200%糖度、9.9%涨幅，蜜雪冰城把“中国效率”卖进了美国

Core Viewpoint - The entry of Chinese brand Mixue Ice City into the U.S. market represents a significant demonstration of Chinese efficiency and cost-effectiveness, challenging traditional assumptions about the viability of low-cost models in high-cost environments [1][12]. Group 1: Market Entry Strategy - Mixue Ice City has chosen to establish its first U.S. store on Hollywood Boulevard, a prime location, showcasing a stark contrast between its low pricing strategy and the high rental costs typical of such areas [5][6]. - The brand's pricing strategy includes ice cream priced at $1.19, lemonade at $1.99, and pearl milk tea starting at $3.99, maintaining a low price point despite the high costs associated with its location [6][10]. - Unlike previous Chinese companies that preferred to target Chinese communities, Mixue has opted for mainstream commercial areas, indicating a more aggressive market positioning [5][6]. Group 2: Product and Cultural Adaptation - Mixue's approach does not emphasize cultural storytelling but focuses on price, turnover efficiency, and operational capabilities, which are central to its market strategy [3][8]. - The brand has adapted its product offerings to align with local preferences, such as offering a "200% sugar" option, which resonates with American consumers' tastes and cultural norms around sweetness [7][10]. Group 3: Operational Efficiency - The operational model of Mixue is characterized by a highly standardized system of raw materials, equipment, and recipes, supported by digital systems that enhance store operations [10][11]. - This model has been validated in domestic and Southeast Asian markets, and its application in the U.S. serves as a test for its adaptability in a complex regulatory environment [10][12]. Group 4: Market Perception and Valuation - The U.S. market is viewed as a "model validation market" rather than a profit-driven one, where the ability to maintain a low-margin, high-turnover model is crucial for long-term success [14][16]. - Capital markets are beginning to reassess Mixue's value, with institutions recognizing its potential for sustained expansion despite current limited contributions from U.S. operations [13][16]. - The strategic presence in the U.S. is seen as a way to reduce uncertainty costs associated with global expansion, enhancing Mixue's overall market positioning [16][17].