Core Viewpoint - Hongqi Chain announced a share transfer agreement between Sichuan Shengtou Investment Co., Ltd. and Cao Shiru, Cao Zengjun, resulting in a change in shareholding structure [1] Group 1: Share Transfer Details - Cao Shiru and Cao Zengjun will transfer a total of 70.4438 million non-restricted circulating shares, accounting for 5.18% of the total share capital, to Shengtou Investment [1] - After the transfer, Shengtou Investment's shareholding will increase from 16.91% to 22.09% [1] Group 2: Control and Ownership - Following this equity change, the controlling shareholder of the company will still be Shengtou Investment, with the actual controller remaining the Sichuan Provincial State-owned Assets Supervision and Administration Commission [1]

成都红旗连锁股份有限公司 简式权益变动报告书 上市公司名称：成都红旗连锁股份有限公司 股票上市地点：深圳证券交易所 股票简称：红旗连锁 股票代码：002697 信息披露义务人名称：曹世如 住所：四川省成都市青羊区******** 通讯地址：四川省成都市高新区西区迪康大道 7 号 信息披露义务人名称：曹曾俊 住所：四川省成都市青羊区******** 通讯地址：四川省成都市高新区西区迪康大道 7 号 股份变动性质：股份减少及表决权恢复 签署日期：二〇二六年二月 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号—权益变动报告书》及相关法律、法规编写本报告。 二、信息披露义务人签署本报告已获得必要的授权和批准，其履行亦不违反 信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露了信息披露义务人在红旗连锁中拥有权益的股份变动情况。 截至本报告书签署之日，除本报告书披露的信息外，信息披露义务人没有通 过任何其他方 ...

证券代码：002697 证券简称：红旗连锁 公告编号：2026-004 成都红旗连锁股份有限公司 关于控股股东签署股份转让协议的提示性公告 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。 成都红旗连锁股份有限公司（以下简称"公司""红旗连锁"）接到公司股 东曹世如女士、曹曾俊先生的通知，四川商投投资有限责任公司（以下简称"商 投投资"）与曹世如女士、曹曾俊先生（以下合称"转让方"）于2026年2月12 日签署了《四川商投投资有限责任公司与曹世如及曹曾俊关于成都红旗连锁股份 有限公司之股份转让协议》（以下简称"股份转让协议"）。具体情况如下： 一、股份转让变动情况 商投投资与曹世如女士、曹曾俊先生签署了《股份转让协议》。协议约定曹 世如、曹曾俊将其合计持有的红旗连锁70,443,750股非限售流通股（占红旗连锁 总股本的5.18%）以协议转让的方式转让给商投投资。本次权益变动前后相关主 体权益变动情况如下： | 股东 | | 本次权益变动前 | 表决权 | | 本次权益变动后 | | | --- | --- | --- | --- | --- | --- | - ...

Core Viewpoint - 2025 is expected to be a pivotal year for new consumption and a year of differentiation in the chain tea beverage industry, with increasing competition and pressure on leading brands [3]. Market Competition - The tea beverage industry has seen intensified competition since Q2 2024, with brands resorting to price wars through discounts and low-priced promotional items [3]. - Major brands like Cha Bai Dao and Hu Shang A Yi are experiencing slower store expansion and declining same-store sales, indicating a struggle for growth [3][4]. - By Q2 and Q3 of 2024, the competitive landscape became clearer, with leading brands like Mi Xue Bing Cheng and Gu Ming gaining competitive advantages while others like Cha Bai Dao and Hu Shang A Yi fell behind [4]. Impact of Delivery Wars - Starting Q1 2025, major tea brands began to reduce discounting and the frequency of low-price promotional items, suggesting a potential easing of competition if the delivery wars do not escalate in H2 2025 [5]. - In April 2025, major delivery platforms initiated significant subsidies, leading to a temporary increase in stock prices for brands like Gu Ming and Mi Xue Bing Cheng, but concerns arose about a new round of price wars [7]. - The delivery wars have led to increased same-store GMV for brands like Mi Xue and Gu Ming, but also resulted in lower average transaction prices and intensified competition [9]. Long-term Outlook - The delivery wars may cause short-term disruptions but are expected to have limited long-term pricing impacts, with weaker brands likely to fall further behind, creating structural opportunities for leading brands [13]. - The competition is shifting from supply chain differences to refined operational efficiency, focusing on digital systems for inventory management and customer engagement [14][15]. Brand Performance - Mi Xue Bing Cheng and Gu Ming are among the few brands achieving over 20% store growth this year, benefiting from their supply chain advantages and strong operational capabilities [17]. - Gu Ming has shown resilience with steady same-store growth and healthy franchisee profitability, while Mi Xue Bing Cheng has leveraged its scale and efficiency to withstand competitive pressures [17].

Core Insights - The current milk tea market is undergoing a significant reshuffle, with nearly 160,000 milk tea shops disappearing nationwide over the past year, equating to approximately 438 closures daily [2][3][4] - Despite the closures, leading brands are expanding rapidly, with brands like Mixue Ice City and Gu Ming entering the market aggressively, while health-focused brands like Fulingji and Nuanyan are also expanding their presence [4][5][18] - The market dynamics reflect a dual phenomenon of intense competition among established brands and the emergence of new players, alongside the exit of some initial brands [7][28] Industry Trends - The milk tea market in Zibo has transformed from a regional phenomenon to a nationally recognized commercial model, characterized by accelerated expansion of leading chains, local brand resilience, and sustained consumer interest [18][19] - As of January 2026, Mixue Ice City has approximately 42,000 stores nationwide, while Gu Ming has reached 13,000 stores, indicating a robust growth trajectory for these brands [23][24] - The competitive landscape is shifting towards a "stock game" phase, where market players are focusing on efficiency, product quality, and genuine value rather than merely marketing and promotional tactics [30][32] Consumer Behavior - Consumer preferences are shifting from trendy brands to value-oriented choices, with a focus on taste and price, particularly among student demographics who favor promotions like "second cup half price" [30][31] - The ideal price range for consumers is between 6-15 yuan, indicating a demand for affordable yet quality products [30] Competitive Landscape - The competition is intensifying, with brands like Heytea, Nayuki, and Lele Tea facing challenges as they scale back operations, while newer brands and established players continue to grow [28][30] - The future of the milk tea market will hinge on supply chain efficiency and brand risk management, as companies strive to differentiate themselves through quality and cultural integration [32]

Core Viewpoint - The article discusses the strategic partnership between Cha Bai Dao and SG Mart in Singapore, highlighting the brand's approach to international expansion through localized strategies and partnerships to enhance market entry efficiency [1][4]. Group 1: Cha Bai Dao's International Strategy - Cha Bai Dao began its overseas journey in 2024, opening its first store in Seoul, South Korea, strategically located in the affluent Gangnam district to target mainstream local consumers rather than just the Chinese community [2]. - The brand has rapidly expanded its international presence, covering over 20 stores across more than ten countries, including South Korea, Thailand, Australia, Singapore, Spain, France, and the United States, within two years [2]. - The partnership with SG Mart is seen as a pragmatic move to leverage SG Mart's established local network and logistics, facilitating a quicker market entry for Cha Bai Dao in Singapore [5]. Group 2: Market Dynamics and Competitors - Other beverage brands, such as Ba Wang Cha Ji, are also pursuing aggressive international strategies, with Ba Wang Cha Ji forming a joint venture in Thailand to gain access to local market insights and distribution channels [6]. - The article notes that the trend of forming strategic partnerships to enhance market entry efficiency is not unique to Chinese brands, as global giants like Starbucks have also adopted similar strategies in their expansion efforts [7]. - The overall landscape of the beverage industry is witnessing a surge in international expansion, with numerous brands, including Mi Xue Bing Cheng and Luckin Coffee, rapidly increasing their overseas store counts [15][18]. Group 3: Challenges and Considerations - Despite the aggressive expansion, brands face significant challenges in local market adaptation, including understanding consumer preferences and establishing efficient supply chains [16][18]. - The competition in overseas markets is intensifying, with many brands entering the same regions, leading to potential market saturation and price wars [18]. - Successful international expansion requires not only opening stores but also achieving deep localization in product offerings, supply chain management, and brand positioning to resonate with local consumers [19].

Group 1 - The company has approved the reappointment of Lixin Certified Public Accountants as the auditing firm for the fiscal year 2025 during its board meeting and annual shareholders' meeting [1] - The quality control reviewer for the audit has changed from Lin Jiankun to Zhang Zaihong due to internal arrangements at Lixin [1] - Zhang Zaihong has been a certified public accountant since 1994 and has experience in auditing listed companies since 1997, starting his practice at Lixin in 2011 [1] Group 2 - Zhang Zaihong has not faced any criminal penalties or administrative sanctions from regulatory bodies in the past three years, and there are no issues regarding his independence as per the Code of Ethics for Certified Public Accountants [2] - The transition of responsibilities related to the change in quality control reviewer has been orderly, ensuring no adverse impact on the audit of the company's financial statements for 2025 [2] - The announcement includes a reference to the document issued by Lixin regarding the change of the quality control reviewer [2]

Core Viewpoint - The company has announced a change in the quality control reviewer for its auditing process, with the new reviewer being Zhang Zaihong, replacing Lin Jiankun due to internal arrangements at the auditing firm [2]. Group 1: Audit Institution Change - The company has retained Lixin Certified Public Accountants as its auditing institution for the fiscal year 2025 [1]. - The change in the quality control reviewer is part of the internal restructuring at Lixin, with Zhang Zaihong now responsible for overseeing the audit quality [2]. - Zhang Zaihong has been a registered accountant since 1994 and has extensive experience in auditing listed companies since 1997 [2]. Group 2: Compliance and Impact - Zhang Zaihong has not faced any criminal penalties or administrative sanctions related to his professional conduct in the past three years [2]. - The transition of responsibilities during this change has been orderly, ensuring that the audit for the fiscal year 2025 will not be adversely affected [2].

Group 1 - The core event was the 2026 New Year celebration of Chengdu Hongqi Chain Co., Ltd., attended by key executives and representatives, highlighting the company's achievements and future goals [2] - CEO Cao Shiru emphasized the importance of "integration" and "innovation" in the company's strategy, noting that 2025 marked the first full year of integration into Sichuan Commercial Investment Group [2] - The company aims to contribute to high-quality development under the leadership of Sichuan Commercial Investment Group, with a focus on setting clear goals and maintaining a strong commitment to its mission [2] Group 2 - Vice President of Sichuan Commercial Investment Group, He Deying, acknowledged the impressive performance of Hongqi Chain in the past year and its significant role in the group's strategic transformation [2] - The year 2026 is identified as the beginning of the "14th Five-Year Plan" and a critical year for the group to achieve breakthroughs in high-quality development [2] - Representatives from various suppliers expressed their commitment to deepening cooperation and ensuring the supply of quality products to serve consumers effectively [3]

证券代码：002697 证券简称：红旗连锁 公告编号：2026-003 成都红旗连锁股份有限公司 关于审计机构变更质量控制复核人的公告 立信作为公司 2025 年度财务报表及内部控制的审计机构，原指派林建昆先 生作为质量控制复核人为公司提供审计服务。因立信内部工作安排变动，林建昆 先生不再担任本次审计项目的质量控制复核人，变更后质量控制复核人为张再鸿 先生。 质量控制复核人张再鸿先生，于 1994 年成为注册会计师，1997 年开始从 事上市公司审计，2011 年开始在立信会计师事务所（特殊普通合伙）执业。 张再鸿先生近三年未受到任何刑事处罚，未因执业行为受到证监会及其派 出机构、行业主管部门等的行政处罚或监督管理措施，未因执业行为受到证券交 易所、行业协会等自律组织的自律监管措施、纪律处分。不存在违反《中国注册 会计师职业道德守则》对独立性要求的情形。 本次变更过程中相关工作安排已有序交接，变更事项不会对公司 2025 年度 财务报表审计和 2025 年末财务报告内部控制审计工作产生不利影响。 二、备查文件 立信出具的《关于变更质量控制复核人的函》。 特此公告。 本公司及董事会全体成员保证信息披露的内容真实 ...