蜜雪冰城，狂泄500亿港元！

Core Viewpoint - The stock price of Mixue Group has significantly declined, losing 40% over the past three months, with a market capitalization decrease of 50 billion HKD since early July, now standing at 142.7 billion HKD [1][2]. Financial Performance - In the first half of the year, Mixue Group reported revenues of 14.87 billion RMB, a year-on-year increase of 39.3%. Gross profit reached 4.71 billion RMB, up 38.3%, and net profit was 2.72 billion RMB, reflecting a growth of 44.1% [2][3]. Market Dynamics - The entry of JD.com into the food delivery market has intensified competition, leading to a price war that has benefited Mixue Group, positioning it as one of the winners in the delivery battle [2][3]. Stock Price Reaction - Following the release of its financial report, Mixue Group's stock price fell by over 15% in the same week, with Goldman Sachs expressing concerns about the sustainability of high delivery platform subsidies, predicting a return to normal growth rates [3][4]. Management Challenges - The rapid expansion of Mixue Group's store network, which surpassed 53,000 locations, has led to management challenges, including food safety issues reported at specific outlets and a high volume of consumer complaints regarding product quality and service [4].