Core Viewpoint - The article discusses the recent IPO of Mixue Group, highlighting its significant market valuation and the factors contributing to its rapid growth in the beverage industry, particularly in the context of competition with established brands like Starbucks [2][6]. Group 1: Market Performance and Valuation - Mixue Group's stock surged by 43.21% on its debut, reaching a market capitalization of HKD 109.3 billion, surpassing the peak valuation of Luckin Coffee in 2020 and even exceeding that of Haidilao [2][4]. - Despite the initial surge, Mixue's stock experienced a slight decline of 0.14% on the second day of trading, raising questions about the sustainability of its valuation [2][4]. Group 2: Operational Efficiency and Supply Chain - The high valuation of Mixue is attributed to its extensive self-built supply chain and store network, supported by a digital system that integrates business, information, finance, and logistics [4][5]. - Mixue's digital system allows for efficient online operations across all stages, enabling quick order fulfillment and resource allocation, which is a significant advantage over competitors [4][5]. - The company plans to allocate approximately 66% of its IPO funds (around HKD 2.2 billion) to enhance its end-to-end supply chain system, indicating a strong focus on technological advancement [5]. Group 3: Competitive Landscape - In the domestic market, Mixue faces competition from various brands, with each segment having established leaders, such as Luckin in coffee and Guming in fruit tea [9][10]. - Mixue's strategy involves expanding its presence in shopping centers and enhancing operational efficiency to maintain its competitive edge [10][12]. Group 4: International Expansion Potential - Mixue has expanded into Southeast Asia, with over 4,800 overseas stores, and has shown rapid growth in new markets, particularly in Indonesia [13][14]. - The potential for further expansion in Southeast Asia is significant, with projections suggesting that Mixue could increase its store count to between 10,000 and 15,000 in the region [14]. - However, challenges remain in localizing operations and competing with established international brands, necessitating a careful approach to international growth [16].
逐鹿资本市场，蜜雪冰城的故事还能讲多大？