聲明:本文來自于（ID:ykqsd.com）授權(quán)轉(zhuǎn)載發(fā)布。

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直營門店' 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的財務(wù)狀況不容樂觀，其業(yè)績預告顯示，2024年公司預計歸屬股東凈利潤將出現(xiàn)5.26億元至5.56億元的虧損，而2023年公司實現(xiàn)凈利潤11.06億元，這是公司上市以來的首度也是唯一一次盈利。

類似奈雪的茶，KEEP的業(yè)績不佳主要歸因于消費市場環(huán)境變化、消費者信心趨于謹慎以及購買力下降等因素。此外，公司為增強長期競爭力，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)開發(fā)等方面的投入，這也導致了公司經(jīng)營成本和費用支出有所增加。

KEEP雖強調(diào)當前的困境，但公司也透露，上述戰(zhàn)略舉措及其投入將從2025年開始逐步顯現(xiàn)積極效果，將有助于公司實現(xiàn)長遠發(fā)展。通過技術(shù)賦能、降低運營成本以及提升運營效率，KEEP計劃在2025年實現(xiàn)盈虧平衡。

2025年2月初，在KEEP十周年發(fā)布會上，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大幅上漲，漲幅超過33%。但隨著2024年新業(yè)績的公布，此前因人工智能戰(zhàn)略帶來的股價上漲已部分被市場消化。

與KEEP的情況不同，百果園近年來盡管營收增長乏力，但其盈利水平總體保持在較為健康水平。然而，2024年的業(yè)績預告顯示，百果園預計2024年歸屬于公司股東的凈利潤將較2023年大幅下降，虧損金額預計為3.5億元至4億元，為公司歷史最差業(yè)績表現(xiàn)。

百果園董事會在業(yè)績公告中表示，面對消費需求下滑，公司自2024年下半年開始采取優(yōu)化產(chǎn)品組合、降低毛利率等策略，以滿足消費者對高性價比產(chǎn)品的需求。同時，由于品牌加盟門店面臨經(jīng)營困境，全年門店總數(shù)凈減少965家，截至2024年底，其加盟門店規(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用也進一步增加。

為緩解困境，百果園提出的自救措施包括繼續(xù)推進性價比產(chǎn)品策略、加大水果禮品及節(jié)假日包裝營銷力度、進一步降低加盟門店運營成本等。

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

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