不一样的蜜雪冰城：以“高质平价”重构新消费周期的商业价值

Core Viewpoint - The article highlights the successful IPO of Mixue Ice City, which achieved a remarkable market debut with a 43.2% increase in stock price, reaching a market capitalization of over 109.3 billion HKD, and emphasizes the company's leading position in the global fresh beverage industry through a high-quality and affordable business model [2][3]. Group 1: Company Performance - As of December 31, 2024, Mixue Ice City operates 46,479 stores globally, with a retail sales volume of approximately 58.3 billion CNY, reflecting a year-on-year growth of 21.9% [2]. - The net profit for the first three quarters of 2024 reached 3.5 billion CNY, marking a year-on-year increase of 42.3%, with a gross margin of 32.4% and a net margin of 18.7%, both significantly above industry averages [3]. - The company reported revenues of approximately 18.7 billion CNY and net profits of 3.5 billion CNY for the first nine months of 2024, showing year-on-year growth of 21.2% and 42.3% respectively [6]. Group 2: Market Strategy - Mixue Ice City focuses on a product price range of 2-8 CNY, targeting the vast underdeveloped market, with a simplified product SKU of around 30, emphasizing core beverage offerings [5]. - The company has established a strong presence in lower-tier cities, with 57.2% of its stores located in third-tier cities and below, indicating significant growth potential in these markets [5][6]. - The average daily retail sales per store have shown a consistent upward trend, reaching approximately 4,184.4 CNY in the first nine months of 2024 [7]. Group 3: Supply Chain and Operational Efficiency - Mixue Ice City has developed a robust supply chain system, with a global procurement network covering 38 countries and five production bases in China, achieving 100% self-sourcing of core beverage ingredients [10][11]. - The company maintains a significant warehousing capacity of approximately 35,000 square meters across 27 warehouses, enabling efficient logistics and distribution [10]. - The IPO proceeds will primarily be allocated to supply chain expansion, with 66% of the funds aimed at enhancing factory, warehouse, and cold chain logistics capabilities [11]. Group 4: Global Expansion and Future Outlook - The global fresh beverage market is projected to grow from 779.1 billion USD in 2023 to 1,103.9 billion USD by 2028, with a compound annual growth rate of 7.2%, presenting significant opportunities for Mixue Ice City [8]. - The company has over 4,800 stores overseas, positioning itself as the largest fresh beverage brand in Southeast Asia, and aims to enhance its international presence through its Hong Kong listing [8]. - Mixue Ice City is redefining "consumption upgrade" by demonstrating that true enhancement lies in supply chain efficiency rather than merely increasing price points, aiming for a broader reach in quality living for consumers [13].