穷鬼赛道，捧出了2个河南首富 || 深度

Core Insights - The article discusses the rise of Mixue Ice City, founded by Zhang Hongchao and Zhang Hongfu, who recently became the richest individuals in Henan with a net worth of 117.9 billion yuan [2][3] - The company has successfully positioned itself in the low-price beverage market, with over 46,000 stores globally and a significant increase in stock price since its IPO [3][4][54] - Despite facing challenges, including a food safety incident, the brand's strong public image and low pricing strategy have contributed to its resilience and growth [5][8][59] Company Overview - Mixue Ice City was founded 28 years ago and has grown to become the largest chain fast-food restaurant globally, selling 9 billion cups of beverages in 2024 [3][8][54] - The company has maintained a pricing strategy that keeps most products under 10 yuan, with the most popular lemon water only increasing from 3 yuan to 4 yuan since its launch in 2013 [5][8][39] - The brand has avoided celebrity endorsements, instead creating its own mascot, "Xue Wang," which has become a significant part of its marketing strategy [7][50] Financial Performance - Following its IPO in March, Mixue Ice City saw its market value exceed 100 billion HKD, with a stock price increase from 202.5 yuan to 494 yuan per share [4][54] - The company reported total revenue of 24.8 billion yuan in 2024, with a consistent annual growth rate of over 30% in the past four years [55][61] Market Position - Mixue Ice City has established itself as a leader in the tea beverage market, competing effectively against brands like Nayuki and Heytea, which were founded later [8][54] - The company has also expanded into the coffee market with its brand "Lucky Coffee," which has over 6,000 stores, ranking fourth in the domestic coffee market [56] Challenges and Future Outlook - The company faces challenges such as rising lemon prices due to extreme weather, which could impact profit margins [60] - Despite ongoing growth, there are signs of slowing revenue growth and increasing store closures, indicating a potential market shake-up [61] - The future balance between the conservative approach of Zhang Hongchao and the aggressive expansion strategy of Zhang Hongfu will be crucial for sustaining the company's market position [61][62]