截至月份: 2026年1月31日 狀態: 新提交 呈交日期: 2026年2月4日 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02555 | 說明 H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,477,634,250 | RMB | | 0.1 RMB | | 147,763,425 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,477,634,250 | RMB | | 0.1 RMB | | 147,763,425 | I. 法定/註冊股本變動 致：香港交易及結算所有限公司 公司名稱: 四川百茶百道實業股份有限公司（「本公司」） 本月底法定/註冊股本總額： RMB 147,763,425 股份發行人及根據《上市規則》第十九B章上市的 ...

Market Performance - The Hong Kong stock market continued its upward trend with all three major indices closing higher: Hang Seng Index up 2.58% at 27,826.91 points, Hang Seng Tech Index up 2.53% at 5,900.16 points, and the National Enterprises Index up 2.89% at 9,512.24 points [2] - Leading sectors included optical communications, oil, gold, telecommunications, and real estate, while tea and aviation stocks faced downward pressure [3] Optical Communications - Demand for AI infrastructure has spurred the optical communications industry, with Changfei Optical Fiber Cable (06869.HK) leading the sector, closing up 15.43% at 75.20 HKD [4][5] - Corning, a major player in the fiber optics market, saw a single-day increase of over 15%, reaching a historical high, following a long-term agreement with Meta for the procurement of $6 billion worth of fiber optic cables by 2030 [4] Energy Sector - Geopolitical risks have heightened energy security expectations, with China National Offshore Oil Corporation (00883.HK) and China Petroleum & Chemical Corporation (00857.HK) both reaching historical highs, closing up 4.85% and 4.99% respectively [5][6] - The U.S. military's recent military exercises in the Middle East have raised concerns about energy supply stability, contributing to the rise in oil stocks [6] Gold Market - The weakening U.S. dollar has stimulated international gold prices, with Chifeng Jilong Gold Mining (06693.HK) rising 10.65% [7] - The dollar index experienced its largest single-day drop since April 2023, pushing gold prices above $5,200 per ounce [7] Telecommunications - The telecommunications sector is entering a new phase of "deep integration," with China Telecom (00728.HK) rising 6.27% [9] - The Ministry of Industry and Information Technology reported that the three major operators have added 108,000 data center racks, indicating a shift in focus from "broad coverage" to "deep integration" [9] Real Estate - Regulatory optimizations have boosted confidence in the real estate sector, with China Jinmao (00817.HK) rising 11.92% [11] - Feedback from multiple real estate companies indicates that the regulatory body has lifted the monthly reporting requirements for most firms, enhancing market expectations for liquidity and operational environment improvements [11] Individual Stock Movements - Wuneng Zhixing (00800.HK) rose 2.11% as it prepares to launch autonomous buses in Abu Dhabi [17][18] - Kuaishou-W (01024.HK) increased by 4.44%, with its AI product, Keling, surpassing 12 million monthly active users and achieving a 350% growth in paid users [19]

继羽衣甘蓝、小麦草之后，又一款小众食材——木薯，在这个冬天被新茶饮品牌带火了。以其为原料的 甜品占据各大奶茶店菜单的醒目位置，吸引众多年轻消费者尝鲜。 以茶百道(02555)推出的"实在木薯甜品碗"为例，不少消费者在社交平台上分享体验："第一次吃木薯， 咬起来'哏啾啾'的，口感很特别。""茶百道可以改叫茶'厚道'了，满满一碗木薯，是我吃过最厚道的， 下午茶吃完，晚上都不用吃饭了。" 茶百道相关负责人介绍，甜品碗系列产品上线仅3天便热卖近80万份。"消费者对于木薯这一小众食材的 接受度很高，我们的木薯原料选用了产自广西、由中国热带农业科学院培育的'华南9号'黄心木薯，该 品种淀粉含量高、纤维少。我们特意选在天寒时节采收，此时木薯蓄粉充分，并且仅选取肉质饱满、纤 维细腻的中段使用。" 记者从茶百道门店了解到，为进一步保障木薯口感，"实在木薯甜品碗"制作时还增设了"冰浴"工序，该 负责人解释，这就像给煮好的木薯"洗冷水澡"，能更好地锁住软糯的口感，防止过度吸糖。再搭配上奶 麻薯、桃胶等配料，给消费者带来满满的"实在感"。 中国食品产业分析师朱丹蓬向记者表示，木薯甜品的走红，既源于小众食材的新奇属性，也体现出新茶 饮 ...

Core Viewpoint - The company is expected to achieve a significant increase in adjusted net profit by 29% in 2025, driven by improved product launch effectiveness and operational efficiency, with a projected revenue growth of 11% [1][2]. Group 1: Financial Performance - The company anticipates an adjusted net profit of 830 million yuan in 2025, up from 645 million yuan in 2024, with a strong performance in the second half of 2025, where revenue is expected to grow by 18% and adjusted net profit by 96% [1]. - Gross margin is projected to rebound to approximately 33% in 2025, primarily due to the recovery of franchisee subsidies and ongoing improvements in supply chain efficiency [2]. - The net profit margin is expected to rise to around 17% in the second half of 2025, indicating a significant recovery in profitability [2]. Group 2: Operational Strategy - The company is actively adjusting its research and development structure and product launch mechanisms to better meet consumer demands, leading to expected same-store sales growth in the double digits in the second half of 2025 [1]. - The company plans to open approximately 1,000 new stores in 2025, with a net increase of 200-300 stores, as it continues to optimize its store portfolio [1][2]. - The company is focusing on revitalizing older products to engage existing customers, while also promoting new offerings to maintain stable same-store performance [2]. Group 3: Market Outlook - The company is expected to restore a steady pace of store openings in 2026, following the completion of store adjustments in 2025 [2]. - The target price is set at 9.3 HKD, reflecting a potential upside of 36%, based on the improving fundamentals and market sentiment [2].

Group 1 - The core viewpoint of the article is the release of the "2025 Hurun China Unicorn Graduation List," which highlights significant companies like Pinduoduo, Xiaomi, and CATL, with Cha Bai Dao being recognized as a leading brand in the ready-to-drink tea industry [1] - The list is the first of its kind by Hurun Research Institute, ranking companies founded after 2000 with a valuation of over $1 billion, representing China's unicorn "graduates" [1] - As of May 2025, there are over 1,100 companies established after 2000 valued at over $1 billion, which are seen as core drivers of China's future economic development [1] Group 2 - Cha Bai Dao was founded in 2008 in Chengdu, Sichuan, and is set to go public on the Hong Kong main board in April 2024, becoming the first franchise tea drink company listed [1] - The brand currently operates nearly 9,000 stores, with international locations in eight countries and regions, including South Korea, the United States, Spain, and Singapore [1]

Core Insights - The Hurun Research Institute recently released the "2025 Hurun China Unicorn Graduation List," which includes notable companies such as Pinduoduo (PDD.US), Xiaomi (01810), and CATL (03750) [1] - The list marks the first release by Hurun, ranking companies founded after 2000 with a valuation of over $1 billion, representing China's unicorn "graduates" [1] - According to Hurun Group's chairman, over 1,100 companies founded after 2000 and valued at over $1 billion are identified as key drivers of China's economic future [1] Company Highlights - Cha Bai Dao (02555), a leading brand in the ready-to-drink tea industry, successfully made it onto the list [1] - Founded in 2008 in Chengdu, Sichuan, Cha Bai Dao is set to go public on the Hong Kong main board in April 2024, becoming the first franchise tea drink company listed [1] - The brand currently operates nearly 9,000 stores, with international locations in eight countries and regions, including South Korea, the United States, Spain, and Singapore [1]

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].

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： RMB 147,763,425 致：香港交易及結算所有限公司 公司名稱: 四川百茶百道實業股份有限公司（「本公司」） 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02555 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,477,634,250 | RMB | | 0.1 RMB | | 147,763,425 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,477,634,250 | RMB | | 0.1 RMB ...

Summary of Cha Bai Dao Conference Call Company Overview - **Company**: Cha Bai Dao - **Industry**: Beverage (Tea and Coffee) Key Points and Arguments Financial Performance - In Q1 2025, Cha Bai Dao experienced a year-on-year decline due to a high base effect, but Q2 and Q3 saw a 20% increase in revenue driven by product and store adjustments, as well as delivery subsidies [2][5] - Q4 2025 is expected to show over 10% year-on-year growth, with accelerating monthly growth indicating a recovery trend [2][3] - For Q1 2026, the company anticipates double-digit same-store growth, although Q2 and Q3 may see flat or slight declines due to reduced delivery subsidies [2][5] Strategic Initiatives - Core strategies include broadening price ranges to penetrate lower-tier markets, increasing new product contribution to over 30%, and recovering consumers lost due to public relations issues [2][5] - The company plans to open 1,000 new stores annually, focusing on lower-tier markets [2][7] Product Development and Supply Chain - Cha Bai Dao aims to differentiate in the coffee segment by leveraging existing supply chain advantages, such as fresh fruit delivery and low-temperature milk supply [2][9] - The company is introducing HPP juice factories to ensure standardized product flavors and improve supply chain responsiveness [14][18] Market Insights and Consumer Engagement - The company utilizes market insight teams and data analysis to capture consumer demand and optimize products [2][13] - New product development is based on consumer feedback and market trends, with a focus on maintaining high product quality [12][13] Profitability and Cost Management - Expected gross margin increase of 1-2 percentage points in 2026 due to GMV growth, strict cost control, and revenue growth driving net profit [4][16] - Long-term profitability improvements are anticipated through supply chain standardization and optimization of management systems [18] Store Operations and Expansion Plans - As of mid-2025, the number of stores remained stable at 8,444, with a conservative opening pace due to quality control and franchisee management [6][7] - The company plans to focus on strategic markets like Korea and the US, with 100 new stores expected in 2026, 60% of which will be in these key markets [4][23] Competitive Landscape and Market Positioning - Cha Bai Dao faces competition primarily from franchisee structures and aims to avoid internal competition by allowing existing franchisees to open additional stores in their regions [33][35] - The company emphasizes the attractiveness of the tea beverage sector, with a relatively low initial investment and a quick return on investment compared to other retail sectors [34][35] Pricing Strategy - The pricing strategy for coffee products aims to maintain a balance between quality and profitability, with an average price above 10 yuan despite market price wars [10][27] Delivery and Dine-in Strategy - The company expects delivery to account for around 60% of sales in 2026, with initiatives to enhance dine-in rates through pricing strategies and loyalty programs [28][29] Challenges and Regulatory Environment - Recent tax and social security policies have had a limited impact on franchisees, with most being single-store operators benefiting from reduced tax burdens [30][31] Conclusion - Cha Bai Dao is strategically positioned for growth in both domestic and international markets, with a focus on product innovation, supply chain efficiency, and market expansion while maintaining profitability and competitive advantage in the beverage industry [2][4][18]

Core Viewpoint - New consumption concept stocks are experiencing a broad increase, indicating a positive market sentiment and potential growth in the sector [1][2] Stock Performance - Notable stock increases include: - Cha Bai Dao (02555) up by 5.76% - Guo Quan (02517) up by 4.50% - Lao Pu Gold (06181) up by 4.14% - Miniso (09896) up by 3.00% - Hu Shang A Yi (02589) up by 2.84% - Juzi Biotechnology (02367) up by 2.97% [1][2] Industry Outlook - According to Huatai Securities, the differentiation between new and old consumption will continue into 2025, driven by changes in "people, goods, and venues" and technological advancements [1][2] - The report anticipates that consumer policies will stimulate supply and demand potential, leading to a steady recovery in domestic demand and continued industry differentiation in 2026 [1][2] Investment Focus - The report suggests focusing on four main investment themes: 1. Rise of domestic brands: Attention on潮玩 (trendy toys), beauty and personal care, and gold jewelry brands competing in both domestic and international markets [1][2] 2. Technology-enabled consumption: Emphasis on the rapid increase in smart product penetration rates due to technological and product innovation [1][2] 3. Emotional consumption: Monitoring growth potential in service consumption, ready-to-drink beverages, pets, and new tobacco products [1][2] 4. Undervalued high-dividend blue-chip leaders: Focus on opportunities for marginal recovery while balancing risk and reward [1][2]