Group 1: Company Performance - Hu Shang Ayi's stock surged by 62.48% in the dark market, reflecting strong market optimism for its future as a ready-to-drink beverage company, with projected revenues of 2.199 billion, 3.348 billion, and 3.285 billion RMB for 2022, 2023, and 2024 respectively [1] - Lingbao Gold expects a net profit of no less than 250 million RMB for Q1 2025, driven by increased gold production and improved operational efficiency, indicating strong competitiveness in the gold market [2] - BeiGene reported a total revenue of 8.048 billion RMB for Q1 2025, a 50.2% year-on-year increase, although it still posted a net loss of 94.5 million RMB, showing signs of financial improvement [4] Group 2: Market Reactions and Strategic Moves - Fengqiao Capital has liquidated all its shares in Pop Mart due to the expiration of its first RMB fund, which may impact Pop Mart's short-term stock price but does not undermine its strong fundamentals [3] - Lifen Holdings is in discussions regarding potential share reductions to restore public float, indicating a strategic move to enhance investor confidence, though no binding agreements have been reached yet [5] Group 3: Market Overview - The Hang Seng Index closed at 22,691.88 with a slight increase of 0.13%, while the Hang Seng Tech Index and the National Enterprises Index saw declines of 0.75% and 0.23% respectively, reflecting mixed market sentiments [6]

Core Insights - The new consumption sector in the Hong Kong stock market is experiencing significant growth, driven by the popularity of immersive experiences and themed stores, particularly among younger consumers [1][2] - The three major players in this sector—Pop Mart, Laopu Gold, and Mixue Group—are seeing substantial increases in both performance and stock prices, attracting considerable attention from the capital market [1][2] Group 1: Company Performance - Pop Mart's revenue for 2024 is projected to grow by 106.9% to 13.04 billion, with adjusted net profit increasing by 185.9% to 3.4 billion [3] - Laopu Gold reported a revenue exceeding 8.5 billion for 2024, marking a 167.5% year-on-year increase, and net profit surged by 253.9% to 1.473 billion [3] - Mixue Group is also experiencing a surge in customer traffic, with flagship stores attracting long queues, indicating strong consumer interest [2] Group 2: Market Trends - The younger generation is becoming the main consumer force, showing a willingness to spend on experiences and products that resonate with their interests [4][5] - The new consumption sector has a low development base, providing ample growth opportunities, and fund managers are increasingly favoring investments in this area over traditional sectors [4][5] - The trend of creating unique IPs, as seen with Mixue's "Snow King," is enhancing brand recognition and emotional connection with consumers, contributing to the sector's growth [6][7] Group 3: Investment Opportunities - The strong performance of new consumption brands is expected to continue, driven by innovative business models and a focus on consumer engagement [6][7] - The optimistic outlook for Hong Kong's new consumption brands in European markets suggests a reasonable valuation increase [5][6] - The overall market environment is conducive to the growth of new consumption, with healthy liquidity and a recovering risk appetite among investors [7]

Group 1 - The development prospects of the private economy are broad and promising, with a strong call for private enterprises and entrepreneurs to showcase their capabilities [1][4] - The government emphasizes unwavering support for the private economy, integrating it into the socialist system with Chinese characteristics, which establishes a stable expectation for its growth [1][2] - Zhengzhou has seen significant growth in its private economy, with 2.13 million market entities, 23 companies in the top 100 private enterprises in Henan, and 4 companies in the top 500 private enterprises in China [1][3] Group 2 - The private economy is crucial for urban development, with Zhengzhou implementing various initiatives to support and enhance the private sector, including the "30 measures" for high-quality development [2][4] - A large number of private enterprises in Zhengzhou are emerging as leaders in their respective industries, contributing significantly to tax revenue, employment, and total import-export value [3][4] - The current technological revolution and industrial transformation present new opportunities for private enterprises to innovate and grow, with a focus on creating a fair and efficient market environment [4]

Group 1: Company Overview - Hushang Auntie (Shanghai) Industrial Co., Ltd. will begin trading on the Hong Kong Stock Exchange on May 8, with a global offering of 2,411,340 H-shares priced at a maximum of HKD 113.12 per share [1] - The company operates the fourth largest ready-to-drink tea shop network in China, with a significant presence in lower-tier markets [1] - The number of stores increased from 5,307 at the end of 2022 to 7,789 by the end of 2023, and is projected to exceed 9,176 by the end of 2024, with 99.7% of stores being franchisee-operated [1] Group 2: Financial Performance - The Gross Merchandise Volume (GMV) grew from CNY 6.068 billion in 2022 to CNY 9.732 billion in 2023, and is expected to reach CNY 10.736 billion in 2024 [1] Group 3: Fundraising and Future Plans - The funds raised from the IPO will be used to enhance digital capabilities, develop new products, upgrade equipment, strengthen supply chain capabilities, expand the store network, invest in marketing activities, and supplement working capital [2] - The company aims to deepen its existing market presence and expand into more third-tier and below cities [2]

格隆汇4月28日丨沪上阿姨(02589.HK)发布公告，公司拟全球发售241.134万股H股，中国香港发售股份 24.114万股，国际发售股份217.02万股，另有15%的超额配股权；2025年4月28日至5月2日招股，预期定 价日为5月6日；发售价将为每股发售股份95.57-113.12港元，每手买卖单位为30股，中信证券、海通国 际及东方证券国际为联席保荐人；预期股份将于2025年5月8日开始在联交所买卖。 公司估计，假设发售价为每股股份103.37港元(即本招股章程所述指示性发售价范围的中位数)，并假设 超额配股权不获行使，将自全球发售收取所得款项净额约1.727亿港元。公司目前拟将该等所得款项净 额约25.0%用于提升公司的数字化能力；约20.0%将用于研发以提高原材料及食材的品质，打造热销产 品，丰富公司的产品种类，以及升级公司的设备及机器；约20.0%将用于提升公司的生产、加工、仓 储、物流及分销能力，藉此加强公司的供应链能力；约15.0%将用于提升公司的品牌势能并进一步扩张 及壮大公司的门店网络；约10.0%将用于投资各种营销活动；以及约10.0%将用作营运资金及其他一般 企业用途。 于2013 ...

蜜雪冰城股份有限公司4.44亿美元（绿鞋后5.10亿美元）港交所首次公开发行 蜜雪冰城是中国及全球最大的现制饮品企业，公司的门店网络在中国及海外11个国家共拥有 46,479家门店。2024年，公司的门店网络共实现饮品出杯量约90亿杯，终端零售额约583亿人民币 古茗控股有限公司2.33亿美元（绿鞋后2.61亿美元）港交所首次公开发行 布鲁可集团有限公司2.15亿美元（绿鞋后2.48亿美元）港交所首次公开发行 今年一季度，企业充分把握有利的股权发行环境，中国IPO市场活动显著升温。 高盛很荣幸主导了今年三宗最大的香港IPO，包括现制饮品企业蜜雪冰城和古茗，以及拼搭角色类玩具 企业布鲁可。 古茗是中国最大的大众现制茶饮店品牌，拥有约18%的市场份额，也是全价格带下中国第二大现 制茶饮店品牌 国际配售部分在价格区间顶端获得了约15倍的超额认购，有着主权财富基金、国际及中资长线基 金的积极参与，公司得以全额行使15%发售量调整权 布鲁可是中国最大的拼搭角色类玩具企业，于2023年按GMV计的市场份额为30.3%。公司亦是一 家快速增长的玩具企业，2023年GMV增长超过170% 香港公开发行认购倍数达约6,000倍 ...

Core Viewpoint - The report highlights the ESG strategies and practices of Mixue Group, emphasizing its commitment to sustainable development through a comprehensive approach that includes product quality, partner welfare, social contribution, and environmental protection [1][2]. Group 1: ESG Governance and Practices - Mixue Group has established a robust ESG governance framework, focusing on food quality and safety, supply chain management, and consumer trust [1][2]. - The company operates over 46,000 stores across 11 countries, achieving over 24.8 billion yuan in revenue, positioning itself as a leading beverage enterprise [1][2]. Group 2: Food Safety Management - Mixue Group has implemented ISO22000 food safety management system certification for its brand Mixue Ice City and various international certifications for its supply chain subsidiary, Daka International [2][4]. - The company conducts extensive food safety training, with 271 training sessions covering over 50,000 employees in 2024 [4]. Group 3: Sustainable Development Initiatives - The company is actively involved in sustainable agricultural practices, providing support to farmers through donations of integrated water and fertilizer systems and organic fertilizers [9]. - Mixue Group has established five production bases across China, integrating sustainable development into its production processes [9][10]. Group 4: Renewable Energy and Green Infrastructure - The company is transitioning to renewable energy, with solar power projects in its production bases, including a 5.99 MW solar installation in Henan expected to generate 6,000 MWh annually [10]. - The design of the new production facility in Chongqing incorporates environmental considerations, resulting in significant cost savings and ecological benefits [10]. Group 5: Global Expansion and Local Adaptation - Mixue Group has developed a global procurement network covering 38 countries, sourcing high-quality beverage ingredients from various regions [11]. - The company has adapted its product offerings to local markets in Southeast Asia, introducing unique flavors and sustainable packaging solutions [11][12]. Group 6: Consumer Engagement and Social Responsibility - The "No Packaging Bag" initiative launched in collaboration with Tencent Charity encourages consumers to choose eco-friendly options, resulting in over 25 million participants in the first month [14]. - The company's first ESG report reflects its long-term commitment to sustainability through comprehensive efforts across the entire value chain [14].

Group 1: Travel Industry Trends - The popularity of "less crowded niche destinations" has surged by 200% month-on-month, while "less popular family destinations" increased by 100% [1] - The average increase in interest for "self-driving trips" during the May Day holiday is 70%, indicating a preference for flexible and comfortable travel options [1] - The booking cycle for flights during the May Day holiday has shortened significantly, with 55.9% of travelers booking 10 days in advance, reflecting expectations of price fluctuations and cost control [1] Group 2: Company Performance - Mixue Group's stock price has surpassed 500 HKD, reaching a historical high and a market capitalization of 190 billion HKD, with a cumulative increase of over 150% since its listing on March 3 [2] - Jinma Amusement reported a revenue of 119 million CNY for Q1 2025, a year-on-year increase of 22.72%, but incurred a net loss of 664,400 CNY, a decline of 106.83% compared to the same period last year [3] - Zhongxin Tourism is set to sign a strategic cooperation agreement with Ponant Cruises to jointly develop the polar cruise market, focusing on polar exploration and sustainable development [4]

这份报告与公司年报几乎同时发布，外界对于这家现制饮品头部企业的关注度和讨论，也呈现出显著增 长。也因为此，这份 ESG 报告提供了一个全新的视角，一窥蜜雪冰城持续构建的绿色价值链。 门店版图再扩大，"高质平价"美味远飘全球 扩张过程中，蜜雪冰城不断"解锁"消费新场景，激发消费创新活力。报告显示，2024 年蜜雪冰城联合 中国邮政开设 13 家"蜜雪冰城"联名店，在高速服务区布局25家店，幸运咖将门店拓展至青海、新疆等 内陆省、自治区，将"高质平价"的好咖啡带到更多地方。 国际化战略也在稳步推进。此前 3 月 28 日，蜜雪冰城正式开放日本加盟，与合作伙伴们在日本街头， 共同书写更多"甜蜜故事"。前不久，蜜雪冰城哈萨克斯坦首店正式开业更是引发网友热议。 "三二一产业融合"，构建甜蜜全产业链 近日，蜜雪集团（02097.HK）正式发布《2024 环境、社会及管治（ESG）报告》（下称"报告"）。这 是蜜雪集团上市后发布的首份 ESG 报告，全面回顾了集团在透明化治理、员工福祉、食安管理、公益 助农以及可持续发展等 ESG 方面的实践和成果。 秉承"让全球每个人享受高质平价的美味"的使命，2024 年蜜雪冰城门店版 ...

近年来，奶茶、咖啡等现制饮品受到年轻人热捧，不少奶茶、咖啡品牌长期支持"自带杯立减"活动，也 让很多年轻人习惯使用自己喜爱的饮品杯。为了鼓励更多的消费者选择"自带杯"，从源头上减少一次性 饮品杯的使用，4月21日起，美团及大众点评App开始在商家端试点上线"自带杯立减"标签。 现制饮品行业一次性包装广泛使用于堂食、外带、外卖等消费场景，部分一次性饮品杯因盖封膜不易 撕、杂色多、材质工艺复杂，导致目前整体回收率偏低。因此，除了从源头减少一次性饮品杯的使 用，"好杯新生"行动也联动爱回收等机构发起饮品杯回收计划，目前消费者可以在全国3万多台回收机 上参与分类投递。 北京商报讯（记者 郭缤璐）4月22日，"好杯新生"环保行动启动仪式在北京举行。茶百道、喜茶等27家 饮品品牌和爱回收、睿莫环保等回收再生企业，以及行业组织、研究机构作为创始成员单位共同参与了 这一环保行动。现场还发布了"好杯新生"环保行动倡议。除蓝色港湾现场的启动仪式和沉浸式体验活动 外，北京五棵松、东坝、通州万达以及天津、济南、石家庄等7个城市的9处商圈也在共同打造线下环保 体验区。 此外，美团青山科技基金也在为相关企业开展废弃奶茶杯高值化利用科研提 ...