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Deep Research

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湖南鸣鸣很忙商业连锁股份有限公司

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

MIXUE GROUP

Bestore

LYFEN

Three Squirrels

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

Luckin

Financial Analysis

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Luckin Coffee (LKNCY) $Luckin Coffee(LKNCY.US) released its Q3 2025 financial report (ending September 2025) before the U.S. stock market opened on the afternoon of November 17, 2025, Beijing time. Overall, in the third quarter, under the backdrop of the peak season and continued delivery subsidies, Luckin's revenue accelerated quarter-on-quarter, showing very impressive performance. However, the downside was that the impact of the 'delivery war' leading to soaring delivery costs was fully reflected in the third quarter, dragging down the profit performance. But this was actually within Dolphin Research's expectations. 1. The store opening speed hit a new single-quarter high...

Luckin Coffee

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Tencent Holdings Limited

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Luckin Coffee: Profit 'Squat' is Just for a Better 'Jump'

Today’s Key News Recap

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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...

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GraniteShares 2x Long NVDA Daily ETF

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YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

INTEL-T

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

Guming

Conference Minutes

The following are the minutes of the FY25H1 earnings call for Gu Ming, organized by Dolphin Research. For the earnings report interpretation, please refer to &#34;Gu Ming: Left Hand Takeaway, Right Hand Coffee, 'Costco of the Tea Industry' Smiles Again? - &#34;

Costco Wholesale

Gu Ming (Minutes): Will continue to build supply chain barriers in the future

On the evening of August 26th, Beijing time, Gu Ming (1364.HK) released its 2025 H1 performance. As this is the first semi-annual report disclosed by Gu Ming after its listing, there are not many covering sell-side analysts, resulting in a lack of market consensus expectations. Dolphin Research believes the overall performance is quite good.

ING Groep

Gu Ming: Left hand takeaway, right hand coffee, is the 'Costco of the tea beverage industry' smiling again?

COST

In the previous article &#34;Gu Ming: Slow is Fast! Is there a 'Costco' in the Tea Beverage Industry?&#34;, we focused on comparing the business model differences among Mixue Bingcheng, Chabaidao, Shanghai Auntie, and Gu Ming, and analyzed the advantages and unique strategies of Gu Ming's supply chain. In this article, we will focus on discussing from an investment perspective: 1) After reaching ten thousand stores, how much room is there for Gu Ming to open more stores domestically? 2) After the stock price tripled post-IPO, how should we view Gu Ming's current investment value?

Goodme: Strategic Flexibility and the 'Tea Industry's Costco' – Can It Sustain Long-Term Dominance?

Dolphin Research is taking you on a deep dive into the business secrets of four '10,000-store' tea beverage giants, focusing on two core themes: First, a 'hardcore' dissection of business models: What are the underlying logics of the franchise models of these four companies, and where do they differ? Is it the franchise fee, supply chain, or regional strategy? Second, predicting the 'winner' in the endgame: In the era of 10,000 stores, what are the key factors that determine victory? Whose model has the 'kingly' aspect? How does the future growth potential of Gu Ming look?

Guming Tea: How a 'Costco-Style' Supply Chain Strategy is Rewriting China’s Tea Industry Growth Playbook

MIXUE Ice Cream & Tea

SBUX

In the past couple of years, amidst an overall sluggish consumption environment, a tea beverage brand that emerged from a small town in Henan has been rapidly expanding against the trend at an average rate of nearly 10,000 new stores per year. As of the disclosure of its prospectus, this tea beverage brand has surpassed 45,000 stores, officially overtaking Starbucks to become the chain beverage brand with the most stores globally. It also created the highest financing subscription amount in the history of the Hong Kong stock market before its IPO. After going public, it surged by 50% in just one week, receiving high recognition from the market. This brand is Mixue (hereinafter referred to as Mixue).When mentioning Mixue, people's first impression may only be &#34;cheap, many stores, and the brainwashing hit song 'You love me, I love you, Mixue Bingcheng Tianmi Mi'.&#34; However, after the prospectus was disclosed, the business empire behind Mixue was revealed.What unique charm does Mixue have compared to other tea beverage brands that have gone public in the past two years, such as Gu Ming, Cha Bai Dao, and the soon-to-be-listed Hu Shang A Yi?How can Mixue achieve a net profit margin of over 15%, comparable to Coca-Cola's, with a gross profit margin of only 30%, which is far lower than Coca-Cola's 60%?Dolphin Research is very interested in such an extremely efficient social service company. This article will explore the business secrets of Mixue

Starbucks

Coca Cola

"Current beverage industry Pinduoduo" Mixue Ice Cream & Tea: Where does the "Snow King" confidence come from?

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0210 Dolphin focuses on: 🐬 Macro/Industry 1. Doubao released the video generation experimental model &#34;VideoWorld&#34;, which is the first in the industry to achieve world cognition solely through &#34;visual information&#34; without relying on language models. The code and model have now been open-sourced. Today, A-shares related to visual cognition have shown strong performance. 🐬 Individual stocks 1. $BYD(002594.SZ) $BYD COMPANY(01211.HK) BYD will hold a smart strategy launch conference today (February 10th, Monday) at 19:30 at its headquarters in Shenzhen...

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The new Doubao model shines on stage; BYD's "king bomb" is coming tonight | Today's important news review

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

Kaiyuan Securities Reiterates Buy Rating on Gum Tea

Huaxi Securities Publishes Research Report on GoodMing's Profit Growth

JPMorgan Initiates Coverage of Guming Holdings with Buy Rating

Tea Colorful Entangled in Controversy with Gumee Over Contract Manufacturing

Huachuang Securities Predicts Stable Growth in Gumen's Future Performance

Gum Tea to Hold Board Meeting to Approve Special Dividend

Ningbo Maxing Private Fund Reduces Shares in Gumen

East Money Securities Releases Research Report on Guming's Market Performance and Future Prospects

Eastwu Securities Maintains Buy Rating on GuMing, Bullish on Its Market Prospects

Huazheng Index Publishes ESG Rating Results for Gumen

Gum Tea Group Completes Registered Capital Increase and Executive Team Adjustment

Gum Tea Holdings Reports Strong Earnings but Free Cash Flow Below Statutory Profit

Gumeng Breaks 10,000 Stores to Become China's Second Largest Tea Brand

XY Securities Sees Potential in Gum Tea and Gives Buy Rating

New tea drink giant Guming launches 新一轮 coffee price war

Huaxin Securities Issues Report Highlighting Guming's Significant Revenue Growth

Nomura Report: Guang Ming Maintains Growth, Target Price Reduced to HK$27

HSBC Research Upgrades Profit Forecasts and Target Price for Guming

Gumen CEO Wang Yunan Expresses Concerns Over Negative Impact of Food Delivery Subsidies on Industry