Core Viewpoint - The company is making a strategic investment in the fresh beer market by acquiring a 51% stake in the target company, which will enhance its product offerings and market presence in the beverage industry [1][2][3] Group 1: Investment Details - The company plans to invest RMB 285.6 million to subscribe for new registered capital of RMB 6.9017 million in the target company, representing 51% of its expanded registered capital [1] - The company will also acquire an additional 2% stake in the target company for RMB 11.2 million, resulting in the target company becoming a non-wholly owned subsidiary [1] - The financial performance of the target company will be consolidated into the company's financial results following the completion of the investment [1] Group 2: Market Opportunity - The fresh beer market in China is in its early development stage but shows significant growth potential due to increasing consumer demand for high-quality and diverse products [2][3] - Fresh beer products offer more original flavor compounds compared to traditional beer, aligning with consumer preferences for quality and taste [2] - The investment allows the company to capitalize on the growing trend of fresh beer consumption, which combines quality and convenience [2] Group 3: Target Company's Strengths - The target company has established a competitive advantage in product offerings, business model, operational systems, and supply chain management [3] - As of August 31, 2025, the target company operates approximately 1,200 stores across 28 provinces in China, indicating a strong market presence [3] - The target company employs a franchise model for expansion, which supports standardized and high-quality growth with low initial investment [3] Group 4: Synergies and Collaboration - The company and the target company share a commitment to the "high quality and affordable" value proposition, enhancing their operational synergy [4] - The collaboration will leverage the company's robust supply chain to improve the target company's product quality and cost efficiency [4] - Joint marketing efforts and standardized operational management will facilitate the target company's growth and expansion of its store network [4]

Core Viewpoint - The company is making a strategic investment in the fresh beer market by acquiring a 51% stake in the target company, which will enhance its product offerings and market presence in the beverage industry [1][2]. Group 1: Investment Details - The company plans to invest RMB 285.6 million to subscribe for new registered capital of RMB 6.9017 million in the target company, representing 51% of its expanded registered capital [1]. - The company will also acquire a 2% stake in the target company from Mr. Zhao Jie for RMB 11.2 million [1]. - Following the investment and share transfer, the target company will become a non-wholly owned subsidiary of the company, and its financial performance will be consolidated into the company's financial results [1]. Group 2: Market Opportunity - The fresh beer market in China is in its early development stage but shows significant potential due to consumer demand for high-quality and diverse products [2]. - Fresh beer products offer more original flavor compounds compared to traditional beer, aligning with consumer preferences for quality and taste [2]. - The industry is transitioning from quantity growth to quality growth, indicating a long-term growth potential for fresh beer products [2]. Group 3: Target Company's Strengths - The target company has established a competitive advantage in product offerings, business model, operational systems, and supply chain, with around 1,200 stores across 28 provinces in China as of August 31, 2025 [3]. - The product range includes classic fresh beer and innovative variants like fruit beer and tea beer, catering to diverse consumer needs at affordable prices [3]. - The target company employs a franchise model for expansion, which allows for standardized and high-quality growth with low initial investment [3]. Group 4: Synergies and Collaboration - Both the company and the target company share a commitment to the "high quality and affordable" value proposition, enhancing their operational synergy [4]. - The company can leverage its strong supply chain to improve the target company's product quality and cost efficiency [4]. - Joint marketing efforts and standardized operational management will support the target company's sustainable growth and network expansion [4].

投資協議及股權轉讓協議 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） 關連交易 訂立投資協議及股權轉讓協議 董事會謹此宣佈，於2025年9月30日（聯交所交易時段後），本公司與標的公司 及標的公司股東簽訂投資協議。據此，本公司擬（自行及/或通過其指定附屬公 司）以向標的公司注資人民幣285.60百萬元的方式認購標的公司新增註冊資本人 民幣6,901,740元（佔其經擴大註冊資本的51%）。 同日，本公司與趙杰先生簽訂股權轉讓協議。據此，趙杰先生同意轉讓及本公 司同意（自行及/或通過其指定附屬公司）受讓標的公司認繳出資額270,660元（佔 其經擴大註冊資本的2%），總代價為人民幣11.20百萬元。 該投資及股權轉讓完成後，標的公司將構成本公司的非全資附屬公司，而其財 務業績將併入本集團的財務業績。 上市規則的涵義 於本公告日期，田海霞女 ...

Group 1: Alibaba Group - CMB International maintains a "Buy" rating for Alibaba-SW, raising the target price to HKD 195, citing advancements in AI infrastructure investment of RMB 380 billion and a projected 10x increase in data center energy consumption by 2032 [1] - CICC also maintains an "Outperform" rating for Alibaba-SW, increasing the target price to HKD 197, highlighting the leading position of Tongyi model ecosystem and the potential for commercial value release [1] Group 2: Kuaishou Technology - UBS maintains a "Buy" rating for Kuaishou-W, setting a target price of HKD 95.37, noting significant advancements in the 可灵 2.5 Turbo model for text understanding and video generation [1] Group 3: Xiaomi Corporation - Daiwa Securities maintains a "Buy" rating for Xiaomi Group, with a target price of HKD 76, reporting an increase in weekly electric vehicle deliveries to 10,000-12,000 units and plans to enter the European market by 2027 [2] Group 4: Longwind Pharmaceutical - China Everbright Securities International highlights Longwind Pharmaceutical's strong growth prospects, focusing on inhalation technology and drug development, with six products approved in the respiratory disease field [3] Group 5: Nine Dragons Paper Holdings - Bank of America maintains a "Buy" rating for Nine Dragons Paper, setting a target price of HKD 6.5, with a projected net profit of RMB 1.767 billion for FY25 and a 9.7% increase in sales [3] - Shenwan Hongyuan also maintains a "Buy" rating, noting significant improvements in gross profit and net profit, with expected growth in net profit for 2026-2028 [4] - Guotai Junan raises the target price for Nine Dragons Paper to HKD 7.37, citing a 9.6% increase in sales and a 1.9 percentage point rise in gross margin [4] Group 6: Xindong Company - CMB Securities strongly recommends Xindong Company, highlighting the successful public testing of "伊瑟" and a 37.74% increase in revenue from the TapTap platform [5] Group 7: Mixue Group - CITIC Securities maintains a "Buy" rating for Mixue Group, emphasizing its efficient supply chain and membership growth exceeding 300 million, with plans for expansion in Southeast Asia and new global markets [6]

Company Overview - The company is enhancing its integrated supply chain capabilities, consolidating quality-price ratio and scale flywheel effects, and achieving relatively stable growth despite potential disruptions from the decline in delivery subsidies [1] - The company has established deep partnerships with major suppliers for global procurement, reducing costs through scale effects, with specific procurement volumes for lemons, fresh oranges, tea leaves, and coffee beans in 2024 [1] Supply Chain and Operational Efficiency - The company is improving factory automation and optimizing product taste through process upgrades, while also establishing a localized warehousing system in countries like Vietnam, Indonesia, Thailand, and Malaysia [1] - The company has deployed 4,000-5,000 self-developed intelligent dispensing machines, reducing service time from over 20 seconds to 8-10 seconds, enhancing store operational efficiency [1] Market Performance and Growth Potential - The impact of delivery subsidies is gradually weakening, but the company is expected to achieve stable performance growth through product innovation, offline marketing, and mini-program traffic [2] - The company’s "Lucky Coffee" brand is leveraging supply chain advantages to enhance fruit and coffee product innovation, with a projected higher same-store growth rate compared to the overall company [2] International Market Adjustments - The overseas market is still in an adjustment phase, with higher gross margins compared to domestic operations, allowing the company to maintain profitability for franchisees while enhancing quality-price positioning [2] Financial Forecast and Valuation - The company maintains its earnings forecast, with current stock prices corresponding to 24/21x P/E for 2025/2026, and a target price reflecting a potential upside of 35% [2]

Core Viewpoint - CICC maintains a "outperform" rating for Mixue Group (02097) with a target price of HKD 555, corresponding to 32x/28x P/E for 2025/2026, indicating a potential upside of 35% [1] Group 1: Integrated Supply Chain Capability - The company is enhancing its integrated supply chain capabilities, solidifying quality-price ratio and scale flywheel effects [2] - On the procurement side, the company collaborates deeply with major suppliers globally, reducing costs through scale effects, with planned purchases of 115,000 tons of lemons, 27,000 tons of fresh oranges, 61,000 tons of tea leaves, and 13,000 tons of coffee beans in 2024 [2] - The company is improving factory automation and optimizing product taste through process upgrades, while establishing 29 domestic warehouses and local storage systems in countries like Vietnam, Indonesia, Thailand, and Malaysia, achieving over 90% coverage of county-level administrative regions in mainland China within 12 hours [2] - The company has developed an intelligent dispensing machine to enhance store operational efficiency, reducing service time from over 20 seconds to 8-10 seconds, with 4,000-5,000 units currently deployed [2] Group 2: Impact of Delivery Subsidies - The impact of delivery subsidies is gradually weakening, but the company is expected to achieve relatively stable performance growth despite potential disruptions [3] - CICC estimates that the company’s same-store sales grew by 13% year-on-year in H1 due to delivery subsidies, with delivery revenue share increasing by approximately 10 percentage points [3] - The company is expected to counter the impact of declining delivery subsidies through product innovation, offline marketing, and mini-program traffic [3] Group 3: Focus on Lucky Coffee and Overseas Adjustments - Lucky Coffee is leveraging Mixue's supply chain advantages to enhance fruit and coffee product innovation, with coffee product revenue accounting for over half of total revenue [4] - The company has signed over 8,000 new stores nationwide as of August 27, with expectations to reach around 8,000 operational stores by year-end [4] - The overseas market is still in an adjustment phase, with higher gross margins compared to domestic operations, allowing the company to maintain profitability for franchisees while enhancing quality-price positioning through product iterations [4]

Core Viewpoint - The report from CICC maintains a "outperforming the industry" rating for Mixue Group (02097) with a target price of HKD 555, corresponding to a P/E of 32/28x for 25/26, indicating a potential upside of 35% [1] Group 1: Integrated Supply Chain Capability - The company is enhancing its integrated supply chain capabilities, consolidating quality-price ratio and scale flywheel effects [1] - On the procurement side, the company is globally sourcing and collaborating deeply with major suppliers, reducing costs through scale effects, with planned purchases of 11.5k tons of lemons, 2.7k tons of fresh oranges, 6.1k tons of tea leaves, and 1.3k tons of coffee beans in 2024 [1] - The company is improving factory automation to optimize product taste and has established 29 domestic warehouses, along with localized storage systems in Vietnam, Indonesia, Thailand, and Malaysia, achieving over 90% coverage of county-level administrative regions in mainland China within 12 hours [1] - The company has developed an intelligent dispensing machine to enhance store operational efficiency, reducing service time from over 20 seconds to 8-10 seconds, with 4,000-5,000 units currently deployed [1] Group 2: Impact of Delivery Subsidies - The company estimates that delivery subsidies contributed to a 13% year-on-year same-store sales growth in H1, with delivery revenue share increasing by approximately 10 percentage points [2] - Considering the gradual weakening of delivery subsidies since July, the company anticipates a decline in same-store revenue growth in H2 compared to Q2 [2] - The company is expected to counter the impact of declining delivery subsidies through product innovation, offline marketing, and mini-program traffic [2] Group 3: Potential of Lucky Coffee and Overseas Adjustments - Lucky Coffee is leveraging Mixue's supply chain advantages to enhance fruit and coffee product innovation, with coffee product revenue accounting for over half of total revenue, and same-store growth expected to exceed the overall company growth of 13% in H1 [3] - The company has signed over 8,000 new stores nationwide as of August 27, with expectations to reach around 8,000 operational stores by year-end [3] - The overseas market is still in an adjustment phase, with higher gross margins compared to domestic operations, allowing the company to provide discounts while ensuring franchisee profitability remains within a reasonable range [3]

Core Viewpoint - Huaxin Securities initiates coverage on Mixue Group (02097) with a "Buy" investment rating, projecting EPS for 2025-2027 to be 15.11, 17.87, and 20.32 CNY respectively [1] Financial Performance - For the first half of 2025, Mixue Group reported total revenue of 14.875 billion CNY, a year-on-year increase of 39% [1] - The net profit for the same period was 2.718 billion CNY, reflecting a 44% year-on-year growth [1] - The attributable net profit reached 2.693 billion CNY, marking a 43% increase compared to the previous year [1] Profitability Metrics - The gross margin for the first half of 2025 decreased by 0.2 percentage points to 31.64% [1] - The sales and distribution expenses as a percentage of revenue increased by 0.04 percentage points to 6.14%, while administrative expenses rose by 0.3 percentage points to 2.94% [1] - The net profit margin and attributable net profit margin increased by 1 percentage point and 0.5 percentage points to 18.27% and 18.10% respectively, showing slight year-on-year growth [1] Strategic Focus - The company aims to enhance supply chain capabilities, build brand IP, and optimize store operations, while accelerating expansion in domestic and overseas markets [1]

Core Viewpoint - Huaxin Securities initiates coverage on Mixue Group (02097) with a "Buy" investment rating, projecting significant earnings growth through 2027 [1] Financial Performance - For the first half of 2025, Mixue Group reported total revenue of 14.875 billion yuan, a year-on-year increase of 39% [1] - The net profit for the same period reached 2.718 billion yuan, reflecting a 44% year-on-year growth, with attributable net profit of 2.693 billion yuan, up 43% [1] - The gross margin slightly decreased by 0.2 percentage points to 31.64% [1] Expense Analysis - Sales and distribution expenses as well as administrative expenses increased as a percentage of revenue, rising by 0.04 percentage points and 0.3 percentage points to 6.14% and 2.94%, respectively [1] - It is anticipated that these expense ratios will stabilize in the second half of the year [1] Profitability Metrics - The net profit margin and attributable net profit margin increased by 1 percentage point and 0.5 percentage points to 18.27% and 18.10%, respectively, showing slight year-on-year growth [1] Strategic Focus - The company aims to enhance its supply chain, build brand IP, and optimize store operations while accelerating domestic expansion and exploring overseas markets, which is expected to further boost performance [1]

[Corporate Information](index=3&type=section&id=CORPORATE%20INFORMATION) This section outlines the company's board structure, key committees, and essential contact details [Board and Committees](index=3&type=section&id=Board%20and%20Committees) The company's board, comprising executive and independent non-executive directors, is supported by audit, remuneration, and nomination committees - Board members include **Mr. Zhang Hongchao (Chairman)**, **Mr. Zhang Hongfu**, **Ms. Cai Weimiao**, **Ms. Zhao Hongguo** as executive directors, and **Ms. Pan Huiyan**, **Mr. Zhu Xi**, **Mr. Huang Xuande** as independent non-executive directors[4](index=4&type=chunk) - The **Audit Committee is chaired by Mr. Huang Xuande**, the **Remuneration Committee by Mr. Zhu Xi**, and the **Nomination Committee by Mr. Zhang Hongchao**[4](index=4&type=chunk)[5](index=5&type=chunk) [Company Details and Contacts](index=4&type=section&id=Company%20Details%20and%20Contacts) The company maintains its registered office and principal place of business in Zhengzhou, Henan, China, with a key operational presence in Hong Kong, alongside essential contact information - The registered office and China headquarters are located at Room 16004, Hanhai Beijin Commercial Center, Jinshui District, Zhengzhou, Henan Province, China[7](index=7&type=chunk) - The principal place of business in Hong Kong is Room 1912, 19th Floor, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong[8](index=8&type=chunk) - The auditor is **Ernst & Young**, stock code is **2097**, and the company website is **www.mxbc.com**[8](index=8&type=chunk)[10](index=10&type=chunk) [Financial Summary](index=6&type=section&id=FINANCIAL%20SUMMARY) This section provides a concise overview of the company's financial performance and position, highlighting significant growth in revenue, profit, assets, and equity for the reporting period [Financial Performance Highlights](index=6&type=section&id=Financial%20Performance%20Highlights) For the six months ended June 30, 2025, the company achieved significant growth in both revenue and profit, with a corresponding increase in basic earnings per share Financial Performance Highlights (For the six months ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 14,874,809 | 10,677,054 | 39.3% | | Gross Profit | 4,706,373 | 3,402,695 | 38.3% | | Profit for the Period | 2,718,214 | 1,886,899 | 44.1% | | Basic Earnings Per Share (RMB) | 7.23 | 5.23 | 38.2% | [Financial Position Highlights](index=6&type=section&id=Financial%20Position%20Highlights) As of June 30, 2025, the company's total assets, total equity, and cash balances all significantly increased, with a notable improvement in net current assets Financial Position Highlights (As of June 30) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Assets | 27,292,904 | 19,783,322 | | Total Liabilities | 5,911,440 | 4,722,502 | | Total Equity | 21,381,464 | 15,060,820 | | Cash and Bank Balances | 12,498,290 | 7,617,853 | | Financial Assets at Fair Value Through Profit or Loss | 5,113,517 | 3,491,643 | | Net Current Assets | 12,690,577 | 7,379,213 | [Management Discussion and Analysis](index=7&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) This section provides an in-depth review of the company's financial performance, business operations, and future outlook, highlighting key drivers of growth and strategic initiatives [Financial Review](index=7&type=section&id=Financial%20Review) The Group achieved strong financial growth in the first half of 2025, with significant increases in both revenue and profit, primarily driven by sales of goods and equipment and growth in franchise services, while maintaining a robust liquidity position and a low gearing ratio Financial Performance in H1 2025 | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Revenue | 14,874.8 | 10,677.1 | 39.3% | | Gross Profit | 4,706.4 | 3,402.7 | 38.3% | | Profit for the Period | 2,718.2 | 1,886.9 | 44.1% | - Revenue growth was primarily attributed to **sales of goods and equipment (up 39.6% to RMB14,494.7 million)** and **franchise and related services (up 29.8% to RMB380.1 million)**, with the latter benefiting from store network expansion[16](index=16&type=chunk)[20](index=20&type=chunk) - Gross profit margin for **goods and equipment sales decreased from 30.5% to 30.3%**, mainly due to rising raw material costs and changes in revenue mix; **franchise and related services gross profit margin increased from 81.7% to 82.7%**, driven by economies of scale[18](index=18&type=chunk)[23](index=23&type=chunk)[25](index=25&type=chunk)[30](index=30&type=chunk) - Net other income and gains **increased by 96.0% to RMB158.6 million**, primarily from higher interest income and government grants[26](index=26&type=chunk)[31](index=31&type=chunk) - Sales and distribution expenses **increased by 40.2% to RMB913.7 million**, maintaining a 6.1% share of total revenue. Administrative expenses **rose by 56.6% to RMB437.7 million**, with its share of total revenue slightly increasing by 0.3 percentage points to 2.9%. R&D expenses **grew by 1.7% to RMB41.0 million**, with its share of total revenue remaining largely stable[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - Finance costs **decreased by 52.3% to RMB2.1 million**, mainly due to repayment of bank borrowings. Income tax expense **increased by 22.0% to RMB750.1 million**, primarily due to higher profit before tax[35](index=35&type=chunk)[36](index=36&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) - As of June 30, 2025, total cash and cash equivalents, time deposits and restricted cash, and financial assets at fair value through profit or loss amounted to **RMB17,611.8 million**, representing a **58.5% increase** from the end of 2024, primarily driven by net cash from operating activities and proceeds from the Hong Kong public offering[38](index=38&type=chunk)[43](index=43&type=chunk) - As of June 30, 2025, the Group had **no interest-bearing bank and other borrowings**, and the **gearing ratio decreased from 23.9% at the end of 2024 to 21.7%**[39](index=39&type=chunk)[44](index=44&type=chunk)[50](index=50&type=chunk)[56](index=56&type=chunk) - As of June 30, 2025, capital commitments amounted to **RMB74.9 million**, primarily for the construction of production plants and acquisition of production equipment, a **significant decrease from RMB398.6 million** at the end of 2024[59](index=59&type=chunk)[62](index=62&type=chunk) - As of June 30, 2025, the total number of employees was **8,117** (end of 2024: 7,025), with total employee compensation expenses of **RMB897.8 million** (H1 2024: RMB600.7 million)[60](index=60&type=chunk)[63](index=63&type=chunk) [Business Review](index=12&type=section&id=Business%20Review) As a leading global freshly-made beverage company, the Group achieved robust performance in H1 2025, expanding its global store network to over 53,000 outlets, while continuously strengthening its supply chain, brand IP, and store operations, and successfully entering the Central Asian market - The Group is a **leading global freshly-made beverage company**, offering high-quality, affordable fruit teas, milk teas, ice creams, and coffee, with an average unit price of approximately **RMB6 (about US$1)**[67](index=67&type=chunk)[69](index=69&type=chunk) - It operates two major brands, "**Mixue Bingcheng**" and "**Lucky Cup**", ranking **72nd globally** in the food and beverage industry by 2024 annual terminal retail sales[67](index=67&type=chunk)[69](index=69&type=chunk) - As of June 30, 2025, the global store network **exceeded 53,000 outlets**, covering China and 12 overseas countries[72](index=72&type=chunk)[7