1、ab25 August 2025Global ResearchFirst ReadSamyang FoodsKey takeaways from Korea Summit 2025 SF remains positive on overseas sales growthSamyang Foods(SF)attended Korea Summit 2025 in Seoul on 25 Aug and provided a positive tone in continuous overseas sales growth.In Q325F,SF expects a meaningful rebo

2、und in the US sales as they are receiving reorder requests despite the built up inventory in May-Jun.The ramyun company also plans to stabilise inventory level heading into Target and Kroger channels where intermittent supply of key products such as Buldak Carbonara was available until Q225 due to c

3、apacity constraint.Europe is resembling what SF underwent in the US during 2022-23 with multiple expansion opportunities across mainstream and ethic channels.In Q425F,on a YoY basis,the company thinks its China sales growth can be stronger than in Q325F considering the ongoing current inventory buil

4、d,Double 11 shopping event in Nov-25,and some spill over of sell-in volumes ahead of Lunar New Year Holiday in Feb-26.At the early stage of reviewing another capacity expansionSF said its new Korea plant is ramping up faster than initial guidance with 3 pouch type production lines being utilized at

5、over 50%and expects full utilization slightly earlier than the initial guidance of end-Sep.For the remaining 3 cup noodle type production lines,SF maintained full utilization guidance by end-Dec.They also mentioned that they are in the early stage of reviewing a further capacity increase(i.e.buildin

6、g a new plant)in addition to the already being constructed China factory,which is planned to start commercial operation in Q127F and being fully utilized by Q128F.They stated that more details could be available when Milyang 2 plant becomes fully operational.Increasing marketing for sauce but H225F