与此同时，全季的新加坡海外首店也迎来了六周年。斐然的成绩，标志全季在东南亚市场的出海战略进 一步深化。 最近，华住集团亚太区（以下简称华住亚太）在新加坡举行了集中签约仪式，旗下品牌全季在马来西亚 首都吉隆坡、柬埔寨首都金边连落三子。 可以看到，伴随第二轮出海（2023年至今），本土酒店集团出海速度明显加快，东南亚市场正在成为其 叩响品牌全球化大门的试验场。 01 全季东南亚布局加速 近期，华住集团旗下的全季品牌在海外连签三家，分别位于马来西亚首都吉隆坡和柬埔寨首都金边。 吉隆坡中心全季酒店面向商务人士和城市休闲客群，坐落于市中心的繁华商圈金马律（Dang Wangi）地 区，紧邻吉隆坡塔（KL-Tower），离地标建筑双子塔仅十分钟的车程，无缝衔接吉隆坡中央车站及 MRT干线。酒店由华住亚太和酒店投资方SADDIQ TRI VENTURE企业合作，引入全季5.0最新版本，计 划打造101间带有东方美学韵味的客房，预计2026年第四季度开业。 金边中心全季酒店则是察觉到持续攀升的商务消费需求。酒店紧邻金边中心商务区以及柬埔寨国家政治 中心，包括柬埔寨总理府等国家核心权力机关，该项目由存量改造物业而来，致力于成为 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has shown a strong performance with revenue and profit growth, benefiting from the industry's overall expansion. The company is focusing on technology and fashion as its brand proposition while enhancing product quality through ongoing R&D in motors, controllers, batteries, and new materials. The company is also expanding its distribution channels and improving operational efficiency through digital systems [3][8] - The company has adjusted its net profit forecasts for 2025 and 2026 to 2.619 billion and 3.013 billion respectively, with a projected PE ratio of 12.33 and 10.71 for those years. The company is expected to maintain a solid market position with low valuation levels [3][8] Financial Performance Summary - For the first half of 2025, the company achieved total revenue of 13.03 billion, a year-on-year increase of 23%, and a net profit of 1.21 billion, up 27.6% year-on-year. The gross margin improved to 19.2%, an increase of 1.4 percentage points [8] - The sales volume of electric two-wheelers reached 6.05 million units, a year-on-year increase of 19.7%, with an average selling price (ASP) of 1,924 yuan, up 95 yuan year-on-year. The sales volume of electric three-wheelers was 200,000 units, with an ASP of 3,550 yuan, remaining stable year-on-year [8] - The company reported a significant increase in operating cash flow, reaching 2.59 billion, a year-on-year increase of 123%. Capital expenditures decreased by 16% to 1.18 billion [8]

Core Viewpoint - The article discusses the recent IPO of Mixue Group, highlighting its significant market valuation and the factors contributing to its rapid growth in the beverage industry, particularly in the context of competition with established brands like Starbucks [2][6]. Group 1: Market Performance and Valuation - Mixue Group's stock surged by 43.21% on its debut, reaching a market capitalization of HKD 109.3 billion, surpassing the peak valuation of Luckin Coffee in 2020 and even exceeding that of Haidilao [2][4]. - Despite the initial surge, Mixue's stock experienced a slight decline of 0.14% on the second day of trading, raising questions about the sustainability of its valuation [2][4]. Group 2: Operational Efficiency and Supply Chain - The high valuation of Mixue is attributed to its extensive self-built supply chain and store network, supported by a digital system that integrates business, information, finance, and logistics [4][5]. - Mixue's digital system allows for efficient online operations across all stages, enabling quick order fulfillment and resource allocation, which is a significant advantage over competitors [4][5]. - The company plans to allocate approximately 66% of its IPO funds (around HKD 2.2 billion) to enhance its end-to-end supply chain system, indicating a strong focus on technological advancement [5]. Group 3: Competitive Landscape - In the domestic market, Mixue faces competition from various brands, with each segment having established leaders, such as Luckin in coffee and Guming in fruit tea [9][10]. - Mixue's strategy involves expanding its presence in shopping centers and enhancing operational efficiency to maintain its competitive edge [10][12]. Group 4: International Expansion Potential - Mixue has expanded into Southeast Asia, with over 4,800 overseas stores, and has shown rapid growth in new markets, particularly in Indonesia [13][14]. - The potential for further expansion in Southeast Asia is significant, with projections suggesting that Mixue could increase its store count to between 10,000 and 15,000 in the region [14]. - However, challenges remain in localizing operations and competing with established international brands, necessitating a careful approach to international growth [16].