4元1杯的雪王柠檬水断货，其他茶饮凭啥躲过一劫？

Core Viewpoint - The recent shortage of lemon water at Mixue Ice City highlights significant risks within the industry, particularly related to supply chain vulnerabilities and reliance on single-source raw materials [2][6][21]. Group 1: Supply Chain Issues - Multiple stores of Mixue Ice City have reported unavailability of lemon water, with staff confirming that the product is out of stock and expected to remain so for several days [2]. - The shortage is attributed to a sharp increase in lemon prices, with the average wholesale price reaching 15 RMB per kilogram, nearly doubling compared to the same period last year [4]. - Mixue Ice City has a significant dependency on lemons from specific regions, with over 70% of its supply sourced from Sichuan and Chongqing, making it vulnerable to climate-related disruptions [12]. Group 2: Financial Impact - The ice-fresh lemon water is a key product for Mixue Ice City, with annual sales exceeding 1 billion cups, translating to a revenue of approximately 4 billion RMB, which constitutes 13% of the company's total revenue of 14.87 billion RMB for the first half of 2025 [6][9]. - The company's low-price strategy, exemplified by the 4 RMB price point for lemon water, has pressured its supply chain, making it difficult to absorb rising costs when supply shortages occur [14][20]. Group 3: Competitive Landscape - Other tea brands have managed to avoid similar shortages by diversifying their supply sources and utilizing different lemon varieties that are less susceptible to climate impacts [16]. - Brands like Heytea and Starbucks employ global sourcing strategies and local processing to mitigate risks associated with supply chain disruptions [18]. - The contrasting business models and capital structures of competitors allow them to maintain higher profit margins, enabling them to better manage cost increases compared to Mixue Ice City, which has a lower gross profit margin of 31.6% [20]. Group 4: Broader Industry Implications - The lemon crisis reflects a broader conflict between capital concentration and diverse consumer demands, revealing the fragility of Mixue Ice City's single-capital model [21]. - The future of the tea beverage industry may shift from mere store expansion to a focus on controlling the entire supply chain, including cultivation and processing [21].