Core Viewpoint - The company, Mixue Group, is experiencing significant growth and popularity in the Hong Kong stock market, with its stock price increasing by 85% year-to-date and reaching a new high of 617.5 HKD per share on June 4 [2]. Financial Performance - For the year 2024, Mixue Group reported a revenue of 24.829 billion CNY, a 22.3% increase from 20.3 billion CNY in the previous year [2]. - The gross profit for 2024 was 8.06 billion CNY, up 34.4% from 6 billion CNY year-on-year, with a gross margin of 32.5%, an increase of 3 percentage points from 29.5% [3]. - The net profit for 2024 reached 4.454 billion CNY, a 39.8% increase from 3.187 billion CNY in the previous year [3]. Business Model and Market Strategy - Mixue Group focuses on providing high-quality, affordable beverages and snacks, operating under the brands "Mixue Ice City" and "Lucky Coffee" [2]. - The company employs a heavy asset layout and cost control strategy, establishing its own factories, logistics, and digital systems to create a closed-loop supply chain from raw material procurement to production and delivery [2]. - Mixue's pricing strategy targets the lower end of the market, offering products priced between 2 to 6 CNY, effectively avoiding competition with high-end brands like Heytea [2]. Store Expansion and Market Presence - As of December 31, 2024, Mixue Group had a total of 46,479 stores, with 41,584 located in mainland China, of which 57.4% are in third-tier cities and below [3][5]. - The company surpassed Starbucks to become the largest beverage company by store count [3]. - The growth rate of overseas stores slowed significantly, with only 564 new stores added in 2024, representing a 13% increase compared to a 141% increase in 2023 [3]. Supply Chain and International Strategy - Mixue Group has established a localized supply chain system in four overseas countries and has opened stores in 11 countries [7]. - The company is considering building a multifunctional supply chain center in Southeast Asia to enhance cost management and better meet local consumer demands [7]. - Challenges remain in replicating its efficient supply chain overseas, including issues related to transportation costs and packaging damage [7].
蜜雪集团年内股价累计暴涨85%，海外门店增速放缓