Group 1 - HSBC has initiated coverage on Mixue Group (02097.HK) with a target price of HKD 544.1 and a "Hold" rating [1] - HSBC expects a compound annual growth rate (CAGR) for Mixue's revenue and net profit of 17.5% and 17.4% respectively from 2024 to 2027 [1] - The number of Mixue stores is projected to reach 69,239 by 2027 [1] Group 2 - Mixue's end-to-end supply chain supports its leading position in the low-price product segment [1] - Overseas expansion remains an option for Mixue, with 5.1% of its revenue and 10.6% of its total stores coming from international markets in the first nine months of 2024 [1] - 99% of Mixue's overseas stores are located in Southeast Asia, primarily in Indonesia and Vietnam [1]

Group 1 - International capital allocation to China remains at historical lows, but there is a growing willingness among global investors to increase exposure to Chinese assets, particularly in innovative sectors like AI, new consumption, and innovative pharmaceuticals [1][2] - The consensus among industry experts is that both US and Chinese stock markets present investment opportunities this year, with Hong Kong stocks potentially outperforming A-shares [2][3] - The current valuation of the MSCI China Index is at a PE of 11 and PB of 1.4, indicating that Hong Kong stocks are undervalued compared to the high valuations of US stocks, which are reliant on AI narratives [3] Group 2 - The consumer sector in Hong Kong has gained significant attention, surpassing the internet sector in popularity, with companies like Pop Mart and Miko Group being highlighted as key players [4][5] - The growth potential of new consumption in China is linked to the ability to create new IP and resonate with consumers, as well as the capacity to expand internationally [5] - The Chinese pharmaceutical industry is experiencing a resurgence, with significant interest from global pharmaceutical companies seeking assets in key therapeutic areas, leading to a 54% increase in the Hong Kong healthcare sector this year [6][7] Group 3 - The "outbound licensing" theme in innovative pharmaceuticals is gaining traction, driven by high-value overseas licensing deals and increasing recognition of Chinese biotech firms by multinational companies [7][8] - Recent financing activities in the biotech sector, such as the significant capital raises by companies like Hengrui Medicine and Junshi Biosciences, indicate a robust investment environment [7] - The potential for Chinese pharmaceutical companies to enhance their global commercialization capabilities through strategic partnerships is seen as a key growth driver, although challenges remain in terms of innovation and execution [8]

公司简介 蜜雪冰城为中国现制茶饮第一大品牌，24 年底全球门店数 46479 家， 21~24 年 CAGR 32%。25 年 3 月公司于港交所 IPO，发行 1706 万股， 发行价 202.5 港元/股，募资净额 34.6 亿港元，主要用于国内外供应 链建设（66%）。公司已于 2025/6/9 进入港股通交易。 未来主品牌国内继续下沉开店，出海、幸运咖为新增长极。1）出海： 东南亚现制饮品正处于需求增长、连锁化率加快提升阶段，蜜雪 18 年出海，24 年海外门店数 4895 家，看好管理精细化调整后成长潜力。 2）幸运咖：6 元左右平价现磨咖啡，提前卡位下沉市场咖啡普及，产 品较竞品更丰富，供应链与蜜雪协同，25 年加盟门槛下探至 17 万元/ 店，受益价格战趋缓及上市后品牌影响力加强，25 年开店加速，截至 25 年 5 月初含签约门店突破 5400 家。 盈利预测、估值和评级 我们预计 25E~27E 公司营收分别为 310.8/353.2/390.2 亿元，同比 +25.2%/13.7%/10.5%；归母净利分别为 55.0/64.4/73.8 亿元、同比 +24.0%/17.1%/14.5%， ...

Core Viewpoint - The company, Mixue Group, is experiencing significant growth and popularity in the Hong Kong stock market, with its stock price increasing by 85% year-to-date and reaching a new high of 617.5 HKD per share on June 4 [2]. Financial Performance - For the year 2024, Mixue Group reported a revenue of 24.829 billion CNY, a 22.3% increase from 20.3 billion CNY in the previous year [2]. - The gross profit for 2024 was 8.06 billion CNY, up 34.4% from 6 billion CNY year-on-year, with a gross margin of 32.5%, an increase of 3 percentage points from 29.5% [3]. - The net profit for 2024 reached 4.454 billion CNY, a 39.8% increase from 3.187 billion CNY in the previous year [3]. Business Model and Market Strategy - Mixue Group focuses on providing high-quality, affordable beverages and snacks, operating under the brands "Mixue Ice City" and "Lucky Coffee" [2]. - The company employs a heavy asset layout and cost control strategy, establishing its own factories, logistics, and digital systems to create a closed-loop supply chain from raw material procurement to production and delivery [2]. - Mixue's pricing strategy targets the lower end of the market, offering products priced between 2 to 6 CNY, effectively avoiding competition with high-end brands like Heytea [2]. Store Expansion and Market Presence - As of December 31, 2024, Mixue Group had a total of 46,479 stores, with 41,584 located in mainland China, of which 57.4% are in third-tier cities and below [3][5]. - The company surpassed Starbucks to become the largest beverage company by store count [3]. - The growth rate of overseas stores slowed significantly, with only 564 new stores added in 2024, representing a 13% increase compared to a 141% increase in 2023 [3]. Supply Chain and International Strategy - Mixue Group has established a localized supply chain system in four overseas countries and has opened stores in 11 countries [7]. - The company is considering building a multifunctional supply chain center in Southeast Asia to enhance cost management and better meet local consumer demands [7]. - Challenges remain in replicating its efficient supply chain overseas, including issues related to transportation costs and packaging damage [7].

Core Viewpoint - Both Bank of America and UBS have downgraded the rating of Mixue Ice City (02097.HK) due to high valuations and unsatisfactory overseas business expansion, indicating limited long-term growth potential [2][3]. Valuation Concerns - UBS downgraded Mixue Ice City from "Neutral" to "Sell," while Bank of America lowered its rating from "Neutral" to "Underperform" [3]. - UBS set a target price of approximately 477 HKD, while Bank of America adjusted its target price from 400 HKD to 465 HKD [3]. - As of June 9, Mixue Ice City's stock closed at 565.5 HKD, indicating a potential downside of 18.6% compared to UBS's target price [3]. Business Performance and Growth - Bank of America noted that recent sales growth was supported by unsustainable delivery platform subsidies, which may negatively impact future performance comparisons [4]. - The company's gross margin is under pressure, with expectations of a decline to around 30.5% in 2025, down from a stable range of 28.9% to 32.5% from 2021 to 2024 [4]. - Both banks expressed low expectations for Mixue Ice City's overseas business, predicting a decrease in overseas revenue contribution from 5.2% in 2024 to 4.5% in 2025 [4]. Competitive Landscape - Mixue Ice City faces intense competition in overseas markets, particularly in Indonesia and Vietnam, which has led to lower-than-expected recovery [4]. - Bank of America highlighted operational challenges and a lack of attractive pricing in its overseas business [5]. Market Dynamics - The new consumption sector, which includes Mixue Ice City, is experiencing crowded trading, with significant stock price increases for peers like Pop Mart and Lao Pu Gold [6]. - Mixue Ice City's market capitalization reached approximately 214.7 billion HKD as of June 9, 2023 [6]. Future Outlook - Despite valuation pressures, UBS forecasts a strong growth momentum in Mixue Ice City's domestic business, projecting a 15% annual store growth rate over the next 3-4 years, aiming for a total of 70,000 stores by 2028 [7].

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通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通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。 8. 審議並酌情通過（不論有否修訂）以下決議案為特別決議案： 「動議： 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） 股東週年大會通告 茲通告蜜雪冰城股份有限公司（「本公司」）謹訂於2025年6月30日（星期一）下午 三時正假座中國河南省鄭州市鄭東新區圃田西路與動力南路交叉口東南角蜜雪集團辦 公樓A棟7樓會議室舉行股東週年大會，會議目的如下： 作為普通決議案 – 1 – 1. 審議及批准本公司截至2024年12月31日止年度的董事會（「董事會」）報告。 2. 審議及批准本公司截至2024年12月31日止年度的監事會報告。 3. 審議及批准截至2024年12月31日止年度的經審核綜合財務報表。 4. 審議及批准本公司截至2024年12月31日止年度的年度報告。 5. 審議及批准續聘安永會計師事務所為本公司核數師，任期直至本公司下屆 股東週 ...

此乃要件 請即處理 閣下如對本通函的任何內容或應採取的行動有任何疑問，應諮詢股票經紀或其他註冊證券交易商、銀行經 理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有蜜雪冰城股份有限公司的股份，應立即將本通函及隨附代表委任表格送交買 方或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買方或承讓人。 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通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不會就因本通函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） (1)2024年度董事會報告； (2)2024年度監事會報告； (3)2024年度經審核綜合財務報表； (4)2024年年度報告； (5)建議續聘2025年核數師； (6)2025年度董事薪酬方案； (7)2025年度監事薪酬方案； (8)建議授出發行股份及出售或轉讓庫存股份的一般授權； (9)建議授出購回H股的一般授權； | | 釋義 | 1 | | --- | -- ...

Market Overview - The Hong Kong stock market showed a positive trend with the Hang Seng Index rising 1.63% to close at 24,181.43 points, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index also saw significant gains of 1.74% and 2.78% respectively, marking a technical bull market as they rose over 20% from April lows [1] - The trading volume for the day reached 245.83 billion HKD, indicating strong market activity [1] Blue Chip Performance - Kuaishou-W (01024) led the blue-chip stocks with a 5.58% increase, closing at 62.4 HKD, contributing 16.34 points to the Hang Seng Index [2] - Other notable performers included WuXi Biologics (02269) up 5.48%, SMIC (00981) up 5.1%, while Budweiser APAC (01876) and Zijin Mining (02899) experienced declines of 2.06% and 1.64% respectively [2] Sector Highlights - Major technology stocks collectively rose, with Kuaishou increasing over 5% and Meituan and JD.com both rising over 4% [3] - The innovative drug sector showed strong performance, with stocks like Eucure Biopharma-B (01477) up 19.45% and King’s Ray Biotech (01548) up 16.14% [3][4] - The Chinese securities sector saw a broad increase, with firms like Everbright Securities (06178) rising 5.27% and GF Securities (01776) up 4.66% [4] Regulatory Developments - The China Securities Regulatory Commission approved the transfer of control for eight companies to Central Huijin, which may lead to a new wave of mergers and acquisitions in the securities industry [5] Consumer and Technology Trends - The upcoming Apple Worldwide Developers Conference (WWDC 2025) is expected to drive interest in consumer electronics and related stocks, with companies like AAC Technologies (01415) and Sunny Optical (02382) showing gains [6] - New consumption stocks also performed well, with companies like Bruker (00325) rising 22.34% [6][7] Commodity Movements - Gold stocks faced declines, with Shandong Gold (01787) down 3.99%, influenced by stable U.S. employment data which suggests the Federal Reserve may maintain its current interest rate stance [7] Notable Stock Movements - China Rare Earth (00769) surged 60% following news of eased export controls on rare earths, reflecting strong market interest [8] - Huicai Holdings (01180) experienced a dramatic drop of 47.54% before being suspended, indicating volatility in the entertainment equipment sector [9]

港股新消费概念股午后走势分化，布鲁可(00325.HK)涨超24%，蜜雪集团(02097.HK)涨近7%，古茗 (01364.HK)涨超5.5%，巨子生物(02367.HK)涨超4%，此前一度跌超4%，老铺黄金(06181.HK)跌近3%， 沪上阿姨(02589.HK)跌1.3%。 ...

Core Viewpoint - The article highlights significant stock movements in the Hong Kong and US markets, indicating potential investment opportunities and sector trends, particularly in technology, healthcare, and entertainment sectors [1][2][3]. Hong Kong Market Highlights - Mixue (02097) surged over 7%, while Bluetec (00325) rose over 16%, and Guming (01364) increased over 3% [1]. - Lion Group (02562) gained over 4% as it plans to acquire a domestic SaaS company with substantial market share [1]. - Apple-related stocks saw a broad increase, with Sunny Optical (02382) up nearly 4%, and other companies like Q Tech (01478) and AAC Technologies (02018) rising over 3% [1]. - Far East Pharmaceutical (00512) rose over 3% as it commenced international Phase III clinical trials for its innovative ophthalmic drug CBT-001 [1]. - Alibaba Pictures (01060) jumped over 16%, with a cumulative increase of nearly 140% over the past two weeks, focusing on Damao performances and IP derivatives [1]. - Global Data (09698) increased over 5% after signing a strategic agreement with China Life Investment for comprehensive cooperation in asset securitization [1]. - Three Life Pharmaceuticals (01530) rose over 5% following a significant licensing agreement with Pfizer, showcasing promising data for SSGJ-707 [1]. - JD Group (09618) gained nearly 5% after signing a strategic cooperation agreement with China Resources Group [1]. - Tencent Music (01698) increased over 6% as it expands its international footprint by investing in South Korea's SM Entertainment [1]. - Cinda Biologics (01801) rose over 6% due to promising early data for IBI363 in lung cancer, with Goldman Sachs previously indicating the stock was undervalued [1]. - SMIC (00981) increased nearly 4% as it plans to sell its stake in SMIC Ningbo to focus on its core business [1]. - Rare earth stocks surged, with China Rare Earth (00769) up over 48% [1]. - Fubo Group (03738) rose over 3% after completing a 138 million share placement to enhance its AI business [1]. - Friendship Time (06820) surged over 22%, with a year-to-date increase exceeding 90%, driven by positive market feedback on its new game [1]. - Military stocks collectively rose, with China Shipbuilding Defense (00317) increasing nearly 4% [1]. US Market Highlights - Huaxing Capital Holdings (01911) surged over 14% following the successful listing of stablecoin "first stock" Circle, in which its fund participated in 2018 [2]. - In the US market, Circle's stock skyrocketed nearly 30% on its second day of trading after an initial 168% surge [2]. - Lululemon (LULU.US) fell nearly 20% after lowering its full-year profit guidance [2]. - DocuSign (DOCU.US) dropped nearly 19% after revising its full-year billing revenue forecast downward [2]. - Virgin Galactic (SPCE.US) rose over 2%, with a peak increase of over 14%, as it announced a potential recovery in commercial space flight services [2]. - Nvidia's holdings saw a broad increase, with Applied Digital (APLD.US) up over 8% and Recursion Pharmaceuticals (RXRX.US) rising over 20% [2]. - Robinhood (HOOD.US) fell 6.25% in after-hours trading, while AI stock Applovin (APP.US) dropped 5.53% [3].