Workflow
国金证券:维持蜜雪冰城“增持”评级 核心关注定价和供应链建设
Zhi Tong Cai Jing·2025-09-18 06:04

Core Viewpoint - The company is accelerating its overseas expansion, with new stores planned in key locations in the United States and Brazil, indicating a strategic shift beyond Southeast Asia [1][2]. Group 1: Overseas Expansion Strategy - The company is preparing to open its first store in the United States in Manhattan, New York, and its first store in Brazil in the Shopping Cidade São Paulo, both located in prime commercial areas [1]. - The expansion strategy has shifted from focusing solely on Southeast Asia to exploring multiple regions, including Central Asia, North America, and South America, to better understand market priorities and challenges [2]. Group 2: Market Potential - There is a significant growth opportunity for the company in overseas markets, particularly in Central Asia, North America, and South America, where there is a lack of mature tea supply despite a strong demand for tea products [3]. - The regions targeted for expansion are experiencing a demographic shift with a growing young population, which is expected to drive demand for tea products [3]. Group 3: Profitability Factors - The potential for profitability in overseas expansion will depend on two key factors: pricing strategies that affect per-cup profitability and competitive pricing, and the establishment of a robust supply chain that will influence the speed of store expansion and profit realization [4].