公告指出，蜜雪集团拟从集团内部资源拨付该投资下的增资价款及股权转让下的收购款项。 该投资及股权转让并不涉及动用集团全球发售所得款项。该投资及股权转让完成后，标的公 司将成为蜜雪集团的非全资附属公司，而其财务业绩将并入蜜雪集团的财务业绩。 值得注意的是，此次交易具有关联交易属性。 据天眼查显示，鲜啤福鹿家品牌母公司福鹿家（郑州）企业管理有限公司的实控人为田海 霞，麦浪同舟、赵杰以及贾荣荣为股东。 于此公告日期，田海霞、麦浪同舟、赵杰及贾荣荣分别持有标的公司60.05%、20.41%、 15.01%及4.53%股权。其中，田海霞是张红甫的配偶，张红甫是蜜雪集团的执行董事兼首 席执行官及公司的控股股东；贾荣荣及赵杰均为蜜雪集团的独立第三方；麦浪同舟是一家于 中国注册成立的有限合伙企业，而田海霞及贾荣荣分别持有其80%及20%的权益份额。因 此，田海霞及麦浪同舟构成蜜雪集团的关联人士。根据上市规则，签订投资协议及该投资构 成本公司的关联交易。田海霞及麦浪同舟对标的公司的原投资成本分别为约0.25亿元及135 万元。 | | 系ଫି改议員元队反 | | | | | | | --- | --- | --- | --- | ...

智通财经记者 邵冰燕 现制茶饮巨头蜜雪集团要卖鲜啤了！ 10月1日晚间，蜜雪冰城股份有限公司（蜜雪集团，2097.HK）发布公告称，将通过增资和股权受让方 式，以2.968亿元获得标的公司旗下鲜啤品牌"鲜啤福鹿家"共计53%的股权。 具体来看公告，董事会宣布，9月30日蜜雪集团拟向标的公司注资2.856亿元的方式认购新增注册资本 690.17万元（占其经扩大注册资本的51%）。同日，蜜雪集团与赵杰签订股权转让协议。据此，赵杰同 意转让及蜜雪集团同意受让标的公司认缴出资额27.066万元（占其经扩大注册资本的2%），代价为 0.112亿元。 公告指出，蜜雪集团拟从集团内部资源拨付该投资下的增资价款及股权转让下的收购款项。该投资及股 权转让并不涉及动用集团全球发售所得款项。该投资及股权转让完成后，标的公司将成为蜜雪集团的非 全资附属公司，而其财务业绩将并入蜜雪集团的财务业绩。 值得注意的是，此次交易具有关联交易属性。 投资及股权转让完成前后标的公司的股权结构 公告指出，董事（不包括须回避表决的张红甫，包括独立非执行董事）认为，尽管该投资不属于蜜雪集 团日常业务，但其按照一般商业条款进行，所涉交易公平合理，符合公司 ...

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for investment [3][6]. Core Insights - The company is a leading beverage enterprise with a strong market position, operating under the brands "Mixue Ice City" and "Lucky Coffee," and has a significant expansion plan through a franchise model [4][5]. - The company has a robust supply chain system that serves as a competitive barrier, ensuring cost control and quality assurance [4][69]. - Future growth opportunities include expanding the "Mixue Ice City" brand domestically, increasing franchise locations for "Lucky Coffee," and expanding into Southeast Asian markets [5][6]. Company Overview - The company has been established for 28 years and has achieved a stable growth trajectory, with a total of 46,479 stores by the end of 2024, making it the largest beverage company in terms of cup output in China and the second largest globally [4][38]. - The business model focuses on franchising, with over 99% of stores being independently operated franchises, generating significant revenue from product sales [29][30]. Competitive Landscape - The report highlights the rapid growth of the affordable beverage market, particularly in emerging markets like China and Southeast Asia, where the company is well-positioned to capitalize on this trend [5][6]. - The company’s supply chain is described as the largest in the Chinese beverage industry, providing a competitive edge through vertical integration and digitalization [69][71]. Future Growth Points - The company anticipates significant expansion potential for "Mixue Ice City" with an estimated 11,000 to 18,000 new stores possible [5]. - For "Lucky Coffee," there is a projected expansion of approximately 9,000 to 17,000 new stores based on regional density adjustments [5]. - The Southeast Asian beverage market is expected to grow at a compound annual growth rate of 19.8% from 2023 to 2028, presenting a substantial opportunity for the company [6]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 32.694 billion, 37.823 billion, and 43.037 billion RMB, with year-on-year growth rates of 31.7%, 15.7%, and 13.8% respectively [6][8]. - Net profit forecasts for the same period are 5.861 billion, 6.781 billion, and 7.716 billion RMB, with corresponding growth rates of 32.1%, 15.7%, and 13.8% [6][8].

Group 1 - The core viewpoint of the articles highlights the strong financial performance of the company, with a revenue of 14.9 billion yuan and a net profit of 2.7 billion yuan for the first half of 2025, reflecting year-on-year growth of 39% and 44% respectively [1] - The net profit margin improved by 0.6 percentage points to 18.3%, exceeding expectations primarily due to a higher-than-expected number of new store openings [1] - The company has adjusted its net profit forecast for 2025 from 5.2 billion yuan to 5.6 billion yuan, maintaining forecasts for 2026 and 2027 at 6.2 billion yuan and 7.4 billion yuan respectively [1] Group 2 - The total number of global stores has surpassed 53,000, with a net addition of 9,796 stores in the first half of the year, including 9,668 in mainland China and 128 overseas [1] - The company is expanding steadily in overseas markets, with daily sales in Southeast Asia showing positive year-on-year growth and ongoing operational optimizations in Indonesia and Vietnam [2] - The Lucky Coffee brand complements the company's existing offerings, focusing on freshly ground coffee, while the main brand's coffee serves as a supplement to its tea menu [2] Group 3 - The company is preparing to enter the East and West coasts of the U.S., as well as Mexico and Brazil, initially adopting a direct sales model and transitioning to a franchise model in the medium term [2] - The rating for the company has been upgraded from "Overweight" to "Buy," reflecting confidence in its high cost-performance positioning and the robust supply chain it has built [2] - The company has signed over 10 stores in Kazakhstan, marking its entry into the Central Asian market [2]

Core Viewpoint - The management of the company expresses caution regarding the sustainability of high delivery subsidies, emphasizing that the core of success lies in the products and services themselves [1][5]. Group 1: Delivery Subsidies and Sales Performance - High delivery subsidies effectively boosted sales and store profits in the first half of the year, but the company anticipates a gradual normalization of subsidy levels [3][5]. - A slowdown in the growth rate of delivery sales in July compared to June indicates the diminishing effect of subsidies [3][5]. - The management maintains a long-term gross margin target of approximately 30%, expecting more cost reduction benefits as scale and efficiency improve [1][13]. Group 2: Domestic Market Expansion - The company plans to solidify its market leadership and deepen its store network, identifying significant untapped opportunities in tourist spots, industrial parks, highway service areas, and lower-tier markets [5][4]. - Despite the cautious approach towards reliance on delivery subsidies, the domestic business remains robust [4]. Group 3: Development of "Lucky Coffee" - "Lucky Coffee" is positioned as a second growth curve for the company, leveraging group capabilities and direct sourcing advantages from coffee-producing countries [7][8]. - The brand complements the existing tea beverage menu by offering freshly ground coffee, enhancing market penetration [8]. - The company is implementing supportive measures for franchisees, including fee reductions and strategic price adjustments in first-tier cities [8]. Group 4: Overseas Market Adjustments - The decline in store numbers in overseas markets, particularly Vietnam and Indonesia, is attributed to proactive operational adjustments aimed at improving store quality [9][10]. - The management reports positive signs of performance improvement in these markets following operational optimizations, with some relocated stores achieving over 50% sales growth [10]. - Expansion in other markets like Thailand and Malaysia is progressing smoothly, with new entries planned in Kazakhstan and multiple countries in the Americas [11]. Group 5: Cost Management Strategies - The company effectively controls costs despite rising raw material prices through a diversified sourcing strategy [12]. - Management indicates that costs have not significantly increased, benefiting from a mix of raw materials and direct procurement strategies [12]. - Plans are in place to enhance supply chain efficiency in overseas markets within the next 1-2 years, including local sourcing of raw materials and evaluating the establishment of factories in distant markets [13].

Core Insights - The company reported a revenue of 14.87 billion yuan for the first half of 2025, representing a year-on-year growth of 39.3% [1] - Net profit reached 2.72 billion yuan, with a year-on-year increase of 44.1% [1] Store Expansion - The total number of stores globally increased to 53,014, with 9,796 new stores added compared to the same period last year [1] - Stores located in third-tier and lower cities reached 27,804, accounting for 57.6% of the total stores in mainland China, with an increase of 5,707 stores year-on-year [1] Brand Development - The company's coffee brand, Lucky Coffee, achieved a record high in store numbers and is actively preparing for global expansion [1] - Lucky Coffee opened its first overseas store in Malaysia in August [1] Supply Chain and Production - The company's procurement network now spans six continents and 38 countries, enhancing its scale procurement advantage [1] - Five major production bases and over 70 smart production lines have been established across the country [1] - The core beverage ingredients used in the company's stores are now 100% self-produced [1]

Core Viewpoint - The article highlights the rapid expansion of the coffee brand Lucky Coffee under the Mixue Group, aiming to surpass 10,000 stores by the end of 2025, with significant growth in franchise inquiries and store openings [1][3]. Group 1: Business Expansion - Lucky Coffee's store count has exceeded 7,000, covering over 300 cities in China, making it the fourth largest fresh coffee brand in the country [1]. - In Q2 of this year, Lucky Coffee signed new franchise agreements with a year-on-year growth of 164% [1]. - The average daily revenue per store reached 5,732 yuan on July 12, with a 258% increase in takeaway orders [1]. Group 2: Franchise Strategy - The brand is selective in its franchisee recruitment, preferring those who can actively participate in store operations rather than purely investment-type franchisees [1][2]. - To facilitate expansion, Lucky Coffee has lowered its franchise investment requirement from 350,000 yuan to 250,000 yuan and adjusted the age requirement for franchisees [7]. - The company has implemented a franchise support policy that includes a total reduction of 34,000 yuan in specific cities [7]. Group 3: Supply Chain and Profitability - Lucky Coffee benefits from Mixue's supply chain, with coffee bean supply prices below 70 yuan per kilogram, compared to the industry average of over 100 yuan [8]. - The gross profit margin for products like the 5.9 yuan Americano exceeds 50% [9]. - Recent sales figures indicate that the sales of the Coconut Latte exceeded 200 million yuan, with several new products also surpassing 100 million yuan in sales [9]. Group 4: Market Context - The coffee market in China is maturing, with per capita coffee consumption increasing from 9 cups in 2016 to 16.74 cups in 2023 [13]. - The competitive landscape is evolving, with brands like Luckin Coffee and Kudi Coffee driving market growth through aggressive marketing strategies [14][15]. - The coffee market's chain store concentration is still low compared to tea, indicating significant room for growth [18]. Group 5: Brand Positioning - Lucky Coffee aims for a "high-quality, low-price" positioning, avoiding a deliberate shift towards high-end branding [20]. - The brand's strategy of expanding from lower-tier cities to higher-tier ones contrasts with competitors who typically expand from high-tier to lower-tier markets [20]. - If successful, Lucky Coffee's approach may signify a redefinition of coffee's market positioning in China [21].

Investment Rating - The report gives an "Overweight" rating for the industry, indicating a positive outlook compared to the overall market performance [48]. Core Insights - The report highlights that Innovent Biologics (诺诚健华) achieved a revenue of 381 million yuan in Q1 2025, representing a year-on-year growth of 129.9%, and turned a profit with a net profit of 18 million yuan [2][10]. - The report also notes that the healthcare sector, particularly in pharmaceuticals, is experiencing significant growth, with key players like JD Health and Innovent Biologics showing strong performance [2][10]. - The report emphasizes the ongoing commercialization of innovative drugs, which is expected to lead to profitability turning points for several companies in the sector [14]. Summary by Sections 1. Pharmaceutical Industry Updates - JD Health reported a revenue of 16.645 billion yuan in Q1 2025, a 25.5% increase year-on-year, with a net profit of 934 million yuan, up 4.6% [10]. - Innovent Biologics' core products are seeing increased sales, prompting an upward revision of the full-year sales guidance [2][10]. - The report mentions several companies making significant advancements, including Heng Rui Medicine's upcoming IPO and Stone Pharmaceutical's licensing agreement for irinotecan liposome injection in the U.S. [11]. 2. Overseas Pharmaceutical Developments - AbbVie received FDA approval for its c-Met ADC, EMRELIS, for treating advanced non-small cell lung cancer [12]. - Novo Nordisk announced a collaboration with Septerna for the development of oral small molecule drugs targeting obesity and type 2 diabetes, with potential payments reaching up to 2.2 billion USD [12]. - The report highlights the successful Phase III trial of Novo Nordisk's long-acting growth hormone, Sogroya, showing non-inferiority to daily growth hormone Norditropin [12][13]. 3. Investment Recommendations - The report suggests focusing on innovative drug companies that are expected to see continued growth and potential profitability, including companies like BeiGene, Innovent Biologics, and others [14]. - It also recommends attention to pharmaceutical companies that are progressively advancing their innovative pipelines, such as Hansoh Pharmaceutical and China National Pharmaceutical Group [14]. 4. Education Sector Updates - The education index saw a 5.9% increase, outperforming the Hang Seng National Enterprises Index by 2.9 percentage points [20]. - The report suggests focusing on Chinese education companies, particularly New Oriental and TAL Education, as they are expected to benefit from the normalization of regulatory policies [22].

Core Viewpoint - The article discusses the expansion strategy of Mixue Ice City into Brazil, highlighting its plans to import Brazilian agricultural products and establish a local presence in the market [2][3]. Group 1: Expansion Plans - Mixue Ice City signed a memorandum of understanding with ApexBrasil to enhance its supply chain by increasing the import of Brazilian agricultural products, including coffee beans and fruit products [2]. - The company plans to invest at least 4 billion RMB in materials over the next 3-5 years, which is expected to create 25,000 jobs in Brazil [2]. - The first store in Brazil is set to open this year, along with the construction of a supply chain factory to achieve localized production and sales [2]. Group 2: Market Potential - Brazil, as the largest economy in Latin America with a population of approximately 220 million, presents significant growth potential for ready-to-drink beverages due to its young consumer base and high disposable income [3]. - Mixue Ice City currently leads the industry with over 46,000 global stores, including more than 5,000 overseas locations across 12 countries since opening its first international store in Vietnam in 2018 [3].

Core Insights - The company, Mixue Ice City, has signed a memorandum of understanding with ApexBrasil to expand its supply chain by importing Brazilian agricultural products, including coffee beans and fruit products [1][2] - The company plans to invest at least 4 billion RMB in Brazil over the next 3-5 years, which is expected to create 25,000 jobs [1] - Mixue Ice City aims to open its first store in Brazil this year and will also establish a supply chain factory to achieve localized production and sales [1] Industry Context - Brazil is the largest economy in Latin America with a population of approximately 220 million, characterized by a young consumer base and high disposable income, indicating significant potential for ready-to-drink beverages [2] - Mixue Ice City currently leads the industry with over 46,000 global stores, having expanded its international presence to 12 countries since opening its first overseas store in Vietnam in 2018 [2]