蜜雪“收割”瑞幸红利：幸运咖年内万店，打通一线城市

Core Insights - The company aims to expand its coffee brand, Lucky Coffee, to over 10,000 stores by early 2025, with a significant increase in new store openings and franchise inquiries [1][2][3] - Lucky Coffee has seen a 164% year-on-year increase in new store signings in Q2, with over 7,000 stores currently operating across more than 300 cities in China [1][2] - The brand is focusing on high-potential cities and has implemented various support policies for franchisees to ensure profitability [3][7] Company Strategy - Lucky Coffee is strategically positioned next to the headquarters of its parent company, Mixue Ice City, indicating its importance within the company's overall strategy [6] - The company has lowered franchise investment requirements from 350,000 RMB to 250,000 RMB and adjusted age requirements for franchisees to attract a broader range of investors [7][8] - Lucky Coffee is leveraging its supply chain advantages from Mixue to offer competitive pricing to franchisees, with a supply price of less than 70 RMB per kilogram for coffee beans, compared to the industry average of over 100 RMB [9] Market Dynamics - The coffee market in China is experiencing growth, with per capita coffee consumption increasing from 9 cups in 2016 to 16.74 cups in 2023, indicating a ripe market for expansion [12][15] - The competitive landscape includes brands like Luckin Coffee and Kudi, which have successfully captured market share through aggressive marketing and pricing strategies [14][18] - The coffee market in China has significant room for growth in terms of chain store concentration, with current CR5 at 27.5%, compared to 46.9% in the tea market [17] Financial Performance - Lucky Coffee has reported strong sales performance, with individual store daily revenues reaching 5,732 RMB and significant increases in delivery orders [2][3] - The brand has achieved notable sales milestones, with certain products exceeding 200 million RMB in sales, and several stores reporting monthly revenues surpassing 500,000 RMB [9][10] - The company has signed a substantial procurement agreement worth 4 billion RMB for coffee beans, indicating a commitment to scaling operations [10]