蜜雪冰城股份有限公司（「本公司」）及其附屬公司（「本集團」）董事會（「董事會」） 謹此公佈，董事會會議將於2025年8月27日（星期三）舉行，藉以（其中包括）考慮 及批准本集團截至2025年6月30日止的六個月中期業績及其發佈，以及處理其他 事項。 承董事會命 蜜雪冰城股份有限公司 執行董事兼首席執行官 張紅甫先生 香港，2025年8月15日 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） 董事會會議通告 於本公告日期，董事會成員包括(i)執行董事張紅超先生、張紅甫先生、蔡衛淼女 士及趙紅果女士，及(ii)獨立非執行董事潘慧妍女士、朱璽先生及黃宣德先生。 ...

Investment Rating - The industry is rated positively, expecting an overall return exceeding 5% above the CSI 300 index in the next six months [19]. Core Insights - The report highlights a rebound in high-growth sectors driven by capital flow, with the food and beverage sector rising by 0.6% this week, ranking 26th among 31 sub-industries [11]. - The report emphasizes the importance of focusing on high-growth and undervalued recovery opportunities within the food and beverage sector [7]. Summary by Sections Sub-industry Ratings - No specific ratings for liquor, beverages, and food sub-industries, but several companies are recommended for investment: - Guizhou Moutai: Buy - Luzhou Laojiao: Buy - Shanxi Fenjiu: Hold - Jiansi Yuan: Hold - Yingjia Gongjiu: Hold - Dongpeng Beverage: Buy - Nongfu Spring: Buy - Mixue Group: Hold - Lihigh Food: Buy - Angel Yeast: Buy [3][18]. White Wine Sector - The white wine index increased by 0.38%, indicating a bottoming phase, with expectations for a local rebound despite ongoing policy and demand pressures [15]. - Guizhou Moutai's limited edition product sold out quickly, generating approximately 1.79 billion yuan in sales [5]. - The report suggests capitalizing on low valuation recovery opportunities in the white wine sector, recommending Guizhou Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Jiansi Yuan [15]. Consumer Goods Sector - The snack and soft drink sectors have shown significant rebounds, attributed to previous valuation pressures and adjustments in mid-year expectations [16]. - Unified Enterprises reported a 10.6% revenue increase and a 33.2% net profit increase in H1 2025, exceeding market expectations [17]. - The report recommends focusing on high-growth snack and beverage companies, particularly Dongpeng Beverage, Mixue Group, and Nongfu Spring, while also considering undervalued stocks like Angel Yeast and Lihigh Food [16][17].

Core Viewpoint - The new consumption sector in the Hong Kong stock market has shown significant growth, with several companies reporting positive earnings forecasts, contributing to the overall bullish trend in this segment [3][4][6]. Group 1: Stock Performance - Pop Mart (09992.HK) rose by 7.87%, while Shangmei Co. (02145.HK) increased by 7.34%, and Laopu Gold (06181.HK) saw a rise of 5.93% [1][2]. - The New Consumption Concept Index has recorded a year-to-date increase of 64.97%, outperforming the Hang Seng Index, which has risen by 24.18% [3]. Group 2: Earnings Forecasts - Shangmei Co. expects revenue for the first half of 2025 to be between 4.09 billion to 4.11 billion yuan, a year-on-year growth of 16.8% to 17.3%, with net profit projected to reach 540 million to 560 million yuan, an increase of 30.9% to 35.8% [3]. - Laopu Gold anticipates revenue of 12 billion to 12.5 billion yuan for the first half of 2025, representing a year-on-year growth of 241% to 255%, with net profit expected to be between 2.23 billion to 2.28 billion yuan, a growth of 279% to 288% [4]. - Pop Mart forecasts a revenue increase of no less than 200% and a profit increase of no less than 350% for the first half of 2025 [5]. Group 3: Market Trends and Sentiment - Investment firms are optimistic about the new consumption sector, noting a shift towards personalized and service-oriented consumption among residents [6]. - The Hong Kong consumption sector is seen as more aligned with current new consumption trends compared to the A-share market, indicating significant growth potential [6]. - Despite the current high valuations in the new consumption sector, the macro trend towards personalized and rational consumption remains intact, suggesting continued growth in related areas such as trendy toys, beauty care, and pet products [7][8].

Market Overview - The A-share market showed strong performance with the Shanghai Composite Index steadily rising, while the Hong Kong stock market experienced a narrow fluctuation, closing up by 0.03% [1] - Concerns in the market are heightened due to the U.S. President Trump's shortened ultimatum for sanctions against Russia, now set at 10 days, with potential impacts on India and other countries [1] - The U.S. is also set to impose significant tariffs on semiconductor chips and pharmaceuticals, with drug tariffs reaching as high as 250% [1] Company Developments - Jingtai Technology announced a pipeline cooperation agreement with DoveTree worth approximately HKD 470 billion (USD 59.9 billion), leading to a stock surge of over 12% [2] - A-share company Weixin New Materials faced regulatory scrutiny after a stock price surge related to the "embodied intelligent robot" concept and control change expectations [2] - The Shanghai government released a plan for the development of the embodied intelligence industry, aiming for breakthroughs in core algorithms and technologies by 2027 [2] Industry Trends - The 2025 World Robot Conference is set to showcase over 100 new products, nearly double from last year, indicating a growing interest in robotics [3] - The U.S. student loan delinquency rate has reached 12.9%, the highest in 21 years, which may influence Federal Reserve decisions on interest rates [3] - The steel and paper industries are experiencing positive momentum, with companies like Maanshan Steel and Nine Dragons Paper seeing significant stock price increases [3] Defense Sector Insights - The military industry is gaining traction with significant contracts, such as the sale of the Hongqi-9 air defense system and the export of submarines to Pakistan [4] - China Shipbuilding Defense announced a profit increase of 213.25% to 267.73% for the first half of the year, leading to a stock rise of nearly 8% [4] Consumer Market Activity - The new consumption sector is becoming active, with companies like Pop Mart seeing increased attention at recent toy exhibitions [5] - The liquor industry is also responding to market trends, with new product launches and stock price increases [5] Aviation Sector Developments - Cathay Pacific announced an $8.1 billion order for 14 Boeing 777-9 aircraft, marking its first deal with Boeing in 12 years, despite concerns over the safety record of Boeing aircraft [7] - The long delivery timeline for the 777-9 model raises potential issues regarding aircraft aging and maintenance [7] Energy Sector Updates - The State Grid reported record electricity usage due to high temperatures, with peak load reaching 1.233 billion kilowatts, an increase of 53 million kilowatts from last year [8] - Coal prices have risen significantly, impacting the steel industry, which is maintaining high production levels [8] Automotive Sector Performance - XPeng Motors reported a record monthly delivery of 36,717 vehicles in July, a year-on-year increase of 229.4% [10] - The company is expanding its presence in Europe, with significant sales growth and new model launches [11][12]

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index closing at 24,910.63 points, up 0.03% or 8.1 points, with a total turnover of HKD 215.235 billion [1] - The Hang Seng China Enterprises Index fell by 0.21% to 8,932.68 points, while the Hang Seng Tech Index rose by 0.2% to 5,532.17 points [1] - ZheShang International noted that the market fundamentals remain weak, with a cautious outlook on short-term sentiment [1] Blue Chip Performance - BYD Electronics (00285) led blue-chip stocks, rising 6.72% to HKD 37.8, contributing 3.01 points to the Hang Seng Index [2] - Other notable performers included SMIC (00981) up 3.14% and China Shenhua (01088) up 2.99%, while Li Auto-W (02015) fell 5.35% [2] Sector Highlights - Large tech stocks showed mixed results, with Tencent up 1.7% and Alibaba up 0.6%, while Xiaomi fell 0.55% [3] - The "anti-involution" theme gained traction, with paper, coal, and steel stocks generally rising, including a notable increase of over 10% for Nine Dragons Paper [3][4] - New consumption concepts performed well, with Pop Mart (09992) rising 7.87% and Shangmei (02145) up 7.34% [3] Robotics Sector - The robotics sector saw significant gains, with companies like Geekplus (02590) rising 5.68% and MicroPort (02252) up 4.07% [5] - Recent product launches and government initiatives in Shanghai are expected to accelerate the development of the robotics industry [6] Notable Stock Movements - Times Angel (06699) surged 18.29% after announcing a positive earnings forecast for the first half of 2025, expecting a net profit increase of approximately 538.1% to 604.8% [7] - Crystal Technology (02228) rose 12.42% following a significant partnership agreement worth approximately HKD 470 billion [8] - China Shipbuilding Defense (00317) increased by 7.75% due to optimistic profit forecasts based on seasonal factors in the shipbuilding industry [9] - Zhenjiu Lidu (06979) saw a strong performance despite a projected revenue decline, rising 7.89% [10] - Cathay Pacific (00293) fell 9.66% after reporting mid-year earnings that did not meet market expectations [11]

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7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 蜜雪冰城股份有限公司 呈交日期: 2025年8月6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) ...

（文章来源：每日经济新闻） 每经AI快讯，8月6日，港股新消费概念股回暖，泡泡玛特(09992.HK)涨超8%，老铺黄金(06181.HK)涨 近6%，蜜雪集团(02097.HK)涨超4%，毛戈平(01318.HK)涨3.8%。 ...

该行指，食品配送平台竞争自今年6月以来进一步加剧，平台间进行更激进投资，包括补贴。预计这次 对日常应用的投资持续时间，将较电商平台此前的几个季度投资更长。提高补贴促进交易量增长，鲜制 饮品公司今年的潜在盈利上行，但投资者关注明年在高基数下的前景，鲜制饮品行业竞争格局，以及对 消费者行为与价格认知潜在的长期影响。该行认为蜜雪集团及古茗短期股价将受配送平台策略的情绪影 响，投资者亦忧虑补贴正常化或导致每店交易额回落。古茗的投资者锁定期下周一(11日)届满，夏季后 的淡季或限制短期情绪。但该行对两者长期地位仍持乐观态度，认为补贴正常化或改善竞争格局。 高盛发布研报称，上调对古茗(01364)及蜜雪集团(02097)今年净利润预测9%及1%，反映食品配送补贴提 振的持续时间超预期，并上调古茗明年盈利预测4%，反映新产品表现稳健及2024至25年在品牌投资上 的努力。该行对古茗目标价由29.2港元上调至30港元，蜜雪目标价亦由597港元上调至599港元，两者评 级均为"买入"。 ...

Core Viewpoint - Goldman Sachs has raised the profit forecasts for Gu Ming (01364) and Mixue Group (02097) for this year by 9% and 1% respectively, indicating that the duration of food delivery subsidies has exceeded expectations [1] Company Summaries - Gu Ming's profit forecast for next year has been increased by 4%, reflecting strong performance of new products and efforts in brand investment for 2024 to 2025 [1] - The target price for Gu Ming has been raised from HKD 29.2 to HKD 30, while Mixue's target price has been adjusted from HKD 597 to HKD 599, with both companies rated as "Buy" [1] Industry Insights - Competition among food delivery platforms has intensified since June, with platforms engaging in more aggressive investments, including subsidies [1] - The expected duration of these investments in daily applications is anticipated to be longer than previous investments seen in e-commerce platforms [1] - Increased subsidies are expected to boost transaction volumes, leading to potential profit upside for fresh beverage companies this year [1] - Investors are concerned about the outlook for next year given the high base, the competitive landscape in the fresh beverage industry, and the potential long-term impacts on consumer behavior and price perception [1] - Short-term stock prices for Mixue Group and Gu Ming may be influenced by the sentiment surrounding delivery platform strategies, with worries that normalization of subsidies could lead to a decline in per-store transaction amounts [1] - The investor lock-up period for Gu Ming will expire next Monday (11th), and the seasonal slowdown after summer may limit short-term sentiment [1] - Despite these concerns, there is optimism regarding the long-term positions of both companies, with expectations that subsidy normalization may improve the competitive landscape [1]

| 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 ...