Key Points - The top three stocks with net inflows from southbound funds are Yingfu Fund (02800) with 1.184 billion, Alibaba-W (09988) with 730 million, and Hang Seng China Enterprises (02828) with 556 million [1] - The top three stocks with net outflows are WuXi Biologics (02269) with -539 million, Hua Hong Semiconductor (01347) with -509 million, and SMIC (00981) with -432 million [1] - In terms of net inflow ratio, Shanghai Industrial Holdings (00363) leads with 63.56%, followed by Bank of China Aviation Leasing (02588) with 60.26%, and Sunshine Insurance (06963) with 55.37% [1] - The top three stocks with the highest net outflow ratios are GX China (03040) at -100.00%, Southern Hang Seng Index ETF (03037) at -65.52%, and Sichuan Chengyu Expressway (00107) at -49.23% [1] Top 10 Net Inflows - Yingfu Fund (02800) had a net inflow of 1.184 billion, representing a 16.79% increase, closing at 25.380 [2] - Alibaba-W (09988) saw a net inflow of 730 million, with a 10.34% increase, closing at 116.300 [2] - Hang Seng China Enterprises (02828) had a net inflow of 556 million, with an 8.70% increase, closing at 91.160 [2] - Xiaomi Group-W (01810) had a net inflow of 473 million, with a 6.69% increase, closing at 51.250 [2] - Zai Ding Pharmaceutical (09688) had a net inflow of 429 million, with a 26.73% increase, closing at 27.200 [2] Top 10 Net Outflows - WuXi Biologics (02269) experienced a net outflow of -539 million, with a -33.02% decrease, closing at 29.360 [2] - Hua Hong Semiconductor (01347) had a net outflow of -509 million, with a -21.78% decrease, closing at 44.000 [2] - SMIC (00981) saw a net outflow of -432 million, with a -3.98% decrease, closing at 48.660 [2] - Kuaishou-W (01024) had a net outflow of -292 million, with a -14.76% decrease, closing at 79.150 [2] - Juzi Biotechnology (02367) experienced a net outflow of -220 million, with a -24.75% decrease, closing at 59.000 [2] Net Inflow Ratios - Shanghai Industrial Holdings (00363) had a net inflow ratio of 63.56%, with a net inflow of 11.36 million, closing at 14.870 [3] - Bank of China Aviation Leasing (02588) had a net inflow ratio of 60.26%, with a net inflow of 3.56 million, closing at 73.500 [3] - Sunshine Insurance (06963) had a net inflow ratio of 55.37%, with a net inflow of 2.48 million, closing at 3.790 [3] - Poly Property (06049) had a net inflow ratio of 52.60%, with a net inflow of 1.14 million, closing at 34.880 [3] Net Outflow Ratios - GX China (03040) had a net outflow ratio of -100.00%, with a net outflow of -7100.00, closing at 35.460 [3] - Southern Hang Seng Index ETF (03037) had a net outflow ratio of -65.52%, with a net outflow of -724,900, closing at 25.400 [3] - Sichuan Chengyu Expressway (00107) had a net outflow ratio of -49.23%, with a net outflow of -380,740, closing at 4.920 [3]

達勢股份有限公司 （於英屬維爾京群島註冊成立的有限公司） 承董事會命 達勢股份有限公司 主席 Frank Paul KRASOVEC先生 香港，2025年8月8日 於本公告日期，董事會成員包括執行董事王怡女士、非執行董事Frank Paul KRASOVEC先生、James Leslie MARSHALL先生、Zohar ZIV先生、Matthew James RIDGWELL先生及Weiking NG先生以及獨立非執行董事David Brian BARR 先生、王勵弘女士及余濱女士。 （股份代號：1405） 董事會會議日期 達勢股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」及各 自為一名「董事」）會（「董事會」）宣佈，本公司將於2025年8月28日（星期四）舉行 董事會會議，以（其中包括）審議及批准本集團截至2025年6月30日止六個月的中 期業績及其刊發，及考慮派付中期股息（如有）。 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，並明確表明概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何 ...

Core Viewpoints - The company benefits from the global brand effect of Domino's Pizza and has accumulated rich experience in the domestic market over nearly 30 years, indicating strong brand recognition and local adaptation [1] - The pizza industry possesses characteristics such as staple food attributes, standardization, innovation, convenience, takeout properties, and cost-effectiveness, suggesting significant growth potential in domestic pizza penetration and consumer habits [1] - The company is expected to achieve long-term stable growth by leveraging its product excellence, innovative operations, digital capabilities, and comprehensive supply chain management amidst the optimization of the domestic catering supply [1] Competitive Advantages - The company has built a strong competitive moat through a focused product strategy, mature R&D, and store operation SOPs, ensuring its product quality, innovation frequency, and cost-effectiveness remain industry-leading [2] - A differentiated delivery strategy with proprietary riders and digital precision matching enhances delivery efficiency and quality [2] - Strong online membership growth and precise marketing channel operations contribute to increased offline store traffic and expansion potential, supported by a high proportion of digital orders and takeout coverage [2] - The company’s organizational structure is efficient, with a reasonable management hierarchy and a robust training system, positioning it well for revenue and profit growth in the rapidly developing domestic pizza market [2] Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 137 million, 208 million, and 305 million yuan from 2025 to 2027, corresponding to PE ratios of 74X, 49X, and 33X respectively, with an initial "buy" rating [2]

Core Viewpoint - The company is expected to achieve long-term stable growth amidst the optimization of domestic food supply, supported by its strong product offerings, innovative operations, and digital capabilities [1][2] Group 1: Company Positioning and Market Potential - The company is the exclusive franchisee of Domino's Pizza in mainland China, Hong Kong, and Macau, benefiting from the brand's strong market presence and nearly 30 years of localized experience [1] - The fast-food sector, particularly the pizza segment, is experiencing rapid growth in China, with a high concentration of leading brands, indicating significant potential for consumer habit development [1][2] Group 2: Competitive Advantages and Operational Efficiency - The company has established a strong competitive moat through a focused product strategy, mature operational SOPs, and superior product quality, innovation frequency, and cost-effectiveness [2] - The differentiated delivery strategy, utilizing in-house riders and digital precision matching, enhances delivery efficiency and quality [2] - Strong online membership growth and precise marketing channel operations contribute to increased foot traffic and sales at physical locations, supported by a high proportion of digital orders [2] Group 3: Organizational Structure and Growth Outlook - The company has an efficient organizational structure with a reasonable hierarchy, strong control, and a well-developed training system, which positions it favorably for navigating market cycles [2] - The combination of its leading position in the pizza market and the ongoing cultivation of consumer demand presents substantial revenue and profit growth opportunities [2]

| 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 02145 | 下美股份 | 81.500 | 7.73% | | 06181 | 老铺黄金 | 731.500 | 6.01% | | 09863 | 零跑汽车 | 61.250 | 4.88% | | 02367 | 巨子生物 | 57.200 | 2.97% | | 01364 | 古茗 | 23.620 | 2.92% | | 09992 | 泡泡玛特 | 250.000 | 2.80% | | 01810 | 小米集团-W | 54.500 | 2.06% | | 09985 | 卫龙美味 | 12.160 | 1.50% | | 09868 | 小鹏汽车-W | 72.350 | 1.47% | | 01405 | 达势股份 | 85.250 | 1.31% | | 01318 | 毛戈平 | 100.400 | 0.80% | | 09896 | 名创优品 | 37.180 | 0.35% | | 09866 | 蔚来-SW | 37.920 | 0.32% | | 02097 | 蜜雪集 ...

Investment Rating - The overall investment rating for the food and beverage industry is positive, with expectations of returns exceeding the CSI 300 index by more than 5% in the next six months [23]. Core Insights - The food and beverage sector has shown signs of stabilization and recovery, with soft drinks, liquor, and dairy products leading in growth. The sector index increased by 0.97%, ranking 14th among 31 sub-industries [4][13]. - The liquor segment is experiencing a rebound, with the SW liquor index rising by 0.88%. The sector is in a bottoming phase, with a focus on the upcoming demand during the Mid-Autumn Festival and National Day [5][17]. - The beverage market is seeing mixed short-term performances due to external events, but there is a long-term positive outlook for companies with upward momentum [6][18]. Summary by Sections Liquor Sector - The liquor sector is recommended for investment, with specific companies like Guizhou Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Jianshiyuan receiving "Buy" ratings. The sector is currently at a historical low valuation, suggesting a potential recovery [3][5][21]. - The price of Moutai (bottle) is reported at 1890 RMB, showing a slight increase, while the price of Wuliangye remains stable at 870 RMB [5][17]. Beverage Sector - The beverage sector is experiencing fluctuations due to public sentiment affecting certain brands. Companies like Nongfu Spring and China Resources Beverage have shown resilience, with Nongfu Spring's market share recovering significantly [6][20]. - Recommendations include Youyou Foods, Dongpeng Beverage, and Dashi Co., with a focus on companies that can capitalize on market share recovery [6][18][21]. Food Sector - The food sector has seen some companies facing challenges due to external events, but there are still opportunities for growth in the long term. The focus remains on companies with strong mid-year performance [6][18].

Core Insights - 达美乐中国 has been recognized as one of the "Top 100 High-Quality Consumption Brands" and awarded the "Top Ten High-Quality Consumption Brands" at the 2025 High-Quality Consumption Brand Innovation Ecological Conference, highlighting the company's effective brand-building efforts [1] - As of June 30, 2025, 达美乐中国 has expanded to 48 cities with a total of 1,198 stores, marking a significant increase in both network scale and quality [1][8] - The company has successfully penetrated the central and western markets of China, opening over 100 new stores in cities like Wuhan, Chengdu, Changsha, and Chongqing since December 2022 [1] Product Innovation - The company has launched several differentiated pizza and crust innovations, including the "Cocoa Lava Cheese Flow Crust" and a new "Tuscany Style Salmon Pizza," which have been well-received by consumers [2] - The "Durian Pizza Family" series features 12 innovative flavors, incorporating unique ingredients like Dubai chocolate and Thai rambutan, enhancing the variety of offerings [2] Marketing Strategies - The company employs creative marketing strategies targeting young consumers, such as interactive "blind box" promotions and holiday-themed campaigns, which enhance customer engagement and social sharing [5] - Collaborations with popular brands, like the Snoopy-themed blind box, have successfully attracted young consumers and increased brand interaction [5] User Growth and Digital Strategy - As of June 30, 2025, the membership program "达人荟" has surpassed 30.1 million members, reflecting a 55.2% year-on-year growth [8] - The company has seen a significant increase in first-time consumers, with 13.2 million new users added in the past year, showcasing strong market penetration and operational capabilities [8] Operational Performance - The company maintains a robust growth trajectory, with same-store sales in first-tier cities steadily increasing and new market expansions achieving record sales [8] - 达美乐中国 holds 48 out of the top 50 sales positions in the first 30 days of sales among over 21,000 global stores, demonstrating exceptional operational capabilities [9] - According to Frost & Sullivan, 达美乐比萨 has become the second-largest pizza brand in China by sales in 2024, indicating a strong competitive position in a rapidly growing industry [9] Market Outlook - The company's stock price has shown an upward trend since the beginning of the year, reflecting optimistic market expectations for its future [9] - Analysts predict that the company is still in a store expansion phase, with significant potential for increasing store numbers and market penetration in untapped areas [9]

Investment Rating - The report maintains a neutral investment rating for the food and beverage industry, indicating that the overall return is expected to be within -5% to 5% relative to the CSI 300 index over the next six months [24]. Core Views - The food and beverage sector is experiencing a valuation shift during the earnings window, with a focus on opportunities in undervalued stocks and potential rebounds following recent corrections [4][11]. - The SW food and beverage index increased by 0.8%, ranking 26th among 31 sub-industries, with notable gains in the liquor, health products, and beer sectors, while soft drinks and dairy products saw declines [4][11]. - The report highlights the rebound in the liquor sector, particularly the SW liquor index, which rose by 1.41%, suggesting a recovery from previous overly pessimistic expectations [16][20]. Summary by Sections Liquor Sector - The liquor sector is currently in a bottoming phase, with a focus on the upcoming demand during the Mid-Autumn Festival and National Day [20]. - Key brands such as Guizhou Moutai and Luzhou Laojiao are recommended for investment due to their stable pricing and market performance [20][23]. Consumer Goods Sector - The consumer goods sector is facing a correction due to downward adjustments in earnings expectations for leading companies, particularly in soft drinks and snacks [21]. - Innovative product launches in the snack segment are highlighted, with companies like Youyou Foods and Weidong introducing new items to capture market share [21][22]. - The report emphasizes the growth potential in ready-to-drink beverages and the increasing competition in the tea drink market, with a positive outlook for brands like Mixue and Gu Ming [21][22]. Recommended Companies - The report recommends several companies for investment, including: - Luzhou Laojiao: Buy rating with expected EPS growth [23] - Shanxi Fenjiu: Hold rating with stable performance [23] - Dongpeng Beverage: Buy rating with significant revenue growth forecast [22][23] - Youyou Foods: Buy rating with strong market recovery potential [23] - Nongfu Spring: Buy rating with expected market share recovery [23]

Group 1 - Three chain restaurants have gone public in Hong Kong in 2023, with notable stock performance: Dashi Holdings (01405.HK) up 116.74%, Xiaocaiyuan (00999.HK) up 25.65%, and Green Tea Group (06831.HK) up 31.57% since their IPOs [2][3] - Dashi Holdings, the operator of Domino's Pizza in Greater China, has seen its stock price rise from an IPO price of 46.00 HKD to 99.70 HKD [2][3] - Xiaocaiyuan and Green Tea Group also reported positive stock performance since their IPOs, with current prices of 10.68 HKD and 9.46 HKD respectively [2][3] Group 2 - Laoxiangji, a chain restaurant based in Anhui, has submitted an application for an IPO in Hong Kong, aiming to replicate the success of other listed chain restaurants [2][3] - Established in 2003, Laoxiangji has expanded its network to 1,564 stores across 58 cities by April 2025, with a focus on a "direct + franchise" expansion model [4][5] - The number of franchise stores has outpaced self-operated stores, with a significant increase in franchise locations from 118 to 653 between the end of 2022 and April 2025 [5] Group 3 - Laoxiangji's supply chain is a key advantage, having established an integrated supply chain covering breeding, procurement, processing, storage, and logistics [7] - In 2024, Laoxiangji reported total revenue of 6.288 billion RMB and an adjusted net profit of 439 million RMB, resulting in a net profit margin of 6.99% [7][8] - Compared to other newly listed chain restaurants, Laoxiangji's same-store sales growth rate of 2.6% is slightly higher than Dashi Holdings' 2.5%, while Green Tea and Xiaocaiyuan reported negative growth [7][8] Group 4 - Laoxiangji faces challenges, including intense competition from food delivery platforms affecting both delivery and dine-in services [9] - The company has a high dependency on the East China market, with 86% of its stores located in this region, particularly in Anhui [9] - Financially, Laoxiangji has a current ratio of 0.74, indicating potential liquidity issues, with cash reserves of approximately 572 million RMB against significant payables [9] Group 5 - The company plans to use the funds raised from the IPO to enhance its supply chain, expand its store network, improve IT capabilities, and strengthen brand marketing [9][10] - However, the recent surge in IPO activities in Hong Kong raises questions about investor interest in Laoxiangji's prospects [10]

Core Viewpoint - The recognition of Domino's China as an "ESG Innovative Practice Excellence Enterprise" highlights the increasing importance of ESG principles in driving business value and innovation in the industry [1]. Group 1: ESG Practices and Innovations - Domino's China integrates technology and model innovation to create a unique business model that generates both social and economic value, deeply embedding ESG into its operations [1]. - The company emphasizes food safety and quality from farm to table, with a 100% internal quality assurance audit coverage across all stores, and plans to launch several new products in 2024 [2]. - The implementation of a Transportation Management System (TMS) optimizes logistics routes between central kitchens and stores, ensuring product quality while reducing energy consumption and costs [2]. Group 2: Sustainable Delivery and Safety Measures - Domino's China has established a comprehensive safety and efficiency system for delivery riders, balancing both aspects to ensure sustainable development [2]. - The company employs technology to prevent unnecessary deliveries and speeding, optimizing task distribution through an intelligent delivery system [2]. - Safety measures include providing certified electric bicycles for delivery riders and implementing emergency protocols during extreme weather conditions [2]. Group 3: Value Chain Empowerment and ESG Efficiency - The company extends its ESG capabilities across the entire value chain, including procurement, transportation, processing, and store operations, maximizing ESG effectiveness [4]. - In procurement, Domino's China has reduced the proportion of non-biodegradable plastic packaging from 16% in 2020 to 4% in 2024, promoting sustainable sourcing practices [4]. - The introduction of TMS in transportation aims to optimize costs and minimize environmental impact by prioritizing nearby suppliers [4]. Group 4: Waste Reduction and Circular Economy - Domino's China employs a dual strategy of "smart loss control + recycling" to minimize material waste, targeting a waste loss rate of no more than 0.1% in central kitchens [5]. - The company uses reusable containers for packaging key food ingredients and replaces cardboard boxes with recyclable turnover boxes [5]. - The ongoing introduction of low-carbon equipment and technologies in central kitchens and stores signifies a commitment to sustainable practices [5]. Group 5: Industry Benchmark and Future Potential - The innovative ESG practices of Domino's China set a benchmark in the industry, showcasing a sustainable development model with significant effectiveness [5]. - The company is positioned to find optimal value coordinates within the ESG development wave, continuously unlocking its value potential [5].