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 公司名稱: 蜜雪冰城股份有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02097 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 150,883,058 | RMB | | 1 RMB | | 150,883,058 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 150,883,058 | RMB | | 1 RMB | | 150,883,058 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 ( ...

Core Viewpoint - CITIC Securities reports that Mixue Group (02097) plans to invest in and acquire 53% of the shares of Fresh Beer Fulu Family, a rising player in the fresh beer industry, which aligns well with Mixue's business model and is expected to create synergies in supply chain, consumer operations, and franchise resources [1] Group 1: Investment and Acquisition - On September 30, 2025, Mixue Group announced its intention to invest in and acquire a majority stake in Fresh Beer Fulu Family [1] - Fresh Beer Fulu Family is recognized as an emerging leader in the fresh beer sector, with product pricing and store location strategies that resonate with Mixue Group's operational ethos [1] Group 2: Financial Impact and Long-term Outlook - The immediate financial impact of the acquisition on Mixue Group is expected to be limited due to the absolute scale of Fulu Family's business [1] - However, the long-term prospects for the domestic fresh beer industry are promising, and Mixue's strategic positioning in the "tea + coffee + fresh beer" market could enhance future growth opportunities [1] Group 3: Competitive Advantage - The company possesses a strong competitive moat in terms of brand IP, supply chain, and operational capabilities, which supports a high degree of growth certainty and a clear competitive landscape [1] - CITIC Securities maintains a "buy" rating for Mixue Group based on these factors [1]

Group 1 - Hang Seng Index Company will announce the results of the Hang Seng Index series review for Q3 2025 on November 21, 2025, with changes effective from December 8, 2025 [1] - The Dow Jones Industrial Average rose by 78.62 points to 46,519.72, a 0.17% increase, while the S&P 500 and Nasdaq also saw slight gains [2] - The EU plans to increase steel import tariffs to 50% to protect its domestic steel industry, aligning its tariffs with those of the US [3] Group 2 - Berkshire Hathaway has agreed to acquire Occidental Petroleum's chemical business, OxyChem, for $9.7 billion in cash, expanding its footprint in the petrochemical sector [4] - Copper prices have reached a 13-month high, driven by global supply disruptions and expectations of interest rate cuts by the Federal Reserve [5] - The transportation department reported nearly 290 million cross-regional trips during the recent holiday, a 2.2% increase from last year, indicating strong travel demand [6] Group 3 - XPeng Motors delivered a record 41,581 smart electric vehicles in September 2025, a 95% year-on-year increase, and a total of 116,007 vehicles in Q3 2025, up 149% [7] - Zijin Mining International has been included in the Hang Seng Composite Index, effective October 16, 2025 [8][9] - Mixue Group announced a strategic investment of 286 million yuan in Fresh Beer Fulu, acquiring a 51% stake to expand its product offerings into fresh beer [10] Group 4 - Kuaishou's Keling 2.5 Turbo model topped the global video generation model rankings, achieving high scores in benchmark tests [11] - Yunfeng Financial has entered a strategic partnership with Anthea Holding Limited, investing in its new shares and exploring collaboration opportunities [12] - Shuangdeng Co. is positioned as a key player in data center energy storage, with a 11% market share and plans for expansion into North America [13]

Major Events - Jinye International Group (08549) plans to issue 100 million shares from September 30 to October 6 [1] - Zhida Technology (02650) intends to globally issue 5.9789 million shares, expecting to list on October 10 [1] - CSPC Pharmaceutical Group (01093) received clinical trial approval for SYH2070 injection (double-stranded small interfering RNA drug) in China [1] - Mixue Group (02097) plans to invest in a fresh beer product company to seize opportunities in the fresh beer industry [1] - Shangshan Gold (01939) proposes a placement at a discount of approximately 19.88%, aiming to raise about HKD 245.8 million [1] - GC Construction (01489) sees a change in controlling interest with a buyout offer at a discount of about 45.91%, resuming trading on October 2 [1] - Times Financial Services Group (00510) major shareholder plans to sell some shares, resuming trading on October 2 [1] - Huajian Medical (01931) confidentially submitted an F-1 registration statement for a dual listing in the U.S. [1] - Ding Shi Capital (00804) intends to acquire 100% equity of a distressed asset disposal business, actively entering the distressed asset market [1] - Chuangmeng Tiandi (01119) plans to issue a total of 236 million shares [1] - Zhaogang Group-W (06676) intends to conduct a share buyback [1] - Daren International (01957) is exploring the possibility of acquiring up to 100 bitcoins [1] - Sihuan Pharmaceutical (00460) received approval from the National Medical Products Administration for its self-developed L-carnosine composite solution water light needle "Frozen Beauty" [1] Bonds and Notes - Minmetals Resources (01208) plans to issue USD 500 million zero-coupon convertible bonds maturing in 2030 [2] Share Buybacks - Tencent Holdings (00700) repurchased approximately 832,000 shares for about HKD 551 million on September 30 [2] - Midea Group (00300) spent approximately CNY 146 million to repurchase 2.0015 million A-shares on September 30 [2] - Anta Sports (02020) repurchased approximately 1.000 million shares for about HKD 99.87 million on September 30 [2] - SF Holding (06936) repurchased approximately 937,600 A-shares for about CNY 37.78 million on September 30 [2] - HSBC Holdings (00005) repurchased approximately 2.1133 million shares for about GBP 22.07 million on September 29 [2] Operating Performance - BYD Company (01211) reported approximately 3.2601 million new energy vehicle sales in the first nine months, a year-on-year increase of 18.64% [2] - Geely Automobile (00175) reported total vehicle sales of 273,100 units in September, a year-on-year increase of approximately 35% [2] - Great Wall Motors (02333) reported total vehicle sales of approximately 133,600 units in September, a year-on-year increase of 23.29% [2] - NIO Inc. (09866) delivered 34,749 vehicles in September, setting a new monthly record with a year-on-year increase of 64.1% [2] - Li Auto (02015) delivered 33,951 new vehicles in September [2]

Core Viewpoint - The company is making a strategic investment in the fresh beer market by acquiring a 51% stake in the target company, which will enhance its product offerings and market presence in the beverage industry [1][2][3] Group 1: Investment Details - The company plans to invest RMB 285.6 million to subscribe for new registered capital of RMB 6.9017 million in the target company, representing 51% of its expanded registered capital [1] - The company will also acquire an additional 2% stake in the target company for RMB 11.2 million, resulting in the target company becoming a non-wholly owned subsidiary [1] - The financial performance of the target company will be consolidated into the company's financial results following the completion of the investment [1] Group 2: Market Opportunity - The fresh beer market in China is in its early development stage but shows significant growth potential due to increasing consumer demand for high-quality and diverse products [2][3] - Fresh beer products offer more original flavor compounds compared to traditional beer, aligning with consumer preferences for quality and taste [2] - The investment allows the company to capitalize on the growing trend of fresh beer consumption, which combines quality and convenience [2] Group 3: Target Company's Strengths - The target company has established a competitive advantage in product offerings, business model, operational systems, and supply chain management [3] - As of August 31, 2025, the target company operates approximately 1,200 stores across 28 provinces in China, indicating a strong market presence [3] - The target company employs a franchise model for expansion, which supports standardized and high-quality growth with low initial investment [3] Group 4: Synergies and Collaboration - The company and the target company share a commitment to the "high quality and affordable" value proposition, enhancing their operational synergy [4] - The collaboration will leverage the company's robust supply chain to improve the target company's product quality and cost efficiency [4] - Joint marketing efforts and standardized operational management will facilitate the target company's growth and expansion of its store network [4]

Core Viewpoint - The company is making a strategic investment in the fresh beer market by acquiring a 51% stake in the target company, which will enhance its product offerings and market presence in the beverage industry [1][2]. Group 1: Investment Details - The company plans to invest RMB 285.6 million to subscribe for new registered capital of RMB 6.9017 million in the target company, representing 51% of its expanded registered capital [1]. - The company will also acquire a 2% stake in the target company from Mr. Zhao Jie for RMB 11.2 million [1]. - Following the investment and share transfer, the target company will become a non-wholly owned subsidiary of the company, and its financial performance will be consolidated into the company's financial results [1]. Group 2: Market Opportunity - The fresh beer market in China is in its early development stage but shows significant potential due to consumer demand for high-quality and diverse products [2]. - Fresh beer products offer more original flavor compounds compared to traditional beer, aligning with consumer preferences for quality and taste [2]. - The industry is transitioning from quantity growth to quality growth, indicating a long-term growth potential for fresh beer products [2]. Group 3: Target Company's Strengths - The target company has established a competitive advantage in product offerings, business model, operational systems, and supply chain, with around 1,200 stores across 28 provinces in China as of August 31, 2025 [3]. - The product range includes classic fresh beer and innovative variants like fruit beer and tea beer, catering to diverse consumer needs at affordable prices [3]. - The target company employs a franchise model for expansion, which allows for standardized and high-quality growth with low initial investment [3]. Group 4: Synergies and Collaboration - Both the company and the target company share a commitment to the "high quality and affordable" value proposition, enhancing their operational synergy [4]. - The company can leverage its strong supply chain to improve the target company's product quality and cost efficiency [4]. - Joint marketing efforts and standardized operational management will support the target company's sustainable growth and network expansion [4].

投資協議及股權轉讓協議 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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 MIXUE Group 蜜雪冰城股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2097） 關連交易 訂立投資協議及股權轉讓協議 董事會謹此宣佈，於2025年9月30日（聯交所交易時段後），本公司與標的公司 及標的公司股東簽訂投資協議。據此，本公司擬（自行及/或通過其指定附屬公 司）以向標的公司注資人民幣285.60百萬元的方式認購標的公司新增註冊資本人 民幣6,901,740元（佔其經擴大註冊資本的51%）。 同日，本公司與趙杰先生簽訂股權轉讓協議。據此，趙杰先生同意轉讓及本公 司同意（自行及/或通過其指定附屬公司）受讓標的公司認繳出資額270,660元（佔 其經擴大註冊資本的2%），總代價為人民幣11.20百萬元。 該投資及股權轉讓完成後，標的公司將構成本公司的非全資附屬公司，而其財 務業績將併入本集團的財務業績。 上市規則的涵義 於本公告日期，田海霞女 ...

Group 1: Alibaba Group - CMB International maintains a "Buy" rating for Alibaba-SW, raising the target price to HKD 195, citing advancements in AI infrastructure investment of RMB 380 billion and a projected 10x increase in data center energy consumption by 2032 [1] - CICC also maintains an "Outperform" rating for Alibaba-SW, increasing the target price to HKD 197, highlighting the leading position of Tongyi model ecosystem and the potential for commercial value release [1] Group 2: Kuaishou Technology - UBS maintains a "Buy" rating for Kuaishou-W, setting a target price of HKD 95.37, noting significant advancements in the 可灵 2.5 Turbo model for text understanding and video generation [1] Group 3: Xiaomi Corporation - Daiwa Securities maintains a "Buy" rating for Xiaomi Group, with a target price of HKD 76, reporting an increase in weekly electric vehicle deliveries to 10,000-12,000 units and plans to enter the European market by 2027 [2] Group 4: Longwind Pharmaceutical - China Everbright Securities International highlights Longwind Pharmaceutical's strong growth prospects, focusing on inhalation technology and drug development, with six products approved in the respiratory disease field [3] Group 5: Nine Dragons Paper Holdings - Bank of America maintains a "Buy" rating for Nine Dragons Paper, setting a target price of HKD 6.5, with a projected net profit of RMB 1.767 billion for FY25 and a 9.7% increase in sales [3] - Shenwan Hongyuan also maintains a "Buy" rating, noting significant improvements in gross profit and net profit, with expected growth in net profit for 2026-2028 [4] - Guotai Junan raises the target price for Nine Dragons Paper to HKD 7.37, citing a 9.6% increase in sales and a 1.9 percentage point rise in gross margin [4] Group 6: Xindong Company - CMB Securities strongly recommends Xindong Company, highlighting the successful public testing of "伊瑟" and a 37.74% increase in revenue from the TapTap platform [5] Group 7: Mixue Group - CITIC Securities maintains a "Buy" rating for Mixue Group, emphasizing its efficient supply chain and membership growth exceeding 300 million, with plans for expansion in Southeast Asia and new global markets [6]

Company Overview - The company is enhancing its integrated supply chain capabilities, consolidating quality-price ratio and scale flywheel effects, and achieving relatively stable growth despite potential disruptions from the decline in delivery subsidies [1] - The company has established deep partnerships with major suppliers for global procurement, reducing costs through scale effects, with specific procurement volumes for lemons, fresh oranges, tea leaves, and coffee beans in 2024 [1] Supply Chain and Operational Efficiency - The company is improving factory automation and optimizing product taste through process upgrades, while also establishing a localized warehousing system in countries like Vietnam, Indonesia, Thailand, and Malaysia [1] - The company has deployed 4,000-5,000 self-developed intelligent dispensing machines, reducing service time from over 20 seconds to 8-10 seconds, enhancing store operational efficiency [1] Market Performance and Growth Potential - The impact of delivery subsidies is gradually weakening, but the company is expected to achieve stable performance growth through product innovation, offline marketing, and mini-program traffic [2] - The company’s "Lucky Coffee" brand is leveraging supply chain advantages to enhance fruit and coffee product innovation, with a projected higher same-store growth rate compared to the overall company [2] International Market Adjustments - The overseas market is still in an adjustment phase, with higher gross margins compared to domestic operations, allowing the company to maintain profitability for franchisees while enhancing quality-price positioning [2] Financial Forecast and Valuation - The company maintains its earnings forecast, with current stock prices corresponding to 24/21x P/E for 2025/2026, and a target price reflecting a potential upside of 35% [2]

Core Viewpoint - CICC maintains a "outperform" rating for Mixue Group (02097) with a target price of HKD 555, corresponding to 32x/28x P/E for 2025/2026, indicating a potential upside of 35% [1] Group 1: Integrated Supply Chain Capability - The company is enhancing its integrated supply chain capabilities, solidifying quality-price ratio and scale flywheel effects [2] - On the procurement side, the company collaborates deeply with major suppliers globally, reducing costs through scale effects, with planned purchases of 115,000 tons of lemons, 27,000 tons of fresh oranges, 61,000 tons of tea leaves, and 13,000 tons of coffee beans in 2024 [2] - The company is improving factory automation and optimizing product taste through process upgrades, while establishing 29 domestic warehouses and local storage systems in countries like Vietnam, Indonesia, Thailand, and Malaysia, achieving over 90% coverage of county-level administrative regions in mainland China within 12 hours [2] - The company has developed an intelligent dispensing machine to enhance store operational efficiency, reducing service time from over 20 seconds to 8-10 seconds, with 4,000-5,000 units currently deployed [2] Group 2: Impact of Delivery Subsidies - The impact of delivery subsidies is gradually weakening, but the company is expected to achieve relatively stable performance growth despite potential disruptions [3] - CICC estimates that the company’s same-store sales grew by 13% year-on-year in H1 due to delivery subsidies, with delivery revenue share increasing by approximately 10 percentage points [3] - The company is expected to counter the impact of declining delivery subsidies through product innovation, offline marketing, and mini-program traffic [3] Group 3: Focus on Lucky Coffee and Overseas Adjustments - Lucky Coffee is leveraging Mixue's supply chain advantages to enhance fruit and coffee product innovation, with coffee product revenue accounting for over half of total revenue [4] - The company has signed over 8,000 new stores nationwide as of August 27, with expectations to reach around 8,000 operational stores by year-end [4] - The overseas market is still in an adjustment phase, with higher gross margins compared to domestic operations, allowing the company to maintain profitability for franchisees while enhancing quality-price positioning through product iterations [4]