Core Insights - The new tea beverage brand Cha Bai Dao (02555.HK) has relaunched its classic drink "Zui Bu Shang Dao," which combines white liquor and milk tea, achieving nearly 120,000 cups sold on its first day [1] - The drink uses real white liquor and is designed with consumer health in mind, containing approximately 174 kcal per serving, catering to the rising trend of "micro-drinking" among younger consumers [1] - The Chinese liquor market is seeing a shift, with over 60% of consumers now being young people aged 18-35, indicating a significant change in consumer preferences [1] Product Launch and Sales Performance - Cha Bai Dao has been actively launching new products this year, including the Oriental Plant Series and Fresh Pomegranate Series, which have received positive market feedback [2] - The newly launched "Fresh Pomegranate" series, featuring "Fresh Pomegranate Ice Tea" and "Fresh Pomegranate Guava," sold 200,000 cups on its first day [2] - In Q2, new product sales accounted for 28% of total sales, with daily average GMV per store increasing by approximately 15% compared to Q1, reaching the highest quarterly level in nearly a year [2]

Core Viewpoint - The company's performance in 1H25 aligns with expectations, showing stable revenue growth and improved profitability metrics [1][2]. Financial Performance - Revenue for 1H25 reached 2.5 billion yuan, a year-on-year increase of 4.3%, while net profit attributable to shareholders was 330 million yuan, up 37.5% year-on-year [1]. - Adjusted net profit for the same period was 340 million yuan, reflecting a year-on-year decrease of 13.8% [1]. - Gross margin improved by 0.9 percentage points to 32.6% due to optimized raw material structure and enhanced supply chain efficiency [2]. - Net profit margin increased by 3.1 percentage points to 13.0%, although adjusted net profit margin decreased by 2.9 percentage points to 13.6% [2]. Development Trends - The company experienced strong same-store performance, with a significant increase in average daily GMV per store in 2Q, up approximately 15% from 1Q [1]. - The number of stores increased by 59 to 8,444, with a 9% year-on-year growth in stores located in lower-tier cities [1]. - The product development strategy shifted from supply chain-driven to demand-driven, launching 55 new products focused on core categories like fresh fruit tea and fresh milk tea [1]. Marketing and Cost Management - Sales expense ratio rose by 1.6 percentage points to 6.0% due to increased marketing investments aimed at specific demographics and channels [2]. - Management expense ratio increased by 1.2 percentage points to 10.3%, primarily due to higher employee compensation and consulting fees [2]. Future Outlook - The company anticipates continued improvement in the second half of the year, with significant product development results and steady overseas expansion [2]. - Despite potential short-term disruptions from reduced delivery subsidies, the company expects to cultivate a broader consumer base and enhance user loyalty in the long term [3]. - The company aims to maintain a healthy growth trajectory in same-store sales, with expectations for a notable increase in net new store openings in the second half of the year [3]. Profit Forecast and Valuation - The company maintains its earnings forecast for 2025 and 2026, currently trading at 14 and 11 times P/E for those years [3]. - The target price is set at 12 HKD, corresponding to 19 and 15 times P/E for 2025 and 2026, indicating a potential upside of 36% [3].

Group 1 - UBS maintains a "Buy" rating for Innovent Biologics, raising the target price to HKD 137.4, citing the promising product line and significant global R&D potential for IBI363 [1] - CMB (Hong Kong) maintains a "Buy" rating for China Life, increasing the target price to HKD 29, with a projected 7% YoY net profit growth in H1 2025 and a 20.3% increase in new business value [1] - CMB (Hong Kong) maintains a "Buy" rating for ZTE Corporation, raising the target price to HKD 42, with a 15% YoY revenue growth expected in H1 2025, driven by strong enterprise business performance [2] Group 2 - DBS reaffirms a "Buy" rating for China Merchants Bank, lowering the target price to HKD 53.5, with a projected CAGR of 2.5% for earnings from 2025 to 2027 [3] - Huatai Securities maintains a "Buy" rating for Li Auto, reducing the H-share target price to HKD 105.43, optimistic about the sales performance of the new i6 model [4] - CMB (Hong Kong) maintains an "Outperform" rating for Cha Bai Dao, with a target price of HKD 12, reporting a 4.3% YoY revenue growth and a 37.5% increase in net profit for H1 2025 [5] Group 3 - CMB (Hong Kong) maintains an "Outperform" rating for Chaoyun Group, setting a target price of HKD 3.65, with a 7.2% YoY revenue growth and a 101.4% increase in pet business revenue [6] - CMB (Hong Kong) maintains an "Outperform" rating for He Yu-B, raising the target price to HKD 20, highlighting the approval of a key clinical trial and strong financial position [7] - UBS gives a "Buy" rating to CanSino Biologics, setting a target price of HKD 224.3, anticipating updates on key data and potential collaborations [8]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 2.5 billion yuan in H1 2025, representing a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 326 million yuan, up 37.5% [2] - The company continues to innovate its product offerings, launching 55 new products and upgrading 9 existing ones in H1 2025, which has positively impacted sales [3] - The company is focusing on improving the quality of its domestic stores while actively expanding its overseas business, with a net increase of 49 domestic stores and 7 overseas stores in H1 2025 [4] - Cost management and supply chain optimization have led to an improvement in the company's cost-to-income ratio, with a gross margin of 32.6%, up 0.9 percentage points year-on-year [5] - The company has adjusted its earnings forecast for 2025-2027, expecting revenues of 5.747 billion, 6.267 billion, and 6.866 billion yuan respectively, with net profits of 872 million, 1.002 billion, and 1.132 billion yuan [6] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 2.5 billion yuan, a 4.3% increase year-on-year, and a net profit of 326 million yuan, a 37.5% increase [2] - The adjusted net profit was 340 million yuan, reflecting a decrease of 13.8%, with an adjusted net profit margin of 13.6%, down 2.9 percentage points [2] Product and Sales Growth - The company launched 55 new products and upgraded 9 existing products in H1 2025, contributing to a 7.8% increase in product sales [3] - The sales from single stores averaged approximately 270,000 yuan, marking a 3.7% increase [3] Store Expansion and Quality Improvement - The company added 49 new domestic stores, bringing the total to 8,444, while also expanding its international presence with 7 new stores, totaling 21 overseas locations [4] Cost Management and Efficiency - The gross margin improved to 32.6%, with a year-on-year increase of 0.9 percentage points, and a sequential increase of 1.9 percentage points [5] - The sales expense ratio, management expense ratio, and R&D expense ratio were reported at 6.0%, 10.3%, and 0.6% respectively, with a notable reduction in the sequential expense ratios [5] Earnings Forecast - The revised earnings forecast for 2025-2027 includes revenues of 5.747 billion, 6.267 billion, and 6.866 billion yuan, and net profits of 872 million, 1.002 billion, and 1.132 billion yuan respectively [6]

公司名稱: 四川百茶百道實業股份有限公司（「本公司」） 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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 由於本公司於中華人民共和國註冊成立，因此「法定股本」的概念並不適用。第一部分所載資料所指的是「已發行股本」。 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 備註： 呈交日期: 2025年9月3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 | ...

第 1 頁 共 2 頁 v 1.1.1 | 代扣所得稅信息 | | | | | --- | --- | --- | --- | | | | 宣派中期股息所適用之代扣所得稅（包括股東類型及適用的稅率）摘要載列於下表。 | | | | | H股個人股東為與中國簽訂20%稅率的稅收協定的國家（地區）的居民、與中國沒有稅收 | | | | | 協定的國家（地區）居民或其他情況，本公司派發股息時將按20%稅率代扣代繳個人所 | | | 得稅。 | | | | | | 股東類型 | 稅率 | 有關代預扣所得稅之更多補充 | | | | | （如適用） | | | 非個人居民 | | | | | （非中國內地登記地址） | 10% | H股個人股東為香港或澳門居民或 | | | | | 其他與中國簽訂10%稅率的稅收協 | | | | | 定的國家（地區）的居民，本公司 | | | | | 將按10%的稅率代扣代繳個人所得 | | | | | 稅。 | | | 非個人居民 | | | | | （非中國內地登記地址） | | H股個人股東為與中國簽訂低於 | | | | 10% | 10%稅率的稅收協定的國家(地區) | | ...

Sichuan Baicha Baidao Industrial Co., Ltd. 地址為 為四川百茶百道實業股份有限公司（「本公司」）股本中每股面值人民幣0.1元之 股 （附註2） H股之股東， 現委任大會主席，或 （附註3） 地址為 為本人╱吾等的代表，代表本人╱吾等出席於2025年9月23日（星期二）下午2時正假座中國四川省成都市武侯區名都路166號嘉煜 金融科技中心本公司會議室舉行的本公司2025年第一次臨時股東大會（「臨時股東大會」或「大會」）及其任何續會，並依照下列指示 代表本人╱吾等就本公司日期為2025年9月3日的本公司2025年第一次臨時股東大會通知（「臨時股東大會通知」）所列議案投票，如 無作出指示，則由本人╱吾等的代表自行酌情投票表決。 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） 於2025年9月23日（星期二）舉行的 2025年第一次臨時股東大會之代表委任表格 本人╱吾等 （附註1） 附註： 收集個人資料聲明 閣下是自願提供 閣下及 閣下委任代表的姓名及地址，以用於處理就本公司2025年第一次臨時股東大會有關 閣下委任代表的 任命 ...

此乃要件 請即處理 閣下對本通函任何方面或應採取之行動如有任何疑問，應諮詢 閣下之股票經紀或其他註冊證 券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有四川百茶百道實業股份有限公司之股份，應立即將本通函連同隨 附之代表委任表格送交買主或承讓人，或經手買賣或轉讓之銀行、股票經紀或其他代理商，以 便轉交買主或承讓人。 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通函的內容概不負責，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通函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。 派發中期股息 及 2025年第一次臨時股東大會通知 本公司謹訂於2025年9月23日（星期二）下午2時正假座中國四川省成都市武侯區名都路166號嘉 煜金融科技中心本公司會議室召開臨時股東大會。董事會函件載於本通函第3至6頁。2025年第 一次臨時股東大會通知載於本通函第7至8頁。 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） * ...

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通告的內容概不負 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通告全部或任何 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） 2025年第一次臨時股東大會通知 茲通告四川百茶百道實業股份有限公司（「本公司」）謹訂於2025年9月23日（星期 二）下午2時正假座中國四川省成都市武侯區名都路166號嘉煜金融科技中心本公司會 議室召開2025年第一次臨時股東大會（「臨時股東大會」），以審議並酌情通過下列決議 案： 普通決議案 1. 派發中期股息 暫停辦理股份過戶登記手續 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 2025年9月3日 於本通知日期，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。 註： – 2 – 本公司將於2025年9月18日（ ...

Group 1 - The company held a mid-year performance conference for 2025 on September 1, highlighting steady store expansion and optimization of existing store structures [1] - The management introduced differentiated support and management policies for various types of stores, leading to accelerated growth in high-potential stores [1] - The company implemented refined layouts in different city tiers and provided targeted incentives and support for franchise partners in key areas [1] Group 2 - External promotional activities have positively impacted store sales, with the average daily GMV per store reaching the highest quarterly level in nearly a year in the second quarter, increasing approximately 15% compared to the first quarter [1] - Continuous improvement in store efficiency has been observed, indicating a positive operational performance [1]