執行董事兼首席執行官 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，本公司董事會會議將於2025年3月26日（星期三）舉行，藉以（其中包 括）(i)考慮及批准本集團截至2024年12月31日止年度的全年業績及其發佈，(ii)考 慮建議派發末期股息（如有），以及(iii)處理其他事項。 承董事會命 蜜雪冰城股份有限公司 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 張紅甫先生 香港，2025年3月14日 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。 ...

Core Viewpoint - The company, Mixue Group, has achieved the highest market capitalization among Chinese restaurant companies, surpassing Yum China and the combined market value of other tea beverage companies, despite recent stock price fluctuations [1][2]. Group 1: Market Performance - On March 3, Mixue Group debuted on the Hong Kong Stock Exchange, breaking the trend of tea beverage companies experiencing a drop in share price on their first day, with an opening increase of 30% and a closing price of 290 HKD, up 43% from the issue price [2]. - As of March 13, the stock price was reported at 399.8 HKD, with a total market capitalization of 151.8 billion HKD, leading the Chinese restaurant sector [1][6]. Group 2: Capital Attraction - Prior to its listing, Mixue Group was dubbed the "Frozen Capital King" due to its record-breaking subscription figures, achieving a subscription multiple of 5324 times and raising 32.91 billion HKD [3][6]. - The company attracted significant investment from well-known institutions, including M&G Investments and Sequoia Capital, with total subscriptions reaching approximately 15.58 billion HKD [3]. Group 3: Financial Performance - For the first nine months of 2024, Mixue Group reported revenues of 18.66 billion HKD and a net profit of 3.49 billion HKD, resulting in a net profit margin of 18.7%, which is significantly higher than its competitors [4]. - Competitors such as Gu Ming and Cha Bai Dao reported lower revenues and profit margins, highlighting Mixue's superior financial performance [4]. Group 4: Business Strategy - Mixue Group employs a low-price strategy, with an average drink price of approximately 6 RMB, which is significantly lower than industry averages, allowing it to capture a large market share in lower-tier cities [5][6]. - The company has built a robust supply chain to minimize costs and relies heavily on a franchise model, with over 90% of its revenue coming from supplying materials and equipment to franchisees [6]. Group 5: Challenges Ahead - The sustainability of Mixue's low-price strategy is under scrutiny due to rising costs, market saturation, and competition from other low-cost brands [7]. - The company has begun adjusting prices in certain regions, indicating potential challenges in maintaining its pricing strategy [7]. Group 6: International Expansion - As of September 2024, Mixue Group has opened approximately 4,800 stores outside mainland China, with a significant portion of overseas revenue coming from Indonesia and Vietnam [8]. - The company faces challenges in expanding into developed markets, where brand recognition is lower, as evidenced by its limited store openings in countries like Australia, Japan, and South Korea [8].

Investment Rating - The report assigns a "Buy" rating for the company, Mijiu Group (02097.HK), marking its first coverage [1]. Core Insights - Mijiu Group is positioned as a leader in the affordable ready-to-drink beverage market, with a significant brand dominance reflected in its extensive store network and strong market presence [8][62]. - The company has a robust growth trajectory, with projected revenues increasing from 20.3 billion RMB in 2023 to 31.2 billion RMB by 2026, representing a compound annual growth rate (CAGR) of approximately 13.66% [1]. - Mijiu's net profit is expected to grow from 3.1 billion RMB in 2023 to 5.9 billion RMB in 2026, indicating a strong profitability outlook [1][62]. - The brand's unique IP, "Xue Wang," has significantly enhanced its marketing effectiveness, achieving over 43.5 billion views on social media platforms, which contributes to its brand recognition and consumer engagement [45][62]. Summary by Sections 1. Market Position and Brand Dominance - Mijiu Group operates over 40,000 stores, far surpassing competitors, which typically have between 3,000 to 9,000 stores, showcasing its market leadership [8][19]. - The affordable ready-to-drink beverage segment is projected to grow at a CAGR of 23% from 2024 to 2028, positioning Mijiu favorably within this high-growth market [14][15]. 2. Financial Performance and Projections - The company’s total revenue is forecasted to reach 24.0 billion RMB in 2024, with a year-on-year growth of 18.36% [1]. - Mijiu's earnings per share (EPS) are expected to increase from 8.26 RMB in 2023 to 15.64 RMB by 2026, reflecting strong earnings growth [1]. 3. Competitive Landscape - Mijiu holds a market share of over 30% in the affordable ready-to-drink beverage sector, while competitors struggle to establish similar dominance in the mid-priced segment [29][34]. - The mid-priced beverage market is highly competitive, with brands like Luckin Coffee and others vying for market share, but Mijiu's position remains strong in the affordable segment [26][34]. 4. International Expansion and Future Outlook - Mijiu has begun its international expansion, with 4,792 stores outside of mainland China, primarily in Southeast Asia, indicating significant growth potential [54][61]. - The company aims to enhance its supply chain and marketing strategies to support its overseas growth, with plans to enter markets like Japan [58][62].

Investment Rating - The report assigns a "Buy" rating for the company, Mijiu Group (02097.HK), marking its first coverage [8][62]. Core Insights - Mijiu Group is positioned as a leader in the affordable ready-to-drink beverage market, with a significant brand dominance reflected in its extensive store network and strong market share [8][62]. - The company has a robust end-to-end supply chain and leverages its "Xue Wang" IP for effective brand marketing, which enhances consumer engagement and brand recognition [8][62]. - Mijiu's projected net profits for 2024-2026 are estimated at 43.8 billion, 51.2 billion, and 59.4 billion RMB, respectively, with corresponding P/E ratios of 28, 24, and 21 [8][62]. Summary by Sections 1. Market Position and Brand Dominance - Mijiu Group operates over 40,000 stores in China, significantly outpacing competitors, which typically have between 3,000 to 9,000 stores [8][19]. - The affordable ready-to-drink beverage market is expected to grow at a compound annual growth rate (CAGR) of 23% from 2024 to 2028, indicating strong market potential for Mijiu [14][15]. 2. Financial Performance and Projections - The company reported total revenue of 13.576 billion RMB in 2022, with a projected increase to 31.232 billion RMB by 2026, reflecting a CAGR of 31.15% [8][62]. - Mijiu's net profit for 2022 was 1.997 billion RMB, expected to rise to 5.937 billion RMB by 2026, showcasing a strong growth trajectory [8][62]. 3. Competitive Landscape - Mijiu holds a market share of over 30% in the affordable ready-to-drink beverage segment, while competitors struggle to establish a similar level of brand dominance [8][29]. - The mid-priced beverage market is highly competitive, with brands like Heytea and Luckin Coffee vying for market share, but Mijiu remains the clear leader in the affordable segment [8][19]. 4. Brand Marketing and Consumer Engagement - The "Xue Wang" IP has generated over 43.5 billion views on social media platforms, significantly enhancing brand visibility and consumer connection [8][45]. - Mijiu's marketing strategy integrates both online and offline channels, effectively reaching a broad consumer base [8][45]. 5. Expansion and Future Outlook - Mijiu is actively pursuing international expansion, with a focus on Southeast Asia, where it has already established a significant presence [8][54]. - The company aims to increase its overseas store count, which currently stands at 4,792, representing about 10.6% of its total stores [8][54].

2元一支的甜筒，均价8元的奶茶，撬动超1 3 0 0亿的市值，靠1杯柠檬水，每天从加盟商口袋掏 走近3 0 0万！ 3月3日，蜜雪冰城在港交所上市，成为继奈雪的茶、茶百道、古茗后第四家上市的新茶饮企 业。蜜雪集团( 0 2 0 9 7 .HK)打破了新茶饮企业"上市即破发"的行业魔咒，截至3月7日收盘， 一 周累计上涨7 5 . 3 1%，市值突破1 3 4 8亿港元，1个蜜雪冰城市值=4 8个奈雪的茶。 （ 注 ： 奈 雪 的 茶 最 新收盘 市值2 8 亿港元 ） | | 奈雪的茶 | 茶间道 | 合 古著 古容 | 23 25 7K1 | | --- | --- | --- | --- | --- | | 上市时间 | 2021年6月30日 | 2024年4月23日 | 2025年2月12日 | 2025年3月3日 | | 募资规模 ( ( ( ) ) | 50.94 | 25.86 | 18.13 | 34.55 | | 发行价 (港元/股) | 19.8 | 17.5 | 9.94 | 202.5 | | 二同直日股价 涨跌幅 | -13.54% | -26.86% | -6.44%% | 43.2 ...

Core Viewpoint - The article discusses the recent IPO of Mixue Group, highlighting its significant market valuation and the factors contributing to its rapid growth in the beverage industry, particularly in the context of competition with established brands like Starbucks [2][6]. Group 1: Market Performance and Valuation - Mixue Group's stock surged by 43.21% on its debut, reaching a market capitalization of HKD 109.3 billion, surpassing the peak valuation of Luckin Coffee in 2020 and even exceeding that of Haidilao [2][4]. - Despite the initial surge, Mixue's stock experienced a slight decline of 0.14% on the second day of trading, raising questions about the sustainability of its valuation [2][4]. Group 2: Operational Efficiency and Supply Chain - The high valuation of Mixue is attributed to its extensive self-built supply chain and store network, supported by a digital system that integrates business, information, finance, and logistics [4][5]. - Mixue's digital system allows for efficient online operations across all stages, enabling quick order fulfillment and resource allocation, which is a significant advantage over competitors [4][5]. - The company plans to allocate approximately 66% of its IPO funds (around HKD 2.2 billion) to enhance its end-to-end supply chain system, indicating a strong focus on technological advancement [5]. Group 3: Competitive Landscape - In the domestic market, Mixue faces competition from various brands, with each segment having established leaders, such as Luckin in coffee and Guming in fruit tea [9][10]. - Mixue's strategy involves expanding its presence in shopping centers and enhancing operational efficiency to maintain its competitive edge [10][12]. Group 4: International Expansion Potential - Mixue has expanded into Southeast Asia, with over 4,800 overseas stores, and has shown rapid growth in new markets, particularly in Indonesia [13][14]. - The potential for further expansion in Southeast Asia is significant, with projections suggesting that Mixue could increase its store count to between 10,000 and 15,000 in the region [14]. - However, challenges remain in localizing operations and competing with established international brands, necessitating a careful approach to international growth [16].

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of HKD 317.80, based on projected earnings growth and valuation metrics [1][9]. Core Insights - The company, Mixue Group, is positioned as a leading player in the global ready-to-drink beverage market, achieving a revenue growth rate of 21.2% and a net profit growth rate of 45.2% in the first three quarters of 2024 [3][4]. - The company's rapid expansion is driven by a combination of supply chain advantages and a focus on lower-tier markets, with a significant portion of its stores located in third-tier cities and below [5][6]. - The ready-to-drink tea industry is experiencing robust growth, with a projected CAGR of 17.3% from 2023 to 2028, and Mixue holds a 20% market share, making it the largest player in the sector [4][54]. Company Overview - Mixue Group was founded in 1997 and has rapidly expanded to over 46,479 stores globally, achieving a market share of 19% by store count [3][20]. - The company operates primarily through a franchise model, with 45,282 franchise stores and only 20 company-owned stores as of September 2024 [30][36]. - The revenue structure is heavily weighted towards B2B sales, with 98% of revenue coming from product and equipment sales to franchisees [36]. Industry Growth - The ready-to-drink tea market in China is currently valued at approximately CNY 258.5 billion, with a projected growth to CNY 312.7 billion in 2024, reflecting a 21% year-on-year increase [52][54]. - The market for affordable ready-to-drink beverages is expanding rapidly, with a CAGR of 22.2% expected from 2023 to 2028, driven by increasing consumer demand in lower-tier cities [54][55]. Supply Chain and Business Model - Mixue's competitive advantage lies in its vertically integrated supply chain, which allows for cost control and efficient distribution, with 70% of raw materials sourced in-house [5][6]. - The company has established five production bases across China, ensuring a steady supply of key ingredients and maintaining lower procurement costs compared to competitors [5][6]. International Expansion - Mixue is actively expanding its presence in Southeast Asia, with 4,792 overseas stores as of September 2024, and plans to increase this number significantly in the coming years [6][30]. - The company is also leveraging its supply chain to support its coffee brand, Luckin Coffee, which is experiencing rapid growth in the affordable coffee segment [6][29].

Group 1: Snow King IPO - Snow King Group (MIXUE) was listed on the Hong Kong Stock Exchange on March 3, with a closing price increase of 43.21%, reaching 290 HKD per share and a market capitalization of approximately 110 billion HKD [4][5] - The IPO price was set at 202.5 HKD per share, allowing investors to earn nearly 8,700 HKD for one lot of shares [5] - The total amount raised from the IPO was 3.455 billion HKD, with a record subscription rate of 5,258.21 times for the public offering, amounting to 1.82 trillion HKD [6] Group 2: Financial Performance - Snow King Group reported revenues of 13.6 billion CNY, 20.3 billion CNY, and 18.7 billion CNY for the years 2022, 2023, and the first nine months of 2024, representing year-on-year growth of 31.2%, 49.6%, and 21.2% respectively [6] - The net profits for the same periods were 2 billion CNY, 3.2 billion CNY, and 3.5 billion CNY, with year-on-year growth rates of 5.3%, 58.3%, and 42.3% respectively [6] Group 3: Hema's Business Adjustment - Hema announced the closure of three membership stores in Shanghai, effective April 1, leaving only five such stores nationwide [8][10] - Hema plans to focus on expanding its fresh food business, with plans to open nearly 100 new Hema Fresh stores in the new fiscal year [10] Group 4: Market Reactions - The Nasdaq index experienced a sudden drop, primarily influenced by Nvidia's nearly 5% decline [19] - Chinese concept stocks also faced adjustments, with the Nasdaq Golden Dragon China Index falling over 1.4%, and notable declines in electric vehicle stocks such as Li Auto, Xpeng, and NIO [20]

Investment Rating - The report maintains a "Recommended" rating for the social services industry, highlighting positive trends and growth potential in various sectors [4]. Core Insights - The report emphasizes the significant impact of the "phenomenal IPO" of Mixue Ice City, which set a record in the Hong Kong stock market with a subscription multiple of 5125 times and raised HKD 1.77 trillion, boosting market expectations for the new tea beverage industry [2][9]. - The report notes that the expansion of international business remains a key focus for OTA platforms, with Ctrip reporting a revenue of CNY 12.7 billion in Q4 2024, a year-on-year increase of 23%, despite rising marketing costs [3][10]. - The report highlights the advancements in AI technology driving growth in the education sector, with Duolingo achieving a revenue of USD 210 million in Q4 2024, a 39% year-on-year increase, and plans for further AI investments [6][8]. Industry Dynamics and News Education - AI technology is driving growth in the education sector, with Duolingo's Q4 2024 revenue reaching USD 210 million, up 39% year-on-year, and an adjusted EBITDA of USD 52.3 million [6][8]. - Chinese education companies are accelerating their AI and specialized model applications, with notable developments from companies like Daosheng Education and Xueda Education [8]. Chain Services - The "phenomenal IPO" of Mixue Ice City has led to a reevaluation of the tea beverage sector, with stocks of brands like Gu Ming and Nayuki Tea rising by 79.5% and 23.7% respectively [2][9]. - Brands are adjusting franchise requirements to enhance operational quality and profitability, with Mixue adopting a "couple store" model for rural outlets [9][40]. Tourism - Ctrip's Q4 2024 revenue was CNY 12.7 billion, reflecting a 23% year-on-year growth, with international business expansion expected to enhance long-term profitability [3][10]. - The report anticipates that the international business segment will significantly improve overall scale and profit margins once it matures [10]. Market Performance - The social services industry saw a month-on-month increase of 3.8%, outperforming the CSI 300 index by 1.8 percentage points, with education and professional services leading the gains [43][44]. - The report indicates that the AI sector's growth is positively influencing the valuation of the social services industry, particularly in education and professional services [43].

Investment Rating - The report maintains a "Recommended" rating for the social services industry, highlighting positive trends and growth potential in various sectors [4]. Core Insights - The report emphasizes the strong performance of the new tea beverage sector, particularly following the "phenomenal IPO" of Mixue Ice City, which achieved a subscription rate of 5125 times and raised HKD 1.77 trillion. This has led to a reevaluation of the overall market valuation for the new tea beverage industry [2][9]. - In the travel sector, the expansion of international business is seen as a key driver for OTA platforms, with expectations for long-term profitability improvements despite short-term cost pressures [3][10]. - The education sector is experiencing growth driven by AI technology, with Duolingo reporting a 39% year-on-year revenue increase in Q4 2024, indicating a positive trend in the commercialization of AI in education [6][8]. Industry Dynamics and News Education - Duolingo's Q4 2024 revenue reached USD 210 million, up 39% year-on-year, with an adjusted EBITDA of USD 52.3 million and an EBITDA margin of 25% [6][8]. - Chinese education companies are accelerating their AI and specialized model applications, with notable developments from companies like Good Future and Doushen Education [8]. Chain Services - The tea beverage sector is expected to see a valuation reassessment due to the strong market performance of Mixue Ice City, with stock prices for brands like Gu Ming and Nayuki increasing by 79.5% and 23.7% respectively [2][9]. - Brands are adjusting franchise requirements to enhance operational quality and profitability, with Mixue adopting a "couple store" model for rural outlets [9][40]. Tourism - Ctrip reported Q4 2024 revenue of CNY 12.7 billion, a 23% year-on-year increase, with international business expected to significantly enhance profitability in the long run [3][10]. - The report highlights the ongoing recovery in the tourism sector, with international travel bookings surpassing pre-pandemic levels [10]. Market Performance - The social services industry saw a month-on-month increase of 3.8%, outperforming the CSI 300 index by 1.8 percentage points, with education and professional services leading the gains [43][44]. - The report notes a significant interest in AI applications within the education sector, which is expected to drive further growth and innovation [43]. Key Stock Predictions and Valuations - The report includes earnings predictions for key companies, recommending stocks such as Gu Ming, Nayuki, and Ctrip, with expected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [50].