Core Insights - Lucky Coffee, a sub-brand of Mixue Group, is rapidly expanding in first-tier cities, contrasting with its previous focus on lower-tier markets [2][3][5] - The brand has increased its store count in Beijing from a few to nearly 100 this year, with Shenzhen experiencing a threefold growth in store numbers [2][3] - Lucky Coffee offers incentives for franchisees in high-tier cities, including waiving fees totaling 17,000 yuan for stores in major urban areas [2][4] Expansion Strategy - Lucky Coffee's core product pricing ranges from 5 to 10 yuan, significantly lower than competitors, allowing it to capture market share in lower-tier cities [3][5] - As of October 23, Lucky Coffee has signed over 9,000 stores nationwide, with a target of reaching nearly 10,000 [3][4] - The brand is focusing on smaller store formats (20-30 square meters) in first-tier cities to reduce operational costs for franchisees [4][6] Market Dynamics - The coffee market in lower-tier cities is becoming saturated, prompting Lucky Coffee to seek growth in first-tier cities where competition is fierce [5][6] - Major competitors like Luckin Coffee and Starbucks are also expanding aggressively into lower-tier markets, increasing pressure on Lucky Coffee [5][6] - The high-tier coffee market is perceived as nearing saturation, with a shift in growth potential towards lower-tier markets [6] Challenges Ahead - Lucky Coffee faces significant challenges in high-tier cities, including high operational costs and intense competition from established brands [6] - The brand's marketing and product innovation strategies are seen as lacking compared to competitors, which may hinder its ability to attract consumers in high-tier markets [6]

Group 1: Hang Seng Index - The Hang Seng Index showed a slight increase but with disappointing performance overall, with a trading volume that continued to decrease [1] - Technical signals for the Hang Seng Index are predominantly "buy," with four buy signals and fewer sell signals, indicating a slight bullish sentiment in the short term [1] - Support levels are estimated around 25326 points, close to the mentioned 25400 points, while resistance is around 26400 points [1] Group 2: Meituan-W (03690.HK) - Meituan's closing price is 101.2 HKD, having returned above 100 HKD, but the stock has been relatively stable with a significant decline from previous highs of around 186 HKD [3] - The potential support level is around 97.1 HKD, and if it falls below 97 HKD, it could drop to 92 HKD or even 88 HKD based on Bollinger Bands calculations [3] Group 3: NetEase-S (09999.HK) - NetEase closed at 217.4 HKD, having reached a high of 248 HKD, and is currently holding above the middle line of the Bollinger Bands [4] - The resistance level is calculated at 227 HKD, and if this is surpassed, it could rise to 237 HKD, indicating a potential upward movement of about 10 HKD [4] Group 4: Contemporary Amperex Technology Co. (03750.HK) - The stock price of Contemporary Amperex is currently at 547.5 HKD, fluctuating within a narrow range of 530-580 HKD [5] - Technical signals are neutral, suggesting a lack of clear direction, and investors are advised to wait for clearer trends before making decisions [5] Group 5: Yancoal Energy (01171.HK) - Yancoal Energy's closing price is 11.38 HKD, with a resistance level at 11.8 HKD, and if this is broken, it could rise to 12.2 HKD [7] - There is a possibility of the stock dropping back to around 10 HKD, with a support level at 10.08 HKD [7] Group 6: Mixue Group (02097.HK) - Mixue Group's closing price is 400.6 HKD, with a resistance level at 428 HKD, indicating potential for a rise above 420 HKD [8] - The technical signals are predominantly "buy," with 11 buy signals compared to 4 sell signals, suggesting a favorable outlook [8]

截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 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 公司名稱: 蜜雪冰城股份有限公司 呈交日期: 2025年11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 ...

Group 1 - The Hang Seng Index fell by 0.28%, down 73 points, closing at 25,878 points, while the Hang Seng Tech Index decreased by 0.80%. The early trading volume in Hong Kong stocks was HKD 138.2 billion [1] - AI concept stocks experienced a decline, with concerns over high valuations. Institutions suggest that the long-term outlook for Hong Kong tech stocks remains attractive [1] - Hui Liang Technology (01860) dropped over 6%, and Kingsoft (03888) fell by 2.81% [1] Group 2 - Longpan Technology (603906) saw an increase of over 9% as lithium battery midstream prices continue to rise, with institutions expecting further price momentum [2] - Yimai Sunshine (02522) rose by 3.27% following several directors' share purchases, and the "AI + healthcare" sector is expected to benefit from new policies [3] - China Duty Free Group (601888) (01880) increased by over 4%, marking its first interim dividend, with recent policies likely to boost the duty-free industry [3] Group 3 - Yihua Tong (02402) surged by 7.7%, with significant cash flow improvement in the first three quarters, and fuel cell vehicle production is expected to accelerate [4] - Tianli International Holdings (01773) rose by 4.9%, with its AI learning companion already implemented in over 100 schools nationwide [5] - Mixue Group (02097) increased by 2.89%, planning to collaborate with Anjun Express for cold chain operations in Brazil [6] Group 4 - Huishang Bank (03698) rose by 4%, reporting a net profit of CNY 14.149 billion in the first three quarters, with institutions indicating potential for future growth [7] - Sanhua Intelligent Control (002050) (02050) fell by 1.94%, as Goldman Sachs pointed out overly optimistic robot expectations, while the market is focused on Tesla's trillion-dollar compensation plan [7] - Home Control (01747) dropped by 13%, facing scrutiny from the Hong Kong Securities and Futures Commission due to high stock ownership concentration [7] - Long Fiber Optic (601869) (06869) declined by 2.81%, with Q3 net profit down nearly 11%, and UBS stated that the impact of hollow-core fiber on profitability is limited in the short term [7]

Market Overview - The Hang Seng Index fell by 0.28%, down 73 points, closing at 25,878 points, while the Hang Seng Tech Index decreased by 0.80%. The early trading volume in Hong Kong stocks was HKD 138.2 billion [1]. AI Sector - AI concept stocks experienced a decline, with concerns over high valuations intensifying. Institutions suggest that the long-term outlook for Hong Kong tech stocks remains attractive. HuiLiang Technology (01860) dropped over 6%, and Kingsoft (03888) fell by 2.81% [1]. Lithium Battery and Healthcare - Longpan Technology (02465) saw a midday increase of over 9% due to ongoing price hikes in the lithium battery midstream, with institutions predicting further price momentum. Yimai Sunshine (02522) rose by 3.27% following several directors' share purchases, indicating a positive outlook for the "AI + healthcare" sector amid new policies [1]. Duty-Free Industry - China Duty Free Group (01880) rose over 4% against the market trend, marking its first interim dividend. Recent policy developments are expected to boost growth in the duty-free industry [1]. Fuel Cell Vehicles - Yihua Tong (02402) increased by 7.7%, with significant cash flow improvement in the first three quarters, and the potential for accelerated release of fuel cell vehicles [1]. Other Companies - Tianli International Holdings (01773) rose by 4.9% as its AI companion has been implemented in over 100 schools nationwide [2]. - Mixue Group (02097) increased by 2.89% due to a planned cold chain cooperation with Anjun Express in Brazil [3]. - Huishang Bank (03698) rose by 4%, reporting a net profit of CNY 14.149 billion for the first three quarters, with expectations for future inclusion in the stock connect [3]. - Sanhua Intelligent Control (02050) fell by 1.94% as Goldman Sachs indicated overly optimistic robot expectations, with market attention on Tesla's trillion-dollar compensation plan [4]. - HOME CONTROL (01747) dropped by 13% after being named by the Hong Kong Securities and Futures Commission for high shareholding concentration [5]. - Changfei Optical Fiber and Cable (06869) fell by 2.81%, with Q3 net profit declining nearly 11%. UBS stated that the impact of hollow-core fiber on profitability is limited in the short term [6].

Group 1: Stock Movements and Company Announcements - China Duty Free Group (01880) saw a rise of over 3.9% after announcing its first interim dividend plan, proposing a distribution of 2.50 yuan per 10 shares, totaling approximately 517 million yuan, which accounts for 16.95% of its net profit for the first three quarters [1] - Gu Ming Holdings (01364) experienced an early morning increase of nearly 4%, with a current rise of 1.39%, following the announcement of a board meeting scheduled for November 14, 2025, to consider a special dividend [1] - Yuejiang (02432) rose over 4.38% after announcing a strategic partnership with Lens Technology, involving a procurement order of 1,000 robots, marking a new phase in their collaboration [1] - Tianli International Holdings (01773) increased by over 4.4% after a successful event in Chengdu focused on AI in education [1] - Yihua Tong (02402) surged by nearly 8% after reporting a positive cash flow of 4.61 million yuan for the first three quarters, a significant improvement from a loss of 221 million yuan in the same period last year [2] - Home Control (01747) fell over 14% after the Hong Kong Securities and Futures Commission raised concerns about its highly concentrated shareholding structure [2] - XPeng Motors (09868) saw a decline of over 5%, currently down 3.26%, ahead of its AI Technology Day scheduled for November 5 [2] - Shanghai Petrochemical (00338) dropped over 2.2% after reporting a 10.77% decrease in revenue and a net loss of 432 million yuan for the first three quarters [3] - Sanhua Intelligent Control (02050) fell over 2.1% amid speculation regarding Tesla's upcoming annual shareholder meeting [3] - Mixue Group (02097) rose over 3% following a strategic cooperation signing ceremony with Anjun Express in Brazil [4] Group 2: U.S. Market Movements - Palantir (PLTR.US) stock fell over 7.94% despite reporting a 63% year-on-year revenue increase to 1.18 billion USD for the third quarter [5] - The Nasdaq Golden Dragon China Index declined over 2%, with notable drops in several Chinese stocks, including Futu Holdings (FUTU.US) down over 7.57% and XPeng (XPEV.US) down nearly 4% [5] - Metsera (MTSR.US) surged over 20% following increased acquisition bids from Pfizer (PFE.US) and Novo Nordisk (NVO.US) [5] - Yum China (YUMC.US) rose over 1.9% after a positive earnings call highlighted the success of its new business model [5] - Cryptocurrency-related stocks fell, with Coinbase (COIN.US) down over 6.9% and Bitcoin dropping over 1.7% [6] - Tesla (TSLA.US) dropped over 5% due to multiple negative factors, including a lawsuit related to a serious accident and a rejection of a significant compensation proposal for CEO Elon Musk [6] - Baidu (BIDU.US) rose over 3.1% after announcing that its autonomous driving platform surpassed 250,000 weekly orders, marking a significant milestone [6] - Uber (UBER.US) fell over 5% after reporting lower-than-expected operating profit for the third quarter [7] - Philips (PHG.US) increased nearly 3% after reporting a 2% decline in sales but exceeding market expectations for adjusted EBITA [7] - Spotify Technology (SPOT.US) saw fluctuations in its stock price following the release of its third-quarter earnings report, with several key metrics surpassing market expectations [7]

Core Viewpoint - Mixue Group (02097.HK) experienced a nearly 3% increase in stock price, reaching 405 HKD with a trading volume of 87.43 million HKD as of the report time [2] Group 1 - The stock price of Mixue Group rose by 2.79% [2] - The trading volume for Mixue Group was reported at 87.43 million HKD [2]

Core Viewpoint - The strategic partnership between Anjun Express and Mixue Ice City aims to enhance cold chain logistics in Brazil, leveraging both companies' strengths to build an integrated cold chain system [1] Group 1: Company Developments - Mixue Group's stock rose over 3% in the morning session, currently trading at 405 HKD with a transaction volume of 87.43 million HKD [1] - Anjun Express will construct dedicated food-grade cold storage and refrigerated warehouses for Mixue Ice City in São Paulo, Brazil [1] Group 2: Strategic Partnership - The agreement includes Anjun Express providing comprehensive warehousing, urban distribution, and cold chain transportation services for Mixue Ice City across Brazil [1] - Mixue Ice City will share its established cold chain operational experience from China to assist Anjun Express in developing food industry-standard cold chain service capabilities [1]

Core Viewpoint - The strategic partnership between Anjun Express and Mixue Ice City in Brazil aims to enhance cold chain logistics capabilities, leveraging both companies' strengths in the food industry [1] Group 1: Company Developments - Mixue Group's stock price increased by over 3%, reaching 405 HKD with a trading volume of 87.43 million HKD [1] - Anjun Express will invest in building food-grade cold storage and refrigerated warehouses for Mixue Ice City in São Paulo, Brazil [1] - The partnership will enable Anjun Express to provide comprehensive warehousing, urban distribution, and cold chain transportation services for Mixue Ice City across Brazil [1] Group 2: Industry Implications - The collaboration aims to create an integrated cold chain logistics system from storage to end delivery, enhancing operational efficiency in the food sector [1] - Mixue Ice City will share its established cold chain operational experience in China to assist Anjun Express in developing compliant cold chain service capabilities [1]

Core Insights - Indonesia is a major producer and consumer of tea and coffee, with a thriving tea and coffee culture [1][2] - The country's economic growth, rising disposable income, and high internet penetration create significant opportunities for brand expansion [1][3] Group 1: Market Overview - Indonesia is the largest economy in ASEAN, with high GDP growth and rapidly increasing per capita disposable income [1][3] - The country is the world's third-largest coffee producer and seventh-largest tea producer, benefiting from its equatorial climate [2] - The tea and coffee market in Indonesia has seen rapid development, with local and international brands establishing a strong presence [2] Group 2: Opportunities for Chinese Brands - Opportunities for Chinese tea and coffee brands include a large, young population, low savings rates, and a strong acceptance of global brands [3] - The market has low education costs for tea and coffee culture, and there is still room for growth in per capita consumption [3] - Strengthening bilateral cooperation between China and Indonesia presents additional opportunities for market entry [3] Group 3: Localization Strategies - Localization is crucial for brand expansion and sustainable development, including organizational, product, marketing, and supply chain localization [4] - Understanding local tastes, such as preference for spicy and fried foods, and sweet, icy drinks can enhance product offerings [4] - High internet penetration and reliance on social media among young consumers make digital marketing and private domain operations essential [4] Group 4: Key Players in the Market - Chatime has successfully penetrated the Indonesian market through local partnerships and digitalization [5] - Heytea (蜜雪冰城) is the leading ready-to-drink tea brand in Southeast Asia, leveraging competitive pricing and quality models [5] - Starbucks dominates the high-end market with strong local partnerships and benefits from Indonesia's economic growth [5] Group 5: Emerging Brands - TOMORO, a brand with Chinese roots, has rapidly expanded to become the fourth-largest coffee chain in Indonesia by focusing on localization [6]