Core Viewpoint - The Hong Kong stock market is experiencing a surge in new consumption concept stocks, indicating positive investor sentiment in this sector [1] Group 1: Stock Performance - Gu Ming (01364.HK) increased by 6.91% [1] - Blucoco (00325.HK) rose by 5.96% [1] - Mixue Group (02097.HK) saw a gain of 5.38% [1] - Pop Mart (09992.HK) climbed by 3.88% [1] - Laopu Gold (06181.HK) grew by 3.32% [1]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The holiday data continues to validate the resilience of cultural and tourism consumption, with both short-term catalysts and mid-term growth logic present [3] - During the National Day and Mid-Autumn Festival holiday, domestic travel reached 888 million trips, with total spending of 809 billion yuan, indicating stable tourism activity and resilient travel demand [8] - The integration of cultural and tourism consumption is highlighted, with key retail and catering enterprises seeing a sales increase of 2.7% year-on-year during the holiday period [8] Summary by Sections Holiday Data Performance - The holiday period saw 888 million domestic trips, averaging 111 million trips per day, a year-on-year increase of 1.6% [8] - Total domestic travel expenditure was 809 billion yuan, averaging 101.1 billion yuan per day, with a year-on-year increase of 1.0% [8] - Cross-regional personnel flow reached 2.432 billion trips, averaging 304 million trips per day, a historical high with a year-on-year increase of 6.2% [8] Scenic Area Performance - Scenic areas generally experienced increased visitor numbers, with Emei Mountain receiving 371,000 visitors, a 41.3% increase [8] - The overall performance of Xinyuan Cultural Tourism's scenic areas reached a historical high, with 1.655 million visitors and revenue of 98.4 million yuan, marking a 20% increase [8] Duty-Free and Outbound Tourism - Hainan's duty-free shopping amounted to 944 million yuan, a 13.6% increase, with 122,900 shopping trips, indicating a recovery in outbound tourism [8] - Nationally, outbound travel reached 16.34 million trips, an 11.5% increase, with significant growth in foreign visitors [8] Consumer Behavior Trends - The holiday period exhibited three main characteristics: parallel long-distance and nearby travel, expansion of nighttime and experiential consumption, and more efficient transportation operations [8] - The integration of cultural and tourism sectors continues to drive growth, with a focus on enhancing travel experiences and innovative sales strategies [8]

Summary of Gu Ming's Conference Call Company Overview - **Company**: Gu Ming - **Industry**: Beverage (Tea and Coffee) Key Points and Arguments Sales Performance and Growth - Gu Ming expects same-store sales to grow in Q4, driven by reduced delivery subsidies, new product launches, and a low base from last year due to delivery price increases [2][3] - In January to September 2025, actual revenue for franchisees increased year-on-year, but the growth rate was lower than that of GMV [2][5] - The company achieved a 20% growth rate in 2025, with Q3 also showing strong performance [24] Franchisee Profitability - Franchisees' actual revenue has been increasing, but profit margins are under pressure due to high delivery ratios and low actual revenue rates [4][21] - The delivery revenue rate is around 60%, while non-delivery remains stable at 85% [4] - Gu Ming is focusing on improving dine-in sales to enhance franchisee profitability [4][18] Expansion Plans - The company aims to reach 20,000 stores by 2027, with a target of opening approximately 3,000 new stores in 2026 [2][7][11] - Despite the competitive delivery market, franchisee willingness to open new stores has declined since May 2025 [8][9] - Gu Ming plans to expand in existing regions and invest more resources in new areas like Guangdong and Guangxi [9][10] Product Strategy - New product launches, including hot drinks and coffee, are being introduced to adapt to seasonal changes, especially in northern markets [12][17] - The company has over 10,000 coffee outlets and aims to increase user retention and purchase frequency through promotional activities [23] Market Dynamics - The competitive landscape includes ongoing delivery wars among platforms like Ele.me, Taobao, and Meituan, affecting franchisee revenue [4][15] - Gu Ming does not plan to initiate price wars but will respond to competitive pressures as necessary [28] Seasonal Adjustments - The company has introduced seasonal products to address winter demand, such as hot drinks and specific tea varieties [12][17] - Sales of fruit tea are higher in summer, while milk tea sales increase in winter [13] Digital and Supply Chain Developments - There are no significant updates on supply chain upgrades or digital systems; automation is still in the testing phase [35] Breakfast and New Product Initiatives - Gu Ming is testing breakfast products in select locations, with plans to expand offerings in 2026 [32][33] - The pricing strategy for new breakfast items is being developed, with a focus on maintaining profitability for franchisees [33] Financial Outlook - The company is monitoring franchisee profitability closely and may consider price adjustments or other measures if profitability declines significantly [20][21] Conclusion - Gu Ming is positioned for growth with a focus on expanding its store network, enhancing franchisee profitability, and adapting its product offerings to seasonal demands. The company is navigating a competitive landscape while maintaining a strategic approach to market expansion and product innovation.

Group 1: Market Performance - Tea beverage stocks are performing strongly, with notable increases: Gu Ming up 13.51% to HKD 24.36, Nai Xue's Tea up 6.45% to HKD 1.32, and Mi Xue Group up 6.28% to HKD 426.4 [1] - The surge in sales is attributed to the upcoming "Double Festival" in 2025, which is expected to boost foot traffic in tea beverage stores due to the "holiday economy" and travel trends [1] Group 2: Sales Growth - Cha Bai Dao reported a nearly 2800% increase in sales at scenic area stores, with popular "autumn appreciation" cities like Nanjing and Guilin seeing sales growth exceeding 600% [1] - Ba Wang Tea Ji also experienced significant sales increases in transportation hubs and popular tourist cities, with some stores in Shanghai, Sichuan, and Guangzhou averaging over 2500 cups sold daily [1] Group 3: Nai Xue's Expansion - Nai Xue's Tea has seen a surge in domestic orders, with many stores reporting over 700% growth compared to pre-holiday levels, particularly in tourist cities like Chengdu and Dalian [2] - The company has recently opened its first store in the United States, generating nearly USD 87,000 (approximately RMB 620,000) in sales within three days and selling around 13,000 products, setting a record for new store openings [2] - Nai Xue's second U.S. store is confirmed to be located in the core commercial area of Long Island, New York, and is expected to open soon [2]

Core Viewpoint - The Hong Kong stock market is witnessing a strong performance in new consumer stocks, with significant gains observed in several companies [1] Group 1: Company Performance - Mixue Group saw a rise of 9.07%, reaching a latest price of 409.000 and a total market capitalization of 155.264 billion, with a year-to-date increase of 101.98% [2] - Gu Ming experienced a 4.35% increase, with a latest price of 21.600 and a market cap of 51.369 billion, marking a year-to-date rise of 117.30% [2] - Miniso recorded a 3.55% gain, with a latest price of 43.800 and a market cap of 53.51 billion, although it has seen a year-to-date decline of 4.47% [2] - Guoquan increased by 3.24%, with a latest price of 3.190 and a market cap of 8.454 billion, reflecting a year-to-date rise of 79.23% [2] Group 2: Other Notable Companies - NIO-SW rose by 1.50%, with a latest price of 61.000 and a market cap of 150.315 billion, showing a year-to-date increase of 75.29% [2] - Mao Geping saw a 1.18% increase, with a latest price of 102.900 and a market cap of 50.447 billion, reflecting a year-to-date rise of 79.04% [2] - Bubble Mart experienced a slight increase of 0.47%, with a latest price of 256.000 and a market cap of 343.793 billion, showing a significant year-to-date increase of 188.41% [2]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 古茗控股有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年10月2日 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01364 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | ...

Group 1 - The Hong Kong stock market saw a decline in new consumption concept stocks, with notable drops in companies such as Pop Mart, Miniso, and Gu Ming [1] - Pop Mart experienced a decline of 4.95%, with a latest price of 253.600 and a total market capitalization of 340.57 billion, while year-to-date growth stands at 185.71% [2] - Miniso's stock fell by 3.01%, with a latest price of 43.200 and a market cap of 52.777 billion, reflecting a year-to-date decline of 5.78% [2] Group 2 - Gu Ming's stock decreased by 2.15%, with a latest price of 21.820 and a market cap of 51.892 billion, showing a year-to-date increase of 119.52% [2] - Lao Pu Gold saw a drop of 1.62%, with a latest price of 700.500 and a market cap of 120.96 billion, while year-to-date growth is at 198.95% [2] - Bluco's stock fell by 1.65%, with a latest price of 89.200 and a market cap of 22.193 billion, reflecting a year-to-date increase of 47.80% [2]

Core Viewpoint - The tea beverage industry is experiencing a resurgence after a brief slowdown, with leading brands like Mixue and Guming showing significant revenue growth in the first half of the year [1] Industry Summary - The tea beverage sector has seen a recovery in growth after a 24-year period of slowdown, with a notable increase in revenue for top brands [1] - The revenue growth for leading brands such as Mixue and Guming reached approximately 40% year-on-year in the first half of the year [1] - The launch of major brands in early 2025 is expected to enhance the overall penetration rate of the tea beverage industry and increase foot traffic to stores [1] - The ongoing competition in the delivery sector has positioned tea beverages as a key subsidized category, further boosting sales per store [1] Company Summary - Guming (01364) shares rose by 4.55%, trading at 22.06 HKD [1] - Mixue Group (02097) shares increased by 3.52%, trading at 405.4 HKD [1] - Shanghai Auntie (02589) shares grew by 1.3%, trading at 124.8 HKD [1] - Cha Baidao (02555) shares saw a slight increase of 0.24%, trading at 8.34 HKD [1] - The strong performance of brands is attributed to the excellent single-store model of franchise outlets, indicating a robust future potential for these brands [1]

Core Viewpoint - The tea beverage industry is experiencing a resurgence after a brief slowdown, with leading brands showing significant revenue growth in the first half of the year [1] Industry Summary - The tea beverage sector has seen a recovery after a 24-year period of slowed growth, with major brands like Mixue and Gu Ming reporting approximately 40% year-on-year revenue growth in the first half of the year [1] - The launch of major tea brands in early 2025 is expected to enhance overall market penetration and increase foot traffic to stores [1] - The ongoing competition in the delivery market has positioned tea beverages as a key subsidized category, further boosting sales per store [1] Company Summary - Gu Ming (01364) shares rose by 4.55% to HKD 22.06, while Mixue Group (02097) increased by 3.52% to HKD 405.4, and Hu Shang A Yi (02589) saw a 1.3% rise to HKD 124.8 [1] - The strong performance of brands is attributed to the effective single-store model of franchise outlets, indicating that future brand momentum will heavily rely on this model [1]

Group 1: Industry Investment Rating - The report maintains a positive outlook on the overseas education sector, indicating a favorable investment rating due to the maturation of profit-oriented classification management and market reforms driving the expansion of higher education institutions [1][2]. Group 2: Core Insights - The conditions for profit-oriented classification management in private education are gradually maturing, with quality improvement in private schools being a crucial prerequisite for this transition. The report anticipates an acceleration in the implementation of profit-oriented policies for private schools, which will enhance the supply of higher education while ensuring quality [1][9]. - The establishment of profit distribution rights for private schools has led to increased certainty in asset returns. The average profit margin for the six listed private higher education companies is approximately 30.9%, with an average ROE of 12%. This indicates a robust commercial model that seeks to expand scale and revenue [2][10]. - The report highlights a significant mismatch between supply and demand in the higher education sector, with the number of college admissions only increasing from 10.36 million in 2021 to 10.69 million in 2024, while the number of high school graduates entering the college entrance examination has risen from 10.78 million in 2021 to 13.42 million in 2024. This has resulted in a declining college admission rate from 96.1% in 2021 to 79.6% in 2024 [2][10]. - The report suggests that the current quality standards achieved by listed private higher education companies will lay a solid foundation for the reintroduction of profit-oriented choices, which is expected to enhance the valuation of the higher education sector [2][11]. Group 3: Company Focus - The report recommends focusing on several key companies in the overseas education sector, including Yuhua Education, Zhongjiao Holdings, China Kepei, Neusoft Ruixin, Zhonghui Group, New Higher Education, Xijiao International Holdings, and Huaxia Holdings, as they are well-positioned to benefit from the anticipated policy changes [3][11][14].