海通国际发表研报指，首次覆盖蜜雪集团，给予"优于大市"评级，考虑到公司在全球现制饮品行业的领 先地位，给予2026年25倍市盈率估值，对应目标价482港元。 该行指，2025年外卖平台补贴给蜜雪同店带来一定增量，但由于产品价格带较低，公司并未过多主动参 与补贴活动，在补贴力度逐渐退坡的情况下，2026年同店增长压力在行业内相对更小，且近期开始试点 的早餐产品有望为单店店销带来一定增量。此外，近期落地的社保和税费相关政策预计将推动行业发展 更规范化、可持续化，龙头品牌有望获取更高市场份额。该行预计，蜜雪集团2025至2027年收入分别为 330亿、384亿、422亿元，净利润分别为58亿、67.4亿、75亿元。 ...

Group 1 - Haitong International raised the target price for Gu Ming (01364) from HKD 24.2 to HKD 27.7, maintaining an "outperform" rating [1] - Gu Ming reported impressive revenue growth driven by store expansion and same-store sales, with a transaction value of RMB 14.1 billion, a year-on-year increase of 34%, and revenue of RMB 5.66 billion, up 41% year-on-year [1] - The sales breakdown includes RMB 4.50 billion from merchandise, RMB 1.16 billion from franchise management services, and RMB 0.01 billion from direct store sales, with respective year-on-year growth rates of 42%, 39%, and 14% [1] Group 2 - The firm expects continued growth from takeout services in the second half of the year, with ongoing promotion of coffee and breakfast products expanding consumer scenarios and attracting new customers [1] - Revenue forecasts for 2025-2027 have been raised by 15%, 18%, and 31% to RMB 12.4 billion, RMB 15.2 billion, and RMB 18.8 billion, reflecting year-on-year growth rates of 41%, 22%, and 24% [1] - Adjusted net profit forecasts have been increased by 22%, 27%, and 46% to RMB 2.30 billion, RMB 2.79 billion, and RMB 3.49 billion, with year-on-year growth rates of 49%, 21%, and 25%, and adjusted net profit margins of 18.5%, 18.4%, and 18.5% [1]

Core Viewpoint - Haitong International has raised the target price for Gu Ming (01364) from HKD 24.2 to HKD 27.7, maintaining an "outperform" rating due to strong revenue growth driven by store expansion and same-store sales growth [1] Financial Performance - In the first half of the year, Gu Ming achieved a transaction value of RMB 14.1 billion, a year-on-year increase of 34%, with revenue reaching RMB 5.66 billion, up 41% year-on-year [1] - Revenue from sales of goods and equipment, franchise management services, and direct store sales were RMB 4.50 billion, RMB 1.16 billion, and RMB 0.01 billion, respectively, reflecting year-on-year growth of 42%, 39%, and 14% [1] Future Outlook - The company is expected to see continued growth in the second half of the year, with takeout services contributing additional revenue, and the promotion of coffee and breakfast products expanding consumer scenarios [1] - Haitong International has adjusted its revenue forecasts for 2025-2027 upwards by 15%, 18%, and 31% to RMB 12.4 billion, RMB 15.2 billion, and RMB 18.8 billion, representing year-on-year growth of 41%, 22%, and 24% [1] - The adjusted net profit forecasts have been increased by 22%, 27%, and 46% to RMB 2.30 billion, RMB 2.79 billion, and RMB 3.49 billion, with year-on-year growth of 49%, 21%, and 25% [1] - The adjusted net profit margins are projected to be 18.5%, 18.4%, and 18.5% for the respective years [1]