Core Viewpoint - The tea beverage sector is showing strong performance, with significant stock price increases for major companies, indicating positive market sentiment and growth potential in the industry [1] Company Performance - Hu Shang A Yi (02589) increased by 17.05%, trading at 96.8 HKD - Mi Xue Group (02097) rose by 8.98%, trading at 420 HKD - Gu Ming (01364) saw a 7.98% increase, trading at 23.28 HKD - Cha Bai Dao (02555) grew by 5.18%, trading at 7.31 HKD [1] Industry Growth - As of September 2025, there are 523,000 tea beverage stores nationwide, with a net increase of 5,000 stores in September - The average monthly store efficiency in the tea beverage industry is 195,100 RMB, reflecting a year-on-year growth of 2.1% - Despite a slight contraction in delivery subsidies in September, Mi Xue Bing Cheng and Gu Ming experienced a counter-cyclical increase in store efficiency growth [1] Future Outlook - According to Galaxy Securities, the new tea beverage leaders' FY25 PE has returned to a reasonable range after a Q3 adjustment - The firm anticipates high double-digit profit growth for Mi Xue and Gu Ming in Q3-Q4, with annual performance meeting expectations - Looking ahead to 2026, the investment focus in the industry is expected to shift towards market share enhancement, with Mi Xue and Gu Ming benefiting from stronger brand momentum, particularly after the withdrawal of delivery platform subsidy strategies in the second half of 2026 [1]
茶饮股表现强势 机构称板块估值已回归合理区间 后续将聚焦品牌份额提升