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1月31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2月3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/註冊股本總額： USD 250,00 ...

Group 1 - Kudi Coffee announced the cancellation of its "all drinks for 9.9 yuan unlimited" promotion, effective January 31, 2026, with a new special price section starting February 1, 2026, where some products will still be available at 9.9 yuan unlimited [1] - Kudi Coffee's new store promotion will adjust the first-month price from 8.8 yuan to 9.9 yuan for new users, with changes in the number of discount vouchers provided [1] - The brand has seen significant growth, with over 18,000 stores, attributed to the success of the 9.9 yuan promotion launched in February 2023 [1] Group 2 - KFC has adjusted the prices of some delivery products by an average of 0.8 yuan, while dine-in prices remain unchanged, indicating a response to rising operational costs [2] - Other fast-food brands like McDonald's and Salvia have also raised prices on select items, citing the need to balance costs while maintaining quality [2] - The trend of price increases among brands that heavily rely on delivery services suggests a direct correlation between delivery channel growth and profit margins [3] Group 3 - Rising costs of raw materials, such as fruits and tea, have been identified as a primary reason for the recent price hikes in the food and beverage industry [3] - The average wholesale price of lemons has nearly doubled year-on-year, reflecting broader inflationary pressures in the market [3] - Companies are focusing on adjusting their profit structures rather than relying solely on low-price strategies to attract customers, especially as subsidies decrease [4]

每经编辑｜何小桃 库迪宣布取消9.9元咖啡活动。 1月31日，记者获悉，库迪咖啡"全场9.9元不限量"活动将于2026年1月31日24时正式结束。2026年2月1日将开启特价专区，部分产品仍然延续9.9元不限 量。2026年2月1日0时起，库迪自有平台内非特价活动产品，均按零售价售卖。 对于库迪新店来说，首月8.8元活动自2月1日起调整，用户扫码可得券包由原先的3张6.9元饮品券（全场饮品可用）调整为3张8.8元饮品券（全场饮品可 用）。邀新有礼活动也有所调整，新用户奖品由原先的3张8.8元全场任饮券调整为3张9.9元全场任饮券。 图片来源：每日经济新闻 资料图 对此，库迪咖啡方面回复《每日经济新闻》记者称，部分产品延续特价9.9元不限量，全线产品持续参与外卖平台各类补贴活动，库迪始终致力于为消费 者提供高品质高性价比的咖啡产品，欢迎大家多多体验。 消费末端涨价，最容易让人联想的理由就是上游成本上升，而这的确是这波涨价潮最直接的原因之一。记者询问了多个供应链环节的商家，他们都表示， 近年来，水果、茶叶这类原材料的价格都在上涨。某茶饮品牌供应链的负责人举例称："比如这两年很火的椰子水、椰浆一类的原料，价格涨幅高 ...

Core Viewpoint - The article discusses the recent price adjustments made by major fast-food and beverage brands in response to rising operational costs and competitive pressures in the delivery market, indicating a shift in pricing strategies across the industry [1][5][14]. Price Adjustments - KFC has raised the prices of its delivery products by an average of 0.8 yuan while keeping dine-in prices unchanged, citing the need to respond to operational cost changes [5][9]. - McDonald's has also increased the prices of some menu items by 0.5 to 1 yuan, with delivery prices adjusted accordingly [9]. - Other brands like Salvia and Luckin Coffee have followed suit, with price increases ranging from 1 to 2 yuan for certain items, often through indirect methods such as eliminating discounts [5][9]. Market Dynamics - The article highlights the impact of the intense competition in the delivery market, which has led to a "price war" that is reshaping the competitive landscape, with new entrants continuously driving prices lower [5][13]. - The rising costs of raw materials, as indicated by a 4.4% increase in fresh fruit prices, are also contributing to the need for price adjustments among these brands [10][11]. Consumer Behavior - The shift in pricing strategies may alter consumer perceptions, as many have become accustomed to lower prices due to previous promotional activities, potentially leading to resistance against higher prices [13][14]. - The reliance on delivery services has increased significantly, with KFC's delivery sales growing by 33% year-on-year, accounting for 51% of its restaurant revenue [9]. Strategic Adjustments - Many smaller brands are adopting more discreet pricing strategies to avoid direct price hikes, focusing on high-margin meal bundles to improve delivery profitability [13][14]. - The article suggests that the adjustments in pricing are part of a broader strategy to regain pricing power and reduce dependency on delivery channels, which have been detrimental to profit margins [14].

Core Viewpoint - The recent price adjustments by major fast-food chains like KFC and McDonald's, along with various coffee and tea brands, reflect a response to rising operational costs and the competitive pressures of the takeaway market [1][2][3] Price Adjustments - KFC China announced a slight price increase of 0.8 yuan for its delivery products while keeping dine-in prices unchanged, citing operational cost changes as the reason [1][3] - Other brands, including McDonald's and various tea brands, have also raised prices by 1-2 yuan, often through indirect methods like eliminating discounts [1][3][4] Market Dynamics - The competitive landscape has shifted due to an intense price war in the takeaway sector, leading to a "mixed battle" environment where prices continue to drop, potentially harming overall industry profitability [2][7] - KFC's delivery sales grew by 33% year-on-year, accounting for 51% of its restaurant revenue, indicating a significant reliance on the delivery segment [3] Cost Pressures - Rising raw material costs are a contributing factor to the price increases, with the Consumer Price Index (CPI) rising by 0.8% in December 2025, and fresh fruit prices increasing by 4.4% [4][6] - The price of lemons, a key ingredient for many beverages, rose by 28.3% from April to June 2025, coinciding with increased demand from takeaway services [6] Strategic Adjustments - Smaller brands are adopting more discreet pricing strategies to cope with the competitive pressures, often increasing the prices of high-margin combo meals to improve profitability [7][8] - The industry is witnessing a shift towards reducing reliance on takeaway channels, with brands adjusting their pricing structures and enhancing dine-in experiences to balance profitability [8]

Core Insights - The article discusses the recent price adjustments made by major fast-food chains like KFC and McDonald's, as well as various coffee and tea brands, primarily targeting delivery services to cope with rising operational costs [1][2]. Price Adjustments - KFC China announced a price increase of 0.8 yuan on delivery products while keeping dine-in prices unchanged, citing operational cost changes as the reason [1][2]. - McDonald's also raised prices on certain menu items by 0.5 to 1 yuan, with delivery prices adjusted accordingly [2]. - Other brands like Salvia, Nayuki, and Luckin Coffee have also increased their prices, typically by 1 to 2 yuan, to balance costs and profits [1][2]. Market Dynamics - The competitive landscape has shifted due to an intense delivery price war, which has altered the profit margins for many restaurants [1][4]. - The increase in raw material costs, as indicated by a 0.8% rise in the Consumer Price Index (CPI) and a 4.4% increase in fresh fruit prices, is contributing to the need for price adjustments [3][4]. Impact on Smaller Brands - Smaller businesses are adopting more discreet and flexible pricing strategies compared to larger chains, which can afford to raise prices openly [5][6]. - Many small brands are experiencing significant profit reductions, with some reporting a 60% decrease in net profits due to low-price subsidies [6]. Long-term Implications - The ongoing price adjustments reflect a broader trend of brands reassessing their reliance on delivery channels and seeking to improve in-store experiences [7]. - The adjustments may help the industry move away from a low-price competition model, fostering a healthier market environment as subsidy pressures ease [7].

Core Viewpoint - The article discusses the rising interest and potential of D-allohexose (D-阿洛酮糖) as a sugar substitute in the food and beverage industry, highlighting its approval as a new food ingredient and the contrasting dynamics between production and consumer market adoption [1][5][21]. Production Dynamics - Major food and beverage companies are actively seeking to test D-allohexose, which is seen as a promising sugar alternative due to its low caloric content and ability to participate in the Maillard reaction [1][3]. - Following its approval on July 2, 2025, there was a significant surge in market interest, with a 4985% increase in the WeChat index for D-allohexose and notable stock price increases for related companies [1][3]. - Production capacity is rapidly expanding, with companies like Baolingbao and Jinhe Industrial planning to increase their annual production capacities to tens of thousands of tons [9][10][11]. Market Adoption - Despite the production enthusiasm, the consumer market remains relatively quiet, with only a few products incorporating D-allohexose, such as Naixue's tea and a probiotic drink from Youyi C [4][12]. - The slow market adoption is attributed to the lengthy process of product development and the high cost of D-allohexose compared to traditional sugars, which limits its immediate application in consumer products [14][15][21]. Cost and Production Challenges - The cost of D-allohexose remains a significant barrier, with prices ranging from 20,000 to 24,000 yuan per ton, compared to 6,000 yuan for white sugar [15][17]. - The production methods for D-allohexose, including fermentation and enzymatic conversion, present technical challenges that contribute to its higher costs [18][19]. Regulatory and Market Position - D-allohexose is classified as a new food ingredient rather than a food additive, allowing for broader applications across various food categories, unlike other sweeteners that are limited to specific uses [23][26]. - The article suggests that D-allohexose may find its initial applications in high-end markets where consumers are less price-sensitive and more focused on health benefits [21][22].

Core Insights - The tea beverage industry is experiencing a significant shift from rapid growth to intense competition, with many brands struggling to maintain profitability as the market approaches saturation [2][11][24]. Industry Overview - The tea beverage market has seen a surge in the number of listed companies, with brands like Gu Ming, Mi Xue Ice City, and Ba Wang Tea Sister joining the ranks, bringing the total to six publicly traded companies [2]. - Mi Xue Ice City has expanded to an impressive 47,000 global stores, while Gu Ming has become the second tea brand to reach 10,000 stores [2]. - The market growth rate is projected to slow down significantly, with an expected increase of only 6.4% in 2025, compared to over 20% in previous years [11]. Market Dynamics - The competition has intensified, leading to a phenomenon where many stores are closing or struggling to find tenants, with rental prices dropping by 30% in some areas without attracting new businesses [10][11]. - The average density of tea beverage stores is high, with one store for every 700 people in the target demographic of 15-35 years old [11]. Financial Performance - Major tea brands have reported substantial revenue growth, with Mi Xue Group achieving a revenue increase of 39.3% to 14.87 billion yuan and Gu Ming's revenue rising by 41.2% to 5.66 billion yuan [15][17]. - Despite overall revenue growth, many franchisees are experiencing declining profit margins due to increased competition and the impact of the delivery service wars [20][21]. Delivery Wars Impact - The fierce competition among delivery platforms has led to significant spending, with approximately 65 billion yuan burned in the third quarter alone, benefiting tea brands through increased order volumes [13][14]. - However, the profitability of individual stores is under pressure, as the shift towards delivery often results in lower profit margins compared to in-store sales [20][21]. Investment Trends - Investors are increasingly adopting a speculative approach, focusing on new brands with the potential for high returns, while established brands are seen as less profitable [24][25]. - The emergence of new brands and trends, such as Thai milk tea, is driving interest among franchisees, who are eager to capitalize on the next big opportunity [27][28]. Consumer Behavior - The delivery wars have changed consumer habits, with a growing preference for ready-to-drink beverages, which may have long-term benefits for the industry [23]. - However, there are concerns that the price sensitivity created by heavy discounting during the delivery wars could persist even after subsidies are reduced [21].

Group 1 - The acquisition of the yogurt brand "酸奶罐罐" by "茉酸奶" reflects the ongoing capital restructuring in the ready-to-drink tea and coffee industry, as the market transitions from high growth to a phase of stock competition [1] - In 2025, key events in the tea and coffee market included several brands going public and the rise of instant retail platforms, which significantly impacted sales but also created challenges for franchisees [1][3] - The market size of the new-style tea market reached 374.93 billion yuan in 2025, growing by 5.7% year-on-year, indicating a slowdown compared to previous years [7] Group 2 - The intense subsidy war initiated by instant retail platforms led to a significant increase in transaction volume but a decrease in average order value, with tea and coffee market consumption growing by 39.2% and 42.6% respectively, while average prices fell by 16.3% and 10.7% [3] - Franchisees are becoming more cautious in their investments, focusing on prime locations, cost control, and partnering with leading brands, as the market becomes increasingly competitive [7][8] - The trend of product homogenization continues, with fewer collaborations between brands and IPs, indicating a need for differentiation and stability in supply chains [8][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: 2025年12月31日 狀態: 新提交 本月底法定/註冊股本總額： USD 250,000 第 1 頁 共 10 頁 v 1.1.1 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1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. ...