证券代码：002697 证券简称：红旗连锁 成都红旗连锁股份有限公司投资者关系活动记录表 编号：2025--02 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 投资者 时间 2025 年 9 月 12 日 地点 公司总部会议室 上市公司接待人 员姓名 董事、总经理：曹世如 财务负责人：李欢 副总经理：谭柳 投资者关系活动 主要内容介绍 四川辖区 2025 年投资者网上集体接待日及半年度报告业绩说 明会，主要内容如下： 1、想请问曹董事长，您觉得红旗连锁最具竞争力的是哪 个方面？ 更方便、更放心、更实惠。 2、请问 2025 年红旗连锁股价如此低迷不振？公司管理层 对后期股价及市值管理有何措施？ 公司股价稳中有升。我们会认真做好市值管理工作。 3、曹总您好，与国企合作快一年了，能不能介绍一下四 川商投给公司带来了哪些赋能呢？ 双方合作以来，资源进一步整合，品牌影响力进一步提升。 比如，天府好粮油等优质产品在合作后，销售大幅度提升。下 一步，双方将继续深化合作。 4、公司是否有市值管理计划，未来有没有战略规划， ...

Group 1: Overview of China's Consumer Market in 2025 - The Chinese consumer market in the first half of 2025 shows a unique trend of "macro caution, micro activity," with consumer confidence at historical lows while core consumption categories are steadily recovering [12][14] - The total retail sales of consumer goods increased by 5.0% year-on-year in the first half of 2025, with May's growth rate reaching a two-year high [16][19] - The food category led the growth with a 12.3% year-on-year increase, driven by the rapid expansion of new channels like snack specialty stores and membership discount supermarkets [16][19] Group 2: Tourism Recovery - The tourism industry has seen a strong recovery, with international flight passenger volumes in the first and second quarters of 2025 increasing by 9% and 13% compared to the same periods in 2019 [20][36] - Domestic travel also surged, with 329 million trips taken in the first half of 2025, an 18% increase from 2019 [20][36] - The number of inbound tourists reached over 35 million in the first quarter of 2025, a year-on-year increase of 19.6%, marking a historical high for a single quarter [29][36] Group 3: New Energy Vehicles (NEVs) - China has become the world's largest automobile exporter, with nearly 5.5 million vehicles exported in 2024, an eightfold increase from 2019 [24][28] - NEVs accounted for nearly half of passenger car exports in the first half of 2025, with domestic brands holding a market share close to 90% in the NEV segment [28][21] - BYD surpassed Tesla to become the world's largest electric vehicle manufacturer in 2024, with sales reaching 4.27 million units and revenue of $108 billion [28] Group 4: Cultural Export and Trends - The cultural export sector, particularly in video games and trendy toys, has gained momentum, with the game "Black Myth: Wukong" selling 28 million copies and generating revenue of 9 billion yuan [42][43] - The toy brand Pop Mart's Labubu character has gained global popularity, with revenue from the "Monster Series" increasing by 726% year-on-year, reaching over 3 billion yuan [43][46] - The overseas market contribution to Pop Mart's revenue rose from 4% in 2021 to 39% in 2024, indicating a significant expansion [43] Group 5: Capital Market Dynamics - The capital market in Hong Kong saw a significant rebound in the first half of 2025, with total financing reaching 107.1 billion HKD, a substantial increase from the previous year [37][41] - Consumer-related companies have become a major force in the capital market, with four out of the top ten IPOs in Hong Kong coming from the consumer sector [37][41] - Private equity and venture capital activities also surged, with transaction volumes in the second quarter reaching 2.28 trillion yuan, doubling from the previous quarter [41] Group 6: Foreign Brands in China - Foreign brands are experiencing a resurgence in China, particularly in the outdoor sportswear segment, which has seen sales double over the past five years [47] - Several new or expanding brands have achieved annual revenues exceeding $500 million, reflecting the growing consumer interest in health and outdoor activities [47] - This trend indicates a robust market opportunity for international brands to adapt to local demands and capitalize on China's consumption upgrade [47]

Core Viewpoint - The article discusses the evolving landscape of consumer behavior in China during the first half of 2025, highlighting the rise of emotional consumption and the decline of traditional consumption patterns, particularly among younger generations [4][5][6]. Economic Overview - In June 2025, the Consumer Price Index (CPI) rose by 0.1% year-on-year, with the core CPI increasing by 0.7%, indicating a recovery in domestic demand [4]. - The total retail sales of consumer goods reached 24.55 trillion yuan, with a year-on-year growth rate of 5%, surpassing the previous year's growth by 1.5 percentage points [4]. Emotional Consumption - Emotional consumption has become a significant trend, with the market expected to exceed 2 trillion yuan by 2025, growing at an annual rate of 12% since 2013 [8]. - Companies like Pop Mart have seen substantial revenue from emotional products, with LABUBU generating 4.81 billion yuan in revenue in the first half of 2025, contributing to Pop Mart's total revenue of 13.88 billion yuan, a 204.4% increase year-on-year [9]. Traditional Consumption Decline - Traditional consumption, particularly in sectors like high-end liquor and tea, has seen a downturn, with many companies reporting negative growth in revenue and profits [11]. - The white liquor industry experienced a 5% decline in revenue and a 7.5% drop in net profit in the second quarter of 2025 [11]. Shifts in Consumer Preferences - Younger consumers prioritize emotional value over traditional status symbols, leading to a decline in "face consumption" associated with older generations [10][12]. - The trend of seeking high value for money continues, with consumers becoming more cautious and price-sensitive in their spending habits [15][19]. Impact on Various Industries - The restaurant industry has faced challenges, with major chains like Haidilao reporting a 3.7% decline in revenue, while their takeaway business has seen a 59.6% increase [18]. - The airline industry has seen a 5.9% increase in passenger transport, but average ticket prices have dropped by 6.9% [16]. Investment Trends - There is a noticeable shift in consumer investment behavior, with a decline in housing investment and an increase in interest in gold and stock markets [23][25]. - The real estate sector has seen a significant drop in investment, with a year-on-year decrease of 11.2% in development investment [23]. Conclusion - The article emphasizes the need for companies to adapt to changing consumer behaviors, focusing on emotional value and cost-effectiveness, while traditional consumption patterns are declining [26].

Core Viewpoint - Several beverage franchise owners have reported that their stores at Zhongyuan University of Technology (Xuchang campus, Henan) have been shut down due to the school's implementation of a "plastic restriction order" [1][2]. Group 1: Impact on Beverage Stores - The franchise owner of a Kudi coffee shop stated that their store opened on August 30 and was informed on September 1 that they could not use their own cups and bags, but must use those specified by the school [1]. - Other beverage stores on campus, including Tea Baidao, Mixue, and Luckin, have also closed due to the same restrictions [2]. - At least five beverage stores are confirmed to have closed due to the "plastic restriction order," with some stores using cups that comply with the school's regulations while others face penalties for non-compliance [2][4]. Group 2: School Regulations and Compliance - The school has emphasized the "plastic restriction order" but previously allowed beverage stores to operate without strict enforcement [4]. - Students reported that the situation has occurred before, with previous instances of stores closing frequently due to similar regulations [4]. - The school’s official website indicates that Zhongyuan University of Technology is a full-time public undergraduate institution approved by the Ministry of Education, with a history dating back to 2003 [5]. Group 3: Ongoing Negotiations - Beverage stores are actively seeking to negotiate with the school and brand owners to comply with both the school's regulations and brand requirements in order to resume normal operations [5].

Core Insights - The new tea beverage market in China is experiencing significant growth, with the market size expected to exceed 200 billion yuan this year [3] - The rise of new tea drinks reflects changing consumer preferences towards personalized, diverse, and high-quality products [4] Group 1: Market Trends - The new tea beverage consumption market is projected to surpass 200 billion yuan in 2023, indicating a robust expansion [3] - Consumers are increasingly seeking interactive and participatory experiences in their beverage choices, moving beyond passive consumption [5] - Health-conscious trends are influencing tea beverage ingredients, with a variety of vegetables and fruits being incorporated into drinks [6] Group 2: Cultural Integration - Cultural elements are becoming integral to tea beverage consumption, with brands collaborating with art and culture to enhance consumer engagement [8] - The integration of cultural themes into product offerings is transforming tea drinks into vehicles for cultural expression [8] Group 3: Agricultural Impact - The new tea beverage sector is driving sales of agricultural products, benefiting farmers significantly; for instance, the price of yellow skin fruit has increased by 60% due to demand from tea companies [9] - Collaborations between tea companies and farmers are enhancing agricultural practices and increasing farmers' incomes, with some farmers reporting an average income increase of 8,000 yuan per acre [10] - The new tea beverage market is facilitating the promotion of local agricultural specialties, helping them gain wider recognition [11] Group 4: Product Innovation - The tea industry is diversifying its product offerings beyond traditional beverages, with innovations such as tea-flavored ice cream and snacks gaining popularity [12][14] - The development of deep processing techniques for tea is expanding its application across various sectors, including food and cosmetics [14]

Core Insights - The new tea beverage market in China is experiencing significant growth, with the market size expected to exceed 200 billion yuan this year [4] Group 1: Market Trends - The new tea beverage consumption reflects a shift towards personalized, diverse, and high-quality consumption, with new scenarios, models, and channels becoming key growth points [2][5] - Consumers are increasingly seeking interactive and participatory experiences in their beverage choices, moving beyond passive consumption [6] Group 2: Health and Ingredients - To cater to health-conscious consumers, tea shops are incorporating a wider range of ingredients, including vegetables and medicinal herbs, into their beverages [7] Group 3: Cultural Integration - Cultural elements are becoming integral to tea consumption, with brands collaborating with art and culture to enhance the consumer experience [9] Group 4: Agricultural Impact - The rise of new tea beverages is driving sales of agricultural products, benefiting farmers significantly; for instance, the price of yellow skin fruit has increased by 60% due to demand from tea companies [10] - New tea beverage companies are also enhancing the quality of agricultural products through training and support, leading to improved yields and reduced chemical usage [12][14] Group 5: Product Innovation - The tea industry is diversifying its product offerings beyond traditional beverages, with innovations such as tea-flavored snacks and health products emerging [15]

Group 1 - The article highlights the dual consumption trends in contemporary China, emphasizing the coexistence of cost-effectiveness and emotional value in consumer behavior [4][29] - The rise of pragmatic consumption is driven by economic uncertainty, leading consumers to seek high-quality alternatives at lower prices, as evidenced by the decline in sales for brands like LVMH and Chow Tai Fook [8][9] - Brands are pressured to focus on supply chain efficiency and product quality to meet the demand for value-driven purchases, moving away from overpriced products [11][12] Group 2 - Emotional consumption is on the rise, with nearly 30% of young consumers engaging in purchases for emotional healing, reflecting a deeper need for self-care and emotional connection [30][31] - Products that provide emotional value, such as collectibles and cultural items, are increasingly popular, as they resonate with consumers' desires for identity and belonging [35][39] - The success of brands like Labubu illustrates the importance of emotional and social value in consumer purchases, as they serve as symbols of self-expression and community [36][39] Group 3 - The article discusses the integration of cost-effectiveness and emotional value in consumer choices, suggesting that brands must navigate this complex landscape to remain relevant [55][57] - Successful brands are those that can combine high cost-effectiveness with emotional engagement, creating a unique value proposition that resonates with consumers [59] - The evolving consumer landscape indicates a shift from mere possession to a focus on personal growth and self-actualization through consumption [62][64]

Group 1 - The company, Chengdu Hongqi Chain Co., Ltd., will participate in the "2025 Investor Online Collective Reception Day and Semi-Annual Report Performance Briefing" organized by the Sichuan Listed Companies Association and Shenzhen Panorama Network Co., Ltd. [1] - The event will be held online on September 12, 2025, from 15:00 to 17:00, allowing investors to engage with the company's executives regarding the company's performance for 2024 and the first half of 2025, governance, development strategy, operational status, and sustainable development [1][2] - The company assures that the information disclosed is true, accurate, complete, and free from false records, misleading statements, or significant omissions [1]

Group 1 - The company, Hongqi Chain, announced its participation in the "Sichuan District 2025 Investor Online Collective Reception Day and Semi-Annual Report Performance Briefing" event [2] - The event is scheduled to take place on September 12, 2025 [2]

证券代码：002697 证券简称：红旗连锁 公告编号：2025-028 成都红旗连锁股份有限公司 关于参加四川辖区 2025 年投资者网上集体接待日 及半年度报告业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 欢迎广大投资者积极参与！ 特此公告。 为进一步加强与投资者的互动交流，成都红旗连锁股份有限公司（以下简称 "公司"）将参加由四川省上市公司协会、深圳市全景网络有限公司联合举办的 "四川辖区 2025 年投资者网上集体接待日及半年度报告业绩说明会"活动，现 将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登陆"全景路演" （https://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 12 日（周 五）15:00-17:00。 届时公司高管将在线就公司 2024 年度及 2025 年半年度业绩、公司治理、发 展战略、经营状况和可持续发展等投资者关心的问题，与投资者进行沟通与交流。 二〇二五年九月三日 成都红旗连锁股份有限公司 董事会 ...