（2）茶瀑布和海外区——集团化+全球化打造增长新引擎：作为"一体两翼"中率先发力的一翼，茶瀑布 品牌专为下沉市场设计，和主品牌形成区隔，同时也能借用其资源，实现协同。海外区则"高举高打"， 优先拓展相对发达区域市场，多国首店先后火爆开业。该行认为，渠道下沉和海外拓展都是品牌发展到 一定规模后的正确方向，且目前仍相对初期，潜力较大。 财务预测 海通国际主要观点如下： 沪上阿姨：万店新章，沪绘未来 沪上阿姨是中国领先的现制饮品公司，主品牌沪上阿姨2025年末已突破万店，是国内第三个破万店的现 制茶饮品牌。该行认为现制茶饮行业再有新品牌凭借新品类进行快速规模化的时间窗口已经消失，头部 品牌凭借规模化渠道优势快速品类突围的能力较强，未来行业将是强者恒强，头部品牌和区域性品牌并 存的格局。 以沪上阿姨品牌中国区为主体，茶瀑布品牌和海外区为助推，打造"一体两翼"业务版图 （1）沪上阿姨中国区——聚沙成塔，集腋成裘：沪上阿姨品牌虽成立时间较晚，但门店拓展却不落 后，且在北方市场表现强势，该行认为背后的原因除抓住当时北方尚为蓝海的时机外，还有①管理理念 互利共赢，共享资源取长补短：公司通过加盟模式实现早期迅速扩张，引入外部人 ...

9 Jan 2026 研究报告 Research Report 沪上阿姨 Auntea Jenny (Shanghai) Industrial (2589 HK) 首次覆盖：平凡中孕育不凡，集众志能书新章 Greatness Arises From The Ordinary, Collective Will Writes New Chapters: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$86.10 目标价 HK$105.00 HTI ESG 4.6-4.6-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$5.12bn / US$0.66bn 日交易额 (3 个月均值) US$4.45mn 发行股票数目 59.43mn 自由流通股 (%) 19% 1 年股价最高最低值 HK$158.40-HK$82.70 注：现价 HK$ ...

Core Viewpoint - The company, Mixue Group, is positioned as a leading player in the global fresh beverage market, focusing on high-quality and affordable products, with a significant store network and strong sales performance in China and globally [1][2]. Group 1: Business Model and Strategy - Mixue Group offers a range of products including fresh fruit drinks, tea, ice cream, and coffee, with an average price of approximately 6 RMB (1 USD) per item [1]. - The company has built a robust supply chain that supports its extensive store network, generating revenue primarily from the sale of materials and equipment needed for beverage production [1][2]. - The brand's positioning as "high-quality and affordable" resonates well with consumers, creating a unique emotional connection through its Snow King IP [2]. Group 2: Market Trends and Growth Potential - The affordable tea beverage segment is expected to maintain rapid growth due to its low price point and appeal to a broad consumer base, particularly in lower-tier markets [3]. - The current oversupply in the industry is likely to lead to a trend of eliminating weaker brands, favoring those with strong product and channel capabilities, such as Mixue [3]. - The company anticipates expanding its domestic store count to approximately 70,000 and establishing 10,000 to 15,000 stores in Southeast Asia, with potential growth in the Americas as well [3]. Group 3: Financial Projections - Mixue Group is projected to achieve net profits of 5.85 billion, 6.52 billion, and 7.30 billion RMB from 2025 to 2027, reflecting year-on-year growth rates of 32%, 12%, and 12% respectively [4]. - The company's price-to-earnings (PE) ratios are expected to be 24, 21, and 19 for the same period, indicating a strong competitive position in profitability [4].

Macro Strategy - The macro timing model for January 2026 has a score of 0, indicating a 76.92% probability of the A-share index rising, with an average increase of 3.18% historically [1][7][19] - The trading volume of the index exceeded 20 trillion yuan in the last week of 2025, indicating a recovery in trading sentiment [1][7] - The Chicago Mercantile Exchange raised the futures margin ratio twice at the end of December 2025, causing significant volatility in the metals sector [1][7] ETF Recommendations - The report recommends a growth-oriented ETF allocation based on the optimistic market outlook for January [1][7] - Notable inflows were observed in ETFs related to robotics, industrial non-ferrous metals, and satellite communications, suggesting increased investor interest in these sectors [1][7] Hong Kong Market - The listing of Wallen Technology and the strong performance of the Hang Seng Technology Index on January 2, 2026, particularly in the semiconductor sector, indicate potential for good absolute returns in the Hong Kong market during the spring rally [1][7][19] Nasdaq 100 ETF Insights - The Nasdaq 100 index experienced a 0.73% decline in December 2025, influenced by cautious sentiment ahead of the Federal Reserve's decision and concerns over AI company earnings [5][22] - As of December 31, 2025, the Nasdaq 100 index had a PE ratio of 35.93, indicating it is at a relatively high historical valuation [5][22] - The index is expected to maintain a volatile upward trend in January 2026, driven by macroeconomic signals and earnings reports from major tech companies [5][22][23] Industry Analysis - The report highlights the importance of the AI and semiconductor sectors, which are expected to see increased attention and funding in early 2026 due to positive sentiment and demand recovery [2][21] - The gaming sector is also benefiting from the regular issuance of game licenses, providing marginal support to content-related stocks [2][21] Company-Specific Insights - The report discusses the performance of specific companies such as the Honey Snow Group, which is positioned as a leading player in the affordable beverage market with a strong supply chain and brand recognition [13] - North Huachuang is noted for its platform-based semiconductor equipment leadership, benefiting from increased capital expenditure and domestic production rate improvements [15]

北京商报讯（记者 孔文燮）1月5日，北京商报记者获悉，现制酸奶品牌酸奶罐罐已被茉酸奶收购，创 始人及初创团队已离场。酸奶罐罐成立于2023年，是茶饮品牌桂桂茶内部孵化的项目。2023年4月29 日，其首店在上海美罗城开业窄门餐眼显示，截至2025年1月5日，酸奶罐罐在营门店数为635家，人均 消费16.26元。截至目前，酸奶罐罐和茉酸奶方面未作出回应。 ...

东吴证券发布研报称，蜜雪集团(02097)作为平价现制饮品龙头，高质价比单品及IP化品牌营销不断巩 固销售势能，单店盈利持续具备强竞争力，份额提升路径清晰。预计公司2025~2027年归母净利为 58.5、65.2、73.0亿元，同比+32%、+12%、+12%，对应PE为24、21、19x，维持"买入"评级。 东吴证券主要观点如下： 高质平价，1美元生意成就国民饮品龙头 现磨咖啡需求萌动，品牌竞发卡位争流 现磨咖啡是国内现饮增速最快的细分品类，目前尚处于市场教育阶段。此外，伴随互联网用户下沉、咖 啡文化普及，咖啡下沉需求萌动。"幸运咖"以低线市场为基本盘，及时切入成为小镇青年的"第一杯"咖 啡，在品宣、选址及供应链协同优势，对标蜜雪主品牌商圈选址，该行预计幸运咖中期2万店空间可 期。 风险提示：市场竞争加剧，消费需求增长不足，海外门店扩张不及预期，品牌价值和形象受损。 平价茶饮赛道，公司以高质价比大单品实现大规模销售上量，并在自有供应链建设、门店加盟管理、产 品研发更新等方面深耕积累10余年，从而逐步构建形成蜜雪特有的利基市场竞争护城河。市场前端，蜜 雪核心单品均以具有直觉反差的实惠定价点燃市场，"高质平价 ...

蜜雪集团作为全球领先的现制饮品企业，致力于为广大消费者提供单价约6元人民币（1美元）的现制果 饮、茶饮、冰淇淋、咖啡等产品。旗下现制茶饮品牌"蜜雪冰城"、现磨咖啡品牌"幸运咖"，合计门店数 量超4.6万家（截至2024年底），产品出杯量（2023年数据）达中国第一、全球第二。围绕"高质平 价"的核心主张，基于庞大的终端门店网络，公司营收主要来自商品和设备销售，即通过自有供应链向 门店出售制作饮品所需的物料及设备。 智通财经APP获悉，东吴证券发布研报称，蜜雪集团(02097)作为平价现制饮品龙头，高质价比单品及IP 化品牌营销不断巩固销售势能，单店盈利持续具备强竞争力，份额提升路径清晰。预计公司2025~2027 年归母净利为58.5、65.2、73.0亿元，同比+32%、+12%、+12%，对应PE为24、21、19x，维持"买入"评 级。 东吴证券主要观点如下： 高质平价，1美元生意成就国民饮品龙头 现制茶饮风起云涌，平价赛道前景清晰 未来看好平价茶饮细分赛道持续保持较快增长，主要源于：1）平价茶饮客单价较低，更偏向大众消费 升级逻辑，下沉市场消费人群渗透率空间仍然较大。2）平价茶饮定价基本接近同类型包装 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is positioned as a leading player in the affordable beverage market, with a focus on high-quality products priced around 6 RMB (approximately 1 USD) [15] - The company has established a robust supply chain and a unique market position through its "high-quality and affordable" brand strategy, which has resonated well with consumers [15] - The report forecasts significant growth in revenue and net profit, with expected net profits of 58.5 billion, 65.2 billion, and 73.0 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 32%, 12%, and 12% [1] Summary by Relevant Sections 1. Company Overview - The company operates over 46,000 stores globally, making it the largest beverage chain in terms of store count, with a product output ranking first in China and second globally [15] - The company has a concentrated ownership structure, with the founders holding 81.14% of shares, which enhances management stability and strategic alignment [24] 2. Business Model - Revenue primarily comes from the sale of goods and equipment to franchisees, with 94% of revenue derived from product sales [33] - The company has a vertically integrated supply chain, allowing for cost advantages and efficient operations, which contribute to a stable gross margin above 30% [34] 3. Market Position and Growth Potential - The affordable beverage segment is expected to continue growing rapidly, driven by increasing consumer demand and market penetration in lower-tier cities [15] - The company aims to expand its store count to approximately 70,000 in China and 10,000 to 15,000 in Southeast Asia, with potential growth in the Americas as well [15] 4. Financial Projections - The report provides detailed financial forecasts, projecting total revenue to reach 39.635 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 11.33% from 2023 to 2027 [1] - The expected earnings per share (EPS) for 2025 is projected at 15.40 RMB, with a price-to-earnings (P/E) ratio of 23.81 [1]

Group 1 - The core theme of the economic work in Henan for the year is the "big market," emphasizing the strategic importance of expanding domestic demand to stabilize China's economy [3][6][9] - Henan's economic indicators show significant growth, with industrial added value increasing by 8.4%, import and export value rising by 13.5%, and retail sales of consumer goods growing by 5.8% in the first 11 months of the year [2] - The establishment of a unified national market is seen as essential for achieving high-quality development and gaining a competitive edge in international markets [2][4] Group 2 - The construction of a modern market infrastructure system is crucial for enhancing Henan's market hub functions and facilitating the integration into the national unified market [49][52] - The logistics and transportation network in Henan is being developed to break regional barriers, with significant investments in high-speed rail and container ports to enhance connectivity [27][28] - The province aims to transform its transportation and logistics hubs into industrial and economic hubs, attracting major enterprises and fostering industry clusters [31][32] Group 3 - The retail and consumption landscape in Henan is vibrant, with a population of nearly 100 million and a middle-income group exceeding 22 million, indicating substantial market capacity and consumer potential [18][19] - The rise of e-commerce and retail giants in Zhengzhou reflects the region's attractiveness for business, driven by supply chain advantages and a growing consumer base [19][22] - The local government is actively promoting policies to enhance the business environment, streamline regulations, and support the growth of the private economy, which is crucial for the province's economic health [40][46][45]

当行业报告预测2025年现制饮品市场规模将突破3000亿元，数百个品牌在茶饮与咖啡的"红海"外，试图 开辟第三条赛道时，一个以"酸奶"为基底的故事，正悄然改写竞争规则。 截至2025年，茉酸奶全国门店超1000家，足迹遍布超200座城市，并已布局海外市场。其招牌的牛油果 品类累计销量近1亿杯，成为现制饮品中罕见的"长青爆款"。 在财经网主办的2025年度新消费·新经济评选中，茉酸奶荣膺"年度行业影响力品牌"称号。其获奖理 由，不仅在于规模与销量，更在于它以一己之力，为仍处混沌期的现制酸奶赛道，锚定了"标准、品 质、透明"的价值新坐标（603040）。 团标与食安两手抓，构建行业信任基准 面对现制酸奶饮品缺乏行业标准，食安品质难把控，劣币驱逐良币的市场竞争环境，茉酸奶的破局第一 步，是从标准制定和食安管控两个维度筑牢信任防线。 2025年2月，由茉酸奶联合中国标准化研究等机构起草的《现制酸奶奶昔团体标准》正式发布。这是国 内首个针对现制酸奶奶昔的专项标准，明确规定了原料选用、工艺流程、微生物限量等核心要求，其 中"禁用酸奶粉调配基底""明确糖分添加上限"等条款，也率先为行业长期存在的乱象提供了解决方案。 作为起 ...