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Does the takeaway subsidy create a "false prosperity" for freshly made drinks? Kudi Coffee's takeaway sales exceed 100 million. Can "subsidized bulk orders" be sustained?
① Benefiting from JD.com's 10 billion subsidy for food delivery, the daily order volume of some stores of Kudi Coffee and MIXUE Group has significantly increased. Currently, Kudi Coffee's sales on JD.com have surpassed 0.1 billion orders; ② Analysts state that although subsidies from food delivery platforms have increased brand sales, the bubble component is very strong, and the explosive growth in orders brought by subsidies is difficult to sustain; ③ The cessation of subsidies is leading to the loss of some customer groups, which is becoming evident in other brands.
Institutional viewpoints: The macro clues behind the "new consumption craze".
Currently, although overall consumption remains insufficient, there are still hotspots in new consumption. The Chinese consumer market shows more characteristics of "consumption stratification" rather than simply "consumption downgrade"; consumers are more willing to pay for "quality low prices" and "justifiable premiums." The country is also in the phase of transitioning from mass consumption to personalized and rational consumption. From the overall perspective, the structural highlights of the consumption market must be based on a macro foundation of overall consumption stabilization. In terms of structure, the consumption willingness, capacity, and consumption characteristics that focus on cost-performance and quality-price ratios in Generation Z are driving the wave of new consumption, while lower-tier cities are currently being dragged down by Real Estate.
[Brokerage Focus] HTSC remains bullish on the gradual improvement of the fundamentals in the CSI Consumer 360 index for 2025 and the revaluation of leading companies.
Jinwu Financial News | HTSC remains Bullish on the gradually improving fundamentals of the CSI Consumer 360 index in 2025 and the valuation re-evaluation of leading companies. It reiterates four structural investment themes in the consumer sector and maintains the previous report's symbols for leading consumer companies: 1) New consumption investment opportunities from the rise of domestic products: Driven by cultural confidence and supply chain upgrades, leading brands in beauty and personal care, as well as domestic fashion brands, are achieving market share breakthroughs through product innovation and omnichannel layouts; 2) High-growth emotional consumption sectors: The trends surrounding Z generation's emotional needs, such as collectible IP economy, The Pet Economy, and immersive services, are constructing consumption patterns that are socialized and scene-based.
The spillover effect of star stocks? The "new consumer four sisters" in the Hong Kong stock market ignite investment enthusiasm in the Sector, with leading companies poised for IPO.
On ****, the three major indices of the Hong Kong stock market opened low and rose high, and the stock prices of the "New Consumption F4" including POP MART, Mao Ge Ping, Mixue Group, and Laopu Gold reached a new historical high. Several individual stocks in various segments of the consumer field frequently rose in response to the stock price halo of leading star enterprises. On the IPO waiting list, there are many companies in each popular consumption segment ready to take off.
The three sisters of Hong Kong stocks in consumption have become four sisters! "The new Moutai for young people" has reached a historical high. How should this round of "new consumption" market trend be viewed?
Behind this phenomenon of explosive popularity is the strong rise of the 'emotional consumption' era.
Nai Xue's Tea (02150.HK): Brand upgrade focuses on globalization, new model exploration awaits verification.
The company recently refreshed its brand identity, changing it to "Naìsnow 奈雪," which combines Pinyin and English, aiming to enhance global brand communication and recognition. The total operating income for 2024 is 4.921 billion yuan, a year-on-year decrease of 4.7%; Net income.
