Core Viewpoint - The article discusses the innovative marketing strategy employed by tea brands, particularly focusing on the serialized novel "The Snow King Sells Coffee in Ancient Times" printed on receipts by the brand Mixue Ice City, which has sparked a trend in the beverage industry [6][12][46]. Group 1: Marketing Innovation - Mixue Ice City has creatively utilized its receipts to serialize a novel, engaging customers and generating buzz on social media [8][11]. - The serialized novel consists of 20 chapters, with daily updates from September 17 to October 6, 2023, and is a reworking of a previously released short drama [12][46]. - This approach has transformed the brand's mascot, the Snow King, into a cross-genre character, enhancing brand identity and customer engagement [11][12]. Group 2: Industry Trends - The trend of writing novels on receipts is not unique to Mixue Ice City; other brands like Jasmine Milk White have also adopted similar strategies, indicating a broader movement within the tea industry [16][18]. - The article highlights that the trend of "receipt literature" is becoming a new norm in the beverage sector, with brands using this medium for storytelling and customer interaction [20][27]. - The marketing strategy reflects a shift in consumer expectations, where customers seek surprise and resonance rather than traditional brand messaging [27][43]. Group 3: Consumer Engagement - The serialized storytelling on receipts has led to increased customer participation, with consumers actively seeking out the next chapters and sharing their experiences online [11][12]. - This phenomenon has created a community around the brands, where customers engage in discussions and share their own narratives related to the products [20][32]. - The article notes that the trend has resulted in a unique blend of consumption and entertainment, as customers enjoy their beverages while following the unfolding stories [24][45].

Core Insights - The recent events involving Luo Yonghao and Xibei have significantly impacted the restaurant industry, particularly highlighting the sensitivity surrounding prepared dishes and the effectiveness of marketing strategies [1] - Xibei's controversial marketing tactics have led to a public relations crisis, but their willingness to acknowledge mistakes and offer discounts has helped restore customer interest [1] - The brand Laoxiangji has gained consumer favor by transparently labeling its food preparation methods, allowing customers to make informed choices [3][4] Group 1: Company Strategies - Laoxiangji, founded in October 2003, positions itself as a "Chinese fast food" brand focusing on cost-effectiveness, standardization, and quick service [8] - The average price for a meal at Laoxiangji ranges from 30 to 49.9 yuan, with a focus on providing a quality dining experience for white-collar workers [9][10] - Laoxiangji maintains a high percentage of freshly prepared meals, with 70.6% of its offerings made on-site, contrasting with the growing trend of prepared dishes [10] Group 2: Market Dynamics - The emergence of new consumer brands in Anhui, such as Tianshan and Liuliu Mei, reflects a growing recognition of local products and preferences [5][6] - Anhui's unique geographical and cultural characteristics contribute to a diverse food landscape, enabling the development of various consumer brands that cater to different tastes [17][22] - The local supply chain and cultural integration are crucial for Anhui brands, allowing them to establish a strong market presence while maintaining quality and authenticity [27][28] Group 3: Consumer Preferences - Consumers are increasingly drawn to brands that offer transparency and quality, as seen with Laoxiangji's clear labeling of food preparation methods [3][11] - The preference for local flavors and products is evident in the success of brands like Kawan Kawa, which emphasizes high-quality ingredients and customer service [13][17] - The competitive landscape in Anhui is characterized by brands that prioritize local engagement and community ties, fostering a sense of trust and reliability among consumers [31]

Core Viewpoint - The article discusses the innovative marketing strategy of Mixue Ice City, particularly its recent initiative of serializing a novel on purchase receipts, which has garnered significant attention on social media and exemplifies the brand's ability to engage consumers creatively [3][4][7]. Group 1: Novel Serialization on Receipts - Mixue Ice City has started a novel serialization titled "The Snow King Sells Coffee in Ancient Times" on its purchase receipts, which has attracted widespread attention and engagement from consumers [3][4]. - The novel consists of 20 chapters, with the first chapter released on September 17 and updates scheduled daily until October 6, creating a continuous interaction with customers [3][4]. - The brand has also produced a short drama based on the novel, which was released on various social media platforms, further enhancing its marketing reach [4]. Group 2: Marketing Strategy - Mixue Ice City effectively utilizes low-cost marketing strategies to achieve high visibility, as seen in the novel serialization, which incurs minimal additional costs compared to traditional advertising methods [7][8]. - The brand has a history of leveraging simple, creative elements to generate significant consumer interest, such as its playful "Snow King" character, which has become a central part of its branding [8][10]. - The company capitalizes on the viral nature of the internet to spread its marketing campaigns, ensuring that engaging content quickly reaches a broad audience [10][12]. Group 3: Unique Market Positioning - Mixue Ice City differentiates itself by focusing on creating unique brand experiences rather than traditional product quality marketing, which allows it to resonate emotionally with consumers [12][14]. - The brand's approach to marketing is characterized by quick, impactful strategies that adapt to market changes, enabling it to maintain a competitive edge [12][14]. - The ability to consistently produce viral marketing campaigns enhances the brand's visibility and customer loyalty, positioning it favorably in a competitive market [14][15]. Group 4: Financial Implications - A brand with self-propagating marketing capabilities, like Mixue Ice City, can significantly reduce customer acquisition costs and enhance user engagement, leading to increased brand value [15]. - The cycle of successful marketing initiatives creates a momentum that allows the brand to maintain a presence in the media and consumer discussions without the need for extensive advertising [15]. - The brand's focus on being "fun and engaging" rather than "refined and high-end" resonates more with consumers in a market where attention is scarce, making it a noteworthy case in modern marketing [15].

当中国一众茶饮品牌还是卷价格、卷联名、卷补贴的时候，霸王茶姬突然一个转身直接开启了茶文化博 物馆。别人卷流量它卷传承；别人做饮料，它做文化。现在还在中国香港搞出了一个超级大新闻，全球 最大门店霸王茶姬超级茶仓正式开业，那么问题来了，霸王茶姬搞这么大阵仗，到底图什么？是要卖更 多的茶还是在下一盘更大的棋？ ...

Core Viewpoint - The company, Mixue, has officially entered the beer market by acquiring a 53% stake in the fresh beer brand, Fulu Family, for 297 million yuan, aiming to attract young consumers with low-priced beer similar to its tea products [1][2]. Group 1: Acquisition Details - The acquisition was completed through a capital increase of 285.6 million yuan for 51% equity and a transfer of 11.2 million yuan for 2% equity, with the transaction price based on an independent third-party evaluation [2]. - Fulu Family, established in 2021, has rapidly expanded to approximately 1,200 stores across 28 provinces, utilizing a franchise model and focusing on community dining areas [4][5]. Group 2: Strategic Motives - The move into the beer sector is a strategic response to the slowing growth of the tea beverage market, which is projected to decline from a growth rate of 44.3% in 2023 to 12.4% by 2025 [7]. - The fresh beer market is expected to grow significantly, with projections indicating it could approach 100 billion yuan by 2025, with a compound annual growth rate exceeding 30% [7]. - Mixue's strong supply chain capabilities will enhance Fulu Family's product quality and cost efficiency, with potential reductions in production costs and transportation losses [7][8]. Group 3: Market Positioning - Fulu Family's pricing strategy aligns closely with Mixue's existing product range, with fresh beer priced between 6.6 yuan and 9.9 yuan per 500ml, complementing Mixue's tea products priced between 3 yuan and 10 yuan [4][6]. - The integration of Fulu Family's unique beer flavors with Mixue's youthful branding is expected to attract a broader consumer base [4][8]. Group 4: Challenges Ahead - The acquisition raises concerns about the fairness of related party transactions, as the controlling shareholder of Fulu Family is the spouse of Mixue's CEO, which may lead to skepticism regarding potential conflicts of interest [9]. - The beer consumption pattern, primarily concentrated in the evening hours, poses challenges for Mixue's existing tea-focused business model, which operates throughout the day [10]. - Increased competition in the fresh beer market from established players may pressure Mixue's pricing strategy and market share [9][10].

Core Insights - The fusion of tea and alcohol is becoming a popular trend among urban consumers, with brands like Cha Baidao and Mixue Group exploring this "micro-drunk economy" by introducing alcoholic beverages into their offerings [2][6][10] Industry Trends - The new tea beverage market is transitioning from a blue ocean to a red ocean, with the market size expected to exceed 350 billion yuan by 2024, while the top five brands hold nearly 40% market share [6] - The craft beer market in China is projected to grow from 20 billion yuan in 2020 to 80 billion yuan by 2024, with a compound annual growth rate exceeding 30% [6] - Traditional alcohol brands are recognizing the need to attract younger consumers, with a focus on lightweight, portable beverages that align with the preferences of the 85-94 age group [6][10] Consumer Behavior - The combination of tea and alcohol is appealing to consumers, with products like "Drunken Step on the Road" and various fruit-infused alcoholic teas gaining traction [4][5] - The price range for these new alcoholic tea products is generally between 15 to 25 yuan, making them accessible to a broader audience [7] Market Opportunities - The integration of alcohol into tea beverages represents an opportunity for both new tea brands and traditional alcohol companies to expand their consumer base and explore new growth avenues [6][10] - Brands are encouraged to create engaging consumption scenarios and emotional connections with consumers to enhance brand loyalty and market presence [9][10]

Investment Rating - The report rates the food and beverage industry as "stronger than the market" [1][4] Core Insights - The industry is currently in an adjustment phase, with signs of bottoming out becoming clearer. The performance of leading liquor companies is better than the overall industry, indicating resilience [4] - The report highlights a structural differentiation in the liquor market, with high-end liquor prices under pressure except for Moutai, while the 100-300 RMB price segment performs well [2][4] - The tea beverage sector is expanding, with Mixue Group acquiring a controlling stake in Fulu Family to enter the fresh beer market, indicating a strategic diversification [3][4] - Anjoy Foods is investing in the baking sector, transitioning from a frozen food manufacturer to a comprehensive food platform, which aligns with market growth trends in the baking industry [3][4] Summary by Sections Liquor Market - The double festival sales for liquor showed a year-on-year decline of 20%-30%, aligning with expectations. High-end liquor, excluding Moutai, generally saw price declines, while the 100-300 RMB segment performed well [2][3] - The report notes that traditional liquor consumption provinces like Henan and Shandong showed a decline of 15%-20%, which is better than the national average [3] - The report emphasizes that the market share is increasingly concentrating on leading brands, with Moutai and Wuliangye showing stable performance despite pricing pressures [3][4] Tea Beverage Sector - Mixue Group's acquisition of Fulu Family for 297 million RMB marks its entry into the fresh beer market, enhancing its product portfolio and operational efficiency [3][4] Frozen Food Sector - Anjoy Foods is reallocating 361 million RMB for a new baking project, indicating a strategic shift towards a more diversified food platform. The new project is expected to generate annual revenue of 613 million RMB [3][4]

Core Insights - The article discusses the resurgence of "receipt literature" in the tea and coffee industry, highlighting how brands like Mixue Ice City have creatively engaged consumers through serialized storytelling on receipts, leading to increased customer interaction and brand loyalty [4][5][19]. Group 1: Marketing Strategies - Mixue Ice City launched a serialized novel titled "The Snow King Sells Coffee in Ancient Times," printed in 20 chapters on receipts, which has captivated consumers and sparked a trend of exchanging chapters among customers [9][11]. - Other brands such as Jasmine Milk White and CoCo都可 have also adopted similar strategies, enhancing consumer engagement through creative content on receipts [18][19]. - The trend of "receipt marketing" has gained traction again this year due to its cost-effectiveness and ability to transform a standard receipt into a marketing tool without additional material costs [21][23]. Group 2: Consumer Engagement - The interactive nature of these marketing strategies has led to consumers actively participating in the storytelling process, with some visiting stores multiple times to collect all chapters [12][24]. - Brands are encouraging user-generated content by leaving open-ended storylines on receipts, prompting consumers to contribute their own endings, which enhances brand engagement and social media sharing [25][27]. - The emotional resonance of the content, such as motivational quotes and poetry, has also struck a chord with younger consumers, making the receipts a medium for connection and reflection [32][35]. Group 3: Broader Implications - The success of "receipt literature" illustrates that effective marketing does not always require significant investment; rather, it can stem from innovative ideas that leverage everyday consumer experiences [37][42]. - Other brands are exploring low-cost interactive methods, such as creative designs on cups and engaging games during wait times, to enhance customer experience and brand perception [40][41].

Summary of Gu Ming's Conference Call Company Overview - **Company**: Gu Ming - **Industry**: Beverage (Tea and Coffee) Key Points and Arguments Sales Performance and Growth - Gu Ming expects same-store sales to grow in Q4, driven by reduced delivery subsidies, new product launches, and a low base from last year due to delivery price increases [2][3] - In January to September 2025, actual revenue for franchisees increased year-on-year, but the growth rate was lower than that of GMV [2][5] - The company achieved a 20% growth rate in 2025, with Q3 also showing strong performance [24] Franchisee Profitability - Franchisees' actual revenue has been increasing, but profit margins are under pressure due to high delivery ratios and low actual revenue rates [4][21] - The delivery revenue rate is around 60%, while non-delivery remains stable at 85% [4] - Gu Ming is focusing on improving dine-in sales to enhance franchisee profitability [4][18] Expansion Plans - The company aims to reach 20,000 stores by 2027, with a target of opening approximately 3,000 new stores in 2026 [2][7][11] - Despite the competitive delivery market, franchisee willingness to open new stores has declined since May 2025 [8][9] - Gu Ming plans to expand in existing regions and invest more resources in new areas like Guangdong and Guangxi [9][10] Product Strategy - New product launches, including hot drinks and coffee, are being introduced to adapt to seasonal changes, especially in northern markets [12][17] - The company has over 10,000 coffee outlets and aims to increase user retention and purchase frequency through promotional activities [23] Market Dynamics - The competitive landscape includes ongoing delivery wars among platforms like Ele.me, Taobao, and Meituan, affecting franchisee revenue [4][15] - Gu Ming does not plan to initiate price wars but will respond to competitive pressures as necessary [28] Seasonal Adjustments - The company has introduced seasonal products to address winter demand, such as hot drinks and specific tea varieties [12][17] - Sales of fruit tea are higher in summer, while milk tea sales increase in winter [13] Digital and Supply Chain Developments - There are no significant updates on supply chain upgrades or digital systems; automation is still in the testing phase [35] Breakfast and New Product Initiatives - Gu Ming is testing breakfast products in select locations, with plans to expand offerings in 2026 [32][33] - The pricing strategy for new breakfast items is being developed, with a focus on maintaining profitability for franchisees [33] Financial Outlook - The company is monitoring franchisee profitability closely and may consider price adjustments or other measures if profitability declines significantly [20][21] Conclusion - Gu Ming is positioned for growth with a focus on expanding its store network, enhancing franchisee profitability, and adapting its product offerings to seasonal demands. The company is navigating a competitive landscape while maintaining a strategic approach to market expansion and product innovation.

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage sector [9][58]. Core Insights - The report highlights that the white liquor sector is experiencing marginal improvements in sales during the double festival period, although it remains under pressure year-on-year. Channel inventory has slightly decreased but is still at a relatively high level, leading to anticipated pressure on wholesale prices as companies focus on controlling volume to maintain prices [6][56]. - The consumer sector is rebounding, driven by capital switching and favorable data from the National Day holiday. The report notes a significant increase in cross-regional mobility, with an estimated 2.432 billion people traveling during the holiday, a historical high [7][57]. - The beverage sector is performing strongly, with a focus on new consumption opportunities amid retail channel transformations. The report suggests monitoring companies like Heytea, Cha Bai Dao, and others in the tea beverage segment [8][58]. Summary by Sections Industry News - In September, Douyin's liquor sales increased by 58% month-on-month, and JD Seven Fresh reported a 109% year-on-year increase in liquor sales during the double festival period [5][18]. - The report mentions the official release of the twelve fragrance standard sample and various company developments, including Guizhou Moutai's focus on integrating tourism and liquor sales [5][18]. Company Feedback - The report provides insights into the performance of key companies, noting that the white liquor sector is under pressure but suggests focusing on high-dividend leaders like Guizhou Moutai and Wuliangye, as well as more elastic stocks like Jiu Gui Jiu and She De Jiu Ye [6][9]. - The report also emphasizes the importance of the tea beverage sector, particularly during the National Day holiday, and suggests monitoring companies like Mi Xue and Gu Ming [7][58]. Key Company and Profit Forecasts - The report includes a table of key companies with their stock prices, earnings per share (EPS), and price-to-earnings (PE) ratios, recommending a "Buy" rating for all listed companies, including Guizhou Moutai, Wuliangye, and others [59].