“雪王”半年狂赚27亿，河南首富兄弟“闷声发大财”

Core Insights - The core viewpoint of the article highlights the impressive financial performance of Mixue Group in the first half of 2025, alongside the challenges posed by rapid expansion and reliance on a franchise model [2][3][11]. Financial Performance - In the first half of 2025, Mixue Group achieved a revenue of 14.875 billion yuan, a year-on-year increase of 39.3% [5]. - The profit for the same period was 2.718 billion yuan, reflecting a year-on-year growth of 44.1% [5]. - The gross profit reached 4.706 billion yuan, with a gross margin of 30.3%, slightly down by 0.2 percentage points compared to the previous year [8]. Store Expansion - As of the end of June 2025, Mixue Group had over 53,000 stores globally, with a net increase of nearly 10,000 stores compared to the same period last year [3][8]. - The company operates 48,281 stores in mainland China and 4,733 stores in overseas markets [9]. - The number of stores in third-tier and lower cities in mainland China reached 27,804, accounting for 57.6% of the total stores in the region [9]. Revenue Sources - The revenue growth was primarily driven by sales of goods and equipment, which amounted to 14.495 billion yuan, a year-on-year increase of 39.6% [7]. - Franchise and related service income was 380 million yuan, growing by 29.8% year-on-year, but only accounted for 2.6% of total revenue [11]. Challenges and Risks - Despite the strong performance, the company faces challenges such as a rising closure rate of franchise stores, which increased from 2.13% to 2.55% year-on-year [13]. - The competitive landscape in the ready-to-drink tea market is becoming more challenging, with growth rates expected to slow down significantly [14]. - Mixue Group's reliance on a low-price strategy has limited its product innovation, with fewer new products launched compared to competitors [14][15]. Leadership and Wealth - Founders Zhang Hongchao and Zhang Hongfu have seen their wealth double to 117.91 billion yuan, ranking them as the richest individuals in Henan province [17]. - The brothers hold a combined 81.99% of Mixue Group's shares, reflecting their significant control over the company [17].