“雪王”半年狂赚27亿，河南首富兄弟“闷声发大财”

Core Viewpoint - The article discusses the impressive financial performance of Mixue Group, highlighting its rapid expansion and the challenges it faces in maintaining sustainable growth amidst increasing competition and operational risks [5][15][21]. Financial Performance - In the first half of 2025, Mixue Group reported a revenue of 14.875 billion yuan, a year-on-year increase of 39.3%, and a profit of 2.718 billion yuan, up 44.1% from the previous year [10][11]. - The company’s gross profit reached 4.706 billion yuan, with a gross margin of 30.3%, slightly down by 0.2 percentage points compared to the previous year [10][12]. - As of June 30, 2025, Mixue Group had over 53,000 stores globally, with a net increase of nearly 10,000 stores compared to the same period last year [5][12]. Expansion Strategy - The growth in revenue is primarily attributed to increased sales of goods and equipment, which accounted for 97% of total revenue, while franchise fees and related services contributed only 2.6% [11][18]. - The company has a strong presence in lower-tier cities in China, with 57.6% of its stores located in third-tier cities and below [13]. - Mixue Group is also expanding its footprint in Southeast Asia, focusing on optimizing existing stores in Indonesia and Vietnam [14]. Challenges and Risks - Despite the rapid expansion, Mixue Group faces significant challenges, including a rising closure rate of franchise stores, which increased from 2.13% to 2.55% year-on-year [18][19]. - The Chinese ready-to-drink tea market is experiencing a slowdown, with growth rates expected to drop from 44.3% in 2023 to 12.4% by 2025 [19]. - The company’s low-price strategy has limited its product innovation, with a significant decrease in new product launches compared to competitors [20]. Founders' Wealth and Market Position - Founders Zhang Hongchao and Zhang Hongfu have seen their wealth double to 117.91 billion yuan, ranking them as the richest individuals in Henan province [22][23]. - The company’s market capitalization exceeded 100 billion HKD shortly after its IPO, reflecting strong investor interest despite the operational challenges it faces [25].