Group 1: New Tea Beverage Market - New tea beverage stocks surged on July 7, with significant increases in share prices for companies such as Cha Bai Dao (up 11.04%), Gu Ming (up 6.15%), and Mi Xue Group (up 5.74%) due to the competitive "takeaway war" [1] - The "takeaway war" has led to a surge in orders, with platforms like Taobao and Ele.me reporting over 80 million daily orders, including more than 13 million non-food orders, and over 200 million active users [1] - Huaxin Securities reported that the new tea beverage sector is benefiting from the explosive growth in takeaway services and seasonal demand, recommending investment opportunities in this sector [1] Group 2: Food Safety Issues - Mi Xue Bing Cheng faced a food safety scandal in Hong Kong, resulting in the closure of its Sha Tin store after high levels of bacteria were found in a frozen dessert sample [2] - The store has since been taken over by another tea brand, Hui Cha, which is undergoing renovations [2] - Mi Xue Group's investment in Hui Cha is now valued at 6.59 million RMB, a decrease of 37% from 2023 [2] Group 3: Stock Liquidity Enhancement - Hu Shang A Yi announced plans to implement a full circulation plan for H-shares, converting up to approximately 35.26 million unlisted domestic shares into H-shares, which represents about 33.51% of the company's issued share capital [3] - This initiative aims to enhance the liquidity of the shares and requires approval from the China Securities Regulatory Commission and the Hong Kong Stock Exchange [3] Group 4: International Expansion - Mo Suan Nai opened its first store in North America, located in Carrefour Laval shopping center in Montreal, Canada [4] - The brand is accelerating its international expansion, with plans for additional stores in Taiwan, South Korea, New York, Seattle, Toronto, and Thailand by the end of 2025 [4] Group 5: Rising Matcha Prices - The price of matcha raw materials has surged by 170% due to a significant reduction in production caused by record high temperatures last summer in Japan [5] - The auction price for matcha in Kyoto reached 8,235 yen per kilogram (approximately 408 RMB) in May, marking a substantial year-on-year increase [5] - The global demand for matcha is rising, and industry experts anticipate that prices will continue to climb after reaching new highs [5]

Group 1 - The core point of the article is that Cha Bai Dao has officially obtained franchise qualifications in South Korea, enabling it to accelerate its store expansion in the market [1][2] - As of June this year, Cha Bai Dao has opened over 10 stores in South Korea, covering key business districts such as Hongdae and Gangnam, making it the largest Chinese tea brand in the Korean market [1][2] - The company has established a robust supply chain and distribution system, achieving daily delivery of raw materials to stores in the Seoul area [1] Group 2 - The local franchisees have reported that the Cha Bai Dao team is highly localized and professional in terms of recruitment and site selection, with a preparation period of about three to four weeks from securing a store to opening [2] - Cha Bai Dao has gained significant popularity in South Korea, especially after being the only Chinese tea brand invited to enter Everland, leveraging the Panda IP to enhance brand influence [2] - The company is currently preparing over 10 new stores in South Korea, with plans to accelerate its store opening pace following the approval of its franchise qualifications [2][3] Group 3 - Cha Bai Dao provides a comprehensive opening training system and a supervisory system to support franchisees in achieving sustained profitability [2] - According to Huaxin Securities, Cha Bai Dao has entered eight countries and regions with its overseas stores, which are now generally profitable, meeting the investment return expectations of franchise owners [2] - The company aims to accelerate its overseas store opening speed over the next three years, potentially forming a dual-driven strategic layout of "domestic + overseas" [2]

Market Overview - The US 90-day exemption period is ending this week, leading to ongoing market focus on US tariff negotiations [1] - The Hang Seng Index closed down 0.12% at 23,887.83 points, with a total turnover of HKD 193.79 billion [1] - The Hang Seng Tech Index rose by 0.25% to 5,229.56 points, indicating mixed performance across indices [1] Blue Chip Performance - Sands China (01928) led blue-chip stocks, rising 3.85% to HKD 18.32, contributing 2.58 points to the Hang Seng Index [2] - Macau's June gaming revenue increased by 19% year-on-year to MOP 21.1 billion, exceeding market expectations [2] - Other notable blue-chip movements included China Resources Land (01109) up 3.45% and Ideal Automotive (02015) up 2.8% [2] Sector Highlights Stablecoin Sector - The stablecoin concept is gaining traction, with companies like Guotai Junan International (01788) rising 10.77% [3] - The Hong Kong Stablecoin Regulation is set to take effect on August 1, with limited licenses expected to be issued [3] Beverage Sector - Tea beverage stocks surged, with Cha Bai Dao (02555) up 11.04% amid a competitive delivery market [4] - The delivery battle between Alibaba and Meituan has significantly boosted tea beverage consumption [4] Real Estate Sector - The housing market is under scrutiny, with a focus on stabilizing expectations and activating demand [5] - Analysts suggest that the third quarter will be crucial for policy direction affecting the real estate market [5] Gaming Sector - Gaming stocks continued to rise, with MGM China (02282) up 2.38% and overall positive sentiment in the Macau gaming market [6] - Morgan Stanley forecasts a 10% year-on-year increase in Macau's July gaming revenue [6] Power Sector - Power stocks saw a general increase, driven by record electricity demand due to high temperatures [7] - The maximum national electricity load reached 14.65 billion kilowatts, marking a significant year-on-year increase [7] Gold Sector - Gold stocks faced pressure, with Shandong Gold (01787) down 5.96% as gold prices fell below USD 3,310 per ounce [7] - The decline in gold prices is attributed to reduced expectations for US interest rate cuts [7] Notable Stock Movements - H&H International Holdings (01112) issued a profit warning, falling 7.14% [8] - Jihong Co. (02603) saw a significant rise of 11.62%, with projected net profit growth of 97.25% to 108.21% for the first half of 2025 [9] - Lao Pu Gold (06181) reached a new high, reflecting strong growth potential compared to industry peers [10] - FWD Group (01828) debuted on the market, closing up 1.05% with a net fundraising of approximately HKD 29.53 billion [11]

Market Overview - The Hang Seng Index fell by 0.45%, down 107 points, closing at 23,808 points, while the Hang Seng Tech Index decreased by 0.15% [1] - Early trading volume in Hong Kong stocks reached HKD 109.5 billion [1] Stablecoin Regulation - The Hong Kong Monetary Authority plans to release guidelines for stablecoin regulations this month, aiming to issue licenses within the year [1] - Stocks related to stablecoins saw significant gains, with Guotai Junan International rising by 8.2%, ZhongAn Online increasing by 5.64%, and Yike rising over 9% [1] New Tea Beverage Market - A subsidy war in the takeaway market has ignited the new tea beverage sector, with Guming and Cha Baidao both rising over 9% [1] Digital Health Services - Health Road saw its stock rise over 9% as its controlling shareholder voluntarily extended the lock-up period, focusing on a digital health service platform [1] Gaming Industry - Morgan Stanley reported that Macau's gaming revenue in June increased by 19% year-on-year to MOP 21.1 billion, exceeding analyst predictions by 9% [1] - Gaming stocks continued their upward trend, with Amax Holdings up 3.7%, Melco International Development up 1.6%, and MGM China up 2.1% [1] Medical Device Sector - In response to China's reciprocal restrictions on EU medical devices, the National Medical Products Administration issued support for high-end medical devices [1] - Medical device stocks experienced broad gains, with Spring Medical up 1.86%, Yongsheng Medical up 7.27%, and Xinwei Medical-B up 5.5% [1] Company Developments - China Rare Earth Holdings plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Jihong Co. saw its stock rise over 10%, with a projected over 55% year-on-year increase in net profit attributable to shareholders for the first half of the year [3] - H&H International Holdings is expected to see a decline in net profit by 45% to 65% for the first half of the year, resulting in a drop of over 6% in its stock price [4]

Market Overview - The US stock market was closed on July 4th for Independence Day [1] Hong Kong Stock Market Highlights - Yum China (09987) rose over 3% after announcing the establishment of an innovation fund to convert operational needs into practical applications [2] - H&H International Holdings (01112) fell over 7%, expecting a 45% to 65% decline in net profit for the first half of the year [2] - China Rare Earth Holdings (03788) surged nearly 9% as it plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Health Road (02587) jumped over 18% as its controlling shareholder voluntarily extended the lock-up period, focusing on digital health services [2] - Smoore International (06969) increased over 5% with the launch of Glo Hilo in Japan, maintaining high profit margins [2] - Tencent Music (01698) rose nearly 3% as institutions noted that recent acquisition plans would enhance overall content supply [2] - Jihong Co., Ltd. (02603) surged over 7%, with a projected net profit increase of over 55% year-on-year for the first half [2] - Solar stocks collectively declined, with Xinyi Solar (00968) down 4.86%, Fuyao Glass (06865) down 3.88%, New Energy (01799) down 3.19%, and Xinyi Glass (00868) down 2.64% [2] Other Notable Movements - Kuaishou-W (01024) rose over 3% as it plans to launch a live streaming initiative across multiple cities to create a collaborative ecosystem [3] - Gold stocks faced pressure, with Shandong Gold (01787) down 5.09%, China Gold International (02099) down 3.44%, Lingbao Gold (03330) down 2.68%, and Chifeng Jilong Gold (06693) down 2.33% [3] - China Shipbuilding Defense (00317) increased over 3% after the approval of a merger and acquisition restructuring plan, optimizing resources in the shipbuilding industry [3] - Medical device stocks saw a broad increase, with Spring Medical (01858) up 6.36%, Yongsheng Medical (01612) up 7.27%, Xinwei Medical-B (06609) up 3.55%, and Microneuroscience (02172) up 1.12% [3] - Some stablecoin concept stocks rose, with Victory Securities (08540) up 6.9%, Guotai Junan International (01788) up 5.15%, Yika (09923) up 2.59%, and China Everbright Holdings (00165) up 1.96% [3] - SF Express City (09699) rose nearly 7% amid intensified competition in the food delivery sector, with expectations of increased order volume [3] - HSSP International (03626) fell over 20% after being named by the Hong Kong Securities and Futures Commission for high stock concentration [3] Strategic Partnerships and New Listings - Shengye (06069) opened nearly 15% higher after forming a strategic partnership with Stand Robot to enhance its robotics industry chain [4] - Beverage stocks opened high, with Cha Bai Dao (02555) up 15%, Nayuki's Tea (02150) up 9.87%, Gu Ming (01364) up 5.77%, Hu Shang Ayi (02589) up 2.99%, and Mixue Group (02097) up 2.92% [4] - FWD Group (01828) had a flat opening on its first day of listing, being a life insurance company under Li Zeqiang's control [4]

港股"外卖"概念盘初走低，美团(03690.HK)跌3.39%，京东(09618.HK)跌1.53%，阿里巴巴(09988.HK)跌 2.47%。茶百道(02555.HK)、古茗(01364.HK)涨超7%，奈雪的茶(02150.HK)涨超5%。 ...

港股新消费概念开盘走高，茶百道(02555.HK)涨超9%，奈雪的茶(02150.HK)涨超9%，古茗 (01364.HK)、沪上阿姨(02589.HK)、蜜雪集团(02097.HK)等个股跟涨。 ...

截至发稿， 茶百道(02555.HK)涨15%、 奈雪的茶(02150.HK)涨5.92%、 古茗(01364.HK)涨5.38%、 沪上 阿姨(02589.HK)涨2.99%。 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is expected to benefit from a recovering industry ecosystem and increased demand driven by delivery subsidies [5]. - The company has established a comprehensive supply chain across all 31 provinces in China, enhancing its operational efficiency and cost management [6]. - The product matrix is diverse, with a focus on innovation and international expansion, having entered eight countries and regions [7]. - Earnings forecasts indicate a recovery in performance, with projected EPS of 0.68, 0.86, and 1.12 yuan for 2025, 2026, and 2027 respectively, alongside a corresponding PE ratio decline [8]. Summary by Sections Industry Overview - The ready-to-drink tea industry is experiencing a stabilization in pricing wars, leading to a concentration of market share among leading brands [5]. - The introduction of substantial delivery subsidies by major platforms is expected to significantly boost demand in the tea beverage sector [5]. Supply Chain and Operational Efficiency - The company has achieved nationwide supply chain coverage with 25 warehouses and over 300 temperature-controlled delivery vehicles, allowing for same-day delivery [6]. - The strategy of coexisting with franchisees aims to enhance efficiency and optimize costs, thereby stabilizing the company's gross profit structure [6]. Product Development and Market Expansion - The product lineup includes classic, seasonal, and regional offerings, with a strong emphasis on innovation, resulting in rapid sales growth for new products [7]. - The company has initiated overseas market expansion, with a focus on establishing an "international supply chain + local procurement" model, achieving profitability in international locations [7]. Financial Projections - Revenue is projected to recover from 4,918 million yuan in 2024 to 6,097 million yuan in 2025, reflecting a year-on-year growth of 23.97% [11]. - Net profit is expected to rebound significantly from 472.18 million yuan in 2024 to 1,006.04 million yuan in 2025, indicating a growth rate of 113.06% [11]. - The company's PE ratio is forecasted to decrease from 26.69 in 2024 to 12.53 in 2025, suggesting improved valuation metrics as earnings recover [11].

Group 1 - The core viewpoint of the news is the strategic partnership between Cha Bai Dao and Tencent Financial Technology, focusing on enhancing digital capabilities in supply chain management and store operations [1][3] - Cha Bai Dao will integrate Tencent's WeChat Enterprise Payment tool to facilitate one-stop payment solutions for its franchisees, improving operational efficiency and digital management capabilities [1][3] - The collaboration aims to explore comprehensive digital solutions across supply chain management, store operation intelligence, membership system upgrades, and precision marketing [3][4] Group 2 - According to the China Chain Store and Franchise Association, the chain restaurant penetration rate in China is expected to rise to 23% by 2024, indicating a shift towards efficiency and quality in the industry [3] - Cha Bai Dao has been recognized as a leader in digital transformation within the new tea beverage industry, being the only restaurant and retail enterprise awarded as a "Software Intelligence Pioneer" by the China Academy of Information and Communications Technology [4] - The company has implemented an order management system and a transportation management system, achieving real-time visibility and traceability in its nationwide logistics network [4]