成都红旗连锁股份有限公司 简式权益变动报告书 签署日期：二〇二五年七月二十一日 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： 永辉超市股份有限公司 住所： 福州市西二环中路 436 号（经营场所：福州市鼓 楼区湖头街 120 号） 通讯地址： 福州市鼓楼区湖头街 120 号 股份变动性质： 股份减持 信息披露义务人声明 一、本报告书系依据《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》等相关法律、法规和规范性文件编制。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不 违反其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信息披露义务人在成都红旗连锁股份有限公司中拥有权益 的股份变动情况。 截至本报告书签署日，除本报告书披露的信息外，信息披露义务人没有通 过任何其他方式增加或减少其在成都红旗连锁股份有限公司中拥有权益的股 ...

股东永辉超市股份有限公司保证向公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 成都红旗连锁股份有限公司（以下简称"公司"）于 2025 年 3 月 29 日披露了《关于 持股 5%以上股东减持股份的预披露公告》（2025-003），公司股东永辉超市股份有限公 司（以下简称"永辉超市"）拟通过集中竞价减持所持公司股份不超过 13,600,000 股， 占公司总股本比例不超过 1%。拟通过大宗交易方式减持所持有的公司股份不超过 27,200,000 股，占公司总股本比例不超过 2%。并于 2025 年 4 月 26 日披露了《股东关于 减持公司股份达到 1%的公告》（2025-015）。 公司于 2025 年 7 月 21 日收到永辉超市《永辉超市关于成都红旗连锁股份有限公司股 份减持计划期限届满暨减持结果的告知函》，截止告知函出具日，永辉超市本次减持计 划期限已届满，具体实施情况公告如下： 证券代码：002697 证券简称：红旗连锁 公告编号：2025-020 成都红旗连锁股份有限公司 关于股东减持计划期限届满暨减持 ...

Core Insights - The new tea beverage market is experiencing a peak in new product launches and marketing as the summer season approaches [1] - In June 2025, 26 tracked tea beverage brands opened a total of 2,120 new stores, representing a year-on-year decline of 27.55% [1][4] - Despite the monthly decline in new store openings, the total number of stores in the industry has reached 116,978, an increase of 3,697 from May [1] Store Opening Trends - The leading brand, Mixue Ice City, opened 857 new stores in June, down from 1,352 in May, maintaining a total of 38,938 existing stores [3][4] - Gu Ming saw a significant increase, opening 437 new stores in June, a year-on-year surge of 283.33%, with a total of 10,968 stores [4][7] - Other notable brands include Bawang Chaji and Tianlala, each opening 91 new stores in June, with Bawang Chaji experiencing a slight decline [4][7] Product Launches - In June, a total of approximately 124 new SKUs were launched across 26 brands, an increase of 19 from May [7] - Leading brands in new product launches include Coco, which introduced 9 new SKUs, and Mixue Ice City, which launched 6 [9][10] - Seasonal flavors such as peach and berry are trending, with multiple brands introducing products featuring these ingredients [10][11] Marketing Strategies - The number of collaborative marketing campaigns has significantly increased, with 14 brands engaging in partnerships, nearly doubling from May [11] - Brands are leveraging celebrity endorsements and cultural collaborations to enhance their marketing efforts, such as Tea Yan Yue Se's partnership with the Suzhou Silk Museum [11][12] - The industry is shifting towards a more integrated marketing approach, focusing on cultural value and consumer engagement rather than relying solely on single hit products [11]

Core Insights - The emergence of the "ice cup" as a phenomenon in 2024, driven by consumer demand for instant cooling solutions during hot weather, has disrupted traditional pricing structures in the beverage market [3][18][26] - The rapid popularity of the "Xue Wang Ice Cup" from Mixue Ice City, priced at 1 yuan, led to supply shortages and negative consumer experiences, prompting the company to issue an apology and implement supply chain improvements [3][4][10] - The ice cup market is characterized by high growth potential, with projections indicating a market size of 6 billion yuan by 2025 and a compound annual growth rate of 7.5% [8][21] Company Insights - Mixue Ice City and other beverage brands are entering the ice cup market, with Mixue's ice cup costing approximately 0.7 yuan to produce, raising questions about profitability at the 1 yuan retail price [18][21] - Companies like Nongfu Spring are leveraging their existing water supply chains to enter the ice market, offering products that highlight superior quality and production methods [11][21] - The ice cup phenomenon has attracted various players, including convenience stores and new tea brands, all aiming to capitalize on the growing consumer interest in ice products [9][23] Industry Trends - The ice cup market is experiencing a shift in consumer behavior, with increasing demand for DIY beverage combinations and instant ice solutions, reflecting a broader trend towards convenience and experiential consumption [6][17][24] - The competitive landscape is intensifying, with brands engaging in price wars and promotional strategies to attract consumers, potentially leading to market saturation and reduced margins [18][22] - The production and supply chain for ice cups involve complex logistics, including specialized ice-making technology and distribution networks, which are critical for maintaining product quality and meeting consumer demand [20][21]

Core Viewpoint - A peculiar food delivery order has gone viral on social media, raising questions about its authenticity and pricing structure in the food delivery industry [1] Group 1: Order Details - A screenshot allegedly shows an order placed through JD's delivery platform for 1,750 drinks, weighing a total of 875 kilograms, with a delivery fee of only 76.13 yuan, and a delivery time of 1 hour and 10 minutes [2] - The order includes various drink types, such as "Berry Trio" and "Cheese Milk Cap," with quantities listed for each type [4] Group 2: Verification Issues - The store listed for the order, "Mixue Ice City (Xiang'an Store)," could not be found on major delivery platforms like Meituan and Ele.me, raising doubts about the order's legitimacy [5] - Staff from nearby Mixue Ice City locations expressed skepticism about the feasibility of selling 1,750 drinks for just 76 yuan, noting that the cheapest drink is priced at 4 yuan, making such a low total implausible [6] Group 3: Industry Context - The recent competitive landscape in the food delivery industry has seen platforms offering significant discounts, such as 0 yuan milk tea promotions, which may have led to the creation of this viral order as a rumor [6]

Core Insights - The article highlights the significant growth of Chinese supermarket and restaurant brands in Southeast Asia, particularly in Indonesia, Malaysia, Thailand, and Vietnam [1][2] - Chinese chain brand Mixue has rapidly expanded in Southeast Asia, surpassing global giants like Starbucks and McDonald's in the number of stores opened [1] - As of last year, around 60 Chinese restaurant brands have established over 6,100 outlets in Southeast Asia, with 54 of the top 100 global restaurant brands being Chinese [1] Industry Trends - The role of food and dining as a cultural transmission medium has been underestimated, with Chinese snacks and food becoming popular among Southeast Asian youth, reshaping their cultural paradigms [1] - The trend indicates a deepening of food trade between China and ASEAN as economic integration progresses, with more Southeast Asian youth engaging with Chinese culture through social media, music, and gaming [2] - The increasing presence of Chinese flavor foods enhances the familiarity and affinity of Southeast Asian youth towards China, suggesting a growing influence of Chinese brands in the region [2]

Core Point - A viral image of a food delivery order showing 1750 drinks from a "Mixue Ice City" store for only 76.13 yuan has raised suspicions, as the store does not appear on major delivery platforms [1][7]. Group 1: Order Details - The order reportedly includes 1750 drinks weighing a total of 875 kilograms [4][7]. - The drinks listed in the order include various flavors such as "Berry Trio," "Pineapple Passionfruit," and "Cheese Milk Cap" among others, with quantities for each type [4]. Group 2: Store Verification - The "Mixue Ice City (Xiang'an Store)" mentioned in the order does not exist on platforms like Meituan, Ele.me, or JD, and the address provided could not be found on mapping services [1][7]. - Staff from nearby Mixue stores expressed skepticism about the order's pricing, noting that the cheapest drink is 4 yuan, making the total price of 76.13 yuan for 1750 drinks implausible [7][8]. Group 3: Platform Responses - Meituan confirmed that the order did not originate from their platform, while JD has not yet responded to inquiries regarding the order [8].

Core Viewpoint - The article discusses the ongoing subsidy war among food delivery platforms, highlighting the varying experiences of different stores and the preparations made by both merchants and delivery riders to handle increased order volumes during promotional events [1][2][4]. Group 1: Merchant Experiences - Some stores, like a specific location of Mixue Ice City, reported significant sales increases, with daily revenue surpassing 10,000 yuan compared to the usual 7,000 to 8,000 yuan, and expectations of reaching 20,000 yuan for the day [1]. - Not all stores experienced the same surge; another Mixue Ice City employee noted that their store was only slightly busier than usual, indicating variability in customer response to promotions [2]. - Merchants prepared in advance for the subsidy events, ensuring adequate stock and staffing to meet potential demand, reflecting lessons learned from previous chaotic weekends [2][3]. Group 2: Delivery Rider Insights - Delivery riders reported increased order volumes due to promotional activities, with one team expecting to handle over 3,600 orders, a significant rise from typical numbers [3]. - The efficiency of order pickups improved compared to previous weekends, with riders able to collect orders with minimal waiting time, indicating better coordination between stores and delivery personnel [3]. Group 3: Competitive Landscape - The competition among food delivery platforms is intensifying, with Meituan and Taobao actively engaging in promotional campaigns, including significant discounts and free items to attract customers [4]. - JD.com is shifting its subsidy strategy to focus on specific food categories, such as main meals and seafood, rather than just beverages, indicating a more targeted approach to competition [4]. Group 4: Industry Outlook - Analysts predict that the current competitive dynamics will persist at least until the Double Eleven shopping festival, with short-term operational pressures on merchants due to increased order volumes and associated costs [5]. - The long-term outlook suggests a trend towards industry consolidation, favoring companies with strong supply chain efficiency and brand power, as the competition evolves from a "capital war" to an "efficiency war" [5].

Core Viewpoint - The article discusses the rising popularity of ice cups in China, highlighting a shift from high-end ice creams to practical and affordable ice cups, driven by consumer demand for convenience and experience [3][4]. Market Overview - As of July 3, 2023, there are 10,922 ice-making companies in China, an increase of 3,338 compared to the same period last year. The ice cup market is projected to reach 63 billion yuan by 2026 [6]. - Ice cup products show a clear polarization in pricing, with pre-packaged ice cups priced between 2 to 6 yuan and brands like Mixue Ice City entering the market with a 1 yuan price point [6]. Consumer Behavior - The ice cup phenomenon reflects a broader trend of consumers seeking convenience and unique experiences, with social media discussions around ice cups exceeding 100 million [3][12]. - Ice cups are not just about cooling; they represent an emotional value and a lifestyle choice, enhancing social interactions and personal enjoyment [11][20]. Product Innovation - The market is witnessing a "flavor revolution," with brands offering a variety of flavored ice cups, including coffee, fruit, and lemon options, catering to diverse consumer preferences [9][20]. - Ice cups are being integrated into various consumption scenarios, such as travel, camping, shopping, and home use, expanding their market reach [14][19]. Cost Analysis - The production cost of a 160g ice cup is approximately 1 yuan, with packaging accounting for 65% of the cost. The retail price can be 2.5 to 6 yuan due to additional costs like cold chain logistics and store overheads [22][23]. - While making ice cups at home is cheaper, the convenience of ready-to-use ice cups justifies their higher price, reflecting a "convenience tax" that consumers are willing to pay [24].

Group 1 - The article discusses the upcoming subsidy battle in the beverage industry, particularly focusing on the preparations made by businesses ahead of the weekend sales event [1] - Different stores within the same brand, such as Mixue Ice City, report varying levels of order volume, indicating a lack of uniformity in customer demand [1] - Stores are proactively preparing for the expected surge in orders by stocking up on materials and ensuring adequate staffing for the weekend [1] Group 2 - UBS predicts that the current competitive landscape will persist at least until this year's Double Eleven shopping festival [2] - The impact of the subsidy battle on businesses shows short-term operational pressures, especially for small and medium-sized enterprises, which may face order surges but also bear subsidy costs and increased raw material consumption [2] - The industry is expected to undergo consolidation, with market concentration favoring companies with high supply chain efficiency and strong brand power, as regulatory interventions push platforms to optimize subsidy structures [2]