股价大跌5.27%！全球门店扩张至5.3万家！蜜雪集团上半年同比增长39.3%，净利润同比增长44.1%

Core Viewpoint - The company has demonstrated strong performance in its half-year report, with revenue and net profit growth exceeding expectations, highlighting the robustness of its "high-quality and affordable" business model [1][3]. Financial Performance - For the first half of 2025, the company achieved revenue of 14.875 billion RMB, a year-on-year increase of 39.3%, and net profit of 2.718 billion RMB, up 44.1% [6][7]. - Sales and distribution expenses grew by 40.2%, while administrative expenses surged by 56.6%, leading to an overall increase in expense ratio [6]. - Cash reserves increased significantly by 58.5% to 17.612 billion RMB, primarily due to operating cash flow and funds raised from the IPO [6]. Store Expansion - The core driver of revenue growth is the rapid expansion of the store network, with a net increase of 6,534 stores in the first half of 2025, bringing the total to over 53,000 globally, a 22.7% increase from the previous year [8][9]. - The number of franchise stores rose from 43,197 to 52,996, reflecting a strong franchise model [10]. Supply Chain Advantages - The company has established a comprehensive end-to-end supply chain system, achieving 100% self-production of core beverage ingredients, which aids in cost control and product standardization [13]. - The company operates five production bases across various provinces, providing a full range of beverage ingredient solutions [13]. Brand Development - The "Snow King" IP has become a significant brand asset, with the "蜜雪冰城" topic on Douyin accumulating over 54.2 billion views [15]. - The company continues to innovate with new product lines, including hawthorn and taro ice creams, and has launched a flagship store in Zhengzhou that integrates unique beverages with the "Snow King" brand [16].