2025现制饮品行业蜜雪冰城招股书梳理报告

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company analyzed Core Insights - The company has over 45,302 stores globally, focusing on lower-tier markets in China, with more than 50% of its domestic stores located in tier-three cities and below [4][14] - The supply chain is fully integrated, covering everything from raw material procurement to logistics and distribution, ensuring lower costs and higher efficiency [5][28] - The "Snow King" IP has become a unique brand asset, enhancing brand recognition and marketing effectiveness [6][41] - The ready-to-drink beverage industry is a trillion-dollar market, with the fastest growth expected in China and Southeast Asia, where the company is a leading player [7][44] - Financially, the company reported revenues of 18.66 billion yuan and a net profit of 3.49 billion yuan for the first three quarters of 2024, with a gross margin of 32.4% and a net margin of 18.7% [8][66] Summary by Sections Products and Stores - The company operates over 45,302 stores globally, with a significant focus on lower-tier markets in China, where tier-three cities and below account for over 50% of its domestic store count [4][14] - The average store size ranges from 15 to 60 square meters, with a pricing strategy that keeps core products priced between 2 to 10 yuan [20][24] Supply Chain - The supply chain is fully integrated, covering procurement, production, and logistics, with five major production bases in China and a global procurement network spanning 38 countries [5][28][34] IP and Marketing - The "Snow King" IP has been developed into a significant brand asset, with extensive marketing campaigns that leverage both online and offline channels [6][41] Industry and Market Landscape - The ready-to-drink beverage market is projected to grow significantly, with China and Southeast Asia expected to contribute nearly 40% of the global market growth from 2023 to 2028 [7][47] - The company holds a 7.4% global market share by beverage output, making it the second-largest player in the world [57][62] Financial Performance - The company achieved a revenue of 18.66 billion yuan and a net profit of 3.49 billion yuan in the first three quarters of 2024, with a gross margin of 32.4% [8][66] - The core revenue source is the supply chain business, which accounts for over 90% of total revenue [67][70]