BOCI Securities Limited: Initiates a "buy" rating for Maxim's Group (02097.HK) with strong competitive advantages in the sinking market.

The Wisdom Financial APP learned that China International issued a research report, covering Mishi Xue Group (02097.HK) for the first time, giving a rating of hold. The main considerations are as follows: 1) The company is dominant in the tea beverage market and also competitive in the coffee market, overall showing significant competitiveness in the sinking market, expected to benefit from the growth dividend in the sinking market; 2) The company leads in the layout of the cross-border field nationwide, with the increase in the number of stores expected to bring new growth points; 3) The company continues to strengthen its supply chain construction, maintain the ecological environment of franchisees, with a thick competitive barrier, expected to defend its own advantages under market impact; 4) The brand IP construction is expected to resonate emotionally with consumers, building an emotional barrier, while the popularity of IP is constantly increasing, with greater monetization potential.