Group 1 - The core viewpoint of the report is that Goldman Sachs expects a 4.2% year-on-year growth in mainland China's dining sales by 2026, an acceleration from the 3.2% growth anticipated for 2025 [1] - Despite the current overall consumption not showing significant improvement, dining demand has stabilized in recent months, with price increases in the industry to address rising operational and raw material costs, as well as an increase in the proportion of takeout orders [1] - For the ready-to-drink beverage sector, the industry will face high comparable sales growth challenges in the second to third quarters of 2026, but higher-than-expected takeout subsidies and an expansion of product varieties and consumption scenarios will support same-store sales growth [1] Group 2 - Goldman Sachs maintains a positive outlook on leading companies in the ready-to-drink beverage industry, specifically Gu Ming (01364) and Mixue Group (02097), raising Gu Ming's target price to HKD 34 with a "Confident Buy" rating, and adjusting Mixue Group's target price to HKD 493 with a "Buy" rating [1] - The report highlights Gu Ming's strong performance in expanding consumption scenarios and launching new products, indicating significant room for store expansion, while also raising Gu Ming's core profit forecasts for 2025 to 2027 by 4% to 6% [1]
高盛：2026年内地餐饮销售料增4.2% 上调古茗目标价至34港元、调整蜜雪集团目标价至493港元