行 业 及 产 业 2025 年 05 月 16 日 诺诚健华 1Q25 业绩点评——核心产品持续放 行 业 研 究 / 行 业 点 评 量，上调全年销售指引 看好 ——海外消费周报（20250509-20250515） 本期投资提示： ⚫ 海外医药：诺诚健华 1Q25 业绩点评——核心产品持续放量，上调全年销售指引 1Q25 业绩：京东健康：1Q25，公司实现收入 166.45 亿元，同比增长 25.5%；期间盈利 9.34 亿元，同比增长 4.6%；non-IFRS 盈利 17.68 亿元，同比增长 47.7%。诺诚健华： 1Q25，公司实现营业收入 3.81 亿元，同比增长 129.9%；归母净利润 0.18 亿元，同比扭亏 为盈；扣非归母净利润 159 万元，同比扭亏为盈。 海外消费服务 国内医药公司更新进展：恒瑞医药即将港股上市：公司宣布计划发行约 2.25 亿股 H 股，其 中，香港公开发售占比为 5.5%，国际配售占比为 94.5%，发行价区间定为每股 41.45- 44.05 港元。公司 H 股预计于 2025 年 5 月 23 日在香港联交所挂牌并开始上市交易。石药 集团伊立替康脂质体签订对 ...

Core Viewpoint - The company is facing challenges in its financial performance for 2024, with a significant decline in revenue and net profit, primarily due to strategic business adjustments and ongoing project developments [2]. Group 1: Financial Performance - In 2024, the company's operating revenue decreased by 13.89% year-on-year, resulting in a net profit loss [2]. - The decline in revenue and profit is attributed to the active contraction of the construction steel structure business, the ongoing trial production of the Shandong Lingkai project, and increased financial costs due to higher bank financing [2]. Group 2: Market Position and Competitive Advantage - The company has a strong market competitiveness and brand recognition in the pharmaceutical and health beverage sectors, with several products included in the medical insurance catalog [3]. - The company's health business segment, Huashen Blue Light, possesses rare mineral water resources, with its Biri 59 product having a silicate content of 59.99 mg/L, significantly exceeding national standards [3]. Group 3: Research and Development Focus - The company plans to focus on the in-depth exploration and secondary development of major traditional Chinese medicine products, particularly the Sanqi Tongshu capsules and Biyuan Shu, to enhance product application range and efficacy [4]. Group 4: Response to Industry Policy Changes - The company is closely monitoring changes in medical insurance payment reforms and drug procurement policies, aiming to enhance its risk resistance through market expansion and product quality management [5]. Group 5: New Market Expansion - The company is considering international market expansion based on its core traditional Chinese medicine products, which are recognized in the German Pharmacopoeia, while also planning to develop related health products and services [6]. Group 6: Asset Restructuring and Strategic Investment - The company will prudently evaluate asset restructuring and strategic investment opportunities based on its development strategy and market conditions [7].

Core Viewpoint - Luckin Coffee appears to be restarting its expansion efforts amid a slowdown in the coffee market share battle, with a new franchise recruitment plan targeting over 800 locations across 186 cities in China [1][2]. Group 1: Expansion Strategy - The new franchise model, set to launch in early 2024, allows local franchisees to propose site selections within designated areas released by Luckin [2]. - The primary goal is to leverage local franchisees' resources to secure key locations in underserved markets such as schools, tourist attractions, and hospitals [3]. - This marks the first significant expansion signal from Luckin since the arrival of Lei Hui, chairman of Dazhong Capital, who has been a key figure in Luckin's capital operations and development [4][5]. Group 2: Store Opening Trends - In 2024, Luckin opened 2,342, 1,371, 1,382, and 997 new stores in the first to fourth quarters, indicating a decreasing trend in new store openings [6]. - The year-on-year growth rate of new stores in the fourth quarter was only 13.5%, approaching pre-price war levels [7]. - However, in Q1 2025, Luckin accelerated its store opening pace, adding 1,757 new stores, surpassing the previous three quarters' average [9]. Group 3: Financial Performance - In Q1, Luckin's revenue grew by 41.2% year-on-year to 8.865 billion yuan, with a net profit of 525 million yuan, marking a return to profitability [25]. - Same-store sales growth turned positive at 8.1%, benefiting from increased cup volume and the introduction of new product categories [22][21]. - The gross profit margin for self-operated stores rose to 17.1%, an increase of over 10 percentage points year-on-year, alleviating concerns about store operating quality [23][24]. Group 4: Competitive Landscape - Luckin faces competition not only from Starbucks and Kudi but also from emerging tea brands like Mixue Ice City and Bawang Tea Princess, which have recently completed financing rounds [29]. - The trend of cross-industry competition is evident, with Luckin venturing into the tea market to capture additional sales [31]. - The introduction of new tea products, such as the "Freshly Brewed Light Milk Tea," has seen significant sales, with a single-day record of 1.67 million cups sold [32]. Group 5: Market Dynamics - The coffee market is experiencing a resurgence of low-price competition, with Kudi offering prices as low as 3.9 yuan, which has delayed the industry's consolidation process [27]. - Luckin has adjusted its pricing strategy, reducing the scope of its 9.9 yuan offers while maintaining competitive pricing to focus on market share growth [20][26]. - The company is also exploring new product categories to enhance profitability amid rising coffee bean prices, which are expected to pressure margins in the second half of the year [26][37].

2025.05. 13 本文字数：588，阅读时长大约2分钟 作者 | 第一财经 揭书宜 蜜雪冰城正在打开巴西市场。 近日，蜜雪集团（02097.HK）副总裁、美洲大区CEO孙建涛与巴西出口投资促进局（ApexBrasil） 主席豪尔赫•维亚纳（Jorge Viana）在京签署《谅解备忘录》。根据该备忘录，蜜雪冰城计划在其供 应链中进一步扩大巴西农产品的进口份额，包括但不限于咖啡生豆、水果制品等农产品。 据蜜雪冰城相关负责人介绍，计划未来3-5年将在巴西投资采购咖啡豆等农产品在内的总价值不低于 40亿人民币的物资。预计未来将提供25,000 个工作岗位。蜜雪冰城相关负责人透露，今年将在巴西 开出首家门店。接下来还将在巴西启动供应链工厂的建设。 近些年，中巴经贸合作持续深入。长期以来，中国都是巴西第一大贸易伙伴和第一大出口目的地。作 为全球第一大咖啡生产国，咖啡品质和风味独特，在中巴贸易往来中扮演着重要角色。 不只是咖啡进口，蜜雪冰城也是国内最早一批布局海外市场的现制饮品企业之一，从2018 年海外首 家门店在越南河内开业以来，目前蜜雪冰城全球门店网络已覆盖海外 12 个国家，海外门店数超过 5000家。 近年 ...

5月12日，中美双方发布《中美日内瓦经贸会谈联合声明》，大幅降低双边关税水平。 整理 ｜迟雨 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ 宁德时代 5月12日，宁德时代在港交所公告，在港上市拟发行1.179亿股H股（视乎发售量调整权及超额配股权行使与否而定），最高发 行价为263港元/股。预期5月13日至5月16日期间定价，5月20日开始在港交所买卖。（第一财经） 36氪获悉，据港交所文件，5月12日，Mirxes Holding Company Limited（觅瑞集团控股有限公司）通过港交所上市聆讯，中金 公司、建银国际为其联席保荐人。 中美相互24%关税90天内暂停实施 据央视新闻客户端报道，当地时间5月12日，中美双方发布《中美日内瓦经贸会谈联合声明》。商务部新闻发言人在谈话中表 示，双方认识到双边经贸关系对两国和全球经济的重要性，认识到可持续的、长期的、互利的双边经贸关系的重要性，同意共 同采取以下措施：美方承诺取消4月8日和9日对中国商品加征的共计91%的关税，修改4月2日对中国商品加征的34%的对等关 税，其中24%的关税暂停加征90天，保留剩 ...

据了解，2017年，蜜雪冰城孵化推出现磨咖啡品牌"幸运咖"，截至今年4月底，"幸运咖"在全国已有 5400家门店。 背靠规模庞大且深度覆盖的门店网络，蜜雪冰城搭建了覆盖全球6大洲、38个国家的采购网络，持续开 拓"买全球""卖全球"的双向流通全球贸易版图，"幸运咖"精选四国拼配100%阿拉比卡咖啡豆，整体咖啡 采购量近些年也持续保持高增长。 不只是咖啡进口，蜜雪冰城还积极向全球推广中国品牌。长期以来，蜜雪冰城坚持品牌国际化发展，积 极参与"一带一路"共建，是国内最早一批布局海外市场的现制饮品企业之一，从2018年海外首家门店在 越南河内开业以来，目前蜜雪冰城全球门店网络已覆盖海外12个国家，海外门店数超过5000家。 （文章来源：证券日报） 5月12日，蜜雪集团副总裁、美洲大区CEO孙建涛与巴西出口投资促进局（ApexBrasil）主席豪尔赫·维 亚纳（JorgeViana）在京签署《谅解备忘录》。该备忘录作为"中国-巴西商业研讨会"会议成果之一，标 志着蜜雪冰城与巴西的经贸合作将进一步深化。 巴西出口投资促进局是巴西联邦政府机构，负责促进巴西出口和吸引外国直接投资。根据该备忘录，蜜 雪冰城计划在其供应链中， ...

国家统计局5月10日发布数据显示，4月份，居民消费价格指数（CPI）环比由上月下降0.4%转为上涨 0.1%，同比下降0.1%，降幅与上月相同。 【4月CPI环比由降转涨，核心CPI涨幅稳定】 核心CPI环比由平转涨，上涨0.2%；同比上涨0.5%，涨幅保持稳定。工业生产者出厂价格指数（PPI） 环比下降0.4%，降幅与上月相同，同比下降2.7%，降幅比上月扩大0.2个百分点。 消费相关指数方面，2025年5月12日早盘，恒生消费指数(HSCGSI)强势上涨1.06%，成分股泉峰控股上 涨6.59%，茶百道上涨4.84%，锅圈上涨4.51%，创科实业，华住集团-S等个股跟涨。 相关ETF方面，5月12日早盘，恒生消费ETF(159699)高开逾1%，流动性方面，截至5月9日，恒生消费 ETF近1月日均成交1.82亿元，居可比基金第一。据显示，杠杆资金持续布局中。恒生消费ETF连续3天 获杠杆资金净买入，最高单日获得715.09万元净买入，最新融资余额达1475.52万元。 | 1.003 +0.008 +0.80% | | | | 恒生消费ETF | | | --- | --- | --- | --- | - ...

Core Insights - The rise of "scenic stores" has become a new path for brands to stand out, transforming beverage shops from standardized chains to destinations for unique experiences [3][5][7] Group 1: Scenic Store Concept - Scenic stores attract large crowds, exemplified by the success of the Mixue flagship store, which generated over 1 million in revenue during the Qingming Festival and achieved daily revenues exceeding 200,000 [3][5] - The concept of scenic stores is not new, with Starbucks' Roastery in Shanghai serving as a long-standing example of a "phenomenal landmark" in the beverage industry [3][5] - Scenic stores leverage local culture to create a unique brand experience, evolving from mere functional providers to meaning creators [5][9] Group 2: Cultural Integration - Successful scenic stores focus on local cultural connections, as demonstrated by the luxury hotel brand Songzan, which emphasizes understanding the local environment and community [11][14] - The essence of a scenic store lies in its ability to resonate with local culture, transforming cultural details into tangible products and services that engage customers [14][20] - Brands that can effectively tap into the cultural heartbeat of a city are more likely to succeed in creating memorable experiences for consumers [16][19] Group 3: Unique Positioning - Creating a unique label for a scenic store is crucial for attracting traffic, with examples including Mixue's flagship store and Starbucks' Roastery being positioned as the largest or first of their kind [19][20] - Scenic stores often feature distinctive elements that enhance the customer experience, such as themed decorations and exclusive products tied to the brand's identity [20][22] - The goal is to transform one-time visitors into repeat customers through a combination of material satisfaction and social sharing [22]

每经记者｜刘艳美 每经编辑｜杨欢 图片来源：摄图网_501760496 "青岛发布"消息，近日，青岛市政府正式批复《青岛市综合交通体系规划（2021—2035年）》（以下简称《规划》）。5月9 日，青岛市政府新闻办召开政策例行吹风会介绍，《规划》以国际性综合交通枢纽城市建设为总目标，以国际航运中心、国际 航空枢纽、国家铁路枢纽、国际都市交通体系建设为分解目标，提出了港口、机场、铁路、公路、城市道路、城市轨道交通等 骨干交通设施的规划建设目标，助力青岛成为全球陆海交汇的重要交通枢纽，推动构建东西双向互济、陆海内外联动的开放格 局。 其中港口方面，规划建设国际枢纽海港、山东半岛世界级港口群的龙头，打造东北亚国际航运枢纽和物流中心，优化"一港六 区"功能布局，实现各港区分工协作，重点推进董家口港区建设，统筹临港产业和港口布局，建设董家口港区、前湾港区疏港道 路网络、铁路通道，强化胶州多式联运枢纽，促进海铁联运发展，全力支撑青岛建设国际航运中心。 解读：青岛是《国家综合立体交通网规划纲要》确定的国际性综合交通枢纽城市，青岛港则是全国11个国际枢纽海港之一。 作为我国北方最大的外贸原油接卸港、集装箱干线港和北方三大外贸 ...