全面放开加盟 此前，鲜啤福鹿家加盟主要通过"老荐新"机制进行扩张，如今在全面放开加盟的同时，鲜啤福鹿家对新 开门店也给予了优惠。比如合同期三年内，全免加盟费10000元/年，免除每年冬季三个月费用1500元/ 年，政策实施时间为2025年12月1日至2025年12月31日。根据最新加盟政策，加盟鲜啤福鹿家启动资金 为6万元左右，不含门店装修及租金。鲜啤福鹿家门店类型主要有标准店、堂食店、集装箱店和旗舰店 四种，店铺面积在15平方至100平方之间。 今年10月1日，蜜雪集团发布公告称，拟通过向鲜啤福鹿家母公司福鹿家（郑州）企业管理有限公司 （下称"福鹿家"）注资2.86亿元的方式认购该公司经扩大后51%注册资本，同时通过股权转让协议认购 赵杰手中所持福鹿家经扩大注册资本的2%。股权认购完成后，福鹿家成为蜜雪集团的非全资附属公 司，其财务业绩将并入该集团的财务业绩。福鹿家主要通过鲜啤福鹿家进行门店扩张，收入主要来自向 加盟商出售门店物料和设备。 被蜜雪集团收购后，鲜啤福鹿家的扩张路线直接复刻了母公司的"基因"。在产品价格方面，鲜啤福鹿家 延续蜜雪集团平价特点，其中福鹿鲜啤（清爽型）1斤售价仅为5.9元（酒精度3. ...

来源：上市之家 蜜雪集团的回调则反映出茶饮行业的竞争加剧。尽管公司尚未披露最新业绩，但市场担忧原材料成本上 涨及新店扩张带来的盈利压力。华泰证券在12月4日研报中指出，消费板块正呈现"新旧分化"，现制饮 品等赛道需警惕估值泡沫。 从市场情绪看，资金撤离迹象明显。Wind数据显示，12月8日泡泡玛特沽空金额达10.92亿港元，较前一 日激增210.58%，沽空比率升至19.23%。而整个港股消费指数近一个月累计下跌12%，创2023年以来最 大单月跌幅。 长期来看，多数券商建议聚焦国货崛起、AI赋能等四大主线，认为优质新消费龙头仍具结构性机会。 但在当前市场环境下，投资者对"消费三姐妹"的信心重建，恐怕还需要更多业绩确定性来支撑。 港股消费板块正经历寒冬。12月9日，被市场称为"消费三姐妹"的泡泡玛特、老铺黄金、蜜雪集团延续 跌势，当日分别大跌5.04%、2.93%、0.45%。叠加前一日8.49%、6.72%、3.02%的跌幅，三家公司两日 市值合计蒸发超800亿港元。 泡泡玛特距离其历史最高点339.8港元已下跌44%，老铺黄金从1097.48港元的高点回落44.1%，蜜雪集团 也从618.5港元的峰值下滑 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [1] Core Insights - The report highlights the growth in tourism between China and Cambodia, driven by the new visa-free policy, which is expected to boost tourist flows [5][15] - The breakfast market in China is identified as a significant opportunity, with major brands like Mixue and Guoming entering the segment [6][33] - The education sector is experiencing a shift towards vocational training due to declining numbers in traditional higher education applications, emphasizing employment-oriented education [39][44] - Lin Qingxuan, a high-end domestic skincare brand, is showing strong growth in both online and offline sales, with a notable increase in revenue and profit margins [45][50] Summary by Sections 1. Travel and Tourism - Cambodia has implemented a visa-free policy for Chinese citizens, expected to increase tourist numbers significantly, with a 45% year-on-year increase in Chinese tourists from January to October 2025 [5][15] - In November 2025, Hainan's duty-free shopping reached 2.38 billion yuan, a 27.1% increase year-on-year, despite a slight decrease in shopping visitors [23][24] 2. Breakfast Market - The breakfast market in China is valued at approximately 1.7 trillion yuan, with the external breakfast market estimated between 700 to 800 billion yuan [6][33] - Mixue has launched breakfast offerings in several cities, targeting consumers with affordable pricing [37][38] 3. Education Sector - The number of students taking the national college entrance examination has decreased for the first time in eight years, with a significant drop in graduate school applications [39][40] - Vocational education is gaining traction as students seek better employment outcomes, with a reported 95%+ employment rate in vocational programs [44] 4. Skincare Industry - Lin Qingxuan reported a revenue of 1.05 billion yuan in the first half of 2025, marking a 98.3% year-on-year increase, with online sales growing significantly [45][47] - The brand's product mix includes a high proportion of premium skincare items, contributing to improved profit margins [50][55] 5. Market Performance - The Hong Kong stock market saw the consumer services and media sectors underperforming, while the retail sector outperformed the market [59][65] - Notable stock performances included significant gains in retail and education sectors, with specific companies like Liufu Group and Gaoxin Retail leading the gains [65][66]

Investment Rating - Investment rating: Positive (maintained) [3][4] Core Viewpoints - The report highlights that online spending on Black Friday in the U.S. reached a record $11.8 billion, a year-on-year increase of 9.1%, although the number of items purchased decreased due to rising prices [4] - The report suggests focusing on emerging consumer brands that resonate with the new consumption concepts of younger generations, emphasizing the importance of understanding these narratives for investment opportunities [4][15] - The report notes that "Yujian Xiaomian," a Chinese noodle restaurant chain, has expanded its product offerings and achieved a revenue of 703 million yuan in the first half of 2025, representing a year-on-year growth of 33.8% [4] Summary by Sections Industry Performance - The new consumption sector saw a weekly performance decline, with the beauty care sector down 2.00%, the retail sector down 0.83%, and the social services sector down 0.65% during the week of December 1 to December 5, 2025 [7] Key Industry Data - In October, retail sales for clothing and textiles in China increased by 6.3% year-on-year, while cosmetics retail sales rose by 9.6% [10][17] - Jewelry retail sales saw a significant increase of 37.6% year-on-year in October [17] - Beverage retail sales also grew by 7.1% year-on-year in October [17]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02097 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 150,883,058 | RMB | | | 1 RMB | | 150,883,058 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | | | 150,883,058 | RMB | | | 1 RMB | | 150,883,058 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | | 於香港聯交所上市 (註1) | | 否 | ...

MIXUE Group 蜜雪冰城股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 第一條 為強化蜜雪冰城股份有限公司（以下簡稱「公司」）董事會決策功能， 做到事前審計、專業審計，確保董事會對高管層的有效監督，進一步完善公司治 理結構，根據《中華人民共和國公司法》（以下簡稱「《公司法》」）《香港聯合交易所 有限公司證券上市規則》（以下簡稱「《香港上市規則》」）《蜜雪冰城股份有限公司 章程》（以下簡稱「《公司章程》」）等規定，制定本議事規則。 第二條 董事會審計委員會是董事會設立的專門工作機構，主要負責公司 內、外部審計的溝通、監督和核查工作。 公司設立的內部審計部門對審計委員會負責，向審計委員會報告工作。 第三條 《公司法》《公司章程》及《香港上市規則》關於董事義務的規定適用 於審計委員會委員。 第二章 人員組成 第四條 審計委員會成員由至少3名董事組成，全部為非執行董事，其中獨立 非執行董事佔多數，且至少應有一名獨立非執行董事是會計專業人士且符合《香 港上市規則》對具備適當專業資格或具備適當的會計或相關的財務管理專長的獨 立非執行董事的要求。 （股份代號：2097） 董事會審計委員會議事規則 第一章 ...

Core Insights - Luckin Coffee, a brand under Mixue Group, has rapidly expanded its store count, surpassing 10,000 locations in just over 10 months, marking a significant milestone in its growth strategy [1][2] - The brand's aggressive expansion strategy has positioned it as a leading player in the affordable coffee segment, with a competitive pricing strategy that has attracted a large customer base [2][10] - The coffee market in China is experiencing a transformation, with increasing consumer demand and a shift towards affordable options, driven by price wars initiated by competitors [15][18] Expansion and Growth - Luckin Coffee was established in 2017 and began franchising in 2020, accumulating approximately 4,600 stores by 2024 before launching its "10,000 store plan" [1][5] - The brand's store count grew by over 164% year-on-year in the second quarter of 2025, with a significant increase in franchise inquiries, particularly from first-tier cities [7][10] - The company has implemented various support measures for franchisees, including fee waivers and incentives to encourage expansion in less saturated markets [6][7] Competitive Landscape - Luckin Coffee competes with other major brands like Luckin and Kudi, which have also achieved significant store counts, creating a highly competitive environment [2][3] - The brand's pricing strategy positions it as the most competitively priced option among its peers, with an average transaction value of 8.13 yuan [2][10] - The rapid expansion has raised concerns about market saturation and the sustainability of profitability amid intense competition [3][21] Supply Chain and Operational Efficiency - Luckin Coffee benefits from Mixue Group's established supply chain, which includes direct sourcing of coffee beans and a robust logistics network, enhancing its cost control capabilities [10][12] - The company has invested in production capacity, including a new roasting line with an annual capacity of over 20,000 tons, to support its expansion and maintain cost efficiency [12][19] - The operational model leverages standardized processes and experienced management from Mixue Group, which aids in maintaining quality and efficiency across its stores [13][10] Market Trends and Consumer Behavior - The Chinese coffee market is projected to exceed 1 trillion yuan by 2025, with a significant increase in per capita coffee consumption [15][18] - The price wars initiated by competitors have lowered consumer barriers to entry, leading to increased coffee consumption among previously non-coffee drinkers [15][18] - The rise of affordable coffee brands has contributed to a rapid increase in the number of coffee shops, surpassing the growth seen in the tea beverage sector [18][20] Challenges and Strategic Adjustments - Despite rapid growth, franchisees have reported mixed experiences, with increased competition leading to pressure on profitability in densely populated areas [8][21] - The company is tightening its franchisee selection criteria to ensure higher-quality locations and reduce the risk of underperforming stores [21] - Luckin Coffee is also exploring international expansion, having opened its first overseas store in Malaysia, which presents additional operational challenges [13][14]

Market Overview - As of November 28, 2025, the Hong Kong Stock Exchange has 2,664 listed companies with a total market capitalization of approximately HKD 48 trillion [1] - The Hang Seng Index and the Hang Seng Tech Index have increased by 29% and 25% respectively this year, indicating significant market rotation [2][3] - The overall valuation of Hong Kong stocks is currently within a reasonable range, with a focus on scarce assets such as internet leaders and innovative pharmaceuticals [1][8] Market Structure - The market is characterized by a high concentration of value in large-cap companies, with 65% of companies having a market cap of HKD 0-20 billion, but only accounting for 1.80% of the total market capitalization [2] - Institutional investors dominate trading, contributing 85% of the transaction volume, with international investors making up 60% of the market [1][2] Valuation Insights - The AH premium index is currently at 121, which is historically low, indicating that Hong Kong stocks are not significantly overvalued nor is there substantial room for valuation recovery [3] - The valuation of the Hang Seng Index is at a historically high level compared to the CSI 300, while the Hang Seng Tech Index remains relatively low in absolute valuation terms [3] Asset Highlights - Key scarce assets in the Hong Kong market include internet leaders, innovative pharmaceuticals, new consumption, and dividend stocks, while high-end manufacturing is relatively weak [4][7] - Internet leaders like Tencent and Alibaba are seen as core highlights, with significant capital expenditures and a strong user ecosystem [4][5] - The innovative pharmaceutical sector is viewed as a "first-tier market" with a higher "innovation content" compared to A-shares, benefiting from favorable listing rules for biotech companies [5][6] Investment Dynamics - The investor structure is increasingly international, with a notable inflow of southbound funds, which have reached a cumulative net inflow of HKD 13,820 billion this year, a 90% increase year-on-year [7][8] - Despite the presence of quality assets, the market has passed the high-return investment phase, and the uncertainty of incremental capital inflows suggests a mixed outlook for future market performance [8]

当9.9元价格战硝烟未散，一年超4万家咖啡门店黯然退场，整个行业都在谈论"拐点已至"时。 连锁精品加盟品牌"比星咖啡"却逆势拿下数千万元B轮融资，计划从300家门店向1000家的目标冲刺。 在这个竞争日益激烈的赛道，比星咖啡究竟做对了什么？ 咖啡市场大败退 2025年的中国咖啡市场，已经进入了深度洗牌期。 壹览商业数据显示，2024年咖啡行业新开门店6.2万家，却有4.5万家门店倒闭，净增长率仅27.21%，较前一年的55%大幅下滑，超八成品牌扩张放缓。 曾经的行业标杆们，如今大多步履维艰。 太平洋咖啡的陨落最具代表性。这个1992年创立的品牌，巅峰时以458家门店成为内地第二大咖啡连锁，客单价与星巴克持平。 比星的差异化打法 在一片关店潮中，比星咖啡却逆势获得了资本青睐。 但从2023年8月到2025年10月，其内地门店从185家锐减至71家，广州等核心城市仅剩1家正常营业。 品牌老化、产品缺乏爆款、定价脱离市场，让它在平价咖啡冲击下彻底失势，即便曾传出被柠季收购的消息，最终也未能翻盘。 此外，曾经的明星品牌Seesaw咖啡陷入了严重的经营困境。 据媒体报道，Seesaw再被曝出拖欠员工工资，自去年以来关闭 ...

市场层面显现积极回暖信号，为板块注入动能。海南离岛免税新政首周销售额同比增长35%，显示高端 消费需求强劲。海通国际指出，自2025年第三季度起，中国及亚太市场复苏正从头部向更广范围扩散， 目前多数可选消费子板块的2025年预期市盈率（PE）低于过去五年平均水平，板块整体估值处于历史 相对低位。"需求回暖"与"低估值"并存，中长期配置价值凸显。 12月2日午盘，港股消费板块窄幅震荡，港股消费ETF（513230）现小幅微涨，持仓股中，巨子生物、 波司登、中国旺旺、百威亚太等涨幅居前，小鹏汽车-W、美团-W、同程旅行、中国儒意等跌幅靠前。 近期，国家层面连续释放强力促消费信号，支持方式与内涵显著升级。11月20日，财政部、商务部联合 推出消费新业态、新模式、新场景城市试点，中央财政提供约170亿元补助。核心思路从直接补贴需求 的"输血"，转向承担优化供给结构的外部成本，鼓励地方与企业共同打造首发经济、多元消费场景及IP 跨界等新生态，推动消费向"质量跃升"转型。11月27日，在扩大免签、优化离境退税等政策助力 下，"中国游"、"中国购"热度不减。1-9月离境退税销售额同比翻倍。商务部明确将继续深化国际消费 中心 ...