（股份代號：2150） 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。 Nayuki Holdings Limited 奈雪的茶控股有限公司 （於開曼群島註冊成立的有限公司） 董事會會議召開日期 奈雪的茶控股有限公司（「本公司」，連同其附屬公司，合稱「本集團」）董事會（「董事 會」）兹通告，謹定於2026年3月26日（星期四）舉行董事會會議，以考慮及通過（其中包 括）本集團截至2025年1 2月3 1日止年度之全年業績及其發佈、建議派發末期股息（如 有），以及處理其他任何事項。 承董事會命 奈雪的茶控股有限公司 董事長 趙林 深圳，2026年3月13日 於本公告日期，董事會包括執行董事趙林先生及彭心女士；及獨立非執行董事劉異偉先 生、謝永明先生及張立鈞先生。 ...

Investment Rating - The report maintains an "Overweight" rating for the overseas pharmaceutical industry, indicating a positive outlook for the sector's performance compared to the overall market [5][10]. Core Insights - The report highlights significant developments in the pharmaceutical sector, including a licensing agreement between China National Pharmaceutical Group (Sinopharm) and Sanofi for the JAK/ROCK inhibitor, and the approval of a new indication for Innovent Biologics' BTK inhibitor in China [1][2]. - Performance forecasts for companies such as Crystal Holding and He Yu indicate substantial revenue growth, with Crystal Holding expected to achieve at least 780 million RMB in revenue for 2025, representing a year-on-year increase of approximately 193% [6][7]. Summary by Sections 1. Overseas Pharmaceuticals - Sinopharm and Sanofi have entered into an exclusive licensing agreement for the global development, production, and commercialization of the JAK/ROCK inhibitor, with potential milestone payments totaling up to 1.395 billion USD [2][7]. - Innovent Biologics' BTK inhibitor, Jiepalit (Pirtobrutinib), has received NMPA approval for a new indication in adult patients with chronic lymphocytic leukemia (CLL) who have previously undergone systemic treatment [2][7]. - Roche's BTK inhibitor Fenebrutinib has successfully met primary endpoints in a Phase III trial for relapsing multiple sclerosis, potentially becoming the first effective oral treatment for both relapsing and primary progressive forms of the disease [3][8]. 2. Performance Updates - Crystal Holding anticipates a revenue of no less than 780 million RMB in 2025, with a net profit of at least 100 million RMB, marking a turnaround from losses [6][7]. - He Yu expects to achieve 612 million RMB in revenue for 2025, reflecting a 21% year-on-year growth, with net profit projected at 55 million RMB, a 95% increase [6][7]. 3. Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and others [10]. - It also highlights the importance of monitoring clinical progress in key pipelines for companies transitioning towards innovation [10].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 奈雪的茶控股有限公司 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02150 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00005 | USD | | 250,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00005 | USD | | 250,000 | 本月底法定/ ...

Group 1 - The core point of the article is the collective price increase in the restaurant and beverage market, which marks a shift from the previously dominant low-price strategy [1][3] - Major brands like KFC and McDonald's have recently raised prices, with KFC adjusting delivery prices by an average of 0.8 yuan while keeping dine-in prices unchanged [1][2] - Other brands such as Nayuki, Luckin Coffee, and others are also increasing prices, typically by 1-2 yuan, to balance costs and profits [1][2] Group 2 - The abandonment of low-price strategies is attributed to rising operational costs, particularly in raw materials, with fresh fruit prices increasing by 4.4% as of December 2025 [5][7] - The competitive landscape in the restaurant and beverage market has intensified, with new brands emerging and consumer demand shifting towards quality and experience, necessitating increased investment in product innovation [7][8] - Price increases are seen as a necessary response to cost pressures and market competition, but companies must also focus on establishing sustainable profit models rather than relying solely on price wars [8][10] Group 3 - The risk of collective price increases lies in potential strategic disagreements among leading companies, which could lead to market disruption if a major player opts to maintain lower prices [10] - If a brand like Mixue Ice City maintains low prices while others raise theirs, it could attract consumers away from mid-tier brands, creating a market divide [10]

作为奈雪2026年核心战略落地的关键，奈雪"纤·Studio店"独家上线6款"低GI&多纤"核心产品，涵盖多纤 蔬果昔与低GI多纤果蔬茶两大品类，"更多纤维，更慢升糖"精准击中消费者对于健康慢升糖的需求。此 外，门店同步上线鲜果希腊酸奶昔、康普茶特调、径山千目抹茶、鲜果咖啡系列等多元饮品，以及10 款"半糖生甜甜圈"烘焙产品——糖量减少50%以上，采用天然食材，实现"健康与美味兼得"。 奈雪的茶全新门店"纤·Studio店"今日在深圳海岸城开启试营业。作为奈雪深耕健康赛道与场景创新的双 重标杆，该门店不仅独家首发"低GI&多纤"全新产品系列，更以"Nature+Art+Imagination"为核心理念， 打造集自然健康、艺术美学与松弛社交于一体的沉浸式茶饮空间。值得一提的是，该门店以低GI&多纤 控糖为健康产品创新特色，"更多纤维，更慢升糖"有望引领茶饮行业新的健康风向标。 ...

全新店型"奈雪纤.Studio店"重构茶饮消费场景 此次亮相的奈雪纤.Studio店，是奈雪对茶饮消费场景的深度革新。项目负责人表示"我们根据市场洞察 和数据梳理，发现42%消费者渴望独特健康记忆点，38%期待社交与疗愈兼具的第三空间"，基于此， 门店以"自然植愈力+艺术趣味感+松弛生活感"为三大核心基因，将空间打造成"可逛、可坐、可沉浸"的 生活美学载体。 2026年2月10日，健康茶饮领导者奈雪的茶(02150)全新门店"纤.Studio店"在深圳海岸城开启试营业。作 为奈雪深耕健康赛道与场景创新的双重标杆，该门店不仅独家首发"低GI&多纤"全新产品系列，更 以"Nature+Art+Imagination"为核心理念，打造集自然健康、艺术美学与松弛社交于一体的沉浸式茶饮空 间。值得一提的是，该门店以低GI&多纤控糖为健康产品创新特色，"更多纤维，更慢升糖"有望引领茶 饮行业新的健康风向标。 战略产品首发：低GI&多纤系列引领健康茶饮新风向 作为奈雪2026年核心战略落地的关键，奈雪纤.Studio店独家上线6款"低GI&多纤"核心产品，涵盖多纤 蔬果昔与低GI多纤果蔬茶两大品类，"更多纤维，更慢升糖"精 ...

智通财经APP获悉，2026年2月10日，健康茶饮领导者奈雪的茶(02150)全新门店"纤·Studio店"在深圳海 岸城开启试营业。作为奈雪深耕健康赛道与场景创新的双重标杆，该门店不仅独家首发"低GI&多纤"全 新产品系列，更以"Nature+Art+Imagination"为核心理念，打造集自然健康、艺术美学与松弛社交于一体 的沉浸式茶饮空间。值得一提的是，该门店以低GI&多纤控糖为健康产品创新特色， "更多纤维，更慢 升糖"有望引领茶饮行业新的健康风向标。 战略产品首发：低GI&多纤系列引领健康茶饮新风向 作为奈雪2026年核心战略落地的关键，奈雪 纤·Studio店独家上线6款"低GI&多纤"核心产品，涵盖多纤 蔬果昔与低GI多纤果蔬茶两大品类，"更多纤维，更慢升糖"精准击中消费者对于健康慢升糖的需求。 其中，"低GI&多纤果蔬茶系列"推出多纤·瘦瘦小绿瓶、多纤·超C小橙瓶、多纤·焕新小红瓶，通过科学 食材搭配降低升糖指数，搭配奈雪经典茶底，实现"低GI慢升糖+蔬果纤维"双重buff，适配控糖人群日 常需求。"多纤蔬果昔"系列包含超能·羽衣牛油果昔、醒味·薄荷青苹果昔 、活力·姜黄凤梨果昔，采用鲜 果 ...

Core Viewpoint - The launch of the "Spring Festival 30 Billion Free Order" campaign by Qianwen APP has led to a massive surge in orders for milk tea shops, resulting in over 10 million orders within just 9 hours, significantly impacting the tea beverage industry and stock prices of related companies [1][6][12]. Group 1: Impact on the Milk Tea Industry - The Qianwen APP's free order card can be used in over 300,000 milk tea shops nationwide, including popular brands like Mixue Ice Cream, Luckin Coffee, and Nayuki [3][6]. - Many stores reported overwhelming order volumes, with some locations experiencing a tenfold increase in orders compared to normal days, leading to operational challenges [6][22]. - The stock prices of several tea beverage companies rose significantly, with Gu Ming increasing over 5% and Cha Bai Dao rising over 4% following the campaign [6][12]. Group 2: Historical Context and Comparison - This event follows a similar "takeout war" that occurred in July 2025, where tea beverage shops also faced an unprecedented surge in orders, leading to operational chaos and complaints from staff [7][10]. - The previous "takeout war" resulted in a 50% increase in orders for some brands, highlighting the volatility and challenges faced by the industry during such promotional events [7][10]. Group 3: Consumer Behavior and Market Dynamics - The milk tea market in China is projected to reach 354.72 billion yuan by 2024, with a growth rate of 6.4%, indicating a strong consumer base primarily consisting of young women and white-collar workers [16][18]. - Milk tea's low decision-making cost and high repurchase rate make it an attractive product for platforms looking to engage users, as it serves as a low-cost method to acquire and retain customers [16][21]. Group 4: Operational Challenges - The sudden influx of orders during the Qianwen APP campaign led to significant operational strain on milk tea shops, with many unable to meet the demand due to insufficient staffing and supply chain issues [22][23]. - Customer experiences were negatively impacted, with reports of long wait times and order inaccuracies, which could harm long-term customer trust and repeat business [23][25].

Core Viewpoint - The article discusses the recent surge in orders for milk tea shops due to the "AI War" initiated by the Qianwen APP, which offered a massive promotion leading to over 10 million orders in just 9 hours, highlighting the intense competition in the food and beverage industry and the challenges faced by businesses in managing such demand [5][7][21]. Group 1: AI War and Its Impact - The Qianwen APP launched a "Spring Festival 3 billion free orders" campaign, resulting in a nationwide frenzy for milk tea, with major brands like Mixue Ice City and Luckin Coffee participating [6][7]. - Within 9 hours of the campaign, over 10 million milk tea orders were placed, causing stock prices of several tea brands to rise significantly, with Gu Ming increasing over 5% to reach a record high [7]. - The article notes that this is the second major order surge within a year, indicating a pattern of intense promotional activities in the restaurant industry [8]. Group 2: Previous Delivery Wars - The article references a previous "Delivery War" that occurred on July 5, 2025, which also resulted in overwhelming order volumes, with some stores reporting a 230% increase in orders compared to normal [9][10]. - Following the Delivery War, many restaurant operators expressed concerns about the sustainability of such high demand and the negative impact on service quality [10][12]. - Regulatory actions were taken to address the chaotic competition in the delivery sector, aiming to create a healthier market environment for the restaurant industry [11][12]. Group 3: Characteristics of the Milk Tea Market - The milk tea market is characterized by its ability to attract young consumers, with a projected market size of 354.72 billion yuan in 2024, growing at 6.4% annually [17]. - The consumer base primarily consists of young women aged 22-30, with a high frequency of purchases, making milk tea a low-cost, high-repurchase category [17][18]. - The efficiency and high turnover of milk tea shops make them attractive to platforms seeking to acquire users at a lower cost [19]. Group 4: Financial Implications for Businesses - Despite the surge in orders, the profitability of milk tea shops remains challenging, as the sudden influx of orders can overwhelm staff and disrupt service quality [21][22]. - Many businesses struggle to manage the increased demand, leading to longer wait times and potential customer dissatisfaction, which can harm long-term customer loyalty [23][25]. - The article emphasizes the need for businesses to balance leveraging platform promotions for growth while maintaining their operational integrity and customer experience [27].

Core Insights - The "Qianwen Spring Festival 3 Billion Free Order" campaign has generated significant consumer interest, with over 10 million orders placed within 9 hours of launch [1][2] - The campaign allows users to receive a 25 yuan free order card, usable at over 300,000 tea shops nationwide, enhancing customer engagement and driving sales [1][2] - The event has led to a surge in orders for various tea brands, with some stores reporting order increases of over 500% [2][3] Group 1: Campaign Impact - The campaign resulted in a rapid increase in order volume, with 1 million cups ordered within 3 hours and 10 million within 9 hours [2] - Many tea shops experienced stock shortages due to the unexpected surge in demand, with some brands running out of key ingredients [2][3] - The campaign's success has positively influenced stock prices of tea companies, with brands like Gu Ming seeing a rise of over 5% [3] Group 2: Consumer Engagement - Users can interact with the Qianwen app to place orders and receive recommendations based on their location, enhancing the overall user experience [3] - The campaign includes a referral incentive, allowing new users to participate in a lottery for a valuable "Qianwen AI Life Card" [3] - Despite initial excitement, consumer behavior has started to stabilize as the campaign continues, with users taking their time to utilize the free order cards [3]