新消费三巨头为何分化了？

Core Viewpoint - The article discusses the recent performance of three major new consumption companies in Hong Kong: Mixue Group, Laopu Gold, and Pop Mart, highlighting the divergence in their stock price movements and the underlying market dynamics driving new consumption trends [1][2]. Group 1: Market Trends - New consumption has emerged as the biggest hotspot in the Hong Kong stock market this year, driven by a shift in consumer preferences towards high-growth sectors amid traditional consumption stagnation [1][2]. - The stock price performance of the three companies has been notable, with Pop Mart up 165%, Laopu Gold up 250%, and Mixue Group up 152% year-to-date, indicating strong market interest and profitability in this sector [1]. Group 2: Consumer Behavior - The rise of new consumption is attributed to two main factors: the changing age structure of the population, particularly the Z generation's increasing purchasing power, and a preference for frequent, low-cost discretionary spending due to slower income growth [2]. - Mixue Group's products are seen as more relatable to everyday consumers, contrasting with the luxury positioning of Laopu Gold and the collectible nature of Pop Mart's products, which may be perceived as less essential during economic downturns [3][4]. Group 3: Company Analysis - Mixue Group's pricing strategy is effective, offering lower average prices compared to competitors, which appeals to price-sensitive consumers seeking quality during economic uncertainty [4]. - The demand for tea drinks has surged, particularly due to aggressive subsidies from platforms like JD and Ele.me, which have significantly increased order volumes in the beverage sector [5]. - Analysts predict continued growth for Mixue Group, supported by its strong market position and the ongoing trend of consumer preference for high-value products [4][5].