Core Viewpoint - The company, Cha Bai Dao (02555), announced a mid-term dividend of HKD 0.18 per share for the six months ending June 30, 2025, to be distributed on October 28, 2025 [1] Group 1 - The mid-term dividend is set at HKD 0.18 per share [1] - The dividend distribution date is scheduled for October 28, 2025 [1] - The dividend pertains to the financial period ending June 30, 2025 [1]

Sichuan Baicha Baidao Industrial Co., Ltd. 四川百茶百道實業股份有限公司 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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2555） 變更聯席公司秘書、 授權代表及法律程序代理人； 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（「董事」）會（「董事會」）謹此 宣佈，李忠成先生（「李先生」）已提出辭任(i)本公司聯席公司秘書（「聯席公司秘 書」）；(ii)香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第 3.05條項下之本公司授權代表（「授權代表」）；及(iii)根據上市規則第19A.13(2)條 及香港法例第622章公司條例第16部所規定代表本公司於香港接收法律程序文件 及通知之代表（「法律程序代理人」），自2025年9月23日起生效。 李先生確認彼與董事會並無意見分歧，亦無有關彼辭任之事 ...

Group 1 - The company, Cha Bai Dao (02555), announced a mid-term dividend of HKD 0.18 per share, which will be distributed on October 28, 2025 [1] - The dividend pertains to the six-month period ending on June 30, 2025 [1]

EF001 免責聲明 | 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。 | 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 | | --- | --- | | | 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 | 截至二零二五年六月三十日止六個月止之中期股息（更新） | | 公告日期 | 2025年9月23日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 股息匯率相關資料已更新 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.18 RMB | | 股東批准日期 | 2025年9月23日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設 ...

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） 2025年第一次臨時股東大會投票表決結果 四川百茶百道實業股份有限公司（「本公司」）董事會（「董事會」）謹此宣布，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之本公司2025年第一次臨時股東大會（「臨時股 東大會」）上，載列於臨時股東大會通告內提呈臨時股東大會之決議案已獲本公司 股東以投票方式表決通過。 除非文義另有所指，否則本公告所用詞彙與本公司日期為2025年9月3日之通函 （「通函」）中所採用者具有相同涵義。 派發股息 臨時股東大會已審議通過向全體股東派發2025年中期股息，每股派發現金股息 人民幣0.18元（含稅）。2025年中期股息預計將於2 ...

Group 1 - The popular variety show "Yi Fan Feng Shen" recently concluded, and the runner-up "popular chef" Yang Yanbin launched his first co-branded beverage, which sold nearly 900,000 cups shortly after its release [1][3] - Yang Yanbin collaborated with leading new tea brand Cha Bai Dao to introduce a series of "salty milk tea" drinks, including "Palace Salty Milk Tea" and "Thousand Eye Salty Milk Tea" [1][3] - The collaboration marks Yang Yanbin's first cross-industry partnership with a new tea brand, showcasing his innovative approach to blending dessert concepts into tea beverages [3] Group 2 - Consumers who have tasted the drinks described them as reminiscent of a light cheesecake, highlighting the unique flavor profile created by Yang Yanbin [3] - Yang Yanbin emphasized his intention to break traditional dessert boundaries by offering lighter and more layered flavors through this collaboration with Cha Bai Dao [3] - Both Yang Yanbin and Cha Bai Dao share a common entrepreneurial background from Chengdu, and Cha Bai Dao has a significant tea production base in Yang's hometown of Fujian [3]

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]