<p>在香港上市的主要中国消费股因强劲的全年业绩而大幅上涨，尽管分析师表示，这些结果并未指向消费市场的广泛复苏，而是突显了中国大陆消费中的结构性分化和新的增长驱动力。泡泡茶连锁店蜜雪集团发布了超出预期的 2025 年业绩，销售额达到 335.6 亿元人民币（48.7 亿美元），同比增长 35.2%，而净利润增长 32.7% 至 58.8 亿元人民币，周二的财报显示。蜜雪的股价上涨 5.95%，周二收于 341.80 港元。珠宝商老铺黄金也发布了强于预期的年度业绩，去年收入达到 273 亿元人民币，同比增长 221%，而净利润跃升 234.9% 至 50.3 亿元人民币，周一的财报显示。老铺黄金股价上涨 16.11%，周二收于 648.50 港元。其他在港上市的消费股也有所上涨。泡泡玛特将在周三发布年度业绩，股价上涨 7.42% 至 217.20 港元，而运动服装制造商李宁上涨 4.36% 至 22.00 港元。南京苏商银行的特约研究员傅毅夫表示：“在宏观零售销售温和复苏的背景下，强劲个股与整体市场平淡之间的差距反映了消费领域正在进行的深刻转型。” 傅表示：“消费已从功能满足深刻转向情感共鸣，这是当今消费韧性的核心驱动力。” 傅补充道，无论是黄金带来的安全感还是茶饮料带来的即时满足，能够提供持续情感价值的品牌都能在持续的不确定性中驾驭周期。到去年底，蜜雪在中国和 13 个海外市场运营门店，旗下有三个品牌：奶茶连锁蜜雪冰淇淋与茶、咖啡连锁幸运咖啡和生啤酒品牌富露佳。标普全球评级的副总监谢曼琪表示：“蜜雪作为其特许经营商的原材料和设备供应商的商业模式，自然会受益于国内销量和海外扩张。” 谢表示：“我们看到食品和饮料利润率的前景较上个月恶化，主要是由于更高的投入成本，以及在较小程度上，运输成本的上升。” 她补充道：“具体来说，对于在食品包装中使用 PET（聚对苯二甲酸乙二醇酯）的公司，原油价格的显著上涨将很快转化为更高的包装成本。” 在 2 月份，标普全球评级预测中国的食品和饮料行业销售将在今年增长 5% 至 6%。总部位于北京的老铺表示，去年收入增长主要得益于通过扩大品牌影响力和新产品发布所建立的强大市场地位，推动了线上和线下的销售。“老铺瞄准的细分市场与中国消费市场日益微细分的整体主题非常契合，” 谢表示。“虽然老铺在 2026 年可能会享有一些势头，但它的起点也远小于其成熟的同行。” 火锅连锁海底捞报告显示，去年收入为 432.3 亿元人民币，同比增长 1.1%，而净利润下降 14% 至 40.4 亿元人民币，周二的财报显示。该公司表示，与去年相比，桌面周转率的变化和对创新模型（如产品和场景）的调整影响了关键数据。多元化经营成为增长的重要来源，外卖业务收入去年达到 26.6 亿元人民币，同比增长 111.9%。中国最大的瓶装水供应商农夫山泉去年销售额为 525.5 亿元人民币，同比增长 22.51%，而净利润增长 30.89% 至 158.7 亿元人民币，低于市场预期，周二的年度财报显示。海底捞的股价上涨 5.41%，收于 15.99 港元，而农夫山泉上涨 3.36%，收于 42.44 港元。刺激国内需求仍然是中国的优先事项。3 月初召开的 “两会” 会议将 2026 年经济增长目标设定为 4.5% 至 5%，消费者价格指数增长目标约为 2%，政府工作报告提出要持续刺激国内需求。</p>

李宁

蜜雪集团

泡泡玛特

老铺黄金

<p>在香港，主要的中国消费股因强劲的财报而大幅上涨，但分析师警告不要假设消费市场会全面复苏。蜜雪集团报告销售额增长 35.2%，达到 335.6 亿元，股价上涨 5.95%。老铺黄金的收入飙升 221%，达到 273 亿元，股价上涨 16.11%。其他股票如泡泡玛特和李宁也有所上涨。分析师指出，消费者行为正在向情感共鸣转变，但食品和饮料行业面临的成本上升等挑战依然存在。政府旨在在温和的经济增长目标下促进国内需求</p>

<p>Major Chinese consumer stocks listed in Hong Kong rose sharply following strong full-year earnings, though analysts said the results did not point to a broad recovery in the consumer market but rather highlighted structural divergence and new growth drivers in mainland China consumption. Bubble tea chain Mixue Group posted better-than-expected results for 2025, with sales reaching 33.56 billion yuan (US$4.87 billion), up 35.2 per cent year on year, while net profit rose 32.7 per cent to 5.88 billion yuan, its earnings showed on Tuesday. Shares of Mixue rose 5.95 per cent and closed at HK$341.80 on Tuesday. Jeweller Laopu Gold also posted stronger-than-expected annual results, with revenues of 27.3 billion yuan last year, a 221 per cent surge year on year, while net profit jumped 234.9 per cent to 5.03 billion yuan, its Monday results showed. Laopu Gold jumped 16.11 per cent to close at HK$648.50 on Tuesday. Other Hong Kong-listed consumer stocks also advanced. Pop Mart, which will release annual results on Wednesday, rose 7.42 per cent to HK$217.20, while sportswear maker Li Ning climbed 4.36 per cent to HK$22.00. “Against a moderate recovery in macro retail sales, this gap between strong individual stocks and a lukewarm overall market reflects the profound transformation under way in the consumer sector,” said Fu Yifu, a special researcher at Su Merchants Bank in Nanjing, Jiangsu province. “Consumption has shifted profoundly from functional satisfaction to emotional resonance, which is the core driver of today’s consumer resilience.” Fu added that whether it was the sense of security from gold or the instant gratification from tea beverages, brands delivering consistent emotional value could navigate cycles amid ongoing uncertainty. Mixue operated stores in China and 13 overseas markets by the end of last year, with three brands under its umbrella: milk tea chain Mixue Ice Cream &amp; Tea, coffee chain Lucky Coffee, and draft beer brand Fulujia. “Mixue’s business model as a supplier of raw materials and equipment to its franchisees will naturally benefit from domestic volume and overseas expansion,” said Manqi Xie, an associate director at S&amp;P Global Ratings. “We see a worsening outlook for food and beverage margins compared with last month, largely due to higher input cost and, to a smaller extent, rising freight cost,” Xie said. “Specifically for companies that use PET [polyethylene terephthalate] in food packaging, the materially higher crude oil prices will soon be translated into higher packaging cost.” In February, S&amp;P Global Ratings projected that China’s food and beverage sector sales would rise by 5 to 6 per cent this year. Beijing-based Laopu said its revenue growth last year was mainly driven by a strong market position built through expanded brand influence and new product launches that lifted sales both online and offline. “Laopu targets a niche segment that fits well into the broader theme of increasing micro segmentation of consumer markets in China,” Xie said. “While Laopu could enjoy some momentum into 2026, it is also starting from a much smaller base than its established peers.” Hotpot chain Haidilao reported revenues of 43.23 billion yuan last year, up 1.1 per cent year on year, while net profit declined 14 per cent to 4.04 billion yuan, its earnings showed on Tuesday. The company said changes in table turnover rate and adjustments to innovative models such as products and scenarios had affected key figures compared with the previous year. Diversified operations became an important source of growth, with delivery business revenue reaching 2.66 billion yuan last year, surging 111.9 per cent year on year. Nongfu Spring, China’s largest bottled water supplier by market share, posted sales of 52.55 billion yuan last year, up 22.51 per cent year on year, while net profit grew 30.89 per cent to 15.87 billion yuan, lower than market expectations, its annual earnings showed on Tuesday. Shares of Haidilao jumped 5.41 per cent to close at HK$15.99, while Nongfu Spring rose 3.36 per cent to close at HK$42.44 on Tuesday. Boosting domestic demand remained a priority for China. The “two sessions” meetings held in early March set the target for economic growth at 4.5 to 5 per cent and consumer price index growth at about 2 per cent in 2026, with the government work report proposing to continuously boost domestic demand.</p>
<div class="lb-trans"><p>在香港上市的主要中国消费股因强劲的全年业绩而大幅上涨，尽管分析师表示，这些结果并未指向消费市场的广泛复苏，而是突显了中国大陆消费中的结构性分化和新的增长驱动力。泡泡茶连锁店蜜雪集团发布了超出预期的 2025 年业绩，销售额达到 335.6 亿元人民币（48.7 亿美元），同比增长 35.2%，而净利润增长 32.7% 至 58.8 亿元人民币，周二的财报显示。蜜雪的股价上涨 5.95%，周二收于 341.80 港元。珠宝商老铺黄金也发布了强于预期的年度业绩，去年收入达到 273 亿元人民币，同比增长 221%，而净利润跃升 234.9% 至 50.3 亿元人民币，周一的财报显示。老铺黄金股价上涨 16.11%，周二收于 648.50 港元。其他在港上市的消费股也有所上涨。泡泡玛特将在周三发布年度业绩，股价上涨 7.42% 至 217.20 港元，而运动服装制造商李宁上涨 4.36% 至 22.00 港元。南京苏商银行的特约研究员傅毅夫表示：“在宏观零售销售温和复苏的背景下，强劲个股与整体市场平淡之间的差距反映了消费领域正在进行的深刻转型。” 傅表示：“消费已从功能满足深刻转向情感共鸣，这是当今消费韧性的核心驱动力。” 傅补充道，无论是黄金带来的安全感还是茶饮料带来的即时满足，能够提供持续情感价值的品牌都能在持续的不确定性中驾驭周期。到去年底，蜜雪在中国和 13 个海外市场运营门店，旗下有三个品牌：奶茶连锁蜜雪冰淇淋与茶、咖啡连锁幸运咖啡和生啤酒品牌富露佳。标普全球评级的副总监谢曼琪表示：“蜜雪作为其特许经营商的原材料和设备供应商的商业模式，自然会受益于国内销量和海外扩张。” 谢表示：“我们看到食品和饮料利润率的前景较上个月恶化，主要是由于更高的投入成本，以及在较小程度上，运输成本的上升。” 她补充道：“具体来说，对于在食品包装中使用 PET（聚对苯二甲酸乙二醇酯）的公司，原油价格的显著上涨将很快转化为更高的包装成本。” 在 2 月份，标普全球评级预测中国的食品和饮料行业销售将在今年增长 5% 至 6%。总部位于北京的老铺表示，去年收入增长主要得益于通过扩大品牌影响力和新产品发布所建立的强大市场地位，推动了线上和线下的销售。“老铺瞄准的细分市场与中国消费市场日益微细分的整体主题非常契合，” 谢表示。“虽然老铺在 2026 年可能会享有一些势头，但它的起点也远小于其成熟的同行。” 火锅连锁海底捞报告显示，去年收入为 432.3 亿元人民币，同比增长 1.1%，而净利润下降 14% 至 40.4 亿元人民币，周二的财报显示。该公司表示，与去年相比，桌面周转率的变化和对创新模型（如产品和场景）的调整影响了关键数据。多元化经营成为增长的重要来源，外卖业务收入去年达到 26.6 亿元人民币，同比增长 111.9%。中国最大的瓶装水供应商农夫山泉去年销售额为 525.5 亿元人民币，同比增长 22.51%，而净利润增长 30.89% 至 158.7 亿元人民币，低于市场预期，周二的年度财报显示。海底捞的股价上涨 5.41%，收于 15.99 港元，而农夫山泉上涨 3.36%，收于 42.44 港元。刺激国内需求仍然是中国的优先事项。3 月初召开的 “两会” 会议将 2026 年经济增长目标设定为 4.5% 至 5%，消费者价格指数增长目标约为 2%，政府工作报告提出要持续刺激国内需求。</p>
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China consumer stocks jump on earnings, but analysts warn of limited recovery

- 中国香港上市的主要消费股因强劲财报大幅上涨。  
- Mixue 集团和 Laopu Gold 的业绩超出预期，销售和利润均大幅增长。  
- 整体消费市场回暖乏力，但个别品牌显示出结构性分化和新增长动力。

中国消费股因盈利上涨，但分析师警告复苏空间有限