Core Insights - Mixue Group is the largest fresh beverage chain in China and a global leader, with 53,014 stores worldwide as of 1H25, including 48,281 in China and 4,733 overseas [1] - The fresh beverage market is experiencing significant growth, driven by consumer demand for upgraded ready-to-drink options, with a market share of 2.2% for Mixue Group, ranking it fourth globally by GMV in 2023 [1] Group 1: Business Model and Competitive Advantage - Mixue Group aims to achieve a "trinity total cost leadership" by focusing on supply chain, brand IP, and store operations [2] - The company has established a digital end-to-end supply chain and a procurement network covering 38 countries, with five major production bases [2] - The unique brand IP "Xue Wang" attracts a large consumer base, enhancing brand loyalty [2] Group 2: Expansion Strategy - The company plans to continue expanding in both domestic and international markets, targeting lower-tier cities in China and optimizing operations in Southeast Asia while exploring new markets in Central Asia and the Americas [2] - The introduction of sub-brands, such as Lucky Coffee and the recently acquired Fresh Beer brand, is expected to enhance the company's presence in the fresh beverage sector [2] Group 3: Financial Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 33 billion, 38.4 billion, and 42.2 billion CNY, with net profits of 5.8 billion, 6.74 billion, and 7.5 billion CNY respectively [3] - The company is assigned a 25x PE valuation for 2026, leading to a target price of 482 HKD, reflecting its leading position in the global fresh beverage market [3]
蜜雪集团(02097.HK)：雪王驾到-“饮”领全球 成本优势铸就核心竞争力