Restaurants

MIXUE GROUP

BUSY MING

Deep Research

603719

300783

603777

02097

01364

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?

Bestore

Three Squirrels

LYFEN

GUMING

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

Today’s Key News Recap

ASML

09618

BYTED

SCHW

09988

07299

89618

89988

BABA

KBAB

BABO

BABX

HBBD

SCHW-D

HJDD

SCHW-J

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

JD-SW

Taiwan Semiconductor

ByteDance

Charles Schwab

BABA-W

FL2CSOPGOLD

SPDR Gold Shares

JD-SWR

JD.com

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

INTC

OpenAI

DXYZ

02150

NVDA

AVGO

SFTBY

9984

SOBKY

NVDL

07788

07388

NVDY

NVDD

04335

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

Intel

SAP AG-Sponsored

Destiny Tech100

NAYUKI

NVIDIA

Broadcom

SoftBank

SoftBank Group Corp.

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

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

MIXUE Ice Cream & Tea

Conference Minutes

The following are the minutes of the Mixue Bingcheng 2025 H1 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to 'Mixue Group: Surging in Lower-Tier Markets, Lucky Coffee's Comeback, Can the High Valuation Hold?'

Coffee

Mixue Bingcheng (Minutes): Food delivery subsidies are unsustainable, adhere to 'high quality and affordable price'

Financial Analysis

$MIXUE GROUP(02097.HK) On the afternoon of August 27th, Beijing time, Mi Xue Group (2097.HK) released its 2025 H1 performance. On one hand, the &#34;Snow King&#34; accelerated its pace of opening new stores, and on the other hand, delivery subsidies also boosted the company's same-store revenue growth, resulting in a relatively high growth rate for the company's performance in the first half of the year. The specific highlights are as follows: 1. Strong revenue growth. In 25H1, Mi Xue Bing Cheng achieved total revenue of 14.87 billion yuan, a year-on-year increase of 39.3%, unlike Gu Ming, which was affected by the low base effect due to the 3.15 incident last year...

Mixue: Frenzied Expansion in Lower-tier Markets, Luckin Coffee's Comeback, The Reason Behind High Valuation

In Dolphin Research's study on the leading brand in freshly made drinks, Mixue Bingcheng, the first part explained Mixue Bingcheng's business model, and the middle part estimated the domestic market potential. This part focuses on two core propositions under the gradually maturing domestic market conditions: 1) Can the overseas market recreate Mixue? 2) With the stock price doubling within three months of listing, what risk-reward ratio is implied at the current price level?

Mixue Ice Cream & Tea: Doubling Down Domestically; Overseas Sweetness Remains Elusive

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?

01797

01810

81810

HXXD

XIACY

02015

0303 ｜Dolphin Research focuses on: 🐬 Macro/Industry 1. China's Caixin Manufacturing PMI for February is 50.8, up from 50.1, an increase of 0.7 percentage points from January, reaching a three-month high, indicating accelerated expansion in manufacturing production and business activities. 🐬 Individual stocks 1. $EAST BUY(01797.HK) Dongfang Zhenxuan rose nearly 9% today. The founder of Pang Donglai, Yu Donglai, the founder of New Oriental, Yu Minhong, and the founder of Wumart Group, Zhang Wenzhong, appeared in Xuchang Pang Donglai Angel City on the evening of the 25th to inspect the business format. Afterwards, Yu Minhong, chairman of Dongfang Zhenxuan, stated that he is &#34;open to cooperation with Pang Donglai&#34;...

EAST BUY

XIAOMI-W

XIAOMI-WR

Xiaomi HK SDR 2to1

Xiaomi Corporation

Li Auto

LI AUTO-W

City

"The Snow King" listed and soared, Li Auto i8 postponed to release in July | Today's important news review

HMTD

MPNGY

83690

03690

09888

89888

BIDU

09868

XPEV

00772

February 26 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. Today, the three major Hong Kong stock indices surged strongly, with market sentiment reigniting, especially as Chinese concept stocks rose all the way, and southbound capital showed high enthusiasm. Dolphin Research emphasized in Monday's strategy weekly report: Hong Kong stocks, with traditional real estate and financial sectors' valuations fully squeezed while having relatively high tech + medical content, are seeing particularly strong revaluation momentum compared to other markets. For details, refer back to: &#34;Animal Spirits&#34; Are Coming Back, Can Chinese Concept Stocks Still Be Revalued?. 🐬 Stocks 1. $MEITUAN(03690.HK) Market rumors suggest Meituan is in negotiations...

Meituan HK SDR 5to1

Meituan

MEITUAN-WR

MEITUAN

BIDU-SW

BIDU-SWR

Baidu

XPENG-W

XPeng

CHINA LIT

Sentiment reignited, Hong Kong stocks collectively surged | Today's important news recap

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

Deqing Pearl Receives FAO Recognition, Aims to Modernize Industry

Mixon Ice Castle Establishes Cooperative Base in Tongnan to Ensure Lemon Supply

JPMorgan Initiates Coverage on Mixue Group's H Shares with Buy Rating

Meyer Ice Castle Launches Brazilian Acai Ice Cream at CIIE

Mixon Ice Castle Acquires Fulujia to Enter the Alcoholic Beverage Sector

Anjun Express Partners with Misse Ice City Brazil for Full Cold Chain Transport and Warehousing