Input Cost Hikes and Food Safety Incident Weigh on 2022 Profits for Tingyi; Lowering FVE

Since its 1992 inception, Tingyi has expanded rapidly, evolving into one of China's best-established packaged-food manufacturers. For more than a decade, Tingyi remains the market leader in instant noodles and ready-to-drink tea beverages based on sales, with 45.4% and 42.1% volume market share, respectively, in 2020. It is also one of the top-five juice and bottled water producers, with 17.5% and 6.2% market share, respectively.