蜜雪冰城加速托举第二增长曲线

Core Viewpoint - The article discusses the expansion strategy of Mixue Ice City and its coffee brand, Lucky Coffee, focusing on their growth in both domestic and international markets, particularly in Southeast Asia [2][5][6]. Group 1: Expansion Plans - Lucky Coffee is preparing to open five stores in Malaysia, marking its first international expansion [2]. - The brand aims to reach over 10,000 stores by the end of this year, with current store numbers exceeding 7,000 [5]. - Mixue Ice City plans to have over 46,000 global stores by early 2025, with nearly 5,000 located outside mainland China, primarily in Southeast Asia [2][5]. Group 2: Market Position and Competition - As of the end of 2023, Lucky Coffee has become the fourth largest fresh coffee brand in China with nearly 3,000 stores [4]. - The coffee market in China has been highly competitive, and Lucky Coffee has faced challenges, including store closures and stagnation in growth [4]. - Lucky Coffee will compete with other Chinese brands like Luckin Coffee and Kudi in Southeast Asia, with Kudi having a rapid expansion plan aiming for 50,000 stores globally by the end of 2025 [8]. Group 3: Supply Chain and Operational Efficiency - Mixue Ice City has established a robust supply chain system that supports both its brand and Lucky Coffee, allowing for cost-effective operations [6]. - The company operates 27 self-managed warehouses in China and 7 in Southeast Asia, totaling approximately 69,000 square meters [6]. - The recent IPO on the Hong Kong Stock Exchange is expected to enhance Mixue Ice City's global expansion and supply chain capabilities [6]. Group 4: Financial Performance and Market Challenges - Following a downgrade by UBS, Mixue Ice City's stock price has declined from nearly 620 HKD to below 500 HKD due to high valuations and challenges in overseas markets [7]. - The company aims to utilize 66% of the proceeds from its global offering to upgrade its supply chain [6].