蜜雪冰城急上市 下沉市场故事还能讲多久？

Core Viewpoint - Mixue Ice City has successfully listed on the Hong Kong Stock Exchange, raising a net amount of HKD 3.291 billion, and its stock price surged by 43.21% on the first day, marking a significant milestone for the new tea beverage market [1][3] Group 1: Company Overview - As of December 31, 2024, Mixue Ice City operates 46,479 stores globally, making it the largest ready-to-drink beverage company in the world [2] - The company achieved a retail sales revenue of RMB 58.3 billion in 2024, with a year-on-year growth of 21.7% [2] - Mixue Ice City has experienced rapid revenue and net profit growth, with revenues of RMB 103.51 billion, RMB 135.76 billion, RMB 203.02 billion, and RMB 186.60 billion for the years 2021 to 2024 respectively [3] Group 2: Business Model and Market Position - The company differentiates itself from other tea brands through its unique supply chain and pricing strategy, focusing on the lower-tier markets [1][3] - Mixue Ice City has maintained a strong expansion in lower-tier cities, with store numbers increasing from 11,590 in 2021 to 23,162 in 2024 [6] - The company aims to continue expanding its store network in China while optimizing its opening strategy to focus on high-potential areas [6] Group 3: International Expansion - Mixue Ice City has made significant inroads into the Southeast Asian market, with over 4,000 stores established since 2018, becoming the largest ready-to-drink tea brand in the region [7] - The global ready-to-drink beverage market is projected to grow at a compound annual growth rate of 7.2% from 2023 to 2028, presenting opportunities for Mixue Ice City [7] Group 4: Cost Efficiency and Supply Chain - The company has established five production bases in various regions, achieving 100% self-supply of core beverage ingredients [7][9] - Mixue Ice City has lower procurement costs for key raw materials compared to industry averages, with costs for milk powder and lemons being approximately 10% and 20% lower, respectively [8][9] Group 5: Challenges and Future Outlook - Despite its growth, Mixue Ice City faces challenges in maintaining its competitive edge amid increasing industry competition and changing consumer preferences [9] - The company's reliance on a few key products raises questions about the sustainability of its growth strategy in the long term [9]