Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.75 [7]. Core Insights - The company achieved a revenue of RMB 5.395 billion in 2025, representing a year-on-year increase of 9.7%, while the net profit attributable to shareholders was RMB 804.9 million, up 70.5% year-on-year [1]. - The second half of 2025 saw significant improvement in revenue growth and profitability, with a revenue of RMB 2.896 billion, up 14.8% year-on-year, and a net profit of RMB 479 million, up 103.8% year-on-year [1]. - The company is expected to regain growth momentum in 2026, driven by an improved store opening pace and operational efficiency [1]. Revenue and Profitability - The company's product sales and equipment revenue reached RMB 5.121 billion in 2025, a 10.1% increase year-on-year, accounting for 94.9% of total revenue [2]. - The adjusted net profit for 2025 was RMB 833 million, reflecting a 29.2% year-on-year increase, with an adjusted net profit margin of 15.4% [1][2]. - The overall gross margin for the year was 32.5%, an increase of 1.3 percentage points year-on-year, attributed to enhanced cost control and logistics management [2]. Store Expansion and Market Penetration - The company accelerated its store expansion in the second half of 2025, adding 177 new stores, resulting in a total of 8,621 stores by the end of 2025, a net increase of 226 stores year-on-year [3]. - The proportion of stores in lower-tier cities has increased significantly, indicating deeper penetration into these markets [3]. - The company has also expanded its presence internationally, with 38 stores opened in countries such as South Korea, Malaysia, Thailand, and the United States [3]. Product Development and Supply Chain - In 2025, the company launched 117 new tea products and upgraded 25 existing products, while also piloting a fresh coffee business in select stores [4]. - The company has established an efficient cold chain network covering 26 distribution centers nationwide, with 93.7% of stores achieving next-day delivery [4]. Profit Forecast and Valuation - The net profit forecasts for 2026 and 2027 have been slightly adjusted downwards to RMB 922.9 million and RMB 1.074 billion, respectively, due to high base effects and rising raw material costs [5]. - The target price has been revised down to HKD 7.75, reflecting a price-to-earnings ratio of 11 times for 2026 [5].

四川百茶百道實業股份有限公司 4. 出席會議 5. 股東周年大會 審核委員會－職責和議事規則 1. 成員 2. 秘書 3. 會議 1 1.1 審核委員會（「審核委員會」）須由公司董事會（「董事會」）委任，且須由最少三 名成員組成。 1.2 成員須全部由非執行董事組成。當中過半數成員須為獨立非執行董事及最少 一名具備合適專業資格或會計或相關財務管理專長之獨立非執行董事。 1.3 審核委員會之主席須由董事會委任，並須為獨立非執行董事。 1.4 倘審核委員會包括非執行董事，則公司現有核數公司前合夥人於(a)不再為該 公司合夥人之日；或(b)不再於該公司享有任何財務利益之日（以日期較後者 為準）起計一年期間內不得出任審核委員會成員。 1.5 審核委員會成員的委任年期由董事會於委任時決定。 2.1 審核委員會之秘書由公司的聯席公司秘書（「聯席公司秘書」）擔任。 2.2 審核委員會可不時委任其他任何具備合適資格及經驗之人士為審核委員會之 秘書。 3.1 審核委員會每年最少須舉行兩次會議。公司之外聘核數師如認為有需要，可 要求舉行會議。 3.2 任何會議舉行之前須作出適當通知，除非審核委員會全體成員一致通過豁免 該通知。不 ...

四川百茶百道實業股份有限公司 提名委員會－職責和議事規則 1. 成員 2. 秘書 3. 會議 1 1.1 提名委員會（「提名委員會」）須由公司董事會（「董事會」）委任，且提名委員會 的大多數成員應為獨立非執行董事。 1.2 提名委員會之主席應由董事會委任，並須由董事會主席或委員會中之獨立非 執行董事擔任。 1.3 提名委員會成員的委任年期由董事會於委任時決定。 2.1 提名委員會之秘書應由公司的聯席公司秘書（「聯席公司秘書」）擔任。 2.2 提名委員會可不時委任其他任何具備合資格及經驗之人士為提名委員會之秘 書。 3.1 提名委員會成員可以在有需要的情況下於任何時間召開會議。 3.2 任何會議舉行之前須作出適當通知，除非提名委員會全體成員一致通過豁免 該通知。不論所作出之通知期，成員出席會議將被視為成員豁免所需之通知 期。 3.3 提名委員會會議所需之法定人數為任何兩名提名委員會成員，其中一名成員 須為獨立非執行董事。 3.4 會議可以親身出席、採用電話或視像會議之方式舉行。提名委員會成員可透 過會議電話或類似通訊設備（所有參與會議之人士均能夠透過該設備聆聽對 方）參與會議。 3.5 提名委員會之決議案須以過 ...

四川百茶百道實業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 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，並明確表示概不會就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。 Sichuan Baicha Baidao Industrial Co., Ltd. （股份代號：2555） 取消監事會 建議修訂公司章程 建議選舉第三屆董事會董事 變更聯席公司秘書、授權代表及法律程序文件代理人 及 豁免嚴格遵守上市規則第3.28及8.17條 四川百茶百道實業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事 會於2026年3月27日舉行的董事會會議上審議及批准了（其中包括）關於取消監事 會、建議修訂《本公司之公司章程》（「公司章程」）、建議選舉第三屆董事會董事的 議案及變更(i)本公司聯席公司秘書（「聯席公司秘書」）；(ii)上市規則第3.05條項下 規定的本公司授權代表（「授權代表」）；及(iii)香港法例第622章公司條例第16部代 表本公司於香港接收法律程序文件及通知的代表（「法律程序文件代理人」 ...

EF001 免責聲明 EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，本公司董事會包括執行董事王霄錕先生、汪紅學先生、戴利女士及陳克遠先生；非執行董事陳達博士；及獨立非執 行董事楊志達先生、唐勇博士及程麗女士。 第 2 頁 共 2 頁 v 1.1.1 | 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 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 四川百茶百道實業股份有限公司 | | 股份代號 | 02555 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止年度之末期股息 | | 公告日期 | 2026年3月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 ...

Financial Performance - For the fiscal year ending December 31, 2025, the company reported revenue of RMB 5,395.1 million, a 9.7% increase from RMB 4,917.997 million in 2024[3] - Gross profit for the same period was RMB 1,753.839 million, up from RMB 1,534.679 million, reflecting a strong performance in product sales[3] - The company achieved a net profit of RMB 821.355 million, compared to RMB 479.726 million in the previous year, marking a significant growth[3] - The adjusted net profit (non-IFRS measure) rose to RMB 833.337 million from RMB 644.970 million year-on-year[3] - The net profit for the period increased by 71.2% to RMB 821.4 million from RMB 479.7 million in the same period last year[33] - The company reported a total comprehensive income of RMB 632,492,000 for the year, compared to RMB 169,697,000 in 2024, marking a substantial increase of 272.5%[68] - Basic earnings per share rose to RMB 0.547 from RMB 0.336, reflecting a growth of 62.7%[68] Store Expansion and Operations - The number of stores increased to 8,621 as of December 31, 2025, representing a 2.7% growth from 8,395 stores in 2024[8] - The company expanded its presence in lower-tier cities, with stores in tier four and below increasing by 7.0% to 2,296[8] - The company operates 38 overseas stores across various countries, including South Korea, Malaysia, and the United States, indicating a strategic focus on international expansion[10] - As of December 31, 2025, the total number of franchise stores increased to 8,608 from 8,382, with 1,159 new openings and 933 closures during the year[15] - The company launched 117 new tea products and upgraded 25 existing products during the reporting period, while also introducing 17 new coffee products[16] Supply Chain and Efficiency - The company continues to enhance its supply chain and store management to support long-term growth and operational efficiency[5] - The supply chain optimization resulted in 93.7% of stores achieving next-day delivery, with 80.4% of stores receiving unified fruit deliveries[18] - Distribution and selling expenses for the period were RMB 365.4 million, a decrease of 7.5% from RMB 395.1 million in the same period last year, primarily due to optimized cost control[27] - Administrative expenses for the period were RMB 482.1 million, down 5.5% from RMB 510.2 million in the same period last year, mainly due to optimized cost control[28] - R&D expenses for the period were RMB 31.6 million, a decrease of 6.5% from RMB 33.8 million in the same period last year, primarily due to optimized cost control[29] Financial Position and Assets - The cash and cash equivalents balance as of December 31, 2025, was RMB 3,071.4 million, a decrease of 13.7% from RMB 3,559.9 million as of December 31, 2024, mainly due to dividend payments to shareholders[36] - The total inventory as of December 31, 2025, was RMB 223.3 million, an increase of 8.0% from RMB 206.8 million as of December 31, 2024[37] - Trade and other receivables decreased from RMB 198.9 million as of December 31, 2024, to RMB 174.1 million as of December 31, 2025[38] - Trade and other payables decreased from RMB 674.5 million as of December 31, 2024, to RMB 551.6 million as of December 31, 2025[39] - The group had no bank borrowings as of December 31, 2025[40] - Total assets as of December 31, 2025, were RMB 4,115,120,000, slightly up from RMB 4,082,754,000 in 2024[70] Shareholder Returns and Dividends - The company will distribute a final cash dividend of RMB 0.18 per share, totaling approximately RMB 265.97 million, which represents 33.04% of the profit attributable to shareholders for the year[57] - The company plans to distribute a final dividend of RMB 0.18 per share for the year ending December 31, 2025, down from RMB 0.20 per share in 2024[83] - A mid-year dividend of RMB 265,974,000 was proposed for 2025, equivalent to HKD 0.20 per share, approved on September 23, 2025[84] Corporate Governance and Compliance - The company has adopted corporate governance codes to ensure accountability and enhance shareholder value, complying with all applicable provisions for the year ending December 31, 2025[61] - The audit committee reviewed the financial statements for the year ended December 31, 2025, ensuring adherence to accounting principles and practices[64] Employee and Incentive Plans - The company has 2,096 employees, with total employee benefit expenses amounting to RMB 469.4 million during the reporting period[52] - The company has established an employee incentive plan, with 6,386,000 shares allocated to eligible participants, representing approximately 0.4322% of the total issued shares[53] Future Plans and Strategic Focus - The company plans to enhance product development and expand its market presence, focusing on both domestic and international growth in 2026[23] - The company aims to enhance its market presence following the successful IPO and capital raise[105] - The company plans to utilize the raised funds for future expansion and development initiatives[106]

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，並明確表示概不會就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。 董事會會議召開日期 四川百茶百道實業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公 司將於2026年3月27日（星期五）舉行董事會會議，藉以審議及批准（其中包括）本 公司及其附屬公司截至2025年12月31日止年度的經審核業績及其刊發；並考慮派 發末期股息之建議（如有）。 承董事會命 四川百茶百道實業股份有限公司 執行董事兼董事長 王霄錕先生 中國成都，2026年3月16日 於本公告日期，本公司董事會包括執行董事王霄錕先生、汪紅學先生、戴利女士 及陳克遠先生；非執行董事陳達博士；及獨立非執行董事楊志達先生、唐勇博士 及程麗女士。 Sichuan Baicha Baidao Industrial Co., Ltd. 四川百茶百道實業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2555） ...

Core Viewpoint - The new tea beverage industry is shifting from rapid expansion to a focus on optimizing single-store efficiency and exploring new growth avenues, with coffee becoming a key area of competition among brands [1][2][3]. Group 1: Company Developments - Mixue Ice City is actively expanding its product offerings, including the introduction of freshly brewed coffee machines in select stores and new cake products in flagship locations [1]. - The company is also developing a themed amusement park in Zhengzhou and has established a wholly-owned subsidiary for beer production [1]. Group 2: Industry Trends - Coffee has emerged as a critical battleground for tea brands, with most major tea companies, except for Bawang Chaji, now offering coffee products, often alongside baked goods [2]. - The introduction of coffee is seen as a way to capture different consumer demands throughout the day, as coffee and tea have different peak sales times [2]. - The industry consensus is that the focus has shifted from rapid expansion to enhancing single-store performance and diversifying product offerings to adapt to a more competitive market [3]. Group 3: Challenges and Risks - Despite the push for diversification, some attempts have failed, such as Tea Baidao's independent coffee brand, which closed shortly after opening, highlighting the challenges of brand positioning and operational efficiency [4].

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，並明確表示概不會就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。 Sichuan Baicha Baidao Industrial Co., Ltd. 四川百茶百道實業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2555） 盈利預喜 本公告乃由四川百茶百道實業股份有限公司（「本公司」，連同其附屬公司統稱為 「本集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及 香港法例第571章證券及期貨條例第XIVA部項下內幕消息條文（定義見上市規則） 刊發。 執行董事兼董事長 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，根據本 集團截至2025年12月31日止年度（「2025年度」）未經審核之綜合管理賬目及現時 可得資料所作出之初步評估，預期：(i)本集團2025年度錄得經調整淨利潤1介乎約 人民幣792百萬元至人民幣852百萬元，較截至2024年12月31日止年度（「2024年 度」）之經調整淨利潤約 ...

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].