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） 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2025年8月29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6月30日止六個月的中期業績及其刊發，並考慮派 發中期股息（如有）。 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. 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，2025年8月19日 於本公告日期，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。 ...

茶百道海外CEO王欢表示，茶百道希望让全球消费者都能品尝到新鲜现制的茶饮产品，让世界感受到中 国茶饮的无限可能。我们通过标准化的门店运营体系以及覆盖全球的供应链网络，保障茶百道全球门店 的产品与服务一致性，期待为美国消费者带来丰富的产品选择与优质的服务体验。 今年以来，茶百道出海步伐显著加快。7月，茶百道正式进军新加坡市场，首日双店齐开，现场销售火 爆，顾客平均等待时长超过2小时。此前5月，茶百道法国首店也已落地巴黎13区。银河证券、华鑫证券 等多家机构近期发布研报，对茶百道境外业务发展给予肯定。机构认为，茶百道"一地一策"战略已在海 外市场初显成效，随着其海外布局持续提速，有望成功构建"国内+海外"双轮驱动增长模型。 智通财经APP获悉，8月16日，茶百道(02555)官方账号宣布，其北美首家门店即将于美国纽约开业，门 店选址于纽约市皇后区法拉盛的缅街。据了解，法拉盛是纽约乃至全美最大的华人聚居区，而缅街作为 法拉盛的核心地带，是当地最为繁华、人流量最为密集的商业街。 ...

Core Viewpoint - The company, Cha Bai Dao, is set to open its first store in North America in Flushing, Queens, New York, targeting the largest Chinese community in the U.S. [1] Expansion Strategy - Cha Bai Dao's overseas CEO, Wang Huan, emphasizes the goal of introducing fresh tea products to global consumers and showcasing the potential of Chinese tea culture [1] - The company is implementing a standardized store operation system and a global supply chain network to ensure consistency in product and service across its international locations [1] Recent Developments - In July, Cha Bai Dao entered the Singapore market with a successful launch of two stores, experiencing high customer demand with average wait times exceeding 2 hours [1] - The company opened its first store in Paris, France, in May, marking its expansion into Europe [1] Market Reception - Several institutions, including Galaxy Securities and Huaxin Securities, have released reports affirming the positive development of Cha Bai Dao's overseas business [1] - Analysts believe that the company's "one location, one strategy" approach is beginning to show results in international markets, positioning it for a dual growth model of "domestic + overseas" [1]

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7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: 四川百茶百道實業股份有限公司（「本公司」） 呈交日期: 2025年8月5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 | | 147,763,425 | 本月底法定/註冊股本總額 ...

Group 1 - The new consumption concept stocks in the Hong Kong market experienced a decline, with companies such as Shangmei Holdings (02145.HK) and Pop Mart (09992.HK) both dropping nearly 3.5% [1] - Other companies like Mixue Group (02097.HK) and Guming (01364.HK) saw declines exceeding 3%, while Nayuki's Tea (02150.HK) fell by 2.5% [1] - Additional declines were noted for Cha Baidao (02555.HK), NIO (09866.HK), Laopu Gold (06181.HK), and Xiaomi Group (01810.HK), all of which dropped over 1.5% [1]

Investment Rating - The report initiates coverage on Cha Bai Dao (2555.HK) with a "Buy" rating, anticipating a performance turnaround in 2025 [4][10]. Core Views - The report highlights that the combination of industry recovery and product innovation is expected to drive a reversal in the company's performance. The tea beverage industry is entering a favorable cycle, benefiting from external delivery platform subsidies and a stabilization of competition [4][10]. Summary by Sections Company Overview - Cha Bai Dao is a leading mid-range tea beverage brand in China, with a national presence and a focus on product diversity. As of 2024, the company operates 8,395 stores across various city tiers, with a significant presence in first and new first-tier cities [10][13]. - The company has established a strong franchise model and supply chain capabilities, maintaining its position as the third-largest player in the ready-to-drink tea market in China [12][13]. Industry Dynamics - The ready-to-drink beverage market in China is projected to reach a scale of 1 trillion yuan by 2028, with a compound annual growth rate (CAGR) of 17.6% from 2023 to 2028. The market is currently characterized by a low penetration rate compared to developed markets [56][59]. - The report notes that the industry is experiencing a recovery phase, with external subsidies from delivery platforms driving demand. The competitive landscape is stabilizing as brands shift from aggressive price competition to value-based competition [56][75]. Growth Potential - The company is focusing on product innovation and expanding its store network both domestically and internationally. The report anticipates significant growth in lower-tier cities and overseas markets, with a CAGR of 49.4% in store openings in lower-tier cities from 2020 to 2024 [10][12]. - Cha Bai Dao's product matrix includes a variety of tea beverages, with a focus on innovation and consumer trends. The company aims to launch new products weekly, enhancing its competitive edge [10][12]. Financial Forecast and Valuation - The report forecasts that Cha Bai Dao's revenue will recover from 49.18 billion yuan in 2024 to 57.60 billion yuan in 2025, with net profit expected to rise from 472 million yuan in 2024 to 922 million yuan in 2025. The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 15.38, 12.22, and 10.74, respectively [5][10]. - The financial performance is expected to stabilize, with a focus on maintaining a healthy balance sheet and cash flow management. The company has a low debt ratio of 28.40% as of 2024, indicating a strong financial position [53][54].

Core Insights - The collaboration between Cha Bai Dao and Disney's Frozen has led to a successful launch of exclusive products and drinks, with significant consumer demand observed [1][3] - The seasonal drink "Green Grape Jasmine" has become a bestseller, selling over 82 million cups since its launch in 2023, and 2.1 million cups in just 8 days after its recent reintroduction [3] - Cha Bai Dao's product strategy includes a diverse matrix of classic, seasonal, and regional products, supported by a nationwide supply chain that ensures fresh delivery [3][4] Product Performance - The exclusive drink "Green Grape Jasmine" is made from high-quality ingredients, specifically selected grapes from Yunnan and Sichuan, ensuring freshness and quality [4] - The drink's popularity is attributed to its unique preparation process, where fresh grapes are hand-peeled and pitted by store employees, enhancing the consumer experience [3][4] Market Trends - The demand for fresh fruit tea products has surged during the summer months, with Cha Bai Dao introducing various fruit-based drinks that have performed well in sales [3] - The company's extensive supply chain, including 25 storage centers and over 300 temperature-controlled delivery vehicles, supports its ability to meet consumer demand efficiently [3]

Core Viewpoint - The tea beverage industry experienced a significant surge in sales over the weekend of July 5-6, driven by increased subsidies from delivery platforms, leading to record-breaking order volumes and revenue for many brands [1][12][21]. Group 1: Sales Performance - A tea beverage brand reported total sales exceeding 63 million yuan over the weekend, with individual store daily sales reaching a record of 54,000 yuan [12][14]. - Several brands achieved over 1 million orders within the same two-day period, indicating a substantial increase in consumer demand [12][17]. - The average sales volume for a tea shop increased by approximately 30% to 50% compared to the previous month, with some stores experiencing a staggering 499% increase in sales [8][20]. Group 2: Market Dynamics - The surge in online orders has led to a noticeable decline in in-store customer traffic, as consumers prefer the convenience and lower prices offered by delivery platforms [6][11]. - Major delivery platforms reported a total of over 200 million orders in a single day, reflecting the heightened activity in the food and beverage sector [21][23]. - The competitive landscape intensified with platforms like Taobao launching a substantial subsidy program, resulting in a 190% increase in orders for restaurant brands [21]. Group 3: Stock Market Reaction - Following the sales boom, stock prices for several publicly listed tea companies rose sharply on July 7, although this upward trend was not sustained in the following days [4][21]. - Specific stock price increases included a 5.74% rise for Mixue Ice City and an 11.04% increase for Tea Baidao, although many stocks later experienced declines [24]. Group 4: Operational Challenges - The rapid increase in order volume has put significant pressure on staff and operational capacity, with some stores needing to increase staff numbers to manage the workload [8][11]. - Despite the revenue growth, the reliance on discounts and promotions raises concerns about long-term sustainability and brand loyalty within the industry [25].

Market Overview - US President Trump has issued new tariff policy letters to 14 countries, leading to a rebound in Hong Kong stocks, with the Hang Seng Index rising 1.09% to 24,148.07 points, ending a three-day decline [1] - The total trading volume for the day was HKD 213.29 billion, indicating active market participation [1] - The Hong Kong Monetary Authority has withdrawn HKD 59.072 billion in liquidity since June 28, tightening liquidity expectations in the short term [1] Blue Chip Performance - Xinyi Solar (00968) led blue-chip gains, rising 5.43% to HKD 2.91, contributing 1.04 points to the Hang Seng Index [2] - Kuaishou-W (01024) and Chow Tai Fook (01929) also saw significant increases of 5.16% and 4.42%, respectively [2] - However, Orient Overseas International (00316) and China Biologic Products (01177) experienced declines, dragging down the index [2] Sector Highlights - Large tech stocks rebounded, with Kuaishou rising over 5% and Meituan and JD.com both increasing over 2% [3] - Stablecoin concept stocks surged, with Jinyong Investment (01328) skyrocketing 533.17% after announcing a partnership with AnchorX [3] - The Macau gaming sector showed strong performance, with total gaming revenue for the first six days of July reaching MOP 4.3 billion, indicating a robust recovery [6] Solar Industry Insights - The solar sector saw strong gains, with New Special Energy (01799) up 12.65% and GCL-Poly Energy (03800) up 10.81% [5] - Recent government meetings emphasized the need to address low-price competition and improve product quality in the solar industry, suggesting potential for supply-side reforms [5] Gaming Sector Developments - Macau's gaming stocks continued to rise, with Wynn Macau (01128) up 6.4% and MGM China (02282) up 3.29% [6] - Morgan Stanley's report indicated that Macau's gaming revenue is expected to see double-digit year-on-year growth in July, marking a cyclical turning point for the industry [6] New Consumption Trends - New consumption stocks performed well, with brands like Blukoo (00325) and Cha Ba Dao (02555) seeing significant increases [6][7] - Gold stocks also rebounded, with Tongguan Gold (00340) rising 6.37% [7] Stablecoin Regulatory Developments - Jinyong Investment announced a strategic partnership with AnchorX to explore potential collaborations in digital asset management and stablecoin applications [4] - The Hong Kong Monetary Authority is consulting the market on regulatory guidelines for stablecoins, with expectations for a limited number of licenses to be issued [4] Logistics Sector Performance - Jitu Express-W (01519) reached a new high, with a reported 23.5% year-on-year increase in package volume for Q2 2025 [9] - The company achieved a total package volume of 139.9 billion for the first half of 2025, reflecting strong growth in the logistics sector [9] AI and Technology Sector Insights - Hongteng Precision (06088) saw an increase of 8.82%, driven by growing demand for AI-related solutions [10] - The company is expected to benefit from its parent group's resources and the increasing demand for AI computing power [10]

Group 1 - The core viewpoint of the article highlights the continued upward trend of tea beverage stocks in the Hong Kong market, with Cha Bai Dao experiencing a significant increase of 12.20% [1] - Other tea beverage companies also saw gains, with Gu Ming rising by 4.53% and Hu Shang A Yi increasing by 2.41% [1] - The article notes that the recent intensification of competition in the food delivery sector has positively impacted the tea beverage industry, benefiting from stable output, low customer spending per order, and high consumption frequency during the peak season [1]