经济观察网蜜雪集团(02097.HK)近期在海外市场拓展、新业务布局及供应链优化方面有系列新动向。 海外市场拓展计划 主题乐园筹备：2026年2月，公司集中发布主题乐园相关岗位招聘(如演艺统筹、内容编剧)，工作地点 位于郑州总部，市场推测其可能推进雪王IP的线下场景化落地，但具体投资规模和开业时间尚未公布。 福鹿家发展：截至2025年8月，旗下品牌福鹿家门店约1200家，2024年实现扭亏为盈(盈利107万元)， 2025年业绩待公布，其能否成为第二增长曲线值得关注。 供应链与运营优化 公司持续强化全球供应链布局，例如海南生产基地已于2025年上半年投产，并计划向上游延伸，提升农 产品合作种植标准化水平。未来将重点关注成本控制与加盟商效率提升。 机构观点 机构对公司的看法出现分化：瑞银于2026年1月下调评级至"中性"，提示毛利率下滑风险；而内资机构 如国泰海通、西部证券（002673）等维持乐观，看好海外扩张潜力。 以上内容基于公开资料整理，不构成投资建议。 巴西首店开业：公司计划于2026年3月在巴西圣保罗购物中心开设首店，此前已签署40亿咖啡豆采购订 单并计划建设供应链工厂。 东南亚门店目标：公司目标到 ...

企查查APP显示，近日，福鹿家（郑州）企业管理有限公司发生工商变更，新增蜜雪集团 （02097.HK）全资子公司福鹿兄弟（海南）企业管理有限公司为股东，持股51%，同时注册资本增至 约1353.3万人民币。企查查信息显示，该公司成立于2018年，法定代表人为贾荣荣，经营范围包括食品 销售；酒类经营；第二类增值电信业务；烟草制品零售等。据其官网，该公司为鲜啤福鹿家关联公司， 其拥有精酿鲜啤生产工厂。 （原标题：蜜雪冰城入股鲜啤福鹿家，后者拥有精酿鲜啤生产工厂） ...

智通财经APP获悉，国泰海通发布研报称，2月6日，阿里千问App上线30亿元红包补贴项目。千问App 活动页面显示，第一波免单活动时间为2月6日至12日，第二波将从2月13日开始。据千问提供的数据， 活动上线不到3小时，用户下单的奶茶已经超过100万单。活动上线仅9个小时，"千问春节30亿大免 单"活动订单量已超过1000万单。当前现制饮品外卖补贴持续，预计春节高景气度；同时现制饮品行业 价格战趋缓，竞争格局优化。 国泰海通主要观点如下： 据千问提供的数据，活动上线不到3小时，用户下单的奶茶已经超过100万单。活动上线仅9个小时，"千 问春节30亿大免单"活动订单量已超过1000万单。 行业价格战趋缓，茶饮竞争格局改善 库迪提价：从2026年2月1日开始，库迪咖啡仅在特价专区保留3-7款产品延续该低价，其余产品恢复 11.9-16.9元的常规售价，部分核心单品涨幅30%-60%。同时，库迪还调整了其他配套活动，例如新店首 月券从6.9元涨至8.8元，邀新奖励中的新用户礼券从8.8元提至9.9元，仅保留外卖平台补贴联动。 茶饮格局改善：根据窄门餐眼数据，截止2026年1月12日，现制茶饮最新门店数39.9万家， ...

| 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 非上市股份 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 228,735,742 | RMB | | 1 RMB | | 228,735,742 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 228,735,742 | RMB | | 1 RMB | | 228,735,742 | 本月底法定/註冊股本總額： RMB 379,618,800 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 蜜雪冰城股份有限公司 呈交日期: 2026年2月5日 I. 法定/ ...

Group 1 - The Hong Kong stock market saw a rise in new consumer stocks, with Pop Mart leading the gains at nearly 5% [1] - Other notable performers included Blukoo, Maogeping, and Guming, which all rose over 3% [1] - Companies such as Laopu Gold, Shangmei Group, Mixue Group, Miniso, Weilon Delicious, and others also experienced increases of over 2% [1] Group 2 - Pop Mart's stock rose by 4.81%, reaching a latest price of 248.600, with a total market capitalization of 333.08 billion and a year-to-date increase of 32.45% [2] - Blukoo's stock increased by 3.84%, with a latest price of 72.950 and a market cap of 18.13 billion, showing a year-to-date rise of 8.96% [2] - Maogeping's stock rose by 3.83%, priced at 89.350, with a market cap of 43.798 billion and a year-to-date increase of 9.36% [2] - Guming's stock increased by 3.58%, with a latest price of 29.500 and a market cap of 70.156 billion, reflecting a year-to-date rise of 19.05% [2] - Laopu Gold's stock rose by 2.91%, priced at 759.500, with a market cap of 134.237 billion and a year-to-date increase of 22.90% [2] - Shangmei Group's stock increased by 2.92%, with a latest price of 67.000 and a market cap of 26.673 billion, showing a year-to-date decline of 7.97% [2] - Mixue Group's stock rose by 2.80%, priced at 396.600, with a market cap of 150.557 billion, reflecting a year-to-date decline of 3.22% [2] - Miniso's stock increased by 2.43%, with a latest price of 37.100 and a market cap of 44.916 billion, showing a year-to-date increase of 1.92% [2] - Weilon Delicious's stock rose by 2.63%, priced at 12.470, with a market cap of 30.316 billion and a year-to-date increase of 10.84% [2] - Hushang Ayi's stock increased by 1.28%, with a latest price of 86.750 and a market cap of 9.126 billion, reflecting a year-to-date increase of 1.34% [2] - Chazhidao's stock rose by 1.11%, priced at 6.370, with a market cap of 9.413 billion, showing a year-to-date decline of 3.19% [2] - Wuwu Hen Mang's stock increased by 0.90%, with a latest price of 403.000 and a market cap of 86.851 billion, reflecting a year-to-date increase of 70.33% [2]

Group 1 - The Hong Kong stock market saw new consumer stocks rise against the trend, with Pop Mart leading the gains at nearly 5% [1] - Other notable gainers included Blukoo, Maogeping, and Gu Ming, which rose over 3% [1] - Additional companies such as Laopu Gold, Shangmei, Mixue Group, Miniso, Weilon Delicious, and others experienced increases of over 2% [1] Group 2 - Pop Mart's stock increased by 4.81%, reaching a latest price of 248.600, with a total market capitalization of 333.08 billion and a year-to-date increase of 32.45% [2] - Blukoo's stock rose by 3.84% to a price of 72.950, with a market cap of 18.131 billion and a year-to-date increase of 8.96% [2] - Maogeping's stock increased by 3.83%, reaching 89.350, with a market cap of 43.798 billion and a year-to-date increase of 9.36% [2] - Gu Ming's stock rose by 3.58% to 29.500, with a market cap of 70.156 billion and a year-to-date increase of 19.05% [2] - Laopu Gold's stock increased by 2.91% to 759.500, with a market cap of 134.237 billion and a year-to-date increase of 22.90% [2] - Shangmei's stock rose by 2.92% to 67.000, with a market cap of 26.673 billion and a year-to-date decrease of 7.97% [2] - Mixue Group's stock increased by 2.80% to 396.600, with a market cap of 150.557 billion and a year-to-date decrease of 3.22% [2] - Miniso's stock rose by 2.43% to 37.100, with a market cap of 44.916 billion and a year-to-date increase of 1.92% [2] - Weilon Delicious's stock increased by 2.63% to 12.470, with a market cap of 30.316 billion and a year-to-date increase of 10.84% [2] - Hushang Ayi's stock rose by 1.28% to 86.750, with a market cap of 9.126 billion and a year-to-date increase of 1.34% [2] - Chabaidao's stock increased by 1.11% to 6.370, with a market cap of 9.413 billion and a year-to-date decrease of 3.19% [2] - Wuwu Hen Mang's stock rose by 0.90% to 403.000, with a market cap of 86.851 billion and a year-to-date increase of 70.33% [2]

Market Performance - The Hong Kong stock market continued its upward trend with all three major indices closing higher: Hang Seng Index up 2.58% at 27,826.91 points, Hang Seng Tech Index up 2.53% at 5,900.16 points, and the National Enterprises Index up 2.89% at 9,512.24 points [2] - Leading sectors included optical communications, oil, gold, telecommunications, and real estate, while tea and aviation stocks faced downward pressure [3] Optical Communications - Demand for AI infrastructure has spurred the optical communications industry, with Changfei Optical Fiber Cable (06869.HK) leading the sector, closing up 15.43% at 75.20 HKD [4][5] - Corning, a major player in the fiber optics market, saw a single-day increase of over 15%, reaching a historical high, following a long-term agreement with Meta for the procurement of $6 billion worth of fiber optic cables by 2030 [4] Energy Sector - Geopolitical risks have heightened energy security expectations, with China National Offshore Oil Corporation (00883.HK) and China Petroleum & Chemical Corporation (00857.HK) both reaching historical highs, closing up 4.85% and 4.99% respectively [5][6] - The U.S. military's recent military exercises in the Middle East have raised concerns about energy supply stability, contributing to the rise in oil stocks [6] Gold Market - The weakening U.S. dollar has stimulated international gold prices, with Chifeng Jilong Gold Mining (06693.HK) rising 10.65% [7] - The dollar index experienced its largest single-day drop since April 2023, pushing gold prices above $5,200 per ounce [7] Telecommunications - The telecommunications sector is entering a new phase of "deep integration," with China Telecom (00728.HK) rising 6.27% [9] - The Ministry of Industry and Information Technology reported that the three major operators have added 108,000 data center racks, indicating a shift in focus from "broad coverage" to "deep integration" [9] Real Estate - Regulatory optimizations have boosted confidence in the real estate sector, with China Jinmao (00817.HK) rising 11.92% [11] - Feedback from multiple real estate companies indicates that the regulatory body has lifted the monthly reporting requirements for most firms, enhancing market expectations for liquidity and operational environment improvements [11] Individual Stock Movements - Wuneng Zhixing (00800.HK) rose 2.11% as it prepares to launch autonomous buses in Abu Dhabi [17][18] - Kuaishou-W (01024.HK) increased by 4.44%, with its AI product, Keling, surpassing 12 million monthly active users and achieving a 350% growth in paid users [19]

Core Viewpoint - The decline in shares of Mixue Group is primarily attributed to UBS downgrading the company's rating from "Buy" to "Neutral" and lowering the target price from HKD 490 to HKD 468 [3][7]. Company Performance - As of January 28, Mixue Group's shares fell over 10%, reaching a low of HKD 396 during trading [1]. - The company faces risks of declining gross margins due to rising raw material costs, particularly for key ingredients like lemons, a reduction in delivery subsidies, and intensified industry competition [4][9]. Market Outlook - Despite the downgrade by UBS, domestic institutions remain optimistic about Mixue Group's growth prospects. West Securities noted that the company is accelerating its overseas expansion, with store performance exceeding expectations [4][10]. - Mixue Group plans to open three new stores in the U.S. by December 2025, targeting major cities like Los Angeles and New York. The menu will include high-sweetness options and plant-based milk to cater to local tastes [4][10]. International Expansion - The company is set to open an exclusive overseas franchise channel in November 2025, targeting 16 countries and regions, with Southeast Asia identified as a key area for expansion [5][10]. - In Vietnam, the total cost for a franchise store is approximately 10 billion VND, equivalent to 265,000 RMB, leveraging local supply chains and standardized support systems [5][10]. - Mixue Group has signed a procurement order for 4 billion coffee beans with Brazil, with plans to establish a supply chain factory, aiming to open its first store in São Paulo by March 2026 [5][10]. Financial Projections - West Securities has raised its profit forecasts for Mixue Group, expecting net profits attributable to shareholders to reach 6.1 billion, 7 billion, and 8.1 billion RMB for the years 2025 to 2027, respectively [5][10]. - The current stock price corresponds to a price-to-earnings ratio of 25, 22, and 19 times for the years 2025 to 2027, with a "Buy" rating assigned [5][10].

香港高等法院下令禁止所有被告继续使用含"蜜雪冰城"等字样的注册名称，并要求各被告承担相应案件 的诉讼费用。 "雪王"蜜雪冰城在香港的知识产权维权行动取得关键胜利。 1月26日，《每日经济新闻》记者从香港高等法院方面获取的判决书显示， 香港高等法院原讼法庭已于 2025年12月19日就蜜雪冰城股份有限公司（以下简称蜜雪集团，HK02097，股价446.60港元，总市值 1695亿港元）起诉六家名称相似公司的系列案件作出判决，裁定被告六家企业构成仿冒侵权。 蜜雪集团还声称，6家被告公司使用相似名称，旨在误导或已经误导公众认为其与蜜雪集团存在关联， 构成仿冒侵权。此前，蜜雪集团方面已通过律师向各被告发出停止侵权函，要求其在一个月内变更公司 名称并签署承诺函，但均未获回应。 在判决书中，蜜雪集团还提到，这6家公司均为在香港注册成立的私人股份有限公司，且都具备"影子公 司"的典型特征，具体表现为： 中文名称与原告蜜雪集团的商号或商标高度相似及/或近乎相同；唯一董 事及唯一股东为 中国内地 人士；注册地址与其公司秘书（或前公司秘书）的地址相同。 高等法院方面表示，由于各被告在收到法院传讯令状后，未提交任何送达认收书或抗辩 ...

每经记者｜李旭馗 每经编辑｜许绍航 黄博文 "雪王"蜜雪冰城在香港的知识产权维权行动取得关键胜利。 1月26日，《每日经济新闻》记者从香港高等法院方面获取的判决书显示，香港高等法院原讼法庭已于2025年12月19日就蜜雪冰城股份有限公司（以下简 称蜜雪集团，HK02097，股价446.60港元，总市值1695亿港元）起诉六家名称相似公司的系列案件作出判决，裁定被告六家企业构成仿冒侵权。 香港高等法院下令禁止所有被告继续使用含"蜜雪冰城"等字样的注册名称，并要求各被告承担相应案件的诉讼费用。 资料图，来源：视觉中国 据悉，被告六家公司分别为蜜雪冰城饮品（香港）有限公司、天津蜜雪冰城食品有限公司、蜜雪冰城港式饮品有限公司、蜜雪冰城香港生物科技有限公 司、广州蜜雪冰城饮品有限公司、蜜雪冰城（香港）实业股份有限公司。 蜜雪集团声称，集团自1999年起便以"蜜雪冰城"为商号及核心商标，从事鲜制果汁、茶饮及冰淇淋等产品的生产销售业务。2009年3月31日，集团首次在 中国内地申请"蜜雪冰城"商标注册并于2010年10月7日获批。 记者|李旭馗 编辑|许绍航 黄博文 杜恒峰 校对|金冥羽 封面图片来源：视觉中国 此后，集团 ...