蜜雪想再造一个“蜜雪”

Core Viewpoint - The company aims to replicate the success of its tea brand, Mixue, with its coffee brand, Lucky Coffee, targeting 10,000 stores by 2025, despite facing a competitive market environment with established players like Luckin and Kudi [2][14]. Expansion Strategy - As of July 2023, Lucky Coffee has reached 7,000 stores and plans to double its market personnel to over 400 to accelerate store openings [3]. - The company has lowered the franchise fee to 17,000 yuan for new stores signed before August 1, 2023, and offers various subsidies in key provinces and major cities, with total discounts reaching up to 34,000 yuan in six major cities [3][14]. - Lucky Coffee has organized its expansion strategy by dividing regions into areas with 1,000 to 3,000 stores, assigning market personnel to support franchisees in operations and marketing [3]. Market Positioning - Lucky Coffee was established in 2017 and became an independent brand under Mixue Group in 2020, with a vision to provide high-quality, affordable coffee globally [4][5]. - The brand initially focused on lower-tier cities and university towns, filling a market gap where few chain coffee shops existed [13]. Pricing Strategy - Lucky Coffee has significantly reduced prices, with medium Americanos dropping from 8 yuan to 5 yuan and large lattes from 12 yuan to 9 yuan [6]. - In response to market competition, Lucky Coffee launched a promotional campaign offering all items at 6.6 yuan, resulting in a 44% increase in sales on the first day [16][17]. Competitive Landscape - The coffee market has become increasingly competitive, with major players like Luckin and Kudi rapidly expanding their store counts, while Lucky Coffee has seen a decline in new store openings [14][15]. - Despite the competitive pressure, Lucky Coffee maintains a competitive advantage with an average cup price of around 7 yuan [14]. Supply Chain and Operational Efficiency - Lucky Coffee benefits from a shared supply chain with Mixue Group, which enhances its operational efficiency and cost management [23]. - The company has opted for semi-automatic coffee machines to reduce costs, contrasting with competitors who have switched to more expensive fully automatic machines [18]. Financial Performance and Future Outlook - Mixue Group's revenue model heavily relies on selling equipment and raw materials to franchisees, with franchise fees contributing only 2.5% of total revenue [21][22]. - The company anticipates significant growth potential in the coffee market, with projections indicating a future increase in store numbers [22].