证券代码：002697 证券简称：红旗连锁 公告编号：2025-036 成都红旗连锁股份有限公司 第五届董事会第二十六次会议决议公告 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。 一、董事会会议召开情况 成都红旗连锁股份有限公司（以下简称"公司"）第五届董事会第二十六次会 议于 2025 年 11 月 24 日上午 10:00 时以现场与通讯相结合的方式在公司会议室 召开。本次会议通知于 2025 年 11 月 18 日以邮件通知方式发出，应出席会议的 董事 9 名，实际出席会议的董事 9 名（其中董事王庚先生、吴乐峰先生、独立董 事谭洪涛先生、贺立龙先生、周涛先生以通讯方式参会并表决），会议由董事长 袁继国先生主持。本次会议的召集、召开及表决符合有关法律、法规及公司《章 程》的规定，会议决议合法有效。 二、董事会会议审议情况 1、审议通过了《关于增加 2025 年日常关联交易预计额度的议案》 表决情况：本议案有效表决票 5 票，同意 5 票，反对 0 票，弃权 0 票 关联董事袁继国、李强、王庚、黄东镇回避表决。 为了日常经营业务的需要，结合公司实际情况， ...

Core Insights - Lucky Coffee, a budget coffee brand under Mixue Group, has surpassed 10,000 global stores, rapidly rising in the domestic coffee chain market, closely following leading brands Luckin Coffee and Kudi Coffee [1] - The brand was established in 2017 and initially grew slowly, but after market research and brand positioning adjustments, it adopted a low-price strategy in 2020, leading to significant growth [1] - In 2022, Lucky Coffee experienced explosive growth, leveraging Mixue's supply chain advantages and targeting price-sensitive consumers, particularly in lower-tier markets and among students [1][4] Company Developments - Lucky Coffee opened over 2,800 new stores from 2022 to 2023, bringing the total to approximately 3,000 stores [1] - In 2023, the brand not only accelerated its domestic expansion but also began international growth, opening its first overseas store in Malaysia in August [1] - Currently, Lucky Coffee has over 1,000 stores in first-tier markets and 100 stores in Beijing, covering more than 300 cities nationwide [1] Competitive Landscape - Luckin Coffee leads the domestic market with nearly 30,000 stores, maintaining a strong performance through new product launches and optimized marketing strategies [2] - Kudi Coffee ranks second with over 15,000 stores, achieving rapid growth through aggressive franchise strategies and frequent marketing activities [4] - Lucky Coffee's recent growth has narrowed the gap with these competitors, as it added 1,100 stores in October alone, surpassing Luckin's 905 and Kudi's 597 new stores [4] Market Outlook - The domestic coffee chain market is highly competitive, with various brands like Kenyue Coffee, Nova Coffee, and Manner Coffee also vying for market share [4] - According to iMedia Consulting, the Chinese coffee market is expected to reach a scale of 470 billion yuan by 2025, with a compound annual growth rate of 28.8% from 2020 to 2025 [4] - Key challenges for coffee brands will include reducing operational costs and avoiding product homogenization in this competitive landscape [4]

Core Insights - The new tea beverage industry is experiencing a slowdown in store expansion, with a total of 13.38 million existing stores and a net increase of 186 stores in October 2025, reflecting a month-on-month growth rate of 0.14% [2][4]. Store Opening and Closing Summary - In October, 30 chain brands opened a total of 3,247 stores while closing 3,062, resulting in a net increase of 186 stores [2][4]. - The leading brand, Mixue Ice City, closed 804 stores, resulting in a net decrease of 68 stores, while maintaining 44,166 existing stores, a decline of 0.15% month-on-month [4][9]. - Gu Ming achieved a net increase of 215 stores, with a month-on-month growth rate of 1.69%, totaling 12,905 existing stores [4][9]. - Eleven brands reported positive net growth, with Hu Shang A Yi leading with a net increase of 271 stores, and Yi Dian Dian showing the fastest growth rate of 3.59% with a net increase of 140 stores, surpassing 4,000 stores [7]. Brand Performance - Significant closures were noted among brands, with Mixue Ice City leading in closures, followed by Tian La La with 341 closures and Gu Ming with 226 closures [9][14]. - Other brands like Shuyi Burned Immortal Grass and Bawang Tea Princess also saw closures exceeding 100 stores [14]. Market Expansion Trends - The expansion is primarily concentrated in second and third-tier cities, which account for 65.1% of new store openings, with third-tier cities leading with 754 new stores (23.2% of total) [17]. - In contrast, first-tier cities only saw 302 new stores, representing 9.3% of the total, indicating a continued penetration of new tea brands into lower-tier markets [17]. Special Location Insights - Campuses emerged as a key battleground for brand expansion, with Gu Ming adding 35 campus stores and Tian La La adding 30, contributing to a total of 125 new campus stores, which accounted for 71.84% of the total increase in campus stores for October [20]. - In shopping centers, brands like Bawang Tea Princess, Yi Dian Dian, and Hu Shang A Yi showed strong expansion, with net increases of 57, 43, and 40 stores respectively, while brands like Tea Hundred Road and Xi Tea experienced significant reductions [21]. Transportation Hub Expansion - Brands exhibited cautious expansion in transportation hubs, with only Bawang Tea Princess achieving a double-digit net increase, while other brands did not exceed six new stores [22].

Core Viewpoint - The takeaway from the article is that the current food delivery war mirrors the e-commerce subsidy wars of the past, characterized by aggressive price cuts and subsidies that disrupt industry norms and create unsustainable business models for tea beverage brands [4][40]. Group 1: Industry Dynamics - The tea beverage industry is experiencing a significant downturn as seasonal demand declines and platform subsidies wane, leading many businesses to express concerns about survival through the winter [4][6]. - The delivery war has resulted in a drastic increase in the number of tea beverage outlets, with a net addition of 26,000 stores in the third quarter alone, nearly doubling year-on-year [6]. - The high return rates and pressures faced by downstream e-commerce businesses, such as the 90% return rate in women's apparel, reflect the broader challenges within the industry [4]. Group 2: Financial Implications - Luckin Coffee reported delivery expenses of 2.89 billion RMB in Q3, significantly higher than the previous year, consuming all incremental profits for the season [5][16]. - The financial performance of brands like Mixue Ice City has also suffered, with stock prices dropping from 600 HKD to 376 HKD, indicating diminishing returns from delivery subsidies [5]. - The article highlights that during the peak of the subsidy war, brands like Nai Xue's Tea saw a 50% increase in delivery orders, but the profitability per order was severely compromised, averaging only 4-5 RMB after costs [11][30]. Group 3: Market Behavior and Consumer Trends - The article notes a shift in consumer behavior, with over half of the increased order volume during the delivery war coming from tea and coffee, compared to only 20% the previous year [10]. - The delivery war has altered the business model for tea brands, with the ratio of dine-in to delivery orders shifting dramatically from 3:1 to 1:7 for many businesses [21][22]. - There is a growing concern among tea beverage entrepreneurs that consumers may become accustomed to lower prices due to subsidies, making it difficult to revert to higher price points post-subsidy [16]. Group 4: Strategic Responses - To adapt to the changing landscape, tea brands are focusing on building membership systems and enhancing private domain operations to retain existing customers and attract new ones [32][34]. - The article suggests that effective supply chain management is crucial for brands to survive and thrive, emphasizing the need for higher cost-performance ratios rather than just low prices [33][36]. - Brands like Gu Ming have successfully leveraged their supply chain capabilities to handle sudden spikes in order volume, showcasing the importance of operational efficiency in a competitive market [36].

Core Viewpoint - Hongqi Chain experienced a decline of 3.26% in stock price on November 20, with a trading volume of 216 million yuan, indicating potential market concerns regarding its performance and investor sentiment [1] Financing Summary - On November 20, Hongqi Chain had a financing buy-in amount of 28.14 million yuan and a financing repayment of 22.56 million yuan, resulting in a net financing buy of 5.58 million yuan [1] - As of November 20, the total financing and securities lending balance for Hongqi Chain was 316 million yuan, with the financing balance accounting for 4.11% of its market capitalization, which is above the 70th percentile of the past year [1] - The company repaid 2,100 shares in securities lending on November 20, with a total sell amount of 68,700 yuan, while the securities lending balance was 946,400 yuan, indicating a lower position compared to the 50th percentile of the past year [1] Business Performance Summary - As of October 31, the number of shareholders for Hongqi Chain was 64,100, a decrease of 0.44% from the previous period, while the average circulating shares per person increased by 0.45% to 17,865 shares [2] - For the period from January to September 2025, Hongqi Chain reported a revenue of 7.11 billion yuan, a year-on-year decrease of 8.48%, and a net profit attributable to shareholders of 383 million yuan, down 1.89% year-on-year [2] - Since its A-share listing, Hongqi Chain has distributed a total of 1.56 billion yuan in dividends, with 926 million yuan distributed over the past three years [2] Shareholding Structure Summary - As of September 30, 2025, Hongqi Chain's fourth largest circulating shareholder was Hong Kong Central Clearing Limited, holding 35.23 million shares, a decrease of 19.98 million shares from the previous period [2] - The tenth largest circulating shareholder was the Southern CSI 1000 ETF, holding 6.23 million shares, which is a reduction of 250,500 shares compared to the previous period [2]

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

Group 1: Chinese Beverage Brands - Chinese beverage brands such as Bawang Chaji, Mixue Ice City, Nayuki, and Heytea are expanding internationally, leveraging a "culture + product" model to stand out in overseas markets [2] - Bawang Chaji's stores in Malaysia feature design elements like wooden furniture and ink wash wall decorations, creating a "Chinese aesthetic" ambiance [2] - The popularity of Chinese milk tea in Malaysia is attributed not only to taste but also to brand image, aesthetic representation, and cultural innovation [2] Group 2: Chinese Cultural Influence in Vietnam - Chinese historical dramas have gained significant popularity in Vietnam, with many young viewers actively discussing and engaging with the content [3] - Vietnamese youth are increasingly interested in Chinese culture, as evidenced by the formation of clubs dedicated to watching Chinese historical dramas [3] - The themes of loyalty, filial piety, and national sentiment in Chinese dramas resonate deeply with Vietnamese audiences [3] Group 3: Chinese Toy Brands - Chinese toy brand Pop Mart has opened 10 stores in major UK cities and plans to add 12 more by the end of 2026, indicating strong market expansion [4] - The brand Miniso has seen a significant increase in sales in the UK, with one blind box selling every three minutes, leading to a 63% sales growth over the past year [5] - Chinese toys are increasingly incorporating cultural elements, with brands like 52TOYS achieving success in Thailand through unique designs based on Chinese cultural symbols [5] Group 4: Market Trends and Consumer Engagement - The rise of Chinese trendy toys has created a fashion wave, appealing to emotional needs of consumers, which is a departure from traditional Chinese brands focused on electronics and automobiles [5] - The success of these brands in international markets highlights a new trend in cultural exchange and consumer engagement through innovative product offerings [5]

Core Viewpoint - The general retail sector experienced a slight increase of 0.63% on November 17, with significant gains from companies like Hemei Group, while the overall market indices showed a decline [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3972.03, down 0.46% - The Shenzhen Component Index closed at 13202.0, down 0.11% [1]. Group 2: Individual Stock Performance - Hemei Group led the gains with a closing price of 3.94, up 10.06% with a trading volume of 1.8043 million shares and a transaction value of 678 million yuan - Other notable performers included: - Dae Oriental: closed at 6.14, up 10.04% - Dongzi Group: closed at 11.70, up 6.36% - Hebai Group: closed at 7.48, up 6.25% [1]. Group 3: Capital Flow Analysis - The general retail sector saw a net outflow of 678 million yuan from major funds, while retail investors contributed a net inflow of 756 million yuan - Notable individual stock capital flows included: - Hemei Group: net outflow of 57.44 million yuan from major funds - Hebai Group: net inflow of 30.83 million yuan from major funds [2][3].

Core Insights - The article discusses the importance of understanding business models in the context of investment analysis, particularly in the A-share market, emphasizing the need to adapt beyond traditional frameworks like those of Warren Buffett [1] Group 1: Business Models in the Tea Beverage Industry - The two tea brands, Mixue Ice Cream and Nayuki, operate under fundamentally different business models, with Mixue focusing on low-cost products and profitability, while Nayuki has reported significant losses despite high revenue [2][3] - Nayuki's business model is centered around a direct sales approach, prioritizing store locations and customer experience, which has led to operational challenges and losses [3] - In contrast, Mixue's franchise model relies on providing raw materials and support to franchisees, allowing for easier scalability and profitability [4][6] Group 2: Efficiency and Cost Management - Mixue achieves cost efficiency through lower material costs and economies of scale, allowing it to maintain competitive pricing and profitability [8][9] - The franchise model of Mixue is particularly suited to the Chinese market, leveraging a vast pool of potential franchisees who seek stable business opportunities [4][6] - The operational strategy of Gu Ming, another tea brand, focuses on supply chain efficiency, ensuring rapid delivery and fresh ingredients, which enhances its competitive edge in lower-tier markets [10] Group 3: Live Streaming E-commerce Models - The article outlines two primary business models in live streaming e-commerce: brand self-broadcasting and MCN (Multi-Channel Network) models, each with distinct core resources and key operations [11][13] - The self-broadcasting model emphasizes long-term operations and customer loyalty, while the MCN model relies on leveraging popular influencers for sales [13][14] - The challenges faced by traditional live streaming models highlight the need for companies to innovate and adapt their business strategies to maintain competitiveness [14][24] Group 4: Evolution of Oriental Selection - Oriental Selection has transitioned to a self-built supply chain model, integrating cultural elements with agricultural products to create a unique market position [18][20] - The company's shift towards self-operated products and direct supply chain management has resulted in significant revenue growth and improved profit margins [21][22] - Despite challenges following the departure of a key influencer, the company continues to pursue its strategic goals, focusing on building a sustainable business model [19][24]

Group 1: Chinese New Tea Beverage Industry - Chinese new tea beverage brands like Bawang Chaji, Mixue Ice City, Nayuki, and Heytea are expanding internationally, particularly in Malaysia, by combining cultural elements with their products to enhance their appeal [2][3] - The Malaysian market is witnessing a significant increase in the market share of Chinese tea brands, which are transitioning from passive followers to active participants in the global market, showcasing strong cultural attraction [2] - The incorporation of Chinese visual elements such as characters and traditional patterns into brand identity enhances brand recognition and consumer loyalty, reflecting cultural confidence and creativity of Chinese enterprises in overseas markets [3] Group 2: Chinese Television Dramas - Chinese historical dramas like "Journey to the West," "Empresses in the Palace," and "Nirvana in Fire" have gained immense popularity in Vietnam, with viewers discussing plots and characters passionately [4][5] - The cultural values portrayed in these dramas resonate deeply with Vietnamese audiences, fostering a better understanding of Chinese history and traditions [5] - The ongoing cultural exchanges between China and Vietnam are strengthening the ties between the two nations, enhancing mutual understanding and friendship [5] Group 3: Chinese Trendy Toy Industry - Chinese trendy toy brands such as Pop Mart are rapidly expanding in the UK, with plans to open additional stores, reflecting a growing market presence [6] - The sales of blind boxes from Chinese brand Miniso are increasing significantly, with a reported 63% growth in the past year in the UK [6] - Trendy toys are increasingly incorporating Chinese cultural elements, with brands like 52TOYS achieving success in Thailand by creating culturally inspired products that resonate with local consumers [6][7] - The success of these brands highlights the potential of Chinese creative products in the global market, showcasing the ability to connect emotionally with consumers [7]