这是新消费智库第 2 6 8 2 期文章 1. 蜜雪冰城推出「柠檬奶」系列新品 . . . . . . 一周新品 1. 蜜雪冰城推出「柠檬奶」系列新品 2. 九阳豆浆上新无花果亚麻籽自律豆浆粉 3. 伊刻活泉上新石斛西洋参养生水 4. 梦龙冰淇淋公司推出新品夜光冰棒 5. 喜茶上新网纹瓜瓜冰浆 6. Babycare 官宣郭碧婷成为全新品牌代言人 7 . 幸运咖马来西亚门店开业 8 . 中国石化易捷咖啡开设首家旗舰店 9. 施贝康获得近亿人民币 B 轮融资 10. Pure 健身获 5000 万美元融资 11. 睡眠健康平台 Sleep.ai 获得 550 万美元融资 12. 安踏官宣投资 MUSINSA 中国 13. 天猫香氛空间全国首店落地杭州 近 日，蜜雪冰城推出「柠檬奶」系列新品，包含柠檬奶咖啡、雪王柠檬奶两款饮品。柠檬奶咖啡采用鲜萃浓缩咖啡液搭配柠檬乳饮料，口感 浓郁丝滑；雪王柠檬奶添加香水柠檬和柠檬风味干酪厚乳饮料，口感清爽。 （ 零售圈 ） 2. 旺旺旗下品牌 Want Power 推出新品 旺旺旗下品牌 Want Power 推出新品「莓呵护」。 该新品富含五种核心成分：蔓越莓果粉、韩国 ES ...

Core Insights - The ready-to-drink tea market is showing signs of recovery, with a total of 122,027 stores as of July 2025, an increase of 5,049 stores from June, despite a month-on-month decrease in new store openings [1][3]. Store Opening Performance - In July, 2,597 new stores were opened, a decrease of 16.70% month-on-month and a decline of 22.29% year-on-year [1][2]. - The leading brand, Mixue Ice City, opened 950 new stores in July, maintaining a strong expansion despite a gradual decline in monthly openings over the past three months [3][4]. - Gu Ming opened 316 new stores in July, marking a year-on-year increase of 90.68%, attributed to market recovery and adjusted expansion strategies [3][4]. - Other notable brands include Hu Shang A Yi with 265 new stores, Tian La La with 194, and Wei Li Nai Bai with 113 [3][4]. Competitive Landscape - The industry is characterized by contrasting strategies of expansion and contraction among brands. Gu Ming and Hu Shang A Yi are expanding rapidly, while brands like Cha Bai Dao are experiencing a decline in store numbers [6][4]. - The total number of stores for Cha Bai Dao has decreased from 8,449 to 7,750 over the past year, indicating a net reduction of 699 stores [6]. Product Innovation - In July, the total number of new product launches decreased significantly to 86 SKUs from 124 in June, reflecting a shift in focus among brands [6][8]. - Gu Ming and Mei Suan Nai launched the highest number of new products, with 9 SKUs each, while other brands like Cha Bai Dao and Nai Xue's Tea followed closely with 8 SKUs [6][8]. Seasonal Trends and Collaborations - The product focus for July included refreshing and healthy beverages, with many brands introducing seasonal fruit flavors such as green grapes, apples, and peaches [9][10]. - A total of 12 brands engaged in 18 collaborative marketing activities in July, maintaining the same level of engagement as in June, indicating a trend towards diverse and frequent collaborations [10][11]. - Collaborations have expanded beyond traditional media to include cultural and public institutions, enhancing brand visibility and engagement with different consumer segments [10].

6 三、欣旺达：第三代全固态电池已完成 400Wh/kg 产品方案和工艺验证。欣旺达在 电话会议上表示，公司第一代半固态电池已经完成开发，能量密度>300Wh/kg；第 二代半固态电池电芯样品已开始进行中试试验；第三代全固态电池已完成 400Wh/kg 产品方案和工艺验证。欣旺达在半固态电池、固态电池领域路线图清晰、 节奏加快。欣旺达第三代全固态电池技术取得突破性进展的消息是当前新能源和 动力电池行业持续高景气度的强有力信号。 风险提示： 对上述事件发展趋势的点评，存在由于经济增长、行业竞争、销售不及预期等变 化，而不如预期的可能。 证券研究报告 点评报告 2025 年 8 月 29 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、先进制造组： 一、8 月 28 日，知名企业追觅科技正式官宣造车，首款超豪华纯电产品对标布加 迪威龙，计划在 2027 年亮相。这表明，公司将正式从扫地机等智能硬件领域，杀 向汽车领域。公司向记者透露，将持续长期投入汽车领域，目前该项目已组建了 近千人的造车团队，且在持续扩张。追觅科技官宣造车，体现了新能源汽车领域 较高的景气度，也反映出中国新能源汽 ...

8月28日，话题#蜜雪冰城回应网友玩梗蜜鼠冰城#登上热搜第一。有网友将蜜雪冰城的"雪"替换 为"鼠"，用仓鼠、花枝鼠等萌宠形象与奶茶杯合成趣味图片，创作出"蜜鼠冰城"谐音梗。 对此，蜜雪冰城客服表示："（这个情况）会高度重视的，因为这个情况我们是需要登记进行反馈，反 馈给公司相关部门，相关负责人去核实跟进这个情况的。" 有网友表示，"刚看到的时候以为是喝到老鼠了，这种感觉并不好 "，"仓鼠再可爱也是老鼠，与饮品配 合在一起，只会让人联想到：可能是饮品的甜味和不干净引来老鼠"。 同时，也有网友表示，"只要不是恶意攻击，就没啥问题"，"图片中的老鼠很可爱"。 责任编辑：李昂 ...

连日来，吉田彩乃和近30位日本大学生受邀赴河南参加"2025年百名日本大学生看中国"活动。该活动由 中国驻日本大使馆指导，日本东方新报、河南省人民对外友好协会、郑州市人民对外友好协会、洛阳市 人民对外友好协会共同主办。 中新网郑州8月27日电(阚力 王中举)"这是一家对年轻人特别友好的企业。"26日在知名茶饮企业蜜雪冰 城股份有限公司(以下简称蜜雪冰城)位于河南郑州的总部参观时，日本中央大学学生吉田彩乃指着文化 墙上的"雪王"形象IP说，对这家中国网红企业早有耳闻。 26日的行程是参观蜜雪冰城和知名车企比亚迪在郑州打造的新能源汽车科普场馆"迪空间"。蜜雪冰城因 其产品高性价比在国内外年轻人中人气颇高，比亚迪则是中国头部新能源车企并畅销海外。 图为日本 大学生在蜜雪冰城参观。 记者 阚力 摄 在蜜雪冰城总部参观后，来自日本大学的仓浪虎太郎改变了对这家东京街头小店的刻板印象。他告诉记 者，曾在东京喝过蜜雪冰城，当时在他眼里这是一家再普通不过的奶茶店了，"今天一看，它不仅仅是 一家街头小店，而是一个供应链完备、理念新潮的青年友好企业"。 参观期间，他和同伴们在蜜雪冰城不同形象的IP前合影，并计划将这些照片分享给日本 ...

Group 1 - Three companies from Henan, namely Pang Donglai, Mixue Ice City, and Pop Mart, have gained significant attention at the 2025 Osaka World Expo, becoming "star" enterprises and cultural communication links [1] - The Japan External Trade Organization's Osaka office director highlighted the popularity of these Henan companies among Japanese youth, noting that Mixue Ice City is well-received for its balance of price and quality [1][2] - Mixue Ice City has established over 46,000 stores globally, making it the largest fresh beverage company in terms of store count, and is focusing on expanding its presence in Japan [1] Group 2 - Mixue Ice City opened its first store in Japan in 2023 and currently operates seven stores, with the largest store selling over 1,500 cups daily [2] - The company is developing a supply chain tailored to the Japanese market, sourcing local ingredients like milk and fruits to ensure product freshness and quality [2] - The Expo serves as a high-internationality platform, allowing Henan's "three elephants" to gain broader recognition and interest in Henan's culture and lifestyle [2]

Group 1: New Consumption Opportunities - The emergence of new consumption opportunities is evident in everyday scenarios, such as affordable beverages and jewelry, which reflect deeper commercial insights [1] - The success of brands like Mixue Ice City and Laopuhuang highlights the importance of understanding consumer needs and market dynamics [1][4] Group 2: Mixue Ice City's Business Model - Mixue Ice City has achieved remarkable growth through a low-price strategy and effective supply chain management, allowing it to dominate the market with over 30,000 stores [4][5] - The brand's ability to reduce costs by 30% through direct sourcing and efficient logistics has positioned it as a leader in the sub-10 yuan price segment [5][6] - The company's expansion into Southeast Asia demonstrates its adaptability, although challenges in markets like Australia reveal the limitations of its pricing strategy [7] Group 3: Laopuhuang's Unique Positioning - Laopuhuang has redefined the value of gold jewelry by integrating culture and craftsmanship, appealing to a younger, high-net-worth demographic [8][9] - The brand's premium pricing strategy is justified by the unique customer experience and cultural significance of its products, leading to higher customer loyalty [10][11] - Laopuhuang's cautious expansion strategy has preserved its brand prestige, contrasting with competitors' rapid growth [11] Group 4: Competitive Landscape in the Beverage Industry - The tea beverage market is segmented by price, with Mixue Ice City dominating the under-10 yuan segment, while brands in the 10-20 yuan range compete on supply chain efficiency [12][13] - The pressure on premium brands to lower prices indicates a shift in consumer preferences and market dynamics [12] Group 5: Investment Insights - Investors should focus on understanding the underlying supply chain dynamics and consumer behavior rather than relying solely on brand reputation [15][16] - Recognizing cultural and experiential value in products can lead to better investment decisions, as seen with Laopuhuang and Mixue Ice City [15][16] - Observing subtle market signals and consumer trends can provide valuable insights into future investment opportunities [16][18]

Core Viewpoint - Mixue Ice City is expanding its second growth curve overseas, with its coffee brand Lucky Coffee preparing to open five stores in Malaysia, potentially marking its first international venture [2]. Group 1: Company Expansion - Lucky Coffee is viewed as the next Mixue Ice City, having rapidly expanded to over 7,000 stores in China, making it the fourth largest fresh coffee brand domestically [2]. - The brand aims to replicate its low-price strategy in Malaysia, where it will face competition from local coffee brands that have adopted similar pricing models [2][3]. - Mixue Ice City has successfully expanded in Southeast Asia, with significant growth in Indonesia and Vietnam, indicating a proven strategy for entering new markets [6][10]. Group 2: Market Competition - Southeast Asia is home to several local coffee brands that mimic the business model of Luckin Coffee, including Fore Coffee, Flash Coffee, and ZUS Coffee, all of which have established a strong presence in the region [2][3]. - Flash Coffee recently went bankrupt due to overexpansion and lack of operational experience, highlighting the risks associated with rapid growth in competitive markets [4]. - Lucky Coffee's entry into Malaysia will require it to compete against established brands like ZUS Coffee and GIGI Coffee, which have already captured significant market share [9]. Group 3: Pricing Strategy - Lucky Coffee's strategy involves offering coffee at a price point of 6.6 yuan, which is lower than competitors, aiming to attract price-sensitive consumers in Malaysia [5][9]. - The brand's success in China was largely due to its integration with Mixue Ice City's supply chain, allowing for lower operational costs and competitive pricing [5][7]. - The coffee market in Southeast Asia is fragmented, with diverse consumer preferences, making it essential for Lucky Coffee to adapt its offerings to local tastes while maintaining its low-price strategy [3][10]. Group 4: Financial Performance - Luckin Coffee reported a revenue of 91.4 million yuan in Singapore for the first three quarters of 2024, but its expenses reached 167.7 million yuan, indicating challenges in achieving profitability in international markets [8]. - The overall coffee market in Southeast Asia is significantly smaller than that of China, which may limit the profitability potential for brands like Luckin Coffee and Lucky Coffee [10].

Core Viewpoint - The company is experiencing a strategic contraction that has led to a decline in revenue while achieving growth in net profit, highlighting a complex balance between efficiency improvements and growth challenges [2][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of 4.808 billion yuan, a year-on-year decrease of 7.3% [1]. - The net profit attributable to the parent company was 281 million yuan, reflecting a year-on-year increase of 5.33% [1]. Group 2: Strategic Contraction - The company's proactive contraction strategy, which involves closing inefficient stores and focusing on core business districts, has become a key driver of performance differentiation [2]. - The closure of hundreds of rural stores has resulted in a significant reduction in revenue base, indicating a trade-off between operational efficiency and market penetration [2]. - The shift towards community stores has improved repurchase rates but has not mitigated the impact of fragmented retail formats, such as convenience stores and discount shops, which continue to divert daily consumer spending [2]. Group 3: Online Transformation and Product Strategy - The company's partial success in online transformation, particularly through live-streaming e-commerce, has not yet established a robust second revenue engine [3]. - The disconnect between platform thinking and traditional supply chain management has led to inventory imbalances, as logistics systems are not yet capable of supporting full-channel fulfillment [3]. - Weakness in proprietary product development has hindered deeper transformation, as the company struggles to compete against low-cost private labels and quality pre-packaged meals from other retailers [3].

公司发布的半年报数据显示，上半年公司共实现营业收入48.08亿元，同比下降7.30%，实现净利润2.81 亿元，同比增长5.33%，基本每股收益为0.2100元，加权平均净资产收益率6.13%。 机构评级来看，近一个月该股获2家机构买入评级。预计目标价最高的是华泰证券，8月8日华泰证券发 布的研报给予公司目标价6.55元。（数据宝） 证券时报•数据宝统计，截至发稿，红旗连锁收盘价为5.69元，上涨1.43%，本期筹码集中以来股价累计 下跌6.72%。具体到各交易日，7次上涨，6次下跌。 融资融券数据显示，该股最新（8月19日）两融余额为3.09亿元，其中，融资余额为3.09亿元，本期筹码 集中以来融资余额合计减少566.28万元，降幅为1.80%。 （原标题：红旗连锁最新股东户数环比下降9.14% 筹码趋向集中） 红旗连锁8月20日披露，截至8月10日公司股东户数为68053户，较上期（7月31日）减少6844户，环比降 幅为9.14%。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 ...