Investment Rating - The report initiates coverage with a "Buy" rating for the company [10]. Core Views - The company implements a "one body, two wings" strategy, indicating significant potential for multi-brand expansion [2]. - The company is a leading player in the ready-to-drink beverage sector, leveraging a brand matrix and franchise model to expand nationally [10]. - The ready-to-drink beverage market in China has substantial growth potential, particularly in lower-tier cities [45]. Financial Summary - Total revenue is projected to grow from 3,348 million RMB in 2023 to 5,354 million RMB in 2027, with a CAGR of 14.3% [4]. - Adjusted net profit is expected to increase from 416 million RMB in 2023 to 712 million RMB in 2027, reflecting a CAGR of 14.2% [4]. - The company maintains a stable gross margin, with projections showing a gross margin of 31.4% from 2025 onwards [16]. Market Data - The current market capitalization is 9,242 million HKD, with a stock price range of 82.70 to 158.40 HKD over the past 52 weeks [7]. - The target market capitalization is set at 12.2 billion HKD, with a target price of 116.56 HKD per share [19]. Business Model and Strategy - The company operates multiple brands, including "沪上阿姨," "茶瀑布," and "沪咖," targeting different consumer segments and price points [10][22]. - The franchise model allows for rapid expansion, with a projected opening of 29,000 new stores in the next few years [17]. - The company has a strong management team with extensive industry experience, contributing to its strategic direction and operational efficiency [30][33]. Industry Insights - The ready-to-drink beverage market in China is expected to grow significantly, with a projected market size increase from 1,878 billion RMB in 2018 to 5,175 billion RMB in 2023, reflecting a CAGR of 22.5% [45]. - The penetration rate of ready-to-drink beverages is increasing, particularly in lower-tier cities, which are seen as key growth areas [48].

Group 1 - The new consumption concept in the Hong Kong stock market is showing localized strength, with notable increases in stock prices [1] - "沪上阿姨" has seen a rise of over 10%, indicating strong market interest [1] - "布鲁可" has increased by more than 3%, reflecting positive investor sentiment [1] Group 2 - Other companies such as "毛戈平" and "奈雪的茶" are also experiencing upward movement in their stock prices, suggesting a broader trend in the new consumption sector [1]

Group 1 - The new consumption concept in the Hong Kong stock market is showing strength, with notable gains in specific stocks [1] - "Hushang Auntie" (02589.HK) has increased by over 10%, indicating strong market interest [1] - Other companies such as "Blukoo" (00325.HK) have risen by more than 3%, along with "Mao Ge Ping" (01318.HK) and "Nai Xue's Tea" (02150.HK) also experiencing upward movement [1]

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]

Group 1 - The China Securities Central Enterprises Dividend Index (931233.CSI) includes 50 stocks of central enterprises with stable dividend levels and high dividend yields, achieving a 1-year dividend yield of 6.65% as of December 8, which is higher than the 10-year government bond yield of 4.77. The largest investment vehicle tracking this index is the Hong Kong Central Enterprises Dividend ETF (513910) [1] - The Hang Seng High Dividend Yield Index (HSMCHYI.HI) selects high dividend stocks from mainland companies listed in Hong Kong, with a 1-year dividend yield of 6.11 as of December 8, surpassing the 10-year government bond yield of 4.23. The only ETF tracking this index is the Hang Seng Dividend ETF (159726) [1] - The Non-Standard Poor Hong Kong Low Volatility Dividend Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks listed in Hong Kong, with the Hong Kong Dividend Low Volatility ETF (159118) being the ETF with the lowest comprehensive fee tracking this index [1] Group 2 - The stock "沪上阿姨" has a dividend of 0.743755 HKD, with an ex-dividend date of December 12, 2025, and a payment date of February 4, 2026. It is not part of the indices mentioned above [2]

Group 1 - The China Securities Central State-Owned Enterprises Dividend Index (931233.CSI) includes 50 stocks of central enterprises with stable dividend levels and high dividend yields, achieving a 1-year dividend yield of 6.65% as of December 8, which is higher than the 10-year government bond yield of 4.77% [1] - The Hang Seng China Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI) consists of high dividend stocks from mainland companies listed in Hong Kong, with a 1-year dividend yield of 6.11% as of December 8, surpassing the 10-year government bond yield of 4.23% [1] - The Non-Standard Poor Hong Kong Stock Connect Low Volatility Dividend Hong Kong Dollar Index (SPAHLVHP.SPI) includes 50 high dividend low volatility stocks listed in Hong Kong, with the Hong Kong Stock Connect Dividend Low Volatility ETF (159118) being the ETF with the lowest comprehensive fee tracking this index [1] Group 2 - The stock "沪上阿姨" has a dividend of 0.743755 HKD, with an ex-dividend date of December 12, 2025, and a payment date of February 4, 2026 [2] - The stock is not part of the China Securities Central State-Owned Enterprises Dividend Index (931233.CSI), the Hang Seng China Mainland Enterprises High Dividend Yield Index (HSMCHYI.HI), or the Non-Standard Poor Hong Kong Stock Connect Low Volatility Dividend Hong Kong Dollar Index (SPAHLVHP.SPI) [2]

沪上阿姨(02589.HK)发布公告，将于2026年2月4日派发截至2025年6月30日止6个月的中期股息每10股 7.43755港元。 本文源自：金融界AI电报 ...

智通财经APP讯，沪上阿姨(02589)发布公告，将于2026年2月4日派发截至2025年6月30日止6个月的中期 股息每10股7.43755港元。 ...

Core Viewpoint - The company,沪上阿姨(02589), announced a mid-term dividend distribution of HKD 7.43755 per 10 shares for the six months ending June 30, 2025, to be paid on February 4, 2026 [1] Summary by Category - **Dividend Announcement** - The company will distribute a mid-term dividend of HKD 7.43755 for every 10 shares [1] - The dividend pertains to the financial period ending June 30, 2025 [1] - Payment date for the dividend is set for February 4, 2026 [1]

第 1 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 滬上阿姨（上海）實業股份有限公司 | | 股份代號 | 02589 | | 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2025年6月30日止六個月的的中期股息之更新 | | 公告日期 | 2025年12月8日 | | 公告狀態 | 更新公告 | | 更新以下項目： | (1) 派息金額及公司預設派發貨幣； | | 更新/撤回理由 | (2) 匯率；及 | | (3) 代扣所得稅信息。 | | | 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 ...