Chinese Tea-Shop Operators Could Further Consolidate Next Year -- Market Talk

Dow Jones

2025/12/16

0844 GMT - Chinese tea-shop operators are likely to further consolidate next year, say HSBC analysts Lina Yan and Yimin Wang in a note. Delivery subsidies have started to be phased out since September as China's delivery price war eases, they say. Sector leaders Mixue Group and Guming have superior unit economics over peers, which could fuel store expansion and allow them to offset the lack of delivery subsidies through menu tweaks, say the analysts. HSBC upgrades its rating on Mixue to buy from hold, and raises its target to HK$499.70 from HK$494.30. The bank retains a buy rating on Guming and lifts its target price to HK$36.60 from HK$34.30. Mixue closed 0.5% lower to HK$408.60, while Guming fell 2.2% to HK$24.30.(megan.cheah@wsj.com)

(END) Dow Jones Newswires

December 16, 2025 03:44 ET (08:44 GMT)

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Delivery subsidies have started to be phased out since September as China's delivery price war eases, they say. Sector leaders Mixue Group and <a href=\"https://laohu8.com/S/01364\">Guming</a> have superior unit economics over peers, which could fuel store expansion and allow them to offset the lack of delivery subsidies through menu tweaks, say the analysts. HSBC upgrades its rating on Mixue to buy from hold, and raises its target to HK$499.70 from HK$494.30. The bank retains a buy rating on Guming and lifts its target price to HK$36.60 from HK$34.30. Mixue closed 0.5% lower to HK$408.60, while Guming fell 2.2% to HK$24.30.(megan.cheah@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 16, 2025 03:44 ET (08:44 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chinese Tea-Shop Operators Could Further Consolidate Next Year -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChinese Tea-Shop Operators Could Further Consolidate Next Year -- Market Talk\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2025-12-16 16:44</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0844 GMT - Chinese tea-shop operators are likely to further consolidate next year, say <a href=\"https://laohu8.com/S/HSBC\">HSBC</a> analysts Lina Yan and Yimin Wang in a note. Delivery subsidies have started to be phased out since September as China's delivery price war eases, they say. Sector leaders Mixue Group and <a href=\"https://laohu8.com/S/01364\">Guming</a> have superior unit economics over peers, which could fuel store expansion and allow them to offset the lack of delivery subsidies through menu tweaks, say the analysts. HSBC upgrades its rating on Mixue to buy from hold, and raises its target to HK$499.70 from HK$494.30. The bank retains a buy rating on Guming and lifts its target price to HK$36.60 from HK$34.30. Mixue closed 0.5% lower to HK$408.60, while Guming fell 2.2% to HK$24.30.(megan.cheah@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  December 16, 2025 03:44 ET (08:44 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2488822045.USD","symbol_name":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2591460228","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2591460228","pubTimestamp":1765874640,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0844 GMT - Chinese tea-shop operators are likely to further consolidate next year, say HSBC analysts Lina Yan and Yimin Wang in a note. Delivery subsidies have started to be phased out since September as China's delivery price war eases, they say. Sector leaders Mixue Group and Guming have superior unit economics over peers, which could fuel store expansion and allow them to offset the lack of delivery subsidies through menu tweaks, say the analysts. HSBC upgrades its rating on Mixue to buy from hold, and raises its target to HK$499.70 from HK$494.30. The bank retains a buy rating on Guming and lifts its target price to HK$36.60 from HK$34.30. 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Delivery subsidies have started to be phased out since September as China's delivery price war eases, they say. Sector leaders Mixue Group and Guming have superior unit economics over peers, which could fuel store expansion and allow them to offset the lack of delivery subsidies through menu tweaks, say the analysts. HSBC upgrades its rating on Mixue to buy from hold, and raises its target to HK$499.70 from HK$494.30. The bank retains a buy rating on Guming and lifts its target price to HK$36.60 from HK$34.30. Mixue closed 0.5% lower to HK$408.60, while Guming fell 2.2% to HK$24.30.(megan.cheah@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  December 16, 2025 03:44 ET (08:44 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}