该行指，食品配送平台竞争自今年6月以来进一步加剧，平台间进行更激进投资，包括补贴。预计这次 对日常应用的投资持续时间，将较电商平台此前的几个季度投资更长。提高补贴促进交易量增长，鲜制 饮品公司今年的潜在盈利上行，但投资者关注明年在高基数下的前景，鲜制饮品行业竞争格局，以及对 消费者行为与价格认知潜在的长期影响。该行认为蜜雪集团及古茗短期股价将受配送平台策略的情绪影 响，投资者亦忧虑补贴正常化或导致每店交易额回落。古茗的投资者锁定期下周一(11日)届满，夏季后 的淡季或限制短期情绪。但该行对两者长期地位仍持乐观态度，认为补贴正常化或改善竞争格局。 高盛发布研报称，上调对古茗(01364)及蜜雪集团(02097)今年净利润预测9%及1%，反映食品配送补贴提 振的持续时间超预期，并上调古茗明年盈利预测4%，反映新产品表现稳健及2024至25年在品牌投资上 的努力。该行对古茗目标价由29.2港元上调至30港元，蜜雪目标价亦由597港元上调至599港元，两者评 级均为"买入"。 ...

Core Viewpoint - Goldman Sachs has raised the profit forecasts for Gu Ming (01364) and Mixue Group (02097) for this year by 9% and 1% respectively, indicating that the duration of food delivery subsidies has exceeded expectations [1] Company Summaries - Gu Ming's profit forecast for next year has been increased by 4%, reflecting strong performance of new products and efforts in brand investment for 2024 to 2025 [1] - The target price for Gu Ming has been raised from HKD 29.2 to HKD 30, while Mixue's target price has been adjusted from HKD 597 to HKD 599, with both companies rated as "Buy" [1] Industry Insights - Competition among food delivery platforms has intensified since June, with platforms engaging in more aggressive investments, including subsidies [1] - The expected duration of these investments in daily applications is anticipated to be longer than previous investments seen in e-commerce platforms [1] - Increased subsidies are expected to boost transaction volumes, leading to potential profit upside for fresh beverage companies this year [1] - Investors are concerned about the outlook for next year given the high base, the competitive landscape in the fresh beverage industry, and the potential long-term impacts on consumer behavior and price perception [1] - Short-term stock prices for Mixue Group and Gu Ming may be influenced by the sentiment surrounding delivery platform strategies, with worries that normalization of subsidies could lead to a decline in per-store transaction amounts [1] - The investor lock-up period for Gu Ming will expire next Monday (11th), and the seasonal slowdown after summer may limit short-term sentiment [1] - Despite these concerns, there is optimism regarding the long-term positions of both companies, with expectations that subsidy normalization may improve the competitive landscape [1]

| 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 02145 | 下美股份 | 81.500 | 7.73% | | 06181 | 老铺黄金 | 731.500 | 6.01% | | 09863 | 零跑汽车 | 61.250 | 4.88% | | 02367 | 巨子生物 | 57.200 | 2.97% | | 01364 | 古茗 | 23.620 | 2.92% | | 09992 | 泡泡玛特 | 250.000 | 2.80% | | 01810 | 小米集团-W | 54.500 | 2.06% | | 09985 | 卫龙美味 | 12.160 | 1.50% | | 09868 | 小鹏汽车-W | 72.350 | 1.47% | | 01405 | 达势股份 | 85.250 | 1.31% | | 01318 | 毛戈平 | 100.400 | 0.80% | | 09896 | 名创优品 | 37.180 | 0.35% | | 09866 | 蔚来-SW | 37.920 | 0.32% | | 02097 | 蜜雪集 ...

Group 1: Company Earnings - PCCW (00008.HK) reported a revenue of HKD 18.922 billion for the first half, a year-on-year increase of 7%, with a net loss of HKD 0.445 billion, narrowing by 4% [1] - Xinyi Solar (00968.HK) recorded a revenue of HKD 10.932 billion, a decrease of 6.5% year-on-year, with a net profit of HKD 0.746 billion, down 58.8% [2] - Xinyi Glass (00868.HK) had a revenue of HKD 9.821 billion, a year-on-year decrease of 9.7%, with a net profit of HKD 1.013 billion, down 59.6% [3] - Xinyi Energy (03868.HK) reported a revenue of HKD 1.21 billion, an increase of 7.7% year-on-year, with a net profit of HKD 0.45 billion, up 23.4% [4] - DTXS Silk Road Investment (02510.HK) issued a profit warning, expecting a mid-term net profit of approximately USD 180-200 million, a year-on-year increase of about 220% to 255% [5] - Lianhua Supermarket (00980.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 25-55 million [6] - Tibet Water Resources (01115.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 36 million, a year-on-year increase of about 300% [7] - Foton Motor (00420.HK) issued a profit warning, expecting a mid-term net profit of HKD 30.7 million, turning from loss to profit [8] - Hong Kong Travel (00308.HK) issued a profit warning, expecting a mid-term net loss exceeding HKD 70 million, turning from profit to loss [9] - Poly Property Group (00119.HK) issued a profit warning, expecting a mid-term net profit to decline by 40%-50% year-on-year [10] - Kefu Shan Group Holdings (08512.HK) issued a profit warning, expecting a mid-term net profit to decrease to approximately HKD 43-47 million [11] - Mobi Development (00947.HK) issued a profit warning, expecting a mid-term net loss of approximately HKD 32 million [12] - Changmao Biochemical Engineering (00954.HK) issued a profit warning, expecting a mid-term net loss of approximately HKD 24-27 million [13] - Yunyou Holdings (00484.HK) issued a profit warning, expecting a mid-term net loss to increase to approximately HKD 21 million [14] - Weiya Li (00854.HK) issued a profit warning, expecting a mid-term net profit of approximately HKD 15-25 million, turning from loss to profit [15] Group 2: Automotive Sales - BYD Company (01211.HK) reported sales of approximately 2.4903 million new energy vehicles in the first seven months, a year-on-year increase of 27.35% [16] - Great Wall Motors (02333.HK) reported total vehicle sales of approximately 674,200 units in the first seven months, a year-on-year increase of 3.57% [17] - Li Auto (02015.HK) delivered 30,731 new vehicles in July [18] - Geely Automobile (00175.HK) reported total vehicle sales of 237,700 units in July, a year-on-year increase of approximately 58% [19] Group 3: Company News - Sinopec Engineering (02386.HK) signed a front-end engineering design (FEED) contract for a large green hydrogen project in Yanbu, Saudi Arabia, with a contract value expected to reach several billion USD [20] - InnoCare Pharma (02577.HK) partnered with NVIDIA to jointly promote the large-scale implementation of 800 VDC power architecture in AI data centers [21] - Zijin Mining (02899.HK) received parliamentary approval for the mining lease of the Akyem gold mine in Ghana, with a total transaction value of USD 1 billion [22] - Codex-B (02487.HK) received approval from the Hong Kong Department of Health for the listing of CU-40102 (topical finasteride spray) for the treatment of androgenetic alopecia [23] - Mixue Group (02097.HK) subscribed to a wealth management product from Pudong Development Bank, involving an investment of HKD 300 million [24] Group 4: Buyback Activities - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of approximately HKD 22.5922 million, with repurchase prices ranging from HKD 112.4 to 114.3 [25] - Vitasoy International (00345.HK) repurchased 1.844 million shares at a cost of approximately HKD 16.89 million, with repurchase prices ranging from HKD 9.14 to 9.17 [26]

蜜雪集团(02097)发布公告，本公司已于2025年8月1日与浦发银行签订认购协议，本公司同意向浦发银 行认购本金为人民币3亿元的理财产品。 ...

格隆汇8月1日丨蜜雪集团(02097.HK)公告，公司已于2025年8月1日与浦发银行签订认购协议，据此，公 司同意向浦发银行认购本金为人民币3亿元的理财产品。 ...

智通财经APP讯，蜜雪集团(02097)发布公告，本公司已于2025年8月1日与浦发银行签订认购协议，本公 司同意向浦发银行认购本金为人民币3亿元的理财产品。 ...

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，概不就因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。 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） 有關認購理財產品的 須予披露交易 認購理財產品 董事會宣佈，本公司已於2025年8月1日與浦發銀行簽訂認購協議，據此，本公 司同意向浦發銀行認購本金為人民幣300百萬元的理財產品。 香港上市規則的涵義 由於先前認購事項和該項認購各自的最高適用百分比率（按個別基準計算）均低 於5%，而該等認購事項的最高適用百分比率（按合併基準計算）超過5%但低於 25%，故根據香港上市規則第十四章，該等認購事項構成本公司的須予披露交 易，須遵守申報及公告規定，但豁免遵守股東批准規定。 認購理財產品 董事會宣佈，本公司已於2025年8月1日與浦發銀行簽訂認購協議，據此，本公司 同意向浦發銀行認購本金為人民幣300百萬元的理財產品（「該項認購」）。 1 該項認購的主要條款概述如下： 2 低風險 產品名稱： 利多多 ...

Core Viewpoint - Despite the Hang Seng Index's continuous rise since June, the new consumption sector, which once led the Hong Kong stock market, has experienced a significant downturn, with key stocks like Lao Pu Gold, Mixue Group, and Pop Mart seeing substantial market value losses, raising concerns about the sustainability of their business models [3][4][5]. Market Performance - The new consumption sector has faced a collective decline, with Lao Pu Gold's stock price dropping over 37% from its peak, and Mixue Group's stock falling 25% from its high [5][6]. - The market capitalization of these leading stocks has evaporated by over 150 billion HKD, with Lao Pu Gold, Mixue Group, and Pop Mart all experiencing significant losses in value [7][8]. Financial Results and Expectations - Lao Pu Gold projected a sales revenue increase of 240%-252% year-on-year for the first half of 2025, yet its stock price continued to decline post-announcement [7][8]. - Similarly, Pop Mart expected a revenue growth of no less than 200% for the same period, but its stock also faced downward pressure [7][8]. Capital Flow Dynamics - The outflow of southbound funds has been a critical factor in the market adjustment, with a net outflow of approximately 4.1 billion HKD from the new consumption sector from July 2 to July 30 [11][12]. - In contrast, southbound funds have shown significant net inflows into the financial and healthcare sectors, indicating a shift in investment focus away from new consumption [12][13]. Market Sentiment and Future Outlook - Analysts express divided opinions on the future of the new consumption sector, with some optimistic about long-term growth potential driven by consumer upgrades, while others caution against high valuation risks and the need for a more cautious approach [20][21]. - The sector's long-term prospects are seen as promising, but the current market dynamics suggest a need for careful evaluation of individual companies' business models and sustainability [17][20].

Core Viewpoint - The new consumption sector in Hong Kong has experienced a significant downturn despite the overall rise of the Hang Seng Index since June, with major stocks like Lao Pu Gold, Mixue Group, and Pop Mart seeing substantial market value losses and price declines exceeding 30% from their peak [1][2][3]. Market Performance - The Hang Seng Index rebounded from a low of 23185.58 points on June 19 to a high of 25735.89 points on July 24, while the new consumption sector faced collective declines [2]. - Lao Pu Gold's stock price fell from a peak of 1108 HKD per share on July 8 to 690 HKD by August 1, marking a cumulative drop of over 37% [2]. - Mixue Group's stock price decreased from 618.5 HKD on June 5 to 463 HKD by August 1, a decline of 25% [2]. - The combined market value of Lao Pu Gold, Mixue Group, and Pop Mart dropped by over 150 billion HKD from their highs [3]. Capital Flow - A significant outflow of southbound funds has been identified as a key driver of the downturn in the new consumption sector, with a net outflow of 41.09 billion HKD from these stocks between July 2 and July 30 [5][6]. - In contrast, local Hong Kong intermediaries continued to increase their holdings, indicating a shift in investment strategy [6]. Company-Specific Issues - Lao Pu Gold and Mixue Group are facing scrutiny regarding their business models and operational sustainability, with concerns about high production costs and declining capacity utilization [10][11]. - Lao Pu Gold's production outsourcing increased from 36% in 2021 to 41% in 2023, while its R&D investment ratio decreased [10]. - Mixue Group's capacity utilization rates for key ingredients have been declining, raising questions about its operational efficiency [10]. Future Outlook - Industry analysts express divided opinions on the long-term potential of the new consumption sector, with some optimistic about its growth driven by consumer upgrades, while others caution against high valuation risks [11][12]. - The market is expected to see structural opportunities, with leading companies likely to outperform while weaker concepts may face challenges [13].