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3月10日，港股通調(diào)整生效，奈雪的茶、百果園等企業(yè)被調(diào)出名單，小菜園、毛戈平等企業(yè)被調(diào)入。此次調(diào)整主要依據(jù)企業(yè)港股市值、盈利狀況及流動(dòng)性等因素。

被調(diào)出名單的企業(yè) quickly saw their stock prices drop significantly.

Among them, Nai Xie's茶 dropped over 25% within the first hour after the market open. By close, its stock price was at 1.3港元/股, resulting in a single-day drop of 20.73% and a total market value of 22.2 billion港元. 百果園 Group also saw a significant drop, closing at 1.1港元/股, with a one-day loss of 22.54%, marking the largest single-day drop in its history. Its total market value was 16.93 billion港元.

Other companies like 海倫司 and KEEP also experienced unfavorable stock movements. Both saw their closing prices drop by 19.63% and 16.06%, respectively, both reaching the largest single-day drop in 2025.

Before the adjustment, KEEP, Nai Xie's茶, and 百果園 had already disclosed 2024 full-year earnings forecasts. Both KEEP and Nai Xie's茶 had reported significant losses for the first time in 2023 despite making a profit in the previous year.

According to the latest report, Nai Xie's茶's 2024 full-year revenue was expected to be between 48 billion and 51 billion港元, a year-on-year decline of 1% to 7%. Adjusted net losses were projected to be between 8.8 billion and 9.7 billion港元, while the company reported an adjusted net profit of 20.9 million港元 in 2023 for the first time since listing.

Nai Xie's tea attributed the drop to weak consumer demand in the consumption market, with more consumers opting for cautious and rational consumption. The competitive landscape in the on-demand tea drink industry also intensified, leading to fluctuations in its直營(yíng)門(mén)店' revenue and operating margins. Additionally, many franchise stores were experiencing losses.

To address this, Nai Xie's tea actively closed underperforming stores in 2024, resulting in some store closure losses, impacting its profits. The company has already recognized these losses. It expects this store closure strategy to continue in the future, prompting an impairment reserve.

The operating challenges have exacerbated the stock price drop. Nai Xie's tea has announced several measures to adapt to the situation, including optimizing existing stores, exploring new store types, and expanding the network of stores in different consumption scenarios. It has also improved its store operating management systems and enhanced store profitability. The company is continuously driving product innovation and marketing activities centered around big items. Additionally, it plans to strengthen supply chain management, optimize organizational structure, and improve operational costs.

The combination of poor performance in the stock market and being excluded from the Hong Kong Commune list has caused Nai Xie's tea's stock price to completely reverse the gains made by the new tea drink concept stocks listed on the mainland, falling to a new low.

KEEP的財(cái)務(wù)狀況不容樂(lè)觀(guān)，其業(yè)績(jī)預(yù)告顯示，2024年公司預(yù)計(jì)歸屬股東凈利潤(rùn)將出現(xiàn)5.26億元至5.56億元的虧損，而2023年公司實(shí)現(xiàn)凈利潤(rùn)11.06億元，這是公司上市以來(lái)的首度也是唯一一次盈利。

類(lèi)似奈雪的茶，KEEP的業(yè)績(jī)不佳主要?dú)w因于消費(fèi)市場(chǎng)環(huán)境變化、消費(fèi)者信心趨于謹(jǐn)慎以及購(gòu)買(mǎi)力下降等因素。此外，公司為增強(qiáng)長(zhǎng)期競(jìng)爭(zhēng)力，持續(xù)加大在人工智能應(yīng)用推廣、技術(shù)研發(fā)和新業(yè)務(wù)開(kāi)發(fā)等方面的投入，這也導(dǎo)致了公司經(jīng)營(yíng)成本和費(fèi)用支出有所增加。

KEEP雖強(qiáng)調(diào)當(dāng)前的困境，但公司也透露，上述戰(zhàn)略舉措及其投入將從2025年開(kāi)始逐步顯現(xiàn)積極效果，將有助于公司實(shí)現(xiàn)長(zhǎng)遠(yuǎn)發(fā)展。通過(guò)技術(shù)賦能、降低運(yùn)營(yíng)成本以及提升運(yùn)營(yíng)效率，KEEP計(jì)劃在2025年實(shí)現(xiàn)盈虧平衡。

2025年2月初，在KEEP十周年發(fā)布會(huì)上，公司宣布將全力投入人工智能領(lǐng)域，這一舉措一度使公司股價(jià)大幅上漲，漲幅超過(guò)33%。但隨著2024年新業(yè)績(jī)的公布，此前因人工智能戰(zhàn)略帶來(lái)的股價(jià)上漲已部分被市場(chǎng)消化。

與KEEP的情況不同，百果園近年來(lái)盡管營(yíng)收增長(zhǎng)乏力，但其盈利水平總體保持在較為健康水平。然而，2024年的業(yè)績(jī)預(yù)告顯示，百果園預(yù)計(jì)2024年歸屬于公司股東的凈利潤(rùn)將較2023年大幅下降，虧損金額預(yù)計(jì)為3.5億元至4億元，為公司歷史最差業(yè)績(jī)表現(xiàn)。

百果園董事會(huì)在業(yè)績(jī)公告中表示，面對(duì)消費(fèi)需求下滑，公司自2024年下半年開(kāi)始采取優(yōu)化產(chǎn)品組合、降低毛利率等策略，以滿(mǎn)足消費(fèi)者對(duì)高性?xún)r(jià)比產(chǎn)品的需求。同時(shí)，由于品牌加盟門(mén)店面臨經(jīng)營(yíng)困境，全年門(mén)店總數(shù)凈減少965家，截至2024年底，其加盟門(mén)店規(guī)模降至5116家。此外，公司為塑造高品質(zhì)水果品牌形象而支出的費(fèi)用也進(jìn)一步增加。

為緩解困境，百果園提出的自救措施包括繼續(xù)推進(jìn)性?xún)r(jià)比產(chǎn)品策略、加大水果禮品及節(jié)假日包裝營(yíng)銷(xiāo)力度、進(jìn)一步降低加盟門(mén)店運(yùn)營(yíng)成本等。

毛戈平和衛(wèi)龍美味等企業(yè)近日成功入選港股通標(biāo)的名單，今日股價(jià)出現(xiàn)不同程度上漲。其中，毛戈平今日（10日）股價(jià)上漲7.91%，收于92.05港元/股，總市值達(dá)到451.2億港元；衛(wèi)龍美味漲幅達(dá)14.82%，收于11港元/股，總市值為258.6億港元。

毛戈平今日（10日）股價(jià)上漲7.91%，報(bào)收92.05港元/股，總市值規(guī)模451.2億港元；衛(wèi)龍美味漲幅達(dá)14.82%，報(bào)收11港元/股，總市值258.6億港元。