Core Viewpoint - Haitong International projects that Mixue Group's revenue will reach 33 billion, 38.4 billion, and 42.2 billion CNY in 2025, 2026, and 2027 respectively, with net profits of 5.8 billion, 6.74 billion, and 7.5 billion CNY for the same years, reflecting the company's leading position in the global ready-to-drink beverage industry [1] Group 1: Company Overview - Mixue Group is the largest ready-to-drink beverage chain in China and a global leader, with 53,014 stores worldwide as of the first half of 2025, including 48,281 in China and 4,733 overseas [2] - According to data from ZhiShi Consulting, Mixue Group ranks as the fourth largest ready-to-drink beverage company globally, holding a market share of 2.2% based on 2023 GMV [2] Group 2: Market Trends - The ready-to-drink beverage segment is experiencing growth driven by economic expansion and rising disposable incomes, leading to a shift in consumer preferences from traditional beverages [3] - There are significant growth opportunities for ready-to-drink tea in lower-tier markets, with predictions indicating that most new store openings will occur in third-tier cities and below, benefiting Mixue's market share [3] Group 3: Competitive Strategy - Mixue Group aims to enhance its competitive edge through a "supply chain + brand IP + store operations" model, striving for a "trinity total cost leadership" [4] - The company has established a digital end-to-end supply chain and a procurement network across six continents and 38 countries, along with five production bases [4] - Mixue's unique brand IP, "Xue Wang," attracts a large consumer base, distinguishing it within the industry [4] - The company has maintained a net increase of approximately 8,000 stores annually since 2020, with over 48,000 stores established in China by the first half of 2025 [4] Group 4: Future Growth Opportunities - Mixue Group plans to continue expanding in domestic markets while capitalizing on the rapid development of lower-tier markets, leveraging its strong supply chain and store management capabilities [5] - The company is also focusing on international markets, with steady development in Southeast Asia and plans to gradually enter new markets in Central Asia and the Americas [5] - The establishment of sub-brands, such as the recently acquired "Xian Pi Fu Lu Jia," is expected to enhance Mixue's positioning in the ready-to-drink beverage sector [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - The tea beverage industry shows strong revenue and profit growth, with companies like Mixue and Guming expanding their market share due to strong supply chain capabilities and consumer trend responsiveness [5] - The global beauty industry is facing challenges, with only two of the top ten brands achieving positive growth, indicating a need for brands to optimize their strategies [5] - Emerging consumer trends reflect a new generation's consumption concepts, highlighting the importance of understanding these narratives for investment opportunities [18] Summary by Sections Tea Beverage Industry - Mixue Group reported a revenue of 14.875 billion yuan in H1 2025, a 39.3% increase year-on-year, with a net profit of 2.718 billion yuan, up 44.1% [5] - Guming achieved a revenue of 5.663 billion yuan in H1 2025, a 41.2% increase, with an adjusted net profit of 1.086 billion yuan, up 42.4% [5] Beauty Industry - The top ten global beauty brands had a combined sales of 560 billion yuan in H1 2025, a slight increase of 0.3%, with 70% of companies experiencing a decline in sales [5] - L'Oreal led with a revenue of 187.74 billion yuan, a 6.5% increase, while brands like Estée Lauder and Shiseido faced declines of 10.9% and 7.6% respectively [5] Investment Recommendations - In the beauty sector, focus on high-quality domestic brands with strong innovation, such as Mao Ge Ping and Juzi Biotechnology [18] - In the gold and jewelry sector, consider brands appealing to younger consumers, like Laopu Gold and Chaohongji [18] - For the tea beverage sector, prioritize leading brands with strong market presence, such as Mixue Group and Guming [18]