Core Insights - The company, Mixue Ice City, experienced a significant stock surge of 43.21% on its first day of trading in Hong Kong, reaching a market capitalization exceeding HKD 100 billion, but faces operational challenges behind this capital market success [1][3] Group 1: Operational Challenges - The saturation of offline stores is leading to internal competition, with over 40,000 locations across the country, particularly in lower-tier cities, resulting in franchisees competing against each other for customers [1] - Franchisees are struggling financially, with initial investments around CNY 200,000 (including franchise fees, equipment, and renovations) and monthly operational costs of CNY 70,000, necessitating the sale of approximately 400 drinks daily to break even [1] Group 2: Food Safety Concerns - The "overnight lemon" incident highlighted food safety issues, with reports of franchisees resorting to using expired ingredients to avoid losses, indicating a pressure-driven environment that compromises food safety [2] - The company's light asset model relies heavily on sales of raw materials to franchisees, leading to weak control over food safety standards, despite claims of strict ingredient management [2] Group 3: Market Perception and Future Outlook - The contrasting narratives of investor enthusiasm and franchisee grievances create a complex reality for Mixue Ice City, suggesting that the current market valuation may not be sustainable if operational issues are not addressed [3] - The company must shift from a focus on scale to a deeper commitment to value and safety to maintain its market position and avoid potential declines in its high valuation [3]
蜜雪冰城高光股价下的暗流涌动：线下门店趋于饱和加盟生态恶化 再现隔夜柠檬、食安达摩克利斯之剑
Xin Lang Zheng Quan·2025-07-01 09:37