猛开 5.3 万家门店后，蜜雪冰城将狂奔向何处？

Core Insights - The performance of Mixue Group in the first half of the year shows both strengths and weaknesses, with significant revenue and profit growth but signs of slowing expansion [1][5]. Financial Performance - In the first half of the year, Mixue Group reported total revenue of approximately 14.87 billion RMB, a year-on-year increase of 39.3%, and a net profit exceeding 2.72 billion RMB, up 44.1% year-on-year [2][4]. - The growth is primarily driven by the increasing number of stores, which boosts sales of related products, equipment, and franchise services [2][4]. Market Expansion and Strategy - Mixue Group is adjusting its domestic expansion strategy, slowing down the pace of new store openings due to limited market growth [5][20]. - The company is actively seeking new growth opportunities in overseas markets, although this path presents challenges [5][32]. - As of June 30, 2025, Mixue Ice City has over 53,000 stores globally, surpassing major competitors like McDonald's and Starbucks [8][10]. Business Model and Revenue Sources - Mixue Ice City operates primarily on a franchise model, with 99.97% of its stores run by franchisees, which is a high ratio in the industry [8][9]. - The majority of revenue comes from selling raw materials and equipment to franchisees, accounting for over 97% of total revenue [10][11]. - Despite rising costs of raw materials, the gross margin from product and equipment sales remains competitive at 30.3% [12][15]. Competitive Landscape - Mixue Ice City dominates the low-priced tea beverage market, with its main products priced between 2 to 8 RMB, while competitors are positioned in higher price ranges [18][19]. - The company has a significant presence in lower-tier cities, with 57.6% of its stores located in third-tier cities and below [20][21]. Challenges and Adjustments - The new-style tea beverage market is approaching saturation, leading to increased competition and a rise in store closures for Mixue Ice City [21][23]. - The company has closed nearly 1,200 stores in the domestic market in the first half of the year and is focusing on optimizing store locations and improving profitability [23][25]. Future Growth Prospects - Mixue Group is exploring two main avenues for future growth: international expansion and coffee market entry [30][38]. - The company has begun to open stores in Central Asia and is planning to enter markets in the Americas, although its overseas expansion has slowed recently [32][36]. - The coffee brand "Lucky Coffee" aims to replicate the success of Mixue Ice City, with a target of 10,000 stores, but faces stiff competition in both domestic and international markets [38][39].