Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its competitive advantages and market positioning [4][47]. Core Insights - The company is a leading brand in the ready-to-drink beverage sector, benefiting from multiple competitive advantages that facilitate rapid growth [4][7]. - The Chinese ready-to-drink beverage market is experiencing significant growth, with a projected CAGR of 18% from 2023 to 2028, indicating substantial future potential [16][18]. - The company has established itself as the largest player in the domestic market, with a market share of 20.9% as of Q3 2024, and a strong presence in both domestic and international markets [6][31]. Summary by Sections Financial Performance - The company’s revenue is projected to grow from 203.02 billion RMB in 2023 to 343.45 billion RMB by 2026, with year-on-year growth rates of 49.55%, 25.20%, 18.98%, and 13.56% respectively [5][47]. - The net profit attributable to shareholders is expected to increase from 31.37 billion RMB in 2023 to 55.98 billion RMB in 2026, with growth rates of 57.13%, 42.58%, 14.45%, and 9.35% respectively [5][47]. Competitive Advantages - The company maintains a high-quality and affordable product strategy, with an average price around 6 RMB, targeting a broad customer base [6][28]. - It holds the largest market share in the ready-to-drink beverage sector in China, with a significant increase in market share from 16.6% in 2021 to 20.9% in Q3 2024 [6][31]. - The company has a leading number of stores, with 45,302 locations as of Q3 2024, making it the largest ready-to-drink beverage company globally [6][35]. - The company emphasizes supply chain efficiency, achieving a high self-production ratio and maintaining lower procurement costs compared to competitors [6][37]. - The "Snow King" IP has become a significant marketing asset, enhancing brand recognition and consumer engagement [6][39]. Market Outlook - The ready-to-drink beverage market in China is expected to grow from 5,175 billion RMB in 2023 to 11,634 billion RMB by 2028, with an increasing share of the overall beverage market [20][22]. - The company is well-positioned to capitalize on the growing demand for affordable ready-to-drink beverages, particularly in lower-tier cities where market growth is robust [20][28].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its competitive advantages and market positioning [4][47]. Core Insights - The company is a leading brand in the ready-to-drink beverage sector, benefiting from multiple competitive advantages that facilitate rapid growth [4][7]. - The Chinese ready-to-drink beverage market is experiencing significant growth, with a projected CAGR of 18% from 2023 to 2028, indicating substantial future potential [16][18]. - The company has established itself as the largest player in the domestic market, with a market share that has consistently increased over recent years [9][31]. Summary by Sections Financial Performance - The company’s revenue is projected to grow from 20,302 million RMB in 2023 to 34,344 million RMB by 2026, with year-on-year growth rates of 49.55%, 25.20%, 18.98%, and 13.56% respectively [5][47]. - The net profit attributable to shareholders is expected to reach 55.98 billion RMB by 2026, reflecting a growth of 42.58% in 2024, followed by 14.45% and 9.35% in subsequent years [5][47]. Competitive Advantages - The company maintains a high-quality and affordable product strategy, with an average price around 6 RMB, catering to a broad customer base [6][28]. - As of Q3 2024, the company has a total of 45,302 stores, making it the largest ready-to-drink beverage company globally by store count [6][35]. - The company emphasizes supply chain efficiency, achieving a high self-production ratio and maintaining lower procurement costs compared to competitors [6][37]. - The "Snow King" IP has significantly enhanced the company's marketing capabilities, contributing to a strong brand presence and customer engagement [6][38]. Market Outlook - The ready-to-drink beverage market in China is expected to grow from 5,175 billion RMB in 2023 to 11,634 billion RMB by 2028, with a market share increase from 36.3% to 49.2% of the beverage market [20][22]. - The company is well-positioned to capitalize on the growing demand for affordable ready-to-drink beverages, particularly in lower-tier cities where market growth is robust [20][28].

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。 ...

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].

昨天，发生了哪些财经大事？ 雪王上市首日市值破千亿港元 | 2097.HK(MIXUE...) Lavel2 | | | | 在APP中查看 加入自选 | | | --- | --- | --- | --- | --- | --- | | 290.0001 87.500 (43.210%) 2025-03-03 16:08:16 | | | | ○ 更新实时行情 | 未开盘 | | 进入我的 LEVEL2 >> | | | | | 童看碎股行情 | | 沪港通资金流向 沪股通净流入0亿 | | | | 港股通(沪) 净流入0亿 | | | 深港通资金流向 深股通净流入0亿 | | | | 港股通(深) 净流入0亿 | | | 昨收盘 202.500 262.000 | 今开盘 | 成交额 | 43.340亿 | 成交量 1605.888万股 | | | 最高价 298.000 256.000 | 最低价 | 52周最高 | 298.000 | 52周最低 | 256.000 | | 20.741% 0.000 振幅 | 市層率 | 总股本 | 3.7711Z | 港股股本 | 1.483亿 | | 价格档 1 ...

暗盘交易已引发市场狂热 作为全球现制饮品龙头， 蜜雪集团此前暗盘交易已引发市场狂热。 富途单家的数据显示，蜜雪集团报收2 5 0港元，较发行价2 0 2 . 5港元上涨2 3 . 4 6%，每手账面盈利达4 7 5 0港元。而辉立暗盘表现更为强劲，盘中 一度冲高至2 8 5港元，涨幅超4 0%， 中签者最高可赚8 2 5 0港元/手，这一表现远超同期港股新股。 这在新茶饮板块整体向下的大背景下非常罕见。此前，茶百道港股上市首日破发2 6%，奈雪的茶和古茗首日跌幅分别为1 3 . 5 4%、6 . 4 4%。 作 者丨刘婧汐 易佳颖 编 辑丨朱益民 张伟贤 黎雨桐 3月3日，"雪王"蜜雪集团（0 2 0 9 7 .HK）正式登陆港交所，开盘价报2 6 2港元/股，高开2 9 . 3 8%，此前该公司将IPO股票发行价定为每股2 0 2 . 5 0 港元。 截至午盘收盘，蜜雪集团涨超4 0%，股价报2 8 3 . 6港元/股，总市值为1 0 6 9亿港元。 招股书显示，蜜雪集团聚焦单价约6元人民币（约1美元）的高质平价的现制果饮、茶饮、冰淇淋和咖啡等产品，旗下有现制茶饮品牌"蜜雪冰 城"和现磨咖啡品牌"幸运咖"。 ...

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 蜜雪冰城即将创造港股历史上最火爆的IPO。 在公开发售环节，发行价为202.5港元/股的蜜雪冰城融资认购高达5295.34倍，认购金额突破 1.83万亿港元，打破了此前由快手创下的1.2万亿港元纪录，成为港股新的"冻资王"。 蜜雪冰城估值也水涨船高，已经接近千亿港元。 | 02097 蜜雪集团 | | | | --- | --- | --- | | 25１．６００ ↑ +49.100 +24.25% 暗盘交易中 02/28 17:30 | | | | * ½ 2 日 ♥自选 | | ● 快捷交易 | | 最高价 280.000 | 开盘价 248.000 | 成交量 238.38万 | | 最低价 248.000 | 昨收价 202.500 | 成交额 6.16亿 | | 平均价 258.497 | 市盈率 TM 22.47 | 总市值 948.68亿 (…) | | 振 幅 15.80% | 市盈率(静) 28.26 | 总股本 3.77亿 | | 换手率 1.61% | 市净率 6.332 | 流通值 373.18亿 | | ...

2 6 日 A 股 行 情 震 荡 走 强 ， 截 至 午 盘 ， 上 证 指 数 涨 0 . 5% ， 深 证 成 指 涨 0 . 2 4% ， 创 业 板 指 涨 0 . 2 6%；北证5 0涨2 . 1 9%。 港股市场整体高开高走，恒生指数大涨逾2%，恒生科技指数盘中更是一度涨超3%。伊登软件 最高一度飙升逾5 4%，京东集团涨近8%，创4个月来新高，阿里巴巴、腾讯控股、百度集团等 纷纷高开走强。 机器人概念股持续爆发 人形机器人概念继续走强，板块指数盘中放量大涨逾4%，再创历史新高，仅2月以来9次刷新 纪录。 截至午盘收盘，中大力德、兆威机电、五洲新春、富佳股份等多股涨停并续创历史新高，力 星股份、万马股份、中鼎股份等十余股涨停。 作 者丨万倩倩 尹华禄 杨坪 编 辑丨朱益民 江佩佩 | 序号 代码 | | 名称 | 涨跌幅▽ 5分钟涨跌幅 | | 成交额 | 5日涨跌幅 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 8841635 | 減速器指数 | 5.21% | -0.03% | 227亿 | 11.41% | ...

Global Offering Details - The global offering consists of 17,059,900 H shares, with 1,706,000 shares available for Hong Kong public offering and 15,353,900 shares for international offering[5]. - The offering price is set at HKD 202.50 per H share, with additional fees including a 1.0% brokerage commission and various transaction fees[6]. - The shares have a par value of RMB 1.00 each, and the stock code is 2097[5]. - The overall coordinators and joint global coordinators include BofA Securities, Goldman Sachs, and UBS, among others[5]. - The company has adopted a fully electronic application process for the Hong Kong public offering, with no physical copies of the prospectus provided[10]. - Investors must apply for a minimum of 100 shares, with specific payment amounts based on the chosen quantity[11]. - The offering shares are not registered under U.S. securities laws and cannot be offered or sold in the U.S. or to U.S. persons[8]. - The company reserves the right to adjust the number of shares and/or the offering price before the submission deadline[7]. - The prospectus has been submitted for registration with the Hong Kong Companies Registry under the relevant laws[6]. - Investors are advised to consider all information in the prospectus, including risk factors, before making investment decisions[7]. - The Hong Kong public offering is scheduled to start on February 21, 2025, at 9:00 AM[15]. - The deadline for electronic applications via the designated website is February 26, 2025, at 11:30 AM[15]. - The expected announcement of subscription levels and allocation criteria will be made by February 28, 2025, at 11:00 PM[16]. - H shares are expected to begin trading on the Hong Kong Stock Exchange on March 3, 2025, at 9:00 AM[18]. - Refunds for unsuccessful applications will be issued on March 3, 2025[19]. - The maximum number of shares that can be applied for in the Hong Kong offering is 853,000[12]. - The total payment amounts for various share quantities range from HKD 20,454.22 for 100 shares to HKD 174,474,507.27 for 853,000 shares[12]. - The company will not issue temporary ownership documents for the shares; H shares will only become valid ownership certificates on the listing date[24]. - The company will publish announcements on its website and the Hong Kong Stock Exchange regarding the allocation results[18]. - Any applications for shares outside the specified quantities may be rejected[12]. Company Operations and Market Position - The company operates over 45,000 stores across China and 11 other countries as of September 30, 2024[32]. - The beverage output reached approximately 7.4 billion cups in 2023 and 7.1 billion cups in the nine months ending September 30, 2024[32]. - The company holds a market share of approximately 11.3% in China and 2.2% globally based on retail sales in 2023[32]. - The company has reduced the use of PE plastic by over 12,700 tons through green upgrades of beverage packaging in 2023[38]. - The company has established a complete end-to-end supply chain system, covering procurement, production, logistics, R&D, and quality control[35]. - The company launched its first overseas store in Hanoi, Vietnam, and has expanded its product offerings to include fresh ice cream and coffee[36]. - The company is recognized as the largest fresh beverage enterprise in China and the second largest globally based on beverage output in 2023[32]. - Approximately 35% of the company's franchisees are women, and 69% of store employees are female[38]. - The company has signed a long-term cooperation agreement with Jiangnan University for industry-academia-research collaboration[38]. - The company aims to maintain a strong commitment to social responsibility and sustainable development strategies[38]. Financial Performance - In 2021, 2022, 2023, and the first nine months of 2024, the company's retail sales reached approximately RMB 22.8 billion, RMB 30.7 billion, RMB 47.8 billion, and RMB 44.9 billion respectively[39]. - Revenue for 2022, 2023, and the first nine months of 2024 was RMB 13.6 billion, RMB 20.3 billion, and RMB 18.7 billion, representing year-on-year growth of 31.2%, 49.6%, and 21.2% respectively[39]. - Net profit for 2022, 2023, and the first nine months of 2024 was RMB 2 billion, RMB 3.2 billion, and RMB 3.5 billion, with year-on-year growth of 5.3%, 58.3%, and 42.3% respectively[39]. - Operating cash flow for 2021, 2022, 2023, and the first nine months of 2024 was RMB 1.7 billion, RMB 2.4 billion, RMB 3.8 billion, and RMB 5.1 billion respectively[39]. - The company's main brand, "Mixue Ice City," contributed over 95% to total revenue and gross profit during the reporting period[40]. - The gross margin for "Mixue Ice City" was 31.4%, 28.9%, 30.3%, and 32.9% for 2021, 2022, 2023, and the first nine months of 2024 respectively[40]. - Revenue from overseas markets, particularly from Indonesia and Vietnam, accounted for approximately 70% or more of the company's overseas income during the reporting period[45]. - The revenue from franchise fees and related services was 1.9% in 2021, 2.0% in 2022, 2.0% in 2023, and 2.4% in the first nine months of 2024[52]. - Franchise stores generated revenue of RMB 19,575,307 thousand with a gross profit of RMB 5,892,349 thousand and a gross margin of 30.1% in 2023[54]. - Self-operated stores recorded a revenue of RMB 38,515 thousand with a gross profit of RMB 5,301 thousand and a gross margin of 13.8% in the first nine months of 2024, indicating a decline due to a reduction in the number of self-operated stores[56]. Supply Chain and Logistics - The company has the largest end-to-end supply chain system in the Chinese ready-to-drink beverage industry, covering procurement, production, logistics, R&D, and quality control[58]. - The total area of the company's five production bases is approximately 790,000 square meters, with an annual comprehensive production capacity of about 1.65 million tons[61]. - The company's logistics network includes 27 warehouses with a total area of approximately 350,000 square meters, covering over 300 cities and 1,700 counties in mainland China[64]. - The company has established a global procurement network covering 38 countries, allowing it to source raw materials at prices below the industry average[58]. - The company plans to close or transfer several self-operated stores to franchisees as part of its strategy to expand its franchise network[56]. Market Trends and Future Outlook - The global ready-to-drink beverage market is projected to grow at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2028, reaching a market size of $1,103.9 billion by 2028[73]. - The ready-to-drink beverage market in China is expected to reach approximately RMB 1,163.4 billion by 2028, with a CAGR of 17.6% from 2023 to 2028[76]. - The Southeast Asian ready-to-drink beverage market is forecasted to grow from $20.1 billion in 2023 to $49.5 billion in 2028, representing a CAGR of 19.8%[77]. - The average annual per capita consumption of ready-to-drink beverages in China is expected to increase to 51 cups by 2028, more than doubling from current levels[73]. - The company aims to expand its market presence and enhance product offerings in 2024, focusing on new technology development and strategic partnerships[71]. Challenges and Risks - The company faces significant competition in the ready-to-drink beverage market, which could adversely affect its market share and profitability if it fails to compete effectively[113]. - The company’s operational performance may be negatively impacted by any decline in consumer demand for its products[111]. - The company faces risks related to consumer demand fluctuations, which are influenced by changing consumer preferences and disposable income levels[173]. - The company’s operational performance may be adversely affected if it fails to effectively manage its extensive store network and supply chain capabilities[176]. - The company cannot guarantee that its strategic efforts will fully offset the adverse impacts of market slowdown and intensified competition in the short term[181]. - The company faces significant risks related to brand value, which could be adversely affected by negative publicity regarding its products or operations[183]. - Quality control and food safety are critical, with potential issues leading to significant reputational damage and financial impact[190]. Financial Projections and Investments - Estimated consolidated profit attributable to the parent company for the year ending December 31, 2024, is projected to be RMB 4.4 billion (approximately HKD 4.8 billion)[121]. - The estimated total listing expenses for the global offering is approximately HKD 163.7 million, accounting for 4.7% of the total proceeds[121]. - The net proceeds from the global offering, assuming no exercise of the over-allotment option, is estimated to be approximately HKD 3,291 million[127]. - Approximately 66% or HKD 2,172 million of the net proceeds will be used to enhance the breadth and depth of the end-to-end supply chain[130]. - Approximately 12% or HKD 395 million will be allocated for brand and IP development and promotion[130]. - The company is investing 200 million RMB in R&D for new technologies aimed at enhancing customer experience and operational efficiency[5]. - The company is exploring potential acquisitions to enhance its supply chain capabilities, with a budget of 500 million RMB allocated for this purpose[7]. Store Network and Expansion - The total number of stores has increased from 20,001 in 2021 to 37,565 in 2023, with a target of 45,302 stores by 2024[83]. - The franchise network expanded from 19,954 stores on December 31, 2021, to 37,516 stores by December 31, 2023, and is projected to reach 45,282 stores by September 30, 2024[185]. - The company plans to increase its store count to 4,209 by the end of 2024, up from 3,630 in 2023, representing a growth of 15.9%[71]. - The company operates in first-tier cities including Beijing, Shanghai, Guangzhou, and Shenzhen, and has plans for expansion into new first-tier cities[163]. Digital and Marketing Strategies - A new marketing strategy has been implemented, aiming to increase brand awareness by 30% over the next year[8]. - The company plans to enhance its digital presence, targeting a 50% increase in online sales channels by the end of the next fiscal year[10].