Core Viewpoint - The new consumption concept stocks in Hong Kong have shown a significant upward trend, indicating positive market sentiment and potential growth in this sector [1]. Group 1: Stock Performance - Shangmei Holdings (02145.HK) increased by 7.43%, reaching HKD 101.2 [1] - Guming (01364.HK) rose by 7.33%, trading at HKD 26.08 [1] - Mixue Group (02097.HK) saw a gain of 6.53%, priced at HKD 443.8 [1] - Miniso (09896.HK) climbed by 5.15%, with a share price of HKD 45.32 [1] - Blukoo (00325.HK) experienced a 4.99% increase, valued at HKD 107.4 [1] - Laopu Gold (06181.HK) grew by 4.04%, trading at HKD 721 [1]

Core Viewpoint - The new consumption concept stocks have generally risen, indicating a positive market sentiment towards consumer-driven sectors amid external economic challenges in China [1] Group 1: Stock Performance - Upme Holdings (02145) increased by 7.43%, trading at 101.2 HKD [1] - Gu Ming (01364) rose by 7.33%, reaching 26.08 HKD [1] - Mixue Group (02097) saw a 6.53% increase, priced at 443.8 HKD [1] - Miniso (09896) gained 5.15%, with a price of 45.32 HKD [1] - Blukoo (00325) went up by 4.99%, trading at 107.4 HKD [1] - Laopu Gold (06181) increased by 4.04%, priced at 721 HKD [1] Group 2: Market Insights - Cathay Securities highlighted the increasing importance of boosting domestic consumption due to greater external disturbances [1] - The firm anticipates that the role of consumption in driving economic growth will strengthen under policy support [1] - Despite a short-term overheating in some areas of the Hong Kong new consumption sector, the macro trend towards personalized and rational consumer behavior remains unchanged [1] - The firm expects continued growth in consumption related to self-indulgence and cost-effectiveness, particularly in sectors like trendy toys, beauty care, and pet products [1]

Core Viewpoint - The new consumption concept stocks in Hong Kong have generally risen, indicating a positive market sentiment towards consumer-related sectors amid external uncertainties in China [1] Group 1: Stock Performance - Upme Holdings (02145) increased by 7.43%, reaching HKD 101.2 [1] - Gu Ming (01364) rose by 7.33%, trading at HKD 26.08 [1] - Mixue Group (02097) saw a 6.53% increase, priced at HKD 443.8 [1] - Miniso (09896) gained 5.15%, with a price of HKD 45.32 [1] - Blukoo (00325) went up by 4.99%, now at HKD 107.4 [1] - Laopu Gold (06181) increased by 4.04%, trading at HKD 721 [1] Group 2: Market Insights - Cathay Securities highlighted the increasing importance of boosting domestic consumption due to greater external disturbances [1] - The firm anticipates that the role of consumption in driving economic growth will strengthen under policy support [1] - Despite a short-term overheating in some areas of Hong Kong's new consumption sector, the macro trend towards personalized and rational consumer behavior remains unchanged [1] - The firm expects continued growth in self-indulgent and cost-effective consumption categories, such as trendy toys, beauty care, and pet products [1]

Core Viewpoint - Mixue Group (02097) has expanded its business into the alcoholic beverage sector by acquiring a 53% stake in Fresh Beer Fulu Family for a total price of 297 million RMB, marking a significant shift from its traditional focus on tea and coffee products [1] Group 1: Company Developments - As of the latest report, Mixue Group's stock price increased by over 6%, reaching 439.4 HKD with a trading volume of 177 million HKD [1] - The acquisition of Fresh Beer Fulu Family will allow Mixue Group to integrate its financial performance into the group's consolidated financial statements, establishing it as a non-wholly owned subsidiary [1] Group 2: Industry Insights - The beer industry is characterized by a large market size and consumer base, with increasing demand for high-quality and diverse products, which is expected to create opportunities in the fresh beer market [1] - Mixue Group aims to leverage its existing supply chain and franchise advantages to enhance its brand presence in the fresh beer sector while maintaining its commitment to high-quality and affordable products [1]

Core Viewpoint - The Hong Kong stock market is experiencing a surge in new consumption concept stocks, indicating positive investor sentiment in this sector [1] Group 1: Stock Performance - Gu Ming (01364.HK) increased by 6.91% [1] - Blucoco (00325.HK) rose by 5.96% [1] - Mixue Group (02097.HK) saw a gain of 5.38% [1] - Pop Mart (09992.HK) climbed by 3.88% [1] - Laopu Gold (06181.HK) grew by 3.32% [1]

Core Viewpoint - Mijue Group has expanded its business into the alcoholic beverage sector by acquiring a 53% stake in Xianpi Fulujia for 297 million RMB, marking a significant diversification from its traditional focus on tea and coffee products [1][1][1] Company Summary - Mijue Group's stock price increased by over 6%, reaching 439.4 HKD with a trading volume of 177 million HKD [1][1][1] - The acquisition of Xianpi Fulujia will allow Mijue Group to integrate the financial performance of the company into its consolidated financial statements, enhancing its market presence in the fresh beer segment [1][1][1] Industry Summary - The beer industry is characterized by a large market size and consumer base, with increasing demand for high-quality and diverse products, which presents growth opportunities for the fresh beer market [1][1][1] - Mijue Group aims to leverage its existing supply chain and franchise advantages to strengthen its brand presence in the fresh beer sector while maintaining its commitment to high-quality and affordable products [1][1][1]

New Consumption - In September 2025, the GMV of the beauty category on Douyin increased by 19.7% year-on-year, while it decreased by 10.4% month-on-month [2][6] - The total GMV of the top 20 beauty brands on Douyin reached over 3 billion yuan, with a year-on-year growth of 38.59%. Han Shu maintained the top position with a GMV exceeding 500 million yuan, and 40% of brands saw their GMV double [7][8] - Domestic brands showed strong performance in self-operated channels, with 60% of the top 20 beauty brands having a higher GMV contribution from self-operated sales than from influencer promotions [7][8] - The price distribution in the skincare category is relatively balanced, while the makeup and perfume categories heavily rely on affordable products. The price segment under 150 yuan accounted for 49.54% of the market [8] Real Estate - The real estate sector saw a decline of 0.8% this week, with new home transactions in 42 key cities totaling 980,000 square meters, a 51% decrease week-on-week [10][12] - The Ministry of Housing and Urban-Rural Development is focusing on urban renewal and governance, with new regulations introduced in cities like Shenzhen and Chengdu to promote the construction of "good houses" [13][15] - The government is also increasing housing provident fund loan limits in cities like Nanjing and Shaoxing to support homebuyers [13][14] North Exchange - The research on solid-state lithium batteries has made significant progress, with new technologies enhancing the stability of metal lithium anodes [16][17] - The energy storage sector is rapidly developing, with a total of 1,663 energy storage stations in operation as of June 2025, totaling 75.79 GW/175.12 GWh [16][17] - The North Exchange has identified 24 companies in the energy storage industry, spanning upstream material production to downstream system operation [17][18] Pharmaceuticals - The pharmaceutical index rose by 0.36% this week, with expectations for innovative drugs to continue rapid growth and export businesses to perform well [28][29] - The market anticipates catalysts such as ESMO and BD meetings in October, which may stabilize and rebound the innovative drug sector [29][30] - Recommended stocks include innovative drug companies like Xinlitai, Hotgen Biotech, and China Biologic Products, as well as export-oriented firms like WuXi AppTec and Jiuzhou Pharmaceutical [29][34] Company Analysis - Mixue Group plans to invest 286 million yuan to acquire 51% of Fulu Family, expanding its brand matrix into the fresh beer market [36][37] - Fulu Family offers fresh beer products priced between 6 to 10 yuan per 500 ml, focusing on high-quality and affordable offerings [37][38] - The acquisition is expected to leverage Mixue's existing supply chain advantages to enhance its brand presence in the fresh beer sector [38]

Group 1 - The core viewpoint is that Huayuan Securities is optimistic about Mixue Group's (02097) domestic and overseas market channel expansion, maintaining a "buy" rating [1] - The company is expected to see net profit attributable to shareholders reach 5.425 billion, 6.586 billion, and 7.670 billion yuan for the years 2025-2027, with year-on-year growth rates of 22.28%, 21.40%, and 16.46% respectively [1] - Mixue Group is deeply engaged in the ready-to-drink beverage industry, possessing multiple competitive advantages in customer base, channels, supply chain, and marketing, effectively positioning itself in the affordable tea beverage price range [1] Group 2 - Mixue Group plans to invest 286 million yuan to acquire 51% of Fulu Family and will also acquire an additional 2% stake from shareholder Zhao Jie for 11.2 million yuan [1] - Following the acquisition, Fulu Family will become a non-wholly-owned subsidiary of Mixue Group, and its financial performance will be consolidated into Mixue's results [1] - The acquisition will further expand Mixue's brand matrix, tapping into the large market size and consumer base of the beer industry, which is expected to grow due to increasing demand for high-quality and diverse products [1] Group 3 - The company is shifting its product focus from primarily affordable tea and coffee to include fresh beer while maintaining a high-quality and affordable product positioning [1] - Mixue Group is anticipated to leverage its existing supply chain and franchise advantages to enhance its brand presence in the fresh beer sector [1]

Core Viewpoint - The report from Huayuan Securities expresses optimism about Mixue Group's (02097) domestic and overseas market channel expansion, maintaining a "buy" rating. The company is expected to continue increasing its market share [1] Financial Projections - The projected net profit attributable to shareholders for Mixue Group for the years 2025-2027 is estimated to be 5.425 billion, 6.586 billion, and 7.670 billion yuan, with year-on-year growth rates of 22.28%, 21.40%, and 16.46% respectively [1] Strategic Acquisition - Mixue Group plans to invest 286 million yuan to acquire 51% of Fulu Family and will also purchase 2% of the company's shares from shareholder Zhao Jie for 11.2 million yuan. Following the completion of the acquisition, Fulu Family will become a non-wholly-owned subsidiary of Mixue Group, and its financial performance will be consolidated [1] Shareholding Structure Post-Acquisition - After the acquisition, the shareholding structure will be as follows: Mixue Group will hold 53.0%, Tian Haixia 29.4%, Mailang Tongzhou 10.0%, Zhao Jie 5.4%, and Jia Rongrong 2.2% of Fulu Family [1] Market Expansion Potential - The beer industry has a large market size and consumer base, with increasing demand for high-quality and diverse products, which is expected to open up opportunities in the fresh beer market. Mixue Group, which has primarily focused on affordable tea drinks and coffee, will expand its product offerings to include fresh beer while maintaining a high-quality and affordable product positioning [1] Competitive Advantages - Mixue Group possesses multiple competitive advantages in the ready-to-drink beverage industry, including customer base, channels, supply chain, and marketing, allowing it to effectively position itself in the affordable tea drink price segment [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The acquisition of a 53% stake in Fulu Family further expands the brand matrix of the company [5] - The beer industry has a large market size and consumer base, with increasing demand for high-quality and diverse products, which is expected to open up opportunities in the fresh beer market [8] - The company is expected to leverage its existing supply chain advantages and franchisee strengths to enhance its brand presence in the fresh beer sector [8] Financial Performance and Forecast - Revenue projections for the company are as follows: - 2023: 20,302.47 million RMB - 2024: 24,828.87 million RMB (growth of 22.29%) - 2025E: 30,443.21 million RMB (growth of 22.61%) - 2026E: 36,691.03 million RMB (growth of 20.52%) - 2027E: 42,410.49 million RMB (growth of 15.59%) [6] - Net profit forecasts are as follows: - 2023: 3,137.34 million RMB - 2024: 4,436.50 million RMB (growth of 41.41%) - 2025E: 5,425.05 million RMB (growth of 22.28%) - 2026E: 6,586.02 million RMB (growth of 21.40%) - 2027E: 7,670.19 million RMB (growth of 16.46%) [6] - The price-to-earnings (P/E) ratios for the upcoming years are projected as follows: - 2025E: 26.88 - 2026E: 22.14 - 2027E: 19.01 [6] Company Overview - The company has acquired a 51% stake in Fulu Family for an investment of 286 million RMB, with the acquisition expected to enhance its brand portfolio [8] - Fulu Family operates approximately 1,200 stores across 28 provinces in China, primarily using a franchise model for expansion [8] - The company aims to maintain a high-quality and affordable product positioning in the fresh beer market, which includes a diverse product range [8]