Group 1 - The core viewpoint of the article is that Goldman Sachs expects a faster growth in mainland China's restaurant sales, projecting a year-on-year increase of 4.2% this year, surpassing last year's growth of 3.2% [1] - Despite the overall consumption not showing significant improvement, the restaurant demand has stabilized over the past few months, with price increases observed in the industry to cope with rising operational and raw material costs, as well as an increase in the proportion of takeout orders supported by recovering demand [1] - For ready-to-drink beverage companies, the second to third quarters of this year will face challenges due to high comparable same-store sales growth, but the current level of takeout subsidies remains higher than expected, along with product variety expansion and richer consumption scenarios supporting same-store sales growth [1] Group 2 - The increase in the proportion of takeout orders may negatively impact profitability and store performance, potentially leading brands to provide support or subsidies [1] - The company continues to be optimistic about leading players in the ready-to-drink beverage industry, including Gu Ming (01364) and Mixue Group (02097), with target prices raised to HKD 34 for Gu Ming and adjusted to HKD 493 for Mixue, maintaining "Confident Buy" and "Buy" ratings respectively, with particular optimism for Gu Ming [1]

Group 1 - The core viewpoint of the article is that Goldman Sachs expects a faster growth in mainland China's restaurant sales, projecting a year-on-year increase of 4.2% this year, surpassing last year's growth of 3.2% [1] - Despite the overall consumer spending not showing significant improvement, the restaurant demand has stabilized over the past few months [1] - The industry is experiencing price increases, which are believed to be a response to rising operational and raw material costs, as well as an increase in the proportion of takeaway orders supported by recovering demand [1] Group 2 - For ready-to-drink beverage companies, the second to third quarters of this year will face challenges due to high comparable sales growth from the previous year [1] - However, the current level of takeaway subsidies is higher than expected, along with product variety expansion and richer consumption scenarios, which support same-store sales growth [1] - The rising proportion of takeaway orders may negatively impact profitability and store performance, potentially requiring brands to provide support or subsidies [1] Group 3 - The company continues to be optimistic about leading players in the ready-to-drink beverage industry, including Gu Ming (01364) and Mixue Group (02097) [1] - The target price for Gu Ming has been raised to 34 HKD, while the target price for Mixue has been adjusted to 493 HKD, with ratings of "Confident Buy" and "Buy" respectively, particularly favoring Gu Ming [1]

高盛预期今年内地餐饮销售增长加快至按年升4.2%，增速快于去年的3.2%。同时，行业出现加价情 况，该行认为是为了应对营运和原材料成本上升，以及外卖订单占比增加，亦受需求回稳所支持。对于 即制饮品企业，该行认为今年第二至第三季将面对同店销售增长的高基数挑战，但年初至今的外卖补贴 水平仍较预期高，加上产品种类扩张，以及更丰富的消费场景，均支持同店销售增长。 股份方面，该 行持续看好即制饮品行业龙头，包括古茗及蜜雪集团，古茗目标价升至34港元，蜜雪目标价493港元， 分别予"确信买入"及"买入"评级。该行尤其看好古茗，因其消费场景扩展及新产品推出往绩强劲，且门 店扩张空间仍然庞大，并上调2025至27年核心盈测介乎4%至6%。 本文源自：金融界AI电报 ...