Investment Rating - The report does not provide a specific industry rating but emphasizes a positive outlook for the food and beverage sector based on the central economic work conference's focus on domestic demand and consumption opportunities [5][6]. Core Insights - The central economic work conference highlighted the importance of domestic demand, aiming to boost consumption through various initiatives, including income distribution reforms and the removal of unreasonable consumption restrictions, which is expected to benefit the food and beverage sector [6][7]. - The report suggests that the food and beverage industry could see structural opportunities in 2026, driven by high-growth companies and favorable policy directions [7]. Sub-industry Ratings - No specific ratings are provided for sub-industries such as liquor, beverages, and food [3]. - Recommended companies include: - Guizhou Moutai: Buy - Shanxi Fenjiu: Hold - Guming: Buy - Mixue Group: Hold - Ximai Food: Buy - Dongpeng Beverage: Buy - Wancheng Group: Buy - Pop Mart: Buy - Yanjing Beer: Hold - Dashihua: Buy [3][11]. Recommended Companies and Earnings Forecast - The report includes earnings forecasts for recommended companies, indicating expected growth in EPS from 2024 to 2027 for each company, with Guizhou Moutai projected to have an EPS of 80.79 in 2027 [11].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Guming Holdings Limited 古茗控股有限公司（「本公司」）於2025年12月4日舉行之股東特別大會（「股東特別 大 會」）上，列 載 於2025年11月14日的股東特別大會通告內的決議案獲本公司股 東（「股 東」）以 投 票 方 式 表 決 通 過。 股 東 特 別 大 會 之 投 票 表 決 結 果 如 下： | | 普通決議案 | 票 數 (%) | | --- | --- | --- | | | | 贊成 反對 | | 1. | 「動 議： | 1,896,395,990 0 | | | | (100%) (0%) | | | (a) 批准向本公司股東宣派及派付特別股息每 | | | | 股普通股（本 公 司 股 本 中 每 股 面 值0.00001 | | | | 美 元）0.93港 元（「特別股息」）；及 | | | ...

FF301 截至月份: 2025年11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12月3日 I. 法定/註冊股本變動 | 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 | 本月底法定/註冊股本總額： USD 50,000 股份發行人及根據《上市規則》第十九B章 ...

Core Viewpoint - The tea brand Gu Ming (01364.HK) is conducting a significant cash giveaway through a special dividend exceeding HKD 22 billion, benefiting both consumers and shareholders [1][2]. Group 1: Dividend Details - Gu Ming's board proposed a dividend of HKD 0.93 per share, totaling approximately HKD 22.1 billion based on 2.38 billion shares outstanding [2]. - Over 70% of the dividends will go to the company's actual controller and concerted parties, interpreted as a profit distribution to the owners [2]. - The special dividend aligns with a prior commitment made before the company's IPO, promising at least HKD 2 billion in special dividends by December 2025 [2]. Group 2: Shareholder Distribution - The majority of the shares, approximately 72.77%, are held by the founder Wang Yunan and concerted parties, indicating that over HKD 16 billion will flow to them from this dividend [2]. - Wang Yunan, through a family trust, holds about 39.56% of the shares, expected to receive around HKD 8.75 billion; CEO Qi Xia is set to receive about HKD 4 billion, and executive director Ruan Xiudi is expected to get around HKD 2.78 billion [2]. Group 3: Historical Context - This is not the first substantial dividend; Gu Ming previously distributed HKD 1.74 billion in January 2025, just before its IPO [3]. - The total dividends from both distributions exceed HKD 41 billion, surpassing the company's cumulative profit over the past year and a half [4]. Group 4: Financial Performance - In the first half of 2025, Gu Ming reported a net profit of HKD 16.25 billion, with a net profit margin of 28.72%, outperforming competitors in the new tea beverage sector [7]. - The company has a total of 11,179 stores as of mid-2025, ranking second only to Mi Xue Bing Cheng in terms of scale [8].

Investment Rating - The report maintains a "Positive" investment rating for the social services industry, indicating an expectation of returns exceeding the market benchmark by over 5% [5]. Core Insights - The social services sector is showing resilience during the off-peak season, supported by fundamental data and a shift in funding styles, creating conditions for relative returns across industries [4]. - Key areas of focus include mid-cap blue-chip characteristics, growth potential, and recovery prospects in performance, particularly in OTA, hotels, human resources, and select dining and scenic spots [4]. Summary by Sections Hotels - The hotel sector demonstrates strong fundamentals with a recovery in performance. Huazhu reported a revenue of 7 billion yuan for Q3 2025, a year-on-year increase of 8.1%, surpassing previous growth guidance [8]. - The national hotel RevPAR turned positive in October 2025, showing a year-on-year increase of 2.2%, indicating a stable volume and rising prices [8]. Scenic Spots - The demand for scenic spots remains robust due to the autumn holiday and the upcoming winter season, with double-digit growth in visitor numbers reported [8]. - For instance, the Jianmen Pass scenic area saw a 30% increase in visitors during the autumn holiday, and hotel bookings in Zhejiang rose by 68% [8]. Duty-Free - The duty-free shopping scene in Hainan is recovering, with sales reaching 506 million yuan from November 1-7, 2025, a year-on-year increase of 34.86% [8]. - This recovery is attributed to low base effects, new policies, and promotional activities, alongside a shift in consumer behavior due to international travel restrictions [8]. OTA (Online Travel Agencies) - Ctrip's Q3 2025 report showed a net operating income of 18.3 billion yuan, reflecting a year-on-year increase of approximately 16% [8]. - The international OTA orders grew by about 60%, with inbound travel orders doubling, indicating a strong recovery in domestic travel demand [8].

Group 1 - The core viewpoint of the article is that the IPO market for consumer companies in Hong Kong is expected to become active again in 2025, following a period of slowdown due to various regulatory and economic factors [2][3] - Since 2021, the capital market for consumer companies has faced challenges due to US-China trade tensions and a regulatory focus on "hard technology," leading to a significant slowdown in the capitalisation process for consumer enterprises [2][3] - In June 2024, a joint announcement by six government departments in China aimed to support quality consumer enterprises in financing through IPOs, which has led to a resurgence in consumer market confidence and activity [2][3] Group 2 - According to PwC data, 34% of new companies listed on the Hong Kong stock exchange in the first half of 2025 were in the retail, consumer goods, and services sectors [4] - From January to October 2025, at least 15 consumer companies successfully listed on the Hong Kong Stock Exchange, covering various sub-sectors such as beverages, food, and personal care [4][6] - The listing pace of consumer companies on the Hong Kong Stock Exchange has accelerated significantly in 2025, with multiple companies going public in concentrated periods throughout the year [6] Group 3 - The food and beverage sector remains the hottest area for IPOs, with companies like Mixue Ice City and Gu Ming representing successful capitalisation in the ready-to-drink beverage market [7] - Despite the overall enthusiasm for consumer stocks, the beauty sector has seen a lack of successful IPOs, with only one company, Yingtong Holdings, managing to list in 2025 [8][9] - As of October 30, 2025, 20 domestic beauty-related companies have initiated the IPO process, with many choosing the Hong Kong Stock Exchange as their primary listing venue [12] Group 4 - The beauty industry faces challenges in successfully listing on the Hong Kong Stock Exchange, with only a few companies completing the process despite a high number of applications [13][14] - Factors contributing to the difficulties include high competition for IPO slots and the need for companies to meet stringent financial and operational criteria set by the exchange [14][15] - Many beauty companies exhibit low R&D investment relative to industry averages, which may hinder their long-term growth potential and ability to sustain cash flow [16][17]

据社交平台数据统计，仅"古茗桃胶木薯炖奶"相关话题在小红书上线数日便吸引超2.2万条用户讨论， 浏览量突破700万次，部分门店甚至出现供不应求的断货现象。据悉，新茶饮品牌集体布局糖水赛道的 背后，是行业对"低门槛+高毛利"商业模式的深度探索。有业内人士分析指出，茶饮与糖水在原料供应 链与制作场景上高度重叠，品牌可复用现有资源快速切入市场。数据显示，糖水类产品毛利率普遍超过 65%，盈利空间显著。 古茗(01364)早盘涨超5%，截至发稿，涨5.57%，报24.66港元，成交额2557.42万港元。 消息面上，近日，古茗在全国门店推出两款定价分别为16元起、18元起的慢炖好料新品，采用限定新杯 包装，标注原料产地与工艺，如湖北溏心桃胶、广西黄心木薯、福建古田银耳等，炖煮60分钟以上，并 搭配黑糖珍珠等小料。古茗称该系列是对糖水品类的探索，旨在打造品牌特色，此前曾推出云南泡鲁达 广受好评。此次上新也反映出茶饮品牌向糖水赛道延伸的趋势。 ...

每经AI快讯，古茗(01364.HK)早盘涨超5%，截至发稿，涨5.57%，报24.66港元，成交额2557.42万港 元。 ...

Group 1 - The core viewpoint is that new consumption concept stocks in Hong Kong are experiencing a strong performance, with notable increases in share prices for several companies [1][2] Group 2 - Gu Ming (01364.HK) and Cha Bai Dao (02555.HK) have both risen over 4% [1] - Wei Long (09985.HK) and Nai Xue's Tea (02150.HK) have seen nearly a 3% increase [1]

据社交平台数据统计，仅"古茗桃胶木薯炖奶"相关话题在小红书上线数日便吸引超2.2万条用户讨论， 浏览量突破700万次，部分门店甚至出现供不应求的断货现象。据悉，新茶饮品牌集体布局糖水赛道的 背后，是行业对"低门槛+高毛利"商业模式的深度探索。有业内人士分析指出，茶饮与糖水在原料供应 链与制作场景上高度重叠，品牌可复用现有资源快速切入市场。数据显示，糖水类产品毛利率普遍超过 65%，盈利空间显著。 智通财经APP获悉，古茗(01364)早盘涨超5%，截至发稿，涨5.57%，报24.66港元，成交额2557.42万港 元。 消息面上，近日，古茗在全国门店推出两款定价分别为16元起、18元起的慢炖好料新品，采用限 定新杯包装，标注原料产地与工艺，如湖北溏心桃胶、广西黄心木薯、福建古田银耳等，炖煮60分钟以 上，并搭配黑糖珍珠等小料。古茗称该系列是对糖水品类的探索，旨在打造品牌特色，此前曾推出云南 泡鲁达广受好评。此次上新也反映出茶饮品牌向糖水赛道延伸的趋势。 ...