证券日报网讯 创世纪10月10日在互动平台回答投资者提问时表示，公司与同行指标的差异主要系产品 结构、销售模式、客户集中度及生产模式等不同导致，公司具备有持续竞争力的技术研发创新能力、品 类齐全的产品体系、完善的产业布局和领先的规模优势、安全高效的供应链管控系统，致力于为广大用 户提供高精度、高效率、高可靠性、高性价比的优质装备及智能化整体解决方案。 （编辑 袁冠琳） ...

Core Viewpoint - The recent shortage of lemon water at Mixue Ice City highlights significant risks within the industry, primarily due to rising lemon prices and supply chain vulnerabilities [1][5][11]. Group 1: Supply Chain and Pricing Issues - The average wholesale price of lemons in China has nearly doubled compared to the same period last year, reaching 15 RMB per kilogram as of September 17, 2025 [3]. - Mixue Ice City sells over 1 billion cups of its lemon water annually, generating approximately 4 billion RMB in sales, which constitutes 13% of the company's revenue for the first half of 2025 [5]. - The company has invested in its supply chain by controlling over 50% of high-quality fresh fruit resources in key lemon-producing areas, but this concentration has amplified risks when faced with climate disasters and global supply chain disruptions [8][11]. Group 2: Climate Impact and Global Supply Chain - Major lemon-producing regions in China, particularly Sichuan and Chongqing, have faced severe droughts and high temperatures, leading to expected reductions in lemon supply by 50-60% [8]. - Global supply chain issues, including adverse weather in other lemon-producing countries, are projected to decrease global lemon supply by 6% [8][10]. Group 3: Competitive Landscape and Risk Management - Other tea brands have successfully mitigated the lemon crisis by diversifying their sourcing strategies and using alternative lemon varieties that are less affected by climate issues [15]. - Brands like Starbucks and CoCo utilize a global sourcing model to minimize risks associated with local supply disruptions, while Mixue's low-price strategy has constrained its ability to pass on rising costs to consumers [15][19]. - The crisis underscores the vulnerability of Mixue's concentrated capital model, contrasting with competitors who have adopted more resilient supply chain strategies [20].

Core Viewpoint - The recent shortage of lemon water at Mixue Ice City highlights significant risks within the industry, particularly related to supply chain vulnerabilities and reliance on single-source raw materials [2][6][21]. Group 1: Supply Chain Issues - Multiple stores of Mixue Ice City have reported unavailability of lemon water, with staff confirming that the product is out of stock and expected to remain so for several days [2]. - The shortage is attributed to a sharp increase in lemon prices, with the average wholesale price reaching 15 RMB per kilogram, nearly doubling compared to the same period last year [4]. - Mixue Ice City has a significant dependency on lemons from specific regions, with over 70% of its supply sourced from Sichuan and Chongqing, making it vulnerable to climate-related disruptions [12]. Group 2: Financial Impact - The ice-fresh lemon water is a key product for Mixue Ice City, with annual sales exceeding 1 billion cups, translating to a revenue of approximately 4 billion RMB, which constitutes 13% of the company's total revenue of 14.87 billion RMB for the first half of 2025 [6][9]. - The company's low-price strategy, exemplified by the 4 RMB price point for lemon water, has pressured its supply chain, making it difficult to absorb rising costs when supply shortages occur [14][20]. Group 3: Competitive Landscape - Other tea brands have managed to avoid similar shortages by diversifying their supply sources and utilizing different lemon varieties that are less susceptible to climate impacts [16]. - Brands like Heytea and Starbucks employ global sourcing strategies and local processing to mitigate risks associated with supply chain disruptions [18]. - The contrasting business models and capital structures of competitors allow them to maintain higher profit margins, enabling them to better manage cost increases compared to Mixue Ice City, which has a lower gross profit margin of 31.6% [20]. Group 4: Broader Industry Implications - The lemon crisis reflects a broader conflict between capital concentration and diverse consumer demands, revealing the fragility of Mixue Ice City's single-capital model [21]. - The future of the tea beverage industry may shift from mere store expansion to a focus on controlling the entire supply chain, including cultivation and processing [21].

Core Viewpoint - The company reported a steady growth in performance for the first half of 2025, with revenue increasing by 18.5% year-on-year and net profit rising by 9.8%, despite fluctuations in profitability due to delivery schedules affecting high-margin businesses [1][2]. Financial Performance - The company achieved a revenue of HKD 10.316 billion for 25H1, with a net profit of HKD 706 million, a gross margin of 9.2%, and a net margin of 6.8% [2]. - The proposed interim dividend is HKD 0.19 per share, with a dividend payout ratio of approximately 19%, an increase from HKD 0.15 per share and a 16% payout ratio in the same period of 2024 [2]. Business Segments - **Tobacco Leaf Imports**: Revenue of HKD 8.399 billion, up 23.5% year-on-year, with a gross margin of 8.18% [2]. - **Tobacco Leaf Exports**: Revenue of HKD 1.156 billion, up 25.9% year-on-year, with a gross margin of 5.46% [2]. - **Cigarette Exports**: Revenue of HKD 552 million, up 0.8% year-on-year, with a gross margin of 25.70% [2]. - **New Tobacco Exports**: Revenue of HKD 15 million, down 66.5% year-on-year, with a gross margin of 5.34% [2]. - **Brazilian Operations**: Revenue of HKD 195 million, down 50.3% year-on-year, with a gross margin of 27.43% [2]. Strategic Outlook - The company is positioned to maintain a stable growth trajectory, supported by strong supply chain management and its unique status as the only enterprise with state-run tobacco import and export qualifications [3].

绿茶集团的上市之路堪称坎坷。作为初代网红餐饮品牌，其首次IPO尝试可追溯至2021年，但因食品安 全问题、预制菜占比争议及融资合理性遭证监会问询而多次受阻。2024年6月，公司第四次更新招股 书，明确将募集资金用于门店扩张，计划2024年至2027年新增683家餐厅，重点布局二线及以下城市。 此次备案获批，既是对其合规性的认可，亦为其下沉战略提供了资本弹药。 绿茶集团的核心竞争力始终围绕"高性价比"与"爆款菜品"。招股书显示，2024年前三季度，其人均消费 进一步降至57.7元，接近2014年水平。招牌菜"面包诱惑""绿茶烤鸡"等单品延续十余年，成为用户心智 中的经典符号。截至2024年底，公司已运营461家餐厅，覆盖全国21个省份及港澳地区，按餐厅数量计 位列中国休闲中式餐饮品牌第三位。 2025年3月28日，中国证监会国际合作司发布公告，正式批准绿茶集团有限公司（Green Tea Group Limited）境外发行上市备案，公司拟发行不超过2.1298亿股普通股于香港联合交易所上市。这一消息标 志着绿茶集团自2021年首次递交招股书以来，历经四次IPO折戟后终获关键进展。 四年五度闯关 拟募资加速下沉 ...