高盛发布研报称，蜜雪集团(02097)管理层于中期业绩会议中透露，未来将专注于巩固中国市场领导地 位，并透过进一步开店及海外扩张，增强供应链及系统营运能力，强化消费者对"雪王"IP的认知，以推 动长期可持续增长。该行认为，集团门店网络调整有助改善整体经营表现，目前已见到正面效果，看好 公司正扩张至东盟及其他国家的空白市场，维持"买入"评级，并将2025至2027年盈利预测上调3%、1% 及1%。 ...

智通财经APP获悉，高盛发布研报称，蜜雪集团(02097)管理层于中期业绩会议中透露，未来将专注于巩 固中国市场领导地位，并透过进一步开店及海外扩张，增强供应链及系统营运能力，强化消费者对"雪 王"IP的认知，以推动长期可持续增长。该行认为，集团门店网络调整有助改善整体经营表现，目前已 见到正面效果，看好公司正扩张至东盟及其他国家的空白市场，维持"买入"评级，并将2025至2027年盈 利预测上调3%、1%及1%。 ...

Core Insights - The new consumption sector in the Hong Kong stock market is experiencing significant growth, driven by the popularity of immersive experiences and themed stores, particularly among younger consumers [1][2] - The three major players in this sector—Pop Mart, Laopu Gold, and Mixue Group—are seeing substantial increases in both performance and stock prices, attracting considerable attention from the capital market [1][2] Group 1: Company Performance - Pop Mart's revenue for 2024 is projected to grow by 106.9% to 13.04 billion, with adjusted net profit increasing by 185.9% to 3.4 billion [3] - Laopu Gold reported a revenue exceeding 8.5 billion for 2024, marking a 167.5% year-on-year increase, and net profit surged by 253.9% to 1.473 billion [3] - Mixue Group is also experiencing a surge in customer traffic, with flagship stores attracting long queues, indicating strong consumer interest [2] Group 2: Market Trends - The younger generation is becoming the main consumer force, showing a willingness to spend on experiences and products that resonate with their interests [4][5] - The new consumption sector has a low development base, providing ample growth opportunities, and fund managers are increasingly favoring investments in this area over traditional sectors [4][5] - The trend of creating unique IPs, as seen with Mixue's "Snow King," is enhancing brand recognition and emotional connection with consumers, contributing to the sector's growth [6][7] Group 3: Investment Opportunities - The strong performance of new consumption brands is expected to continue, driven by innovative business models and a focus on consumer engagement [6][7] - The optimistic outlook for Hong Kong's new consumption brands in European markets suggests a reasonable valuation increase [5][6] - The overall market environment is conducive to the growth of new consumption, with healthy liquidity and a recovering risk appetite among investors [7]