Group 1: Company Earnings - PCCW (00008.HK) reported a revenue of HKD 18.922 billion for the first half, a year-on-year increase of 7%, with a net loss of HKD 0.445 billion, narrowing by 4% [1] - Xinyi Solar (00968.HK) recorded a revenue of HKD 10.932 billion, a decrease of 6.5% year-on-year, with a net profit of HKD 0.746 billion, down 58.8% [2] - Xinyi Glass (00868.HK) had a revenue of HKD 9.821 billion, a year-on-year decrease of 9.7%, with a net profit of HKD 1.013 billion, down 59.6% [3] - Xinyi Energy (03868.HK) reported a revenue of HKD 1.21 billion, an increase of 7.7% year-on-year, with a net profit of HKD 0.45 billion, up 23.4% [4] - DTXS Silk Road Investment (02510.HK) issued a profit warning, expecting a mid-term net profit of approximately USD 180-200 million, a year-on-year increase of about 220% to 255% [5] - Lianhua Supermarket (00980.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 25-55 million [6] - Tibet Water Resources (01115.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 36 million, a year-on-year increase of about 300% [7] - Foton Motor (00420.HK) issued a profit warning, expecting a mid-term net profit of HKD 30.7 million, turning from loss to profit [8] - Hong Kong Travel (00308.HK) issued a profit warning, expecting a mid-term net loss exceeding HKD 70 million, turning from profit to loss [9] - Poly Property Group (00119.HK) issued a profit warning, expecting a mid-term net profit to decline by 40%-50% year-on-year [10] - Kefu Shan Group Holdings (08512.HK) issued a profit warning, expecting a mid-term net profit to decrease to approximately HKD 43-47 million [11] - Mobi Development (00947.HK) issued a profit warning, expecting a mid-term net loss of approximately HKD 32 million [12] - Changmao Biochemical Engineering (00954.HK) issued a profit warning, expecting a mid-term net loss of approximately HKD 24-27 million [13] - Yunyou Holdings (00484.HK) issued a profit warning, expecting a mid-term net loss to increase to approximately HKD 21 million [14] - Weiya Li (00854.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 15-25 million, turning from loss to profit [15] Group 2: Automotive Sales - BYD Company (01211.HK) reported sales of approximately 2.4903 million new energy vehicles in the first seven months, a year-on-year increase of 27.35% [16] - Great Wall Motors (02333.HK) reported total vehicle sales of approximately 674,200 units in the first seven months, a year-on-year increase of 3.57% [17] - Li Auto (02015.HK) delivered 30,731 new vehicles in July [18] - Geely Automobile (00175.HK) reported total vehicle sales of 237,700 units in July, a year-on-year increase of approximately 58% [19] Group 3: Company News - Sinopec Engineering (02386.HK) signed a front-end engineering design (FEED) contract for a large green hydrogen project in Yanbu, Saudi Arabia, with a contract value expected to reach several billion USD [20] - InnoCare Pharma (02577.HK) partnered with NVIDIA to jointly promote the large-scale implementation of 800 VDC power architecture in AI data centers [21] - Zijin Mining (02899.HK) received parliamentary approval for the mining lease of the Akyem gold mine in Ghana, with a total transaction value of USD 1 billion [22] - Codex-B (02487.HK) received approval from the Hong Kong Department of Health for the listing of CU-40102 (topical finasteride spray) for the treatment of androgenetic alopecia [23] - Mixue Group (02097.HK) subscribed to a wealth management product from Pudong Development Bank, involving an investment of HKD 300 million [24] Group 4: Buyback Activities - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of approximately HKD 22.5922 million, with repurchase prices ranging from HKD 112.4 to 114.3 [25] - Vitasoy International (00345.HK) repurchased 1.844 million shares at a cost of approximately HKD 16.89 million, with repurchase prices ranging from HKD 9.14 to 9.17 [26]

蜜雪集团(02097)发布公告，本公司已于2025年8月1日与浦发银行签订认购协议，本公司同意向浦发银 行认购本金为人民币3亿元的理财产品。 ...

格隆汇8月1日丨蜜雪集团(02097.HK)公告，公司已于2025年8月1日与浦发银行签订认购协议，据此，公 司同意向浦发银行认购本金为人民币3亿元的理财产品。 ...

智通财经APP讯，蜜雪集团(02097)发布公告，本公司已于2025年8月1日与浦发银行签订认购协议，本公 司同意向浦发银行认购本金为人民币3亿元的理财产品。 ...

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，概不就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。 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） 有關認購理財產品的 須予披露交易 認購理財產品 董事會宣佈，本公司已於2025年8月1日與浦發銀行簽訂認購協議，據此，本公 司同意向浦發銀行認購本金為人民幣300百萬元的理財產品。 香港上市規則的涵義 由於先前認購事項和該項認購各自的最高適用百分比率（按個別基準計算）均低 於5%，而該等認購事項的最高適用百分比率（按合併基準計算）超過5%但低於 25%，故根據香港上市規則第十四章，該等認購事項構成本公司的須予披露交 易，須遵守申報及公告規定，但豁免遵守股東批准規定。 認購理財產品 董事會宣佈，本公司已於2025年8月1日與浦發銀行簽訂認購協議，據此，本公司 同意向浦發銀行認購本金為人民幣300百萬元的理財產品（「該項認購」）。 1 該項認購的主要條款概述如下： 2 低風險 產品名稱： 利多多 ...

Core Viewpoint - Despite the Hang Seng Index's continuous rise since June, the new consumption sector, which once led the Hong Kong stock market, has experienced a significant downturn, with key stocks like Lao Pu Gold, Mixue Group, and Pop Mart seeing substantial market value losses, raising concerns about the sustainability of their business models [3][4][5]. Market Performance - The new consumption sector has faced a collective decline, with Lao Pu Gold's stock price dropping over 37% from its peak, and Mixue Group's stock falling 25% from its high [5][6]. - The market capitalization of these leading stocks has evaporated by over 150 billion HKD, with Lao Pu Gold, Mixue Group, and Pop Mart all experiencing significant losses in value [7][8]. Financial Results and Expectations - Lao Pu Gold projected a sales revenue increase of 240%-252% year-on-year for the first half of 2025, yet its stock price continued to decline post-announcement [7][8]. - Similarly, Pop Mart expected a revenue growth of no less than 200% for the same period, but its stock also faced downward pressure [7][8]. Capital Flow Dynamics - The outflow of southbound funds has been a critical factor in the market adjustment, with a net outflow of approximately 4.1 billion HKD from the new consumption sector from July 2 to July 30 [11][12]. - In contrast, southbound funds have shown significant net inflows into the financial and healthcare sectors, indicating a shift in investment focus away from new consumption [12][13]. Market Sentiment and Future Outlook - Analysts express divided opinions on the future of the new consumption sector, with some optimistic about long-term growth potential driven by consumer upgrades, while others caution against high valuation risks and the need for a more cautious approach [20][21]. - The sector's long-term prospects are seen as promising, but the current market dynamics suggest a need for careful evaluation of individual companies' business models and sustainability [17][20].

Core Viewpoint - The new consumption sector in Hong Kong has experienced a significant downturn despite the overall rise of the Hang Seng Index since June, with major stocks like Lao Pu Gold, Mixue Group, and Pop Mart seeing substantial market value losses and price declines exceeding 30% from their peak [1][2][3]. Market Performance - The Hang Seng Index rebounded from a low of 23185.58 points on June 19 to a high of 25735.89 points on July 24, while the new consumption sector faced collective declines [2]. - Lao Pu Gold's stock price fell from a peak of 1108 HKD per share on July 8 to 690 HKD by August 1, marking a cumulative drop of over 37% [2]. - Mixue Group's stock price decreased from 618.5 HKD on June 5 to 463 HKD by August 1, a decline of 25% [2]. - The combined market value of Lao Pu Gold, Mixue Group, and Pop Mart dropped by over 150 billion HKD from their highs [3]. Capital Flow - A significant outflow of southbound funds has been identified as a key driver of the downturn in the new consumption sector, with a net outflow of 41.09 billion HKD from these stocks between July 2 and July 30 [5][6]. - In contrast, local Hong Kong intermediaries continued to increase their holdings, indicating a shift in investment strategy [6]. Company-Specific Issues - Lao Pu Gold and Mixue Group are facing scrutiny regarding their business models and operational sustainability, with concerns about high production costs and declining capacity utilization [10][11]. - Lao Pu Gold's production outsourcing increased from 36% in 2021 to 41% in 2023, while its R&D investment ratio decreased [10]. - Mixue Group's capacity utilization rates for key ingredients have been declining, raising questions about its operational efficiency [10]. Future Outlook - Industry analysts express divided opinions on the long-term potential of the new consumption sector, with some optimistic about its growth driven by consumer upgrades, while others caution against high valuation risks [11][12]. - The market is expected to see structural opportunities, with leading companies likely to outperform while weaker concepts may face challenges [13].

Core Viewpoint - The successful IPO of Mixue Ice City marks a significant milestone in the Hong Kong capital market, with a market capitalization exceeding HKD 100 billion and a record subscription rate of 5,258 times, attracting HKD 1.82 trillion in funds [1][3]. Group 1: IPO and Market Performance - Mixue Ice City debuted on the Hong Kong Stock Exchange on March 3, 2025, with an opening price surge of nearly 30%, closing at HKD 290, a 43% increase from the issue price, resulting in a market cap of HKD 1,093 billion [1]. - The IPO set a historical record for the Hong Kong capital market, surpassing the previous record held by Kuaishou in 2021 [3]. Group 2: Financial Performance - In the first nine months of 2024, Mixue Ice City added 7,700 stores globally, surpassing Starbucks to become the largest fresh beverage company in the world, with a total of over 46,000 stores [3]. - The company reported a net profit of CNY 3.5 billion and a net cash inflow from operating activities of CNY 5.1 billion, with cash reserves nearing CNY 6 billion [3]. - The average daily sales per store increased from CNY 3,936 in 2022 to CNY 4,184 in 2024, with new stores performing better than existing ones [3]. Group 3: Supply Chain and Business Model - Mixue Ice City generates 98% of its revenue from selling raw materials and equipment to franchisees, with franchise fees accounting for only 2.5% [5]. - The company has established a comprehensive supply chain system over the past decade, with five production bases across China and a production capacity of 1.65 million tons annually [5]. - The logistics network includes 27 warehouses covering 350,000 square meters, achieving 90% coverage for cold chain logistics [5]. Group 4: Market Expansion and Strategy - As of the end of 2024, Mixue Ice City has penetrated 300 prefecture-level cities, 1,700 counties, and 4,900 towns, with 57.2% of its stores located in third-tier cities and below [7]. - The franchise model allows for low entry costs, with annual franchise fees as low as CNY 7,000 in county-level cities, leading to a win-win situation for both the brand and franchisees [7]. Group 5: Future Outlook - Following its IPO, Mixue Ice City's stock price rose from HKD 290 to HKD 509.5, with a market cap exceeding HKD 200 billion [9]. - The company plans to invest 66% of the IPO proceeds into supply chain development, including establishing multifunctional supply chain centers in Southeast Asia [9]. - Mixue Ice City aims to expand its store count by 15% annually, targeting 70,000 stores by 2028, while also growing its presence in 11 countries overseas [9].

Core Viewpoint - The company, Mixue Ice Cream, is facing public scrutiny due to service-related controversies, which may impact its reputation and customer relations [1][4]. Group 1: Service Controversies - A consumer reported a negative experience at a Mixue store in Changzhou, where staff were uncooperative when the consumer attempted to pick up 30 ice creams using a personal container [2]. - The store staff allegedly made dismissive comments and did not allow the consumer to take photos of the ice cream, leading to a complaint about the service quality [2][3]. - The company responded by stating that the consumer's claims were exaggerated and that they would enhance employee training to prevent future issues [3]. Group 2: Previous Incidents - This incident is not isolated; Mixue has faced previous controversies, including an incident where an employee was filmed using their feet to close a water dispenser, which gained significant attention on social media [4]. - In June of the previous year, another video surfaced showing a staff member washing their feet in a water basin, further damaging the company's image [4]. Group 3: Company Performance - As of December 31, 2024, Mixue reported a total of 46,479 stores globally, an increase of 8,914 stores compared to the same period in 2023, surpassing Starbucks to become the largest in the ready-to-drink beverage sector [5]. - The company achieved a revenue of 24.83 billion yuan in 2024, reflecting a year-on-year growth of 22.3%, while net profit reached 4.45 billion yuan, up 39.8% [5]. Group 4: Stock Market Reaction - Following the recent controversies, Mixue's stock price fell by 2.32% to 496.2 HKD per share, with a total market capitalization of 188.4 billion HKD as of July 23 [6].

Core Viewpoint - The Hong Kong stock market experienced a significant surge in IPO activities in the first half of 2025, driven by a strong participation of cornerstone investors, leading to a total of 42 IPOs that raised HKD 107.1 billion, marking a year-on-year increase of approximately 700% and positioning Hong Kong as the leading global market for IPO fundraising [1][2]. Group 1: IPO Market Performance - In the first half of 2025, Hong Kong's IPO market completed 42 IPOs, raising a total of HKD 107.1 billion, which is a 700% increase year-on-year and a 22% increase compared to the total amount raised in 2024 [1]. - Four out of the top ten global IPOs in 2025 were from Hong Kong, highlighting the city's growing prominence in the global IPO landscape [1]. - The participation of cornerstone investors was crucial, with 36 out of 42 IPOs attracting a total of 189 cornerstone investors, accounting for 85.71% of the IPOs [2]. Group 2: Characteristics of Cornerstone Investors - The cornerstone investment in Hong Kong's IPOs showed three notable trends: a significant clustering of investors, a preference for industry-leading companies, and impressive investment returns [2][4]. - A total of 452.02 million HKD in cornerstone investments represented over 42% of the total fundraising in the market, indicating strong confidence from capital sources [2]. - Leading companies such as Ningde Times, Haitian Flavoring, and Sanhua Intelligent Control attracted a total of 60 cornerstone investors, accounting for 31.7% of the total, with investment amounts reaching HKD 351.4 billion, which is over 77% of the total cornerstone investment [2][4]. Group 3: Investment Returns and Market Dynamics - As of July 15, 2025, 31 out of 36 IPOs with cornerstone investors saw their stock prices rise compared to their issue prices, with 21 companies experiencing price increases exceeding 50% [4]. - The diverse composition of cornerstone investors, including local state-owned platforms, foreign institutions, public funds, and individual investors, contributed to a robust market environment [5][10]. - The participation of foreign institutions in cornerstone investments has notably increased, with significant investments from entities like the Kuwait Investment Authority and the Singapore Government Investment Corporation [7][10]. Group 4: Sector Focus and Future Outlook - Cornerstone investors are primarily focusing on sectors such as new energy, consumer goods, pharmaceuticals, and advanced manufacturing, aligning with national industrial policies and market trends [10]. - The involvement of cornerstone investors is expected to stabilize new stock prices and build investor confidence, with major institutions playing a key role in reducing market volatility [10]. - Looking ahead, the Hong Kong IPO market is anticipated to attract more quality enterprises, with local state-owned enterprises and foreign institutions expected to deepen their involvement in cornerstone investments [10].