研究报告 Research Report 30 Jan 2026 中国必需消费 China (Overseas) Staples 中国必选消费品 1 月成本报告：涨价现实弱于预期，成本仍处低位 January CGCI: Price Hikes Weaker than Expected, Costs Stay Low [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | | --- | --- | --- | --- | --- | | | | | | 市盈率 P/E | | 股票名称 | 评级 | 目标价 | PE(2025E) | PE(2026E) | | 百威亚太 | Neutral | 7.90 | n.a. | n.a. | | 海底捞 | Outperform 18.22 | | 17 | 16 | | 华润啤酒 | Outperform 36.00 | | n.a. | n.a. | | 康师傅 | Outperform 17.74 | | 16 | 14 | | 中国飞鹤 | Outperform 7.00 | | 8 | ...

Investment Rating - The report maintains a positive investment rating for the industry, highlighting a favorable outlook for the tourism and leisure sectors due to government policies aimed at boosting domestic consumption and service spending [1][35]. Core Insights - The report emphasizes the recovery of domestic tourism, with expected growth rates of 12% in revenue and 18% in visitor numbers for Q1-Q3 2025, driven by sustained leisure travel demand and the rise of experiential consumption [1][35]. - The overall tourism market is projected to grow by over 10% for the year, supported by government initiatives such as promoting spring and autumn travel and issuing cultural tourism consumption vouchers [1][35]. - Key companies recommended for investment include China Duty Free Group, Jin Jiang Hotels, Shouqi Group, Tongcheng Travel, and Ctrip Group, alongside high-growth tea beverage stocks like Gu Ming and low-valuation restaurant growth stocks like Green Tea Group [1][35]. Summary by Sections 1. Restaurant Sector - Offline consumption is gradually recovering, with Q4 restaurant revenue showing steady growth, achieving 519.9 billion and 605.7 billion yuan in October and November 2025, respectively, with year-on-year growth of 4.99% and 4.40% [7][10]. - Leading restaurant companies are recovering faster than the industry average, with significant revenue increases noted for major players [10][14]. 2. Tea Beverage Sector - The tea beverage sector has seen a surge in same-store sales growth due to delivery subsidies, with leading brands like Gu Ming and Hu Shang A Yi maintaining high growth rates of 15-20% [7][10][14]. - The number of new store openings has doubled compared to 2024, indicating aggressive expansion strategies among top brands [16]. 3. OTA (Online Travel Agency) - The recovery of outbound travel demand is evident, with strong performance in Southeast Asia routes and a notable increase in visitor numbers to Japan and South Korea [20][24]. - The report highlights the long-term profit potential of leading OTA companies like Ctrip and Tongcheng Travel, driven by the ongoing recovery in leisure travel demand and improved commission rates [24][25]. 4. Hotel Sector - The hotel industry is expected to see a stable RevPAR (Revenue per Available Room) in Q4, with a year-on-year growth of 6-8% in room supply [29][30]. - Major hotel chains like Shouqi and Jin Jiang are projected to maintain or improve their performance, benefiting from cost reductions and increased guest traffic during holiday periods [29][30][31]. 5. Investment Recommendations - The report suggests focusing on the travel sector, particularly companies involved in OTA, hotels, and scenic spots, as they are likely to benefit from favorable government policies [1][35]. - Additionally, it recommends investing in high-growth tea beverage stocks and undervalued restaurant growth stocks, indicating a diversified approach to capitalizing on the recovery in consumer spending [1][35].

达势股份(01405)发布公告，2026年1月12日,根据2022年首次公开发售前计划的股份期权而发行1400股普 通股股份。 2026年1月14日,根据2022年第一次股份激励计划的股份奖励而发行2.84万股普通股股份。 ...

2026年1月14日,根据2022年第一次股份激励计划的股份奖励而发行2.84万股普通股股份。 达势股份(01405)发布公告，2026年1月12日,根据2022年首次公开发售前计划的股份期权而发行1400股普 通股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 达势股份有限公司 呈交日期： 2026年1月14日 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) ...

Core Viewpoint - Dashi Holdings (01405.HK) has been recognized as the "Outstanding Consumer Brand Enterprise of the Year" by the Golden Award, reflecting market acknowledgment of its development and core competitiveness [2][4][5]. Group 1: Expansion Strategy - Dashi Holdings is rapidly expanding its store network despite a challenging restaurant market, where an average of 6 restaurants closed every minute in the first half of 2025, totaling 1.61 million closures [7]. - As of December 31, 2025, Dashi Holdings has opened 1,315 stores across 60 cities in mainland China, with a net addition of 307 stores and entry into 21 new cities [9]. - The company has maintained positive same-store sales growth in first-tier cities, demonstrating strong brand momentum and effective market penetration [9][10]. Group 2: Operational Efficiency - Dashi Holdings focuses on optimizing efficiency across its operations, which is crucial for sustainable growth [11][12]. - The company has improved capital turnover efficiency, with an average cash investment recovery period of no more than 36 months in mature markets like Beijing and Shanghai, and a significantly shortened recovery period in new markets [13]. - Operational efficiency is enhanced through a robust supply chain, ensuring consistent product quality and enabling rapid product iteration, with new offerings launched every 6 to 12 weeks [13][14]. Group 3: Central Kitchen Strategy - Dashi Holdings has established three central kitchens in Shanghai, Beijing, and Dongguan, which support its store expansion and improve production capacity utilization [14]. - This strategic alignment between store expansion and central kitchen capabilities is key to the company's ability to maintain high-quality growth and achieve recognition in the market [14].

近日，达势股份(01405)披露了2025年第四季度业务概况。这份最新成绩单，再次验证了公司在复杂市 场环境中的品牌韧性、增长潜力与长期投资价值。 回顾2025年，面对行业整体增速放缓与竞争加剧的双重挑战，达势股份依然交出了一份颇具说服力的答 卷：不仅实现了门店规模的稳步扩张，在运营质量、用户粘性与品牌认知度等多个维度上也同步提升， 展现出一家成熟的消费品牌在快速成长期的强劲实力。 其扎实的经营表现，也赢得了资本市场与消费市场的双重认可。过去一年间，公司先后荣获智通财 经"最具价值大消费公司"与"最佳IR团队"奖、中国食品健康七星公约联盟"中国食品健康七星奖"、南方 都市报"年度十大高品质消费品牌"、CDI华鹰数字化指数"2025数字化企业TOP20"、美世"最佳雇主"、 每日经济新闻"上市公司最具社会责任奖"等众多重要奖项，表明公司在投资价值、食品安全、品牌价 值、数字化、人力资源、社会责任等多方面取得的成果已获得业界广泛关注。 具体来看，在门店网络方面，2025年达势股份延续了"走广走深"的布局策略，实现了"速度与质量并 重"的稳健拓店。截至年底，全国门店总数达1,315家，全年净新增307家;全年新进入 ...

近日，达势股份(01405)披露了2025年第四季度业务概况。这份最新成绩单，再次验证了公司在复杂市 场环境中的品牌韧性、增长潜力与长期投资价值。 Madrid Domino's Pizza 达美乐比萨 E - 网情 78B 虾比亚 19 法庭 Madrid DELICIOUS Domino's Pizza 香甜双虾菠萝比萨 69 达美乐比萨 0/0 | U III IEI @松露风味菌菇鸡肉比萨。 双盘肉 营销层面，公司一方面精准把握万圣节等热门消费时点，推出限定主题小食组合与优惠;另一方面，"超 级周买一送一"等经典促销活动再次返场，为消费者提供多样化的优惠选择。此外，公司携手三丽鸥等 热门IP展开联动，成功强化了品牌及产品在年轻社群中的社交属性与情感联结，给人以"好吃又好玩"的 深刻品牌印象。 在高速拓店的同时，公司存量市场的运营依然健康，第四季度，一线城市同店销售额继续保持正向增 长，表明公司品牌在一线市场的消费基础依然稳固。剔除2022年12月后进入的新市场新店影响，公司同 店销售额在2025年下半年和2025财年仍保持正增长，整体发展势头稳健。 而在新开门店方面，达势股份仍然保持"开一家、火一家" ...

Group 1 - The company, Dashi Holdings (01405), announced the grant of 111,100 share awards to five grantees under the first share incentive plan of 2022 on January 12, 2026 [1]

智通财经APP讯，达势股份(01405)发布公告，于2026年1月12日，本公司根据2022年第一次股份激励计 划向5名承授人授出11.11万份股份奖励(奖励授出)。 ...