent video teaching case of Harvard University.
According to the statistics published on the official website of Guinness World Records in May, Master Kong was hailed as the largest instant noodles brand in revenue and the best-selling Ready-to-Drink (RTD) tea brand in 2019.
Data from market research agency Kantar showed that the household penetration rate of Master Kong's products in China has stood at 81 percent, reaching nearly 900 million consumers each year.
James Wei, CEO of Master Kong, attributed the strong performance to their investment in brand building, innovation on products, increasing insight into consumers, and integration through digital transformation and international alliances.
In recent years, Master Kong has increased its investment in digital upgrading, promoted digitalization in all aspects of production and operation, strived to realize production online, channel digitization and smarter decision-making intelligence, in a bid to accurately grasp consumer needs and deliver the right products at the right place to the right person and in the right time.
In China, the company's most basic challenge is the sheer size of the country, which, Wei consistently stresses, is as diverse in its habits and preferences as a continent, with single province boasting population larger than most European countries. In instant noodles alone, Master Kong offers dozens of flavors to cater to regional taste buds.
Master Kong has always regarded food safety as its foundation. The company invested 500 million yuan in its food safety center, and set up a dedicated team of more than 3,000 people in food safety management. It has conducted inspection on raw materials and products more than 3.5 million times every year.
Master Kong has actively responded to the changes in consumer preferences, accelerated product innovation, and made layout into high-end and potential markets in a bid to grab opportunities in the post-epidemic era.