经历高速扩张后，茉酸奶近两年以"刀刃向内"自我革新的姿态推进"食品安全2.0升级计划"。不仅牵头制定国内首个《现制酸奶奶 昔团体标准》，更通过全链路透明化管理、数字化技术应用及第三方权威监管，从源头牧场到终端门店全面升级，树立现制酸奶 行业的安全新标杆。 （1）从"加速跑"到"练内功" 自2004年创立以来，茉酸奶于市场深耕中迅速崛起，门店数量与市场份额持续攀升，成为现制酸奶领域的代表性品牌。11年以 来，茉酸奶坚持以"酸奶+鲜果"为基础，2024年发起"有机升级"，严选来自河北石家庄千亩有机牧场的奶源，今年年初更是 "有 机"再进阶，B420益生菌全面植入产品线。 在产品力方面，茉酸奶以研发为驱动，经典与创新并举，打造持续扩张的引擎。创新是茉酸奶保持竞争力的关键，长期以来，品 牌不断探索新的口味组合与产品形式。以经典的牛油果酸奶奶昔系列为例，这一招牌饮品自推出以来便广受欢迎。其独特的口感 将牛油果的醇厚与酸奶的清爽完美融合，再加上细腻的绵密质地，给消费者带来了前所未有的味觉享受，成为众多消费者心中 的"白月光"。此外，茉酸奶还不断推出创新产品，如脆脆零食系列、奥利奥联名系列、柚子羽衣甘蓝牛油果酸奶奶昔、芭乐 ...

Core Viewpoint - The successful listing of the beverage company Mixue Ice City on the Hong Kong Stock Exchange marks a significant step for private enterprises in Henan to expand their reach, supported by tailored foreign exchange services from the State Administration of Foreign Exchange (SAFE) Henan Branch [1] Group 1: Foreign Exchange Management Policies - SAFE Henan Branch focuses on "two highs and four efforts" to implement proactive foreign exchange management policies, enhancing support for high-quality economic development [1] - By June 2025, the total scale of foreign-related income and expenditure in Henan Province reached $109.697 billion, a year-on-year increase of 5.24%, with a surplus of $14.952 billion, expanding by 79.05% year-on-year [1] Group 2: Enhancing Business Convenience - SAFE Henan Branch has established a "green channel" for 410 quality enterprises, allowing for rapid cross-border settlement with automated business approval, achieving efficient service [2] - Since 2025, 34,700 trade foreign exchange facilitation transactions have been processed, totaling $42.7 billion, enabling enterprises to benefit from policy dividends [2] Group 3: Reducing Foreign Trade Risks - The agency addresses foreign trade enterprises' currency risk management challenges through a combination of policy relief and enhanced services [3] - By June 2025, foreign-related enterprises in Henan utilized forward, swap, and option tools to hedge against currency risks amounting to $6.4 billion, with the hedging rate increasing to 22.88%, up by 5% from the previous year [3] Group 4: Activating Innovation - SAFE Henan Branch employs "financial technology + institutional innovation" to stimulate the multiplier effect of foreign-related economic development [4] - By June 2025, over 700 foreign trade enterprises benefited from simplified financing processes through a cross-border financial service platform, with a total of 2,757 transactions amounting to approximately $2.714 billion [4] Group 5: Policy Communication - SAFE Henan Branch focuses on effective policy implementation by creating a "direct policy + service penetration" transmission system [5] - The agency collaborates with the provincial commerce department to issue guidelines promoting high-quality development of foreign-related economies, integrating nearly 20 foreign exchange facilitation policies [6]

8月8日至10日，第65届中国特许加盟展（CCFA）在上海新国际博览中心隆重举行。甜啦啦受邀参会，并在展 会同期举办的"特许加盟新风向论坛"上发表重要演讲，以《8000+门店的极致质价比扩张与平衡之道》为主 题，向行业解析其快速稳健发展的核心秘诀，彰显了品牌的强劲实力与前瞻视野。 此次受邀参加CCFA特许加盟展并发表主题演讲，是甜啦啦品牌实力与行业影响力的有力印证。面对现制饮品 市场日新月异的机遇与挑战，甜啦啦表示将持续深化其在产品创新、营销赋能、服务优化及全球化拓展等领域 的战略布局，始终坚持以"低价格、高价值"为核心竞争力。甜啦啦期待与广大加盟伙伴携手并进，共同开拓市 场新蓝海，引领现制饮品行业迈向更加健康、可持续的未来。 图注：甜啦啦门店实拍 在聚焦现制饮品行业的"特许加盟新风向论坛"上，甜啦啦与茶饮、咖啡、乳饮等领域的重量级嘉宾齐聚一堂， 围绕"加盟饮领，创变未来"主题，共同探讨行业增长新趋势与未来机遇。甜啦啦在分享中系统阐释了支撑其实 现8000多家签约门店规模化健康发展的核心驱动力体系。产品力被定位为品牌增长的发动机，甜啦啦持续打 造"低价格、高价值"的爆款产品矩阵，以"一桶水果茶""清风茉白鲜奶 ...

"肯优麦瑞蜜"组成的超大屏品牌矩阵，有业内新零售专家指出，这五家企业是商圈内最吸引消费者的五个品牌，商场挂出"肯优麦瑞蜜"的宣传图，旨在宣 示自己商圈的竞争力。 有趣的是，"肯优麦瑞蜜"还不是唯一的排列组合。有的商场版本是肯德基+优衣库+麦当劳+瑞幸+蜜雪冰城，组合成网友最熟悉的"肯优麦瑞蜜"。但也有 地方加入了邮政咖啡，硬是把"优"换成了"邮"，组成"肯邮麦瑞蜜"，于是"can you marry me"的英文谐音梗就此成立，连邮政咖啡都被迫营业参与了一场全 国范围的"品牌大联名"。 一个有趣的现象正在全国各大商场蔓延——"肯优麦瑞蜜"品牌矩阵的集体亮相。 从武汉、太原到淄博、合肥，这些商场不约而同地将肯德基（肯）、优衣库（优）、麦当劳（麦）、瑞幸（瑞）和蜜雪冰城（蜜）的品牌标识组合成超大 宣传图，以此作为吸引顾客的"黄金招牌"。 这种现象不仅反映了当下商业地产的招商逻辑，更揭示了这五家企业在消费者心智和商业生态中的特殊地位。为何它们能成为中国商场竞相争夺的"金字 招牌"？ "肯优麦瑞蜜"为何火了？ "肯优麦瑞蜜"这一品牌组合的兴起绝非偶然，它深刻反映了中国消费市场的结构性变化和商业地产的运营新思路。这一现 ...

Core Viewpoint - Luckin Coffee's second-quarter earnings report exceeded Wall Street expectations, with revenue reaching 12.36 billion, surpassing Bloomberg's consensus by nearly 1.3 billion, and operating profit hitting a record high of 1.7 billion, indicating it is the biggest beneficiary of the ongoing food delivery war [5][6]. Group 1: Impact of Delivery War - The delivery cost for Luckin Coffee surged to 1.67 billion in the second quarter, a year-on-year increase of 175%, reflecting the intensity of the delivery war [7]. - Despite a revenue growth of only 47%, the increase in delivery costs indicates that the company is benefiting from external subsidies provided by delivery platforms [7][10]. - The average revenue per store increased by 12% to 538,000, but the operating profit margin decreased by 2.4%, likely due to a slight drop in average transaction value [10]. Group 2: User Acquisition and Engagement - The second quarter saw a significant influx of new users, with over 28.7 million new customers, accounting for nearly 32% of the monthly active users, indicating effective customer acquisition through delivery subsidies [12]. - The average transaction value per user increased by 11.6% to 135, driven by higher transaction frequency, despite a decline in average transaction price [14]. - The sales expense ratio decreased to 4.8% from 5.1% year-on-year, suggesting that the company did not incur additional costs for acquiring new users [16]. Group 3: Competitive Landscape - The current food delivery war has positioned ready-to-drink beverages as the most effective category for driving order volume, with Luckin Coffee's extensive store network of over 26,000 locations significantly contributing to its market share [20][24]. - Compared to competitors, Luckin's direct store model allows it to retain a larger share of profits, as 65% of its stores are company-operated, unlike many competitors that rely on franchise models [26]. - The scale effect has allowed Luckin to achieve stable growth, with quarterly revenue increasing from around 2.4 billion to over 10 billion in recent years, while maintaining a stable sales expense ratio [28].

Group 1: Overseas Strategy - The Hong Kong stock market is expected to continue its bullish trend in the second half of the year, outperforming the A-share market. The overall increase in Hong Kong stocks has been more significant than that of A-shares since the beginning of the year, driven by sectors such as innovative pharmaceuticals, new consumption, and AI applications [1][2] - The current technology and consumer assets in the Hong Kong stock market align well with industry development trends and have superior fundamentals, which may attract continued capital inflows from the mainland [1][2] Group 2: Military Industry - The military industry is on an upward trend due to the intensifying great power competition, with increased defense spending being a necessary option. The focus of U.S. and allied defense strategies is gradually shifting towards the Indo-Pacific region, which may lead to heightened tensions around China [3][4] - The defense military index outperformed the market, rising by 0.66% during the week of July 26 to August 1, while the Shanghai Composite Index and the ChiNext Index fell by 0.94% and 0.74%, respectively [4] Group 3: Consumer Services - Gu Ming, a leading player in the domestic ready-to-drink tea market, has significant supply chain and operational advantages, with broad growth potential. The company is focusing on high-frequency product innovation and strong franchisee management to ensure consistent store operations [8][9] - The ready-to-drink beverage market has substantial growth potential, particularly in lower-tier markets, driven by increasing consumer demand and the ongoing evolution of product categories [9][10] Group 4: Cosmetics - Lin Qingxuan, a pioneer in the "oil-based skincare" segment, has successfully established a high-end brand image through its camellia oil products. The company is focusing on product innovation and expanding its product categories to enhance its market presence [11][12] - The cosmetics market is projected to grow significantly, with the anti-wrinkle and firming skincare segment expected to reach a market size of 119.8 billion yuan by 2024, growing at a CAGR of 18.9% from 2024 to 2029 [11][12]

Investment Outlook - The company is expected to achieve revenues of 11.279 billion, 13.231 billion, and 15.586 billion RMB for the years 2025-2027, with growth rates of 28%, 17%, and 18% respectively [1] - Adjusted net profits are projected to be 2.163 billion, 2.531 billion, and 2.996 billion RMB for the same years, with growth rates of 40%, 17%, and 18% respectively [1] - A target price of 29.66 HKD is set for 2025, reflecting a 30x PE ratio, which is above the industry average [1] Competitive Advantages - The company has a strong product strategy with a focus on high-frequency product innovation, supported by a robust R&D team [2] - It utilizes a high-density store network combined with self-built cold chain logistics to provide high-quality, short-shelf-life ingredients to franchisees at a relatively low cost [2] - Strong franchisee management and digital efficiency improvements are emphasized, ensuring consistent store operations and shared risk with franchisees [2] Market Potential - The ready-to-drink beverage market in China has significant growth potential, particularly in lower-tier markets [2] - The demand for ready-to-drink beverages is accelerated by the competitive landscape of food delivery services, enhancing market penetration [2] - The industry is characterized by continuous product innovation and differentiation among leading brands, with a focus on supply chain and operational capabilities [2] Expansion Strategy - The company has a comprehensive competitive advantage that supports national expansion, with a potential for over 30,000 new stores in China [3] - The integration of online and offline marketing strategies is aimed at building brand awareness regionally [3] - The company plans to extend its product offerings into the coffee category, leveraging its existing store network and cold chain logistics to enhance store efficiency [3]

中国银河（601881）证券发布研报称，本月SW社服行业涨跌幅为+5.13%，其中，专业服务(+7.5%)，旅 游及景区(+6.6%)，教育(+3.7%)，酒店餐饮(-0.6%)。海南自由贸易港将于2025年12月18日正式封关，政 策红利持续释放：岛内"零关税"商品税目比例从21%提升至74%，加工增值30%可免关税销往内地，预 计将显著提升离岛免税客群基数。同时澳门博彩7月毛收入221亿澳门元(同比+19%)，非博彩转型成效 显现，叠加中东免签政策利好，下半年行业高景气有望延续。 中国银河证券主要观点如下： 行业重要动态及新闻 受益于4月起外卖平台大规模补贴活动对需求的强刺激，现制饮品行业公司Q2业绩大幅提升，超越市场 预期，瑞幸2Q实现营收124亿元/同比+37%/增速环比+5.9pct，直营店同店销售额同比+13.4%/增速环比 +5.3%。展望Q3，7月末起平台间"0元购"、"免单券"等内卷式大额补贴虽逐渐消退，但补贴仍保持常态 化发放运营，同时Q3因天气因素为现制饮品消费旺季，因此整体Q3预期仍较为乐观。 国内AI+教育、人力资源产品商业化持续推进，下半年大模型技术有望进一步推动相关AI应用迭代发 ...

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [1]. Core Insights - The company has significant supply chain and operational advantages, with ample growth potential [2]. - The projected revenue for 2025-2027 is estimated at 112.79 billion, 132.31 billion, and 155.86 billion RMB, with growth rates of 28%, 17%, and 18% respectively [10][15]. - The adjusted net profit for the same period is expected to be 21.63 billion, 25.31 billion, and 29.96 billion RMB, with growth rates of 40%, 17%, and 18% respectively [10][15]. Financial Summary - Total revenue is projected to grow from 7,676 million RMB in 2023 to 15,586 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of 38.1% in 2023, followed by 14.5%, 28.3%, 17.3%, and 17.8% in subsequent years [5][10]. - Gross profit is expected to increase from 2,403 million RMB in 2023 to 4,909 million RMB in 2027 [5]. - The adjusted net profit is forecasted to rise from 1,459 million RMB in 2023 to 2,996 million RMB in 2027, with a notable increase of 85% in 2024 [5][10]. Market Position and Strategy - The company is positioned as a leading player in the domestic ready-to-drink tea market, focusing on high-quality, short-shelf-life ingredients [22]. - The business model emphasizes a high-density store network supported by self-built cold chain logistics, allowing for cost-effective delivery of fresh ingredients [10][22]. - The company plans to expand its store count significantly, with projections of opening 2,500, 3,000, and 3,500 new stores from 2025 to 2027, respectively [17]. Valuation - The report assigns a target price of 29.66 HKD based on a projected PE ratio of 30x for 2025, which is above the industry average [20]. - The current market capitalization is approximately 57,790 million HKD [7]. Management and Governance - The management team is experienced, with a strong focus on operational efficiency and franchisee support [29][32]. - The company has a concentrated ownership structure, with the founding team holding over 70% of the shares, ensuring alignment of interests [29][30]. Growth Potential - The ready-to-drink beverage market in China has substantial growth potential, particularly in lower-tier cities, which are expected to be the main source of growth [10][22]. - The company is leveraging digital operations and a robust supply chain to enhance its competitive edge [10][22].

Core Viewpoint - The coffee market is experiencing rapid changes, with Luckin Coffee demonstrating strong performance amidst intense competition, achieving significant revenue growth and operational efficiency [1][9]. Group 1: Financial Performance - In Q2 2025, Luckin Coffee reported total net revenue of 12.359 billion yuan (1.723 billion USD), a year-on-year increase of 47.1% [1][5]. - Operating profit surged by 61.8% to 1.7 billion yuan, with an operating profit margin of 13.8% [1][5]. - For the first half of 2025, total net revenue reached 21.224 billion yuan, marking a historical high [1]. Group 2: Store Expansion and Sales Growth - As of the end of Q2, Luckin Coffee had a total of 26,206 stores, with 2,109 new stores opened, averaging 23 new stores per day [4]. - Same-store sales growth for self-operated stores was 13.4%, up from 8.1% in Q1 [2]. - Revenue from joint-operated stores increased by 55% year-on-year, significantly higher than the 24.5% growth in the same period of 2024 [2]. Group 3: Product Innovation and Marketing - Luckin Coffee launched several new products for the summer, including the "Orange C Americano" and "Light Body Fruit and Vegetable Tea," with the latter selling over 11.2 million cups in just two weeks [2]. - The company's marketing strategy is integrated with product development and supply chain management, enhancing user engagement and market feedback [7]. - Collaborations with popular IPs have boosted brand influence, with notable partnerships in 2025 including products linked to the hit drama "Chang'an's Lychee" [8]. Group 4: Supply Chain and Operational Efficiency - Luckin Coffee is enhancing its supply chain by establishing a network of four roasting factories, aiming for a total roasting capacity of 155,000 tons annually [6]. - The company is focusing on digital transformation to improve order processing speed and accuracy, which supports overall operational efficiency [6]. - Continuous improvements in supply chain management and operational efficiency have allowed Luckin to meet high consumer demand effectively [5][9].