CTMIXUE@EC2611A

Milk Snow Ice City's First Indoor Snow King Theme Park Project Progressing Steadily

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

CCOE

STARCOIN GROUP

ONEFORCE HLDGS

ROYAL DELUXE

STELUX HOLDINGS

TE HEALTHCARE

ASIAPAC FIN INV

WELIFE TECH

DRINDA

TIMELESS

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MIXUE Ice City officially confirmed the construction of the "Snow King City Theme Park," with the project planned to be located at its headquarters in Zhengzhou, creating an immersive space that integrates "play + shopping + experience." Leveraging the scale effect of over 53,000 stores worldwide, MIXUE Ice City is accelerating its IP operation, evolving from a "milk tea seller" to a composite brand that "sells IP and experiences."

- The “Snow King City Theme Park” project by Mixue Ice Cream has been officially confirmed as a key support project to be located near its flagship headquarters in Zhengzhou. 
- The park will feature an array of indoor theme experience zones centered around the Snow King IP, integrating a "play + shopping + experience" system. 
- Mixue is also expanding its product line and boosting its brand presence through related recruitment efforts, while its flagship stores are set to open across various locations, enhancing its market reach.

Wallstreetcn

MIXUE GROUP

MIXUE Ice City has confirmed that it will build its first theme park! The proposed location has been announced, and the surrounding area will also welcome Pang Donglai!

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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

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

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SBUX

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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

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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

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BROS

INTC

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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

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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)

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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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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

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Tianhong Hang Seng TECH ETF(QDII)

Hang Seng Index

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Hang Seng TECH ETF I

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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

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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

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

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

CTMIXUE@EC2611A(24079.HK)

MIXUE Ice City has confirmed that it will build its first theme park! The proposed location has been announced, and the surrounding area will also welcome Pang Donglai!

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