Investment Rating - The report initiates coverage on the company with a "Buy" rating and sets a target price of 565.67 HKD, corresponding to a 31X PE for 2026 [8][22]. Core Insights - The company is the largest player in the global fresh beverage market, focusing on providing high-quality, affordable drinks around 1 USD. It operates two major brands: "Mixue Ice City" for tea and "Lucky Coffee" for coffee, with a total of 46,500 stores expected by 2024. The company leverages an efficient end-to-end supply chain to create a vast infrastructure network that meets consumer demand for affordable, high-quality beverages, establishing significant competitive barriers [1][22]. - The business model is centered on "supply chain economies of scale," which disrupts traditional franchise strategies. The company maximizes demand through high-quality, affordable products, with a cup price in 2024 being only 5.7% of the average disposable income in China. The vertical integration of the supply chain reduces costs, enhancing efficiency and profitability [2][22]. - Future growth drivers include market penetration in lower-tier cities, international expansion in Southeast Asia, and the cross-brand synergy between "Lucky Coffee" and "Mixue," which is expected to create a non-symmetric competitive advantage [3][22]. Summary by Sections Company Overview - The company is positioned as a leader in the fresh beverage sector, with a focus on providing affordable drinks globally. It has established a robust store network and aims to expand further in both domestic and international markets [1][22]. Business Model - The company employs a unique business model that emphasizes supply chain efficiency and cost control, allowing it to offer high-quality products at competitive prices. This model is supported by a strong franchise system that enhances market reach [2][22]. Growth Potential - The company has significant growth potential, with opportunities for expansion in lower-tier cities and international markets. The report estimates that the domestic store count could reach between 69,000 to 80,000, while international stores could reach 19,000 in the medium term [3][22]. Financial Projections - The report forecasts a compound annual growth rate (CAGR) of 20% for net profit from 2025 to 2027, with expected net profits of 5.29 billion, 6.44 billion, and 7.68 billion RMB for those years, respectively. The earnings per share (EPS) is projected to grow from 13.93 RMB in 2025 to 20.23 RMB in 2027 [5][7][13].

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） 修訂公司章程 修訂如下： 「公司於2025年1月6日經中國證券監督管理委員會（以下簡稱「中國證監會」）備 案，於2025年3月3日在香港聯合交易所有限公司（以下簡稱「香港聯交所」）主板 掛牌上市，在香港發行17,059,900股境外上市外資股（悉數行使超額配售權前）（以 下簡稱「H股」）。」 第六條，原文為： 於悉數行使超額配股權完成後，本公司的註冊股本及股份總數將分別變更為人民 幣379,618,800元及379,618,800股。為反映本公司註冊股本及股本結構的有關變 更，現對本公司之公司章程（「公司章程」）作出相應修訂。 根據2023年12月29日舉行的2023年第四次臨時股東大會作出的授權，以及本公司 董事會（「董事會」）作出的進一步授權，董事會授權人士已批准根據全球發售的完 成情況 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 蜜雪冰城股份有限公司 呈交日期： 2025年4月2日 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | | 證券代 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司對 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，並明確表示概不會就本公告 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。 本公告不會直接或間接於或向美國（包括美國的領土及屬地、美國任何州以及哥倫比亞特區）發 佈、刊發或派發。本公告並不構成亦不屬於在美國境內或於任何其他司法管轄區購買或認購證 券的任何要約或招攬的一部分。本公告所述證券並無亦不會根據《1933年美國證券法》（經不時 修訂）（「美國證券法」）或美國任何州或其他司法管轄區的證券法登記。證券不得在美國境內提 呈發售、出售、質押或以其他方式轉讓，惟獲豁免遵守美國證券法登記規定及符合任何適用的 州證券法則另作別論，或(1)獲豁免遵守美國證券法的登記規定僅向合資格機構買家（定義見美 國證券法第144A條）提呈發售或出售，及(2)除非符合美國證券法S規例，否則不得在美國境外 提呈發售或出售。證券不會在美國公開發售。 本公告僅作說明用途，並不構成收購、購買或認購證券的邀請或要約。本公告並非招股章程。 有意投資者於決定是否投資所提呈發售的H股前 ...

Investment Rating - The report maintains an "Add" rating for the company with a target price of 435 HKD, compared to the last closing price of 410.40 HKD [1][3]. Core Insights - The company, Mixue Group, reported a total revenue of 24.829 billion CNY for 2024, reflecting a year-on-year growth of 22.3%, and a net profit of 4.437 billion CNY, which is a 41.4% increase year-on-year [1][3]. - The company has over 46,479 stores, with a significant expansion in lower-tier cities, indicating strong store opening momentum [2][3]. - The gross margin improved to 32.46% in 2024, up by 2.9 percentage points, driven by enhanced supply chain efficiency and reduced raw material costs [3][5]. Summary by Sections Financial Performance - For 2024, the company achieved total revenue of 24.829 billion CNY, with a growth rate of 22% [5]. - The net profit for 2024 was 4.437 billion CNY, showing a growth rate of 41% [5]. - The average revenue per store was 591,000 CNY, a decrease of 3.2% year-on-year [1][2]. Store Expansion - As of the end of 2024, the company had 46,479 stores, with a net increase of 8,350 stores year-on-year [2]. - The company opened 10,555 new franchise stores in 2024, with a closure rate of 3.8% [2]. Profitability and Margins - The gross margin for 2024 was 32.46%, an increase of 2.9 percentage points from the previous year [3]. - The net profit margin rose significantly to 19.94%, up by 2.2 percentage points [3]. Future Projections - Revenue growth is projected at 20% for 2025, 18% for 2026, and 16% for 2027 [3][5]. - Net profit growth is expected to be 15% in 2025, 19% in 2026, and 17% in 2027 [3][5].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 435 HKD, compared to the last closing price of 410.40 HKD [1][3]. Core Insights - The company, Mixue Group, reported a total revenue of 24.829 billion CNY for 2024, representing a year-on-year growth of 22.3%, and a net profit of 4.437 billion CNY, up 41.4% year-on-year [1][3]. - The number of stores exceeded 46,479, with a rapid expansion in third-tier and lower cities, indicating strong store opening momentum [2][3]. - The company's gross margin improved to 32.46%, driven by enhanced supply chain efficiency and reduced raw material costs, contributing to a significant increase in net profit margin to 19.94% [3][5]. Summary by Sections Financial Performance - For 2024, the company achieved total revenue of 24.829 billion CNY, with a growth rate of 22% [5]. - The net profit for 2024 was 4.437 billion CNY, reflecting a growth rate of 41% [5]. - The average revenue per store was 591,000 CNY, showing a slight decline of 3.2% year-on-year [1][2]. Store Expansion - As of the end of 2024, the company had 46,479 stores, with a net increase of 8,350 stores year-on-year [2]. - The distribution of stores across different city tiers is as follows: first-tier (1,983), new first-tier (8,143), second-tier (7,600), and third-tier and below (23,858) [2]. - The franchise model remains robust, with 46,462 franchise stores and a closure rate of 3.8% [2]. Profitability and Cost Management - The gross margin for 2024 was 32.46%, an increase of 2.9 percentage points year-on-year [3]. - The net profit margin increased significantly to 19.94%, up 2.2 percentage points from the previous year [3]. - The company expects revenue growth rates of 20%, 18%, and 16% for 2025, 2026, and 2027, respectively, with net profit growth rates of 15%, 19%, and 17% [3][5].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The beverage industry is experiencing steady growth, with the ready-to-drink beverage segment showing significant potential for expansion, particularly in the ready-to-drink tea market, which is expected to reach a scale of 312.7 billion yuan by 2024, with a compound annual growth rate (CAGR) of 17.3% from 2023 to 2028 [1][16]. - The company, as a leading player in the ready-to-drink tea sector, has a strong market position due to its high cost-performance ratio and extensive store coverage, with over 45,000 stores nationwide [2][3]. - The company is also expanding into the ready-to-drink coffee market, with its brand "Luckin Coffee" expected to capture a larger share in lower-tier markets [1][3]. Summary by Sections Industry Overview - The ready-to-drink beverage market is projected to grow significantly, with ready-to-drink tea accounting for 50% of the segment, and the overall beverage market expected to reach 1.6 trillion yuan by 2024 [16][17]. - The market is transitioning from a fragmented structure to a more concentrated one, with the company being the absolute leader in the affordable ready-to-drink tea segment [22][23]. Company Positioning - The company has a stable ownership structure, with the founders holding over 80% of the shares, ensuring strong control and management continuity [2][33]. - The company has been in a rapid expansion phase since 2020, with a significant increase in store numbers, particularly in lower-tier cities, where it has achieved a coverage rate of 56.31% in third to fifth-tier cities [2][47]. Financial Performance - The company reported total revenue of 186.6 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 21%, with a net profit of 34.9 billion yuan, up 45% year-on-year [2][50]. - Revenue projections for 2024-2026 are estimated at 242.38 billion yuan, 285.87 billion yuan, and 324.60 billion yuan, respectively, with net profits expected to reach 40.34 billion yuan, 50.59 billion yuan, and 58.88 billion yuan [4][5]. Growth Potential - The company anticipates that the number of domestic stores could exceed 50,000 in the medium term, with potential maximum store numbers reaching between 60,000 to 80,000 [3][4]. - The ready-to-drink coffee segment is also seen as a significant growth opportunity, with "Luckin Coffee" positioned to benefit from the expanding coffee consumption market [3][28]. Valuation - The report suggests a target price of 431.42 HKD for the stock, based on a valuation of 30 times earnings for 2025, indicating a favorable investment outlook [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown significant improvement in profit margins and continues to expand its store presence in lower-tier markets [7] - For the fiscal year 2024, the company reported total revenue of 24.83 billion RMB, a year-on-year increase of 22.3%, and a net profit of 4.44 billion RMB, up 41.4% year-on-year [7] - The company has established a robust end-to-end supply chain system and is focusing on brand marketing to strengthen its market position [7] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 20.30 billion RMB, 2024A: 24.83 billion RMB, 2025E: 28.28 billion RMB, 2026E: 31.99 billion RMB, 2027E: 35.90 billion RMB [1] - Net profit projections are: 2023A: 3.14 billion RMB, 2024A: 4.44 billion RMB, 2025E: 5.37 billion RMB, 2026E: 6.09 billion RMB, 2027E: 6.88 billion RMB [1] - The company’s earnings per share (EPS) are projected to increase from 8.26 RMB in 2023A to 18.12 RMB in 2027E [1] Store Expansion and Market Presence - As of the end of 2024, the company had 41,600 stores in mainland China, a 25% year-on-year increase, and 4,895 overseas stores, a 13% year-on-year increase [7] - The company opened 10,555 new stores in 2024 while closing 1,609, resulting in a net increase of 8,946 stores [7]

Financial Performance - The company reported a revenue of RMB 24,828.9 million for the year ended December 31, 2024, representing a 22.3% increase from RMB 20,302.5 million in 2023[4] - Gross profit increased by 34.4% to RMB 8,060.2 million in 2024, up from RMB 5,999.0 million in 2023, driven by improved gross margins in product sales[7] - Net profit for the year rose by 39.8% to RMB 4,454.2 million, compared to RMB 3,186.6 million in 2023[14] - Revenue from product and equipment sales increased by 21.7% to RMB 24,208.8 million, while franchise and related services revenue surged by 52.8% to RMB 620.1 million[5] - Basic and diluted earnings per share for the year were both RMB 12.32, an increase from RMB 8.71 in the previous year[55] - The group's profit attributable to equity holders for 2024 was RMB 4,436,504,000, an increase of 41.4% compared to RMB 3,137,341,000 in 2023[85] - Basic earnings per share for 2024 was RMB 12.32, up 41.4% from RMB 8.71 in 2023[85] - Total revenue for 2024 was RMB 15,558,470,000, compared to RMB 13,502,499,000 in 2023, reflecting a growth of 15.2%[73] Store Network Expansion - The company expanded its store network to over 46,000 locations across China and 11 other countries by the end of 2024[26] - The total number of stores in mainland China increased from 33,234 in 2023 to 41,584 in 2024, representing a growth of 25.1%[31] - The number of franchise stores rose significantly from 37,516 at the end of 2023 to 46,462 by the end of 2024, with a net increase of 8,946 stores[35] - The company operates a network of over 46,000 stores, covering all provincial-level cities in mainland China and approximately 4,900 stores outside mainland China as of December 31, 2024[29] Financial Position - Cash and cash equivalents, including restricted cash and financial assets, increased by 63.8% to RMB 11,109.5 million as of December 31, 2024, compared to RMB 6,783.6 million in 2023[15] - The total assets as of December 31, 2024, amounted to RMB 15,266,484 thousand, compared to RMB 10,859,253 thousand in 2023, showing a significant growth in asset base[57] - Non-current assets increased to RMB 7,887,271 thousand from RMB 5,445,381 thousand in 2023, indicating a strong investment in long-term assets[57] - The company's leverage ratio decreased to 23.9% as of December 31, 2024, down from 27.4% in 2023[21] Research and Development - Research and development expenses rose by 23.4% to RMB 104.9 million, maintaining a steady 0.4% of total revenue[11] - The company’s R&D efforts led to the development of a fresh milk base in 2024, aimed at enhancing product taste while meeting health demands[36] - The company aims to enhance its end-to-end supply chain and invest in new technologies and materials for R&D innovation to support its global strategy[43] Strategic Partnerships and Supply Chain - The company has established a strategic partnership with Junlebao to jointly build the "Xuewang Ranch," enhancing supply chain capabilities and product quality[36] - The logistics network includes 27 warehouses in mainland China and localized storage systems in four overseas countries, supporting extensive store coverage[36] - The company maintains rigorous quality control standards to ensure consistent high-quality output across its supply chain[37] Brand and Marketing - The "Snow King" IP has become the only super IP in China's fresh beverage industry, enhancing brand differentiation since its launch in 2018[38] - The "蜜雪冰城" topic on Douyin has achieved over 43.5 billion views as of December 31, 2024, showcasing the brand's strong online presence[39] - The company will continue to deepen its brand IP, "Snow King," by producing diverse high-quality content, including animations and collaborations with leading brands[44] Financial Management - The company did not declare any annual dividend for the year ended December 31, 2024[54] - The company raised approximately HKD 3,313 million from its global offering, which will be used for purposes outlined in the prospectus[51] - The company plans to utilize the net proceeds from the offering as short-term deposits in licensed banks or financial institutions if not used timely for the intended purposes[51] Other Financial Metrics - Selling and distribution expenses increased by 21.3% to RMB 1,599.5 million, accounting for 6.4% of total revenue, consistent with the previous year[9] - Other income and net gains decreased by 11.3% to RMB 219.5 million, primarily due to reduced government subsidies[8] - Government grants received decreased to RMB 32,784,000 from RMB 115,821,000, a decline of 71.7% year-over-year[72] - Interest income rose significantly to RMB 107,015,000, up 98.5% from RMB 53,801,000 in 2023[72] - The expected revenue to be recognized within one year from unfulfilled performance obligations is RMB 359,636,000, compared to RMB 259,271,000 in 2023, reflecting a 38.7% increase[71] - The total amount of unfulfilled performance obligations as of December 31, 2024, was RMB 367,458,000, an increase from RMB 284,246,000 in 2023[71] - The company has no sales to a single customer accounting for 10% or more of total revenue for the years ended December 31, 2024, and 2023[65] - The majority of the company's revenue and operating profit is derived from mainland China[64]

Investment Rating - The report gives a "Buy" rating for the company, Mijue Group (2097.HK) [1] Core Insights - Mijue Group has established itself as a leading player in the tea beverage industry in China, with over 45,000 stores across 11 countries as of Q3 2024, achieving a revenue of 18.66 billion yuan [2][11] - The ready-to-drink beverage market is experiencing rapid growth, with China's market expected to grow from 517.5 billion yuan in 2023 to 1,163.4 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 11.59% [2][37] - The company benefits from a strong supply chain and economies of scale, with a low entry barrier for franchisees and a robust support system for franchisees, leading to rapid store expansion [2][20] Summary by Sections Company Overview - Founded in 1997, Mijue Group has evolved from a street vendor to a global beverage giant, with significant milestones including the establishment of a central factory and a logistics system [4][20] - The company operates two main brands: Mijue Ice City for tea beverages and Lucky Coffee for coffee, with a focus on affordable pricing [20][18] Financial Performance - The company reported revenues of 10.35 billion yuan, 13.58 billion yuan, and 20.3 billion yuan for the years 2021, 2022, and 2023 respectively, with a continuous growth rate exceeding 20% [11] - For the forecasted years 2024 to 2026, revenues are expected to reach 24.82 billion yuan, 30.16 billion yuan, and 33.91 billion yuan, with corresponding net profits of 4.58 billion yuan, 5.63 billion yuan, and 6.40 billion yuan [2] Market Dynamics - The global ready-to-drink beverage market is projected to grow significantly, with the share of ready-to-drink beverages increasing due to their freshness and health benefits compared to bottled drinks [33][34] - The Chinese market, particularly in lower-tier cities, presents substantial growth opportunities, with a projected CAGR of 22.18% for affordable ready-to-drink beverages from 2023 to 2028 [37][40] Competitive Advantages - Mijue Group has established a comprehensive supply chain that includes procurement, production, logistics, and warehousing, which helps stabilize raw material prices and reduce costs [55][63] - The company employs a low-cost franchise model, allowing for rapid expansion and strong profitability for franchisees, with a focus on high-density locations in lower-tier cities [44][51]