CIMIXUE@EC2610A

BNP Paribas Rates Mingsheng Group Below Market

MilkSnow Ice Castle Launches Theme Park Recruitment and Registers SnowKing Trademarks

UBS Downgrades Meixue Group to Neutral

Guotai Haitong Securities First Coverage and Upgrade MTS Group to 'Outperform'

West China Securities Upgrades Meixue Group Rating, Optimistic About Overseas Expansion and Brand Effect Release

Mizuho Downgrades Meixue's Investment Rating to 'Hold'

Aijian Securities Gives Meixue Group a Buy Rating, Forecasting Revenue of 33.55 Billion in 2025

CICC Maintains Positive Rating on Mixue Group H Shares, Sets Target at HKD 555

MenuSifu Continues Partnership with Meixue Group

MilkSnow Ice City's Flagship Store in Hangzhou Starts Trial Operation, Global Stores Exceed 53,000

Companies Enjoy Tax Exemptions on the First Day of Hainan Free Trade Port Closure

Hong Kong Stocks' Consumer Sector Active, Misseki Ice Tea Opens Overseas

MilkSnow Ice Castle Opens First Store in Los Angeles, Hollywood, USA

MIXUE ICE CREAM TRIAL OPERATING IN HOLLYWOOD

HSBC Upgrades Meixue Group's Rating to Buy

Milk Snow Group Leads the Global Top 50 Restaurant Enterprise Value List

Guotai Junan Maintains Buy Rating for Misyehuo Group's H Shares

MIXUE GROUP Opens Full Franchise for Xian Beer Fresh

CMBI Maintains Snow King Group's 'Outperform' Rating and Raises Forecast for 2026 Earnings

MilkSnow Group Optimizes Operations and Plans to Establish a Global Business Support Center

CT IND GROUP

KEEN OCEAN

EPI (HOLDINGS)

MOBI DEV

MS CONCEPT

NANFANG COMM

CCOE

HK ENT INTL

IDT INT'L

PUTIAN COMM

159736

159843

515710

02097

515170

LKNCY

Since the launch of JD.com’s "Double Hundred Plan," it has helped nearly 400 restaurant brands exceed one million orders, doubling compared to six months ago. Brands like MIXUE Ice City and Luckin Coffee have even surpassed 200 million orders. JD.com’s food delivery service will upgrade this plan by introducing an innovative consignment model, where merchants only need to supply goods, while the platform fully manages marketing and operations, aiming to reduce costs and enhance merchants' orders and profits

AASTOCKS

Tianhong CSI Food and Beverage ETF

China Merchants Guozheng Food and Beverage ETF

JD.com

Hwabao WP CSI Food & Beverage Sub-Industry ETF

MIXUE GROUP

JD LOGISTICS

JD-SW

JD HEALTH

First Trust NASDAQ Food & Beverage

KraneShares 2x Long JD Daily ETF

Invesco Food & Beverage ETF

ChinaAMC CSI Food & Beverage Sub-Industry ETF

AdvisorShares Restaurant ETF

Luckin Coffee

JD.com’s “Double Hundred Plan” helps nearly 400 catering brands achieve order volumes exceeding one million

161725

SBUX

159928

516900

Starbucks is adapting to China's changing consumer landscape by enhancing its live streaming shopping strategy and offering discounts as it awaits regulatory approval for a majority stake sale to Boyu Capital. The deal, which would give Boyu a 60% share of Starbucks' 8,000 stores in China, comes amid fierce competition from local brands like Luckin and Mixue. As consumer preferences shift, Starbucks' market share has dropped from 34% in 2019 to 14% in 2024, prompting the company to seek local partnerships to expand its presence in smaller cities.

- Starbucks is seeking to strengthen its position in China, where it plans to sell a majority stake to Boyu Capital amid a challenging market.  
- The company faces intense competition from local brands and has seen its market share drop significantly, although it reported a 7% increase in same-store sales recently.  
- As multinationals reevaluate their strategies in China due to geopolitical tensions and market changes, private-equity firms are seizing opportunities to acquire established brands.

南华早报

China Merchants CSI Liquor Index Fund-A

Starbucks

China Universal CSI Consumer Staples ETF

Huaan CSI SWS Food and Beverage ETF

How Western brands are adapting to China’s changing consumer landscape

09992

01364

06181

06993

09985

Hong Kong's new consumer sector experienced a notable upswing as several stocks showed significant gains. According to Jin10, Pop Mart International Groupled the charge with an increase of over 4%. Other companies such as Gu Ming, Lao Pu Gold, Blue Orca, Weilong, and Mixue Groupalso followed suit with upward trends in their stock prices.

CoinLive

POP MART

GUMING

LAOPU GOLD

BLUE MOON GROUP

WL DELICIOUS

Hong Kong's New Consumer Sector Gains Momentum

36Kr learned that on February 3rd, MIXUE ICE CITY launched a batch of recruitment positions related to the "Paradise Project," which quickly sparked heated discussions among netizens. According to the AiQicha App, MIXUE ICE CITY Co., Ltd. has successfully registered trademarks in the "Snow King" series, including "Snow King Animation," "Snow King Academy," and "Snow King Ranch," with international classifications covering catering and accommodation, education and entertainment, and medical horticulture

36Kr

MIXUE Ice City has registered trademarks for Snow King Animation and other Snow King series

ASML

601339

BROS

INTC

04335

01768

NVDA

NFLX

AMZN

0128 ｜Dolphin Research Focus: 🐬 Stock Watch 1: SpaceX plans to launch an IPO in Jun, targeting a valuation of up to $1.5tn. Proceeds will fund Starship R&amp;D, space data centers, and related projects.Its core biz Starlink is projected to deliver $15bn revenue in 2025, underpinning cash flow. However, setbacks in Starship V3 testing and a delayed maiden flight could affect the listing timeline.If executed, the IPO would be the largest globally and a major milestone for commercial space industrialization. Valuation, however, remains highly controversial...

Mingming Is Busy soars on IPO debut; ASML orders surge, unveils 10bn buyback｜Daily News Recap

02600

02259

01787

00358

01347

01055

00670

00753

02513

CHALCO(02600) rose 12.72%, with a trading turnover 1.8 Billion HKD, and a year-to-date rose 23.7%. ZIJIN GOLD INTL(02259) rose 8.67%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 73.4%. MIXUE GROUP(02097) fell 10.89%, with a trading turnover 1.3 Billion HKD, and a year-to-date fell 3%. CHINA SOUTH AIR(01055) fell 6.83%, with a trading turnover 222.7 Million HKD, and a year-to-date fell 4%.

Top Gainers & Losers

CHALCO

ZIJIN GOLD INTL

SD GOLD

JIANGXI COPPER

HUA HONG SEMI

CHINA SOUTH AIR

CHINA EAST AIR

AIR CHINA

KNOWLEDGE ATLAS

Top 5 HK Stock Gainers/Losers (>100B) (1.28)

02473

09860

02669

02630

06666

02442

09636

00108

02179

XXF(02473) fell 14.46%, with a trading turnover 286.1 Million HKD, and a year-to-date rose 48.1%. ADICON HOLDINGS(09860) fell 12.03%, with a trading turnover 105.9 Million HKD, and a year-to-date rose 22.7%. CHINA OVS PPT(02669) fell 11.93%, with a trading turnover 528.1 Million HKD, and a year-to-date fell 5.3%.

ADICON HOLDINGS

CHINA OVS PPT

VIGONVITA-B

EVERG SERVICES

EASY SMART GP

JF SMARTINVEST

GR LIFE STYLE

RECBIO-B

Top 10 HK Stock Losers (1.28)

MIXUE GROUP fell 10.80%; Meituan-W rose 1.61%, with a transaction volume of HKD 2.503 billion; Haidilao fell 1.51%, with a transaction volume of HKD 204 million; Guming fell 3.41%, with a transaction volume of HKD 197 million; Yum China rose 2.11%, with a market value of HKD 140.6 billion

HK Stock Movers Tracker

Hong Kong stock movement: MIXUE GROUP fell 10.80%, UBS downgraded its rating, triggering market panic and intensifying short-term selling pressure

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03032

36Kr learned that the Hang Seng Index rose 2.21% during the midday break, and the Hang Seng Technology Index increased by 1.74%; the oil and petrochemical, consumer, and telecommunications service sectors led the gains, with CNOOC rising over 34%, China Telecom and POP MART both up over 5%; the consumer services, household goods, and home appliances sectors saw the largest declines, with MIXUE GROUP down over 10%, Saint Bella down over 3%, and Haier Smart Home down over 1%; southbound funds had a net purchase of HKD 1.136 billion

ChinaAMC Hang Seng Technology ETF(QDII)

HSTECH ETF

CSOP HSI ETF

CSOP HS TECH

GX HS TECH

Tianhong Hang Seng TECH ETF(QDII)

Hang Seng Index

ISHARESHSTECH

CAM HS TECH

Hang Seng TECH ETF I

ISHARESHSI

Dacheng Hang Seng Technology ETF(QDII)

The Hang Seng Index rose 2.21% at midday, and the Hang Seng Technology Index increased by 1.74%

CITIC Securities initiated coverage on MIXUE GROUP with a "Buy" rating and a target price of HKD 549.47. The report pointed out that MIXUE is the leader in the domestic freshly made beverage market, with projected revenues of RMB 33.7 billion, RMB 38.1 billion, and RMB 42.4 billion for the years 2025 to 2027, representing growth rates of 36%, 13%, and 11%, respectively. The net profit attributable to the parent company is expected to be RMB 5.934 billion, RMB 6.779 billion, and RMB 7.535 billion, with growth rates of 34%, 14%, and 11%. The domestic freshly made beverage market continues to grow, and MIXUE leads in the affordable tea beverage market, with significant potential for overseas market expansion

CITIC Securities and Haitong Securities initiate coverage on MIXUE with a "Buy" rating and a target price of 549.47 yuan

02555

Hong Kong stocks rose on the eve of the futures settlement, with the Hang Seng Index reaching a four-and-a-half-year high, up 630 points to 27,757 points. However, the tea beverage stock MIXUE fell against the trend by 10.6%, as UBS downgraded its rating to "Neutral" and lowered the target price from HKD 490 to HKD 468, mainly due to short-term gross margin pressure and rising costs. Other tea beverage stocks such as CHABAIDAO and GUMING also faced general pressure

CHABAIDAO

Hong Kong stocks rose more than 600 points, beverage stocks faced pressure against the trend, and MIXUE fell by 10% after being downgraded to "Neutral" by UBS

MIXUE GROUP fell 10.35%; Meituan-W fell 0.05%, with a transaction amount reaching HKD 588 million; Haidilao fell 2.64%, with a transaction amount reaching HKD 74.82 million; Guming fell 2.66%, with a transaction amount reaching HKD 74.63 million; Yum China rose 1.08%, with a market value reaching HKD 139.2 billion

Hong Kong stock movement: MIXUE GROUP fell 10.35%, UBS downgraded its rating and faced dual pressure from cost, with positive news failing to boost the stock price

Today’s Key News Recap

Dutch Bros

Intel

INTEL-T

BUSYMING

NVIDIA

Netflix

Amazon

BUSY MING

Deep Research

Is it just a 'snack transporter,' or is there more to it?

Bestore

Three Squirrels

LYFEN

Mingming is very busy: How did the 'Pinduoduo of the snack industry' achieve its success?

1015 | Dolphin Research Focus: 🐬 Macro/Industry 1. Federal Reserve Chairman Jerome Powell stated on Tuesday that the central bank may end its balance sheet reduction (QT) in the coming months to prevent liquidity tightness in the short-term funding markets. The dollar index fell in response, providing strong upward momentum for gold priced in dollars, pushing gold prices to new highs. 2. This year's Double 11 promotion started on October 9, with JD.com and Douyin taking the lead, followed by platforms like Taobao, starting 5 days earlier than last year, further extending the event period...

Pro Ultr Silver

iShares Silver Tr

Taiwan Semiconductor

ByteDance

Charles Schwab

BABA-W

FL2CSOPGOLD

SPDR Gold Shares

JD-SWR

BABA-WR

Alibaba

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

Alibaba HK SDR 5to1

SCHWAB(CHARLES)CORP 5.95% DEP SHS REP 1/40 NON CUM PERP PF D

JD HK SDR 10to1

SCHWAB(CHARLES)CORP 4.450% DEP SHS REP 1/40TH N-CUM PFD SERJ

ASML Rises Post-Earnings; Mixue Blends into Beer Market | Today's Important News Recap

1010 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. Amid overall market volatility, the tea beverage sector rose against the trend today, primarily due to the overlap of the Mid-Autumn Festival and National Day in 2025. Holiday travel and gathering scenarios have significantly boosted customer traffic in new tea beverage stores, raising market expectations for short-term revenue recovery of brands. Nayuki, Gu Ming, and Mixue all saw increases today. 🐬 Individual Stocks 1. $Intel(INTC.US) Intel disclosed details of the Panther Lake architecture for the first time, confirming the use of RibbonFET transistors and backside power delivery design, with mass production expected in the second half of 2026...

Salesforce

SAP AG-Sponsored

OpenAI

Destiny Tech100

NAYUKI

Tea Stocks Rise Against Trend; SoftBank Said to Pledge Arm for $500M OpenAI Investment | Today's Important News Recap

CIMIXUE@EC2610A(25329.HK)

JD.com’s “Double Hundred Plan” helps nearly 400 catering brands achieve order volumes exceeding one million

How Western brands are adapting to China’s changing consumer landscape

Hong Kong's New Consumer Sector Gains Momentum

MIXUE Ice City has registered trademarks for Snow King Animation and other Snow King series

Mingming Is Busy soars on IPO debut; ASML orders surge, unveils 10bn buyback｜Daily News Recap