Group 1 - The core viewpoint is that the ready-to-drink beverage market in China is growing rapidly, with a significant increase in market share expected for affordable ready-to-drink products in the future [1] - In 2023, the ready-to-drink beverage market size in China reached 517.5 billion yuan, accounting for 36.3% of the beverage market, a 15.7% increase from 2018 [1] - The market size for ready-to-drink beverages is projected to reach 1,163.4 billion yuan by 2028, with a market share of 49.2%, reflecting a growth of 12.9% from 2023 [1] Group 2 - The company ranked second in the ready-to-drink tea market, with a GMV of 19.2 billion yuan and a market share of 9.1%, operating 9,001 stores nationwide [1] - The company’s product development capabilities are a core competitive advantage, focusing on fruit tea, milk tea, and coffee, with regular new product launches [1] - The company has upgraded its product "Super A Cheese Grape" 11 times since its launch in June 2019, ensuring consistent taste by using different grape varieties seasonally [1] Group 3 - The company has established 22 warehousing bases nationwide, with approximately 76% of stores located within 150 kilometers of a warehouse, ensuring efficient logistics [2] - The average logistics cost for the company is less than 1% of the total GMV as of the end of 2023 [2] - The company is expected to achieve net profits of 1.925 billion yuan, 2.288 billion yuan, and 2.635 billion yuan for the years 2025-2027, representing year-on-year growth rates of 30.19%, 18.87%, and 15.17% respectively [2]