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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 特海国际控股有限公司 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09658 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50, ...

Investment Rating - The investment rating for the social services industry is "Positive" (maintained) [1] Core Insights - The report highlights the robust growth in domestic tourism during the New Year holiday, with 142 million domestic trips taken, representing a 5.2% increase compared to 2024. Total spending reached 84.789 billion yuan, up 6.3% year-on-year [14] - Suplay Inc. has submitted its listing application to the Hong Kong Stock Exchange, focusing on high-end collectible non-combat IP cards, with a significant revenue increase of 40% year-on-year [21][22] - Meitu is transitioning to an AI Agent model, with plans to establish a venture capital fund of 10 million yuan to encourage employee entrepreneurship, aiming to enhance product innovation efficiency [40][46] - The sports fashion sector is experiencing rapid growth in China, with Lululemon's revenue in the mainland increasing by 46% year-on-year, reflecting a shift in consumer attitudes towards health and lifestyle [47][50] - Retail giants Hema and Sam's Club are entering an accelerated expansion phase, with Hema's revenue expected to grow by over 40% in 2025, and Sam's Club projected to exceed 140 billion yuan in sales, also showing strong online performance [61][63] Summary by Sections Domestic Tourism - During the New Year holiday, domestic travel reached 142 million trips, a 5.2% increase from 2024, with total spending of 84.789 billion yuan, up 6.3% year-on-year. Hainan's tourism market is thriving post-border closure, with significant increases in airport passenger traffic [14][19] Collectible IP Cards - Suplay Inc. focuses on high-end collectible non-combat IP cards, with a revenue of 283 million yuan in the first three quarters of 2025, a 40% increase year-on-year. The company leads the domestic market in collectible cards [21][22][38] AI Transformation - Meitu is shifting towards an AI Agent model, planning to set up a venture fund to foster innovation. The company aims to enhance its product offerings and operational efficiency through this transformation [40][46] Sports Fashion - Lululemon's revenue in China surged by 46% year-on-year, indicating a growing trend where clothing reflects lifestyle choices. The brand has expanded its presence with 175 stores in the region [47][50] Retail Expansion - Hema is set to open nearly 100 new stores in 2026, with a revenue growth of over 40% expected. Sam's Club is also expanding, with sales projected to surpass 140 billion yuan, driven by strong same-store sales and online growth [61][63]

Core Viewpoint - Jiumaojiu Group plans to acquire a 49% stake in North American hot pot chain Big Way Hot Pot for a total transaction amount of $43 million, aiming to expand its presence in the North American market [1][2][5]. Group 1: Acquisition Details - The acquisition will cost approximately 3.01 billion RMB and will make Jiumaojiu the largest shareholder of Big Way, which operates 21 restaurants in Vancouver, Toronto, and California [1][2][4]. - Big Way's projected after-tax profits for 2023 and 2024 are $210,100 and $983,900, respectively, with an estimated market valuation of $76.89 million [4]. - Jiumaojiu previously acquired a 10% stake in Big Way in July 2025, and the acquisition is expected to be finalized by March 31, 2026 [4][5]. Group 2: Strategic Rationale - The acquisition aligns with Jiumaojiu's strategy to explore overseas opportunities for Chinese cuisine, building on the success of its brand "Tai Er" in Southeast Asia and North America [5][7]. - Jiumaojiu aims to leverage Big Way's established business foundation in North America to enhance its operational management and brand network, potentially leading to increased store numbers and revenue [5][6]. Group 3: Market Context - The North American market for Chinese cuisine is still in its early stages, with Jiumaojiu recognizing the growth potential in this sector [7][10]. - Other Chinese hot pot brands, such as Haidilao and Liu Yishou, have already established a presence in North America, indicating a competitive landscape [8][10]. - Jiumaojiu's approach differs from the mainstream direct or franchise models adopted by other brands, providing a new strategy for Chinese restaurants entering overseas markets [6][10].

证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 26 日 浙商早知道 2025 年 12 月 26 日 市场总览 重要观点 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：周四上证指数上涨 0.47%，沪深 300 上涨 0.18%，科创 50 下跌 0.23%，中证 1000 上涨 0.97%，创业板指上 0.30%，恒生指数上涨 0.17%。 行业：周四表现最好的行业分别是国防军工（+2.91%)、轻工制造（+1.59%)、机械设备（+1.51%)、汽车（+1.46%)、 非银金融（+1.08%)，表现最差的行业分别是综合（-1.12%)、有色金属（-0.77%)、商贸零售（-0.47%)、煤炭（-0.24%)、 通信（-0.18%)。 资金：周四沪深两市总成交额为 19245 亿元，南下资金净流出 11.75 亿港元。 【浙商大制造中观策略 邱世梁/王华君/周向昉】机械设备 年度行业策略报告：可控核聚变：招标提速，设备先行 ——20251224 【浙商大消费中观策略 钟烨晨】酒店餐饮 年度行业策略报告：2026 年餐饮行业风险排雷手册—— ...

Core Insights - The article highlights the significant role of female leaders in the Chinese restaurant industry, showcasing their ability to navigate challenges and drive growth in major brands like KFC, Haidilao, Starbucks, and McDonald's [1][2][3] Group 1: Female Leadership in Crisis - The concept of "glass cliff" suggests that women are often appointed to leadership roles during crises, as seen with KFC's CEO, Su Cuirong, who took charge during a challenging period for the brand [3][4] - Su Cuirong implemented strategies to rejuvenate KFC, including brand modernization and the introduction of new products, which led to a significant revenue increase, with KFC China generating nearly $5 billion in revenue in 2015 [5][8] - Haidilao's former CEO, Yang Lijuan, also faced challenges during the pandemic, successfully turning the company around to achieve a net profit of 4.5 billion yuan in 2023, a 227.33% increase year-on-year [8][10] Group 2: Strategic Expansion and Digital Transformation - Starbucks China saw transformative growth under former CEO Wang Jingying, who accelerated store openings from 400 in over a decade to 204 in one year, establishing Starbucks as a leading coffee brand in China [10][11] - Current CEO Liu Wenjuan has continued this trend by implementing price reductions and expanding into lower-tier cities, resulting in positive same-store sales growth [14][19] - KFC's digital transformation under Su Cuirong has been pivotal, with digital orders contributing approximately 95% of restaurant revenue by 2025, showcasing the importance of digital strategy in the modern market [20][22] Group 3: Localization and Consumer Insights - KFC's approach to localization includes adapting its menu to Chinese tastes, offering items like dumplings and chicken rice, which resonate with local consumers [23][24] - McDonald's CEO Zhang Jiayin emphasizes the importance of understanding local markets, leading to product innovations that cater to regional preferences, such as spicy chicken wings and collaborations with popular franchises [27][28] - The article underscores the unique insights female leaders bring to the industry, enhancing customer experience and operational efficiency through empathy and attention to detail [34][35]

Group 1 - The core view of the report emphasizes that the restaurant industry is stabilizing, with a differentiation in the tea beverage sector [7][10] - The investment strategy for 2026 is based on the belief that the restaurant sector will see a recovery, driven by a rebound in consumer spending and a favorable comparison to 2019 levels [10] - Key assumptions include a moderate recovery in CPI and stable single-store operations, while the main concern is that CPI recovery may fall short of expectations [10][11] Group 2 - The macro risk identified is that CPI recovery may not meet expectations, which could exert downward pressure on customer spending in the restaurant sector [11][12] - The operational risk involves single-store performance not meeting expectations, which could impact brand confidence and overall annual performance [13][14] - The report highlights specific stocks such as Haidilao and Yum China, noting that they could face risks related to CPI recovery [17][25] Group 3 - The report identifies Haidilao as a leading Chinese restaurant chain, which may face pressure on customer spending if CPI does not recover as anticipated [17][18] - Yum China, which includes KFC and Pizza Hut, is also highlighted for similar risks related to CPI recovery affecting customer spending [25][26] - Other notable companies like Mixue and Gu Ming are mentioned, with risks tied to single-store performance impacting their expansion and overall performance [33][40]

Group 1 - As of December 24, 49 stocks reached a 52-week high, with Shin-Etsu Holdings (06038), Gaoke Bridge (09963), and Easy Health (02661) leading the increase rates at 39.13%, 23.71%, and 16.39% respectively [1] - The closing prices and peak prices for the top three stocks are as follows: Shin-Etsu Holdings at 0.425 with a peak of 0.480, Gaoke Bridge at 1.040 with a peak of 1.200, and Easy Health at 66.800 with a peak of 69.600 [1] - Other notable stocks that reached new highs include Yijun Group Holdings (02442) at 14.060 (14.31% increase) and Jingxi International (02339) at 3.880 (13.78% increase) [1] Group 2 - The report also highlights 52-week lows, with Guanglian Technology Holdings (02531) experiencing the largest decline at -17.57%, closing at 4.760 with a low of 3.660 [2] - Other stocks that reached new lows include Caixing Toys (00869) at -8.51% and China Aoyuan (03883) at -8.00% [2] - The closing prices for the stocks at new lows include Guanglian Technology Holdings at 4.760, Caixing Toys at 0.435, and China Aoyuan at 0.076 [2]

Group 1 - The Hong Kong restaurant stocks have seen an increase in their share prices, with notable gains reported for several companies [1] - Jiumaojiu (09922.HK) rose by 3.75%, reaching HKD 1.66 [1] - Haidilao (06862.HK) increased by 3.6%, trading at HKD 14.12 [1] - Teh Hai International (09658.HK) experienced a rise of 2.25%, priced at HKD 13.62 [1] - Yum China (09987.HK) saw a gain of 2.02%, with shares at HKD 364.2 [1]

Group 1 - The core viewpoint of the article highlights the significant increase in the stock prices of restaurant companies, with notable gains for Jiamao Jiu, Haidilao, Tehai International, and Yum China [1] - As of December 10, the National Bureau of Statistics reported that the Consumer Price Index (CPI) for November rose by 0.7% year-on-year, indicating an expanding growth rate [1] - The core CPI, excluding food and energy prices, increased by 1.2% year-on-year, maintaining a growth rate above 1% for three consecutive months [1] Group 2 - Tianfeng Securities noted that the restaurant sector's retail sales in October grew by 3.8% year-on-year, marking the highest growth rate since June, signaling positive improvement [1] - According to Zhongyin International's research report, the growth rate of restaurant retail sales declined in June and subsequent third quarters, primarily due to the overall dining consumption environment [1] - The current market competition is shifting from price wars to a more rational approach, with average spending per customer stabilizing [1]

中银国际此前发布研报称，行业层面来看，6月以及后续三季度，社零餐饮增速下降，主要是受餐饮消 费大环境影响。但当前市场竞争从价格战逐步走向理性，客单价逐步趋稳。后续企业层面更需关注自身 经营水平建设。 消息面上，12月10日，国家统计局公布数据显示，11月份居民消费价格指数（CPI）同比上涨0.7%，涨 幅扩大；扣除食品和能源价格的核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。天风证券此前 指出，餐饮社零10月同比增长3.8%，为自6月以来的最高增幅，呈现积极改善信号。 智通财经APP获悉，餐饮股涨幅进一步扩大，截至发稿，九毛九(09922)涨3.75%，报1.66港元；海底捞 (06862)涨3.6%，报14.12港元；特海国际(09658)涨2.25%，报13.62港元；百胜中国(09987)涨2.02%，报 364.2港元。 ...