下沉市场依然很香，蜜雪冰城和古茗上演双雄争霸

Group 1 - The core viewpoint of the article highlights the impressive revenue growth of two brands, Mixue Ice Cream and Gu Ming, showcasing the potential of the lower-tier market [2][3] - Mixue Ice Cream reported a revenue of 14.87 billion yuan for the first half of 2025, a year-on-year increase of 39.3%, with a net profit of 2.72 billion yuan, up 44.1% [2] - Gu Ming achieved a total revenue of 5.663 billion yuan, a 41.2% increase year-on-year, with a net profit growth of 121.51% [3] Group 2 - Mixue Ice Cream has expanded its store network to over 53,000 locations globally, with 57.6% of its stores in third-tier cities and below [4] - Gu Ming focuses on the township market, with 81% of its stores located in second-tier cities and below, and 43% in townships [5] - Both brands are leveraging the lower-tier market for growth, but they are adopting different strategies: Mixue is expanding aggressively nationwide, while Gu Ming is taking a more cautious approach by opening 1-3 provinces per year [3][5] Group 3 - Mixue Ice Cream's same-store revenue grew nearly 9% in the first half of 2025, driven by a slight price increase and a rise in cup volume [4] - Gu Ming's single-store average GMV reached 1.37 million yuan, a 20.6% increase, with daily cup sales rising to 439 cups, up 17.4% [5][9] - Gu Ming has introduced 52 new products in the first half of 2025, including 16 coffee products, which have contributed to increased sales [9][10] Group 4 - Mixue Ice Cream has built a global procurement network covering 38 countries and has established a logistics system with 29 warehouses across China [8] - Gu Ming has a dense warehouse and cold chain distribution network, with 75% of its stores within a 150 km radius of a warehouse, enabling efficient delivery [6] - The competitive landscape in the tea beverage market is intensifying, with leading brands increasing their market share while new entrants face challenges [11]