蜜雪冰城股价大跌，原因在半年报数据之外

Core Viewpoint - The financial performance of Mixue Ice City and Gu Ming shows significant revenue and profit growth, yet their stock prices have declined sharply, indicating market skepticism about the sustainability of this growth [1][2][3]. Group 1: Financial Performance - Mixue Ice City reported a revenue of 14.9 billion, a 39.3% increase, and a net profit of 1.887 billion, a 44.1% increase, with a slight decline in gross margin from 31.9% to 31.6% [10][11]. - Gu Ming's revenue increased by 41.2% and net profit surged by 119.8%, indicating strong performance comparable to Mixue Ice City [2]. Group 2: Stock Price Reaction - Despite strong financial results, Mixue Ice City's stock price fell by 10.49% and Gu Ming's by 7.33% over two trading days [3]. - The decline in stock prices is attributed to investor concerns over the sustainability of growth amid increased competition in the food delivery sector [8][13]. Group 3: Market Competition - The intense competition in the food delivery market, particularly the "takeaway war" involving major players like Meituan, JD, and Alibaba, has led to significant financial strain on companies, impacting their stock valuations [8][12]. - The market is transitioning to a phase with reduced subsidies, which may negatively affect sales growth for companies like Mixue Ice City [12][14]. Group 4: Long-term Growth Concerns - The growth rate of new store openings for Mixue Ice City has slowed, with a net increase of only 128 stores compared to a decrease of 162 stores from the previous year [18][22]. - The rising closure rate of stores, now at 2.55%, indicates a shift towards a more challenging operating environment [22][23]. - Concerns about the performance of the Lucky Coffee brand, which has not disclosed specific operational data, suggest potential weaknesses in future growth prospects [24][25][26]. Group 5: Valuation Implications - A potential decline in growth rates could lead to a significant revaluation of the company's stock, as seen in the example of Haidilao, which experienced a drastic drop in market value after its growth phase ended [27][28]. - The market may begin to value Mixue Ice City based on average consumer industry PE ratios if it fails to establish new growth trajectories [27].