3月3日，在招股阶段就热点不断，并创下港股市场1.84万亿港元认购纪录的"雪王"——蜜雪冰城终于登陆港股市场。 数据显示，蜜雪冰城本次开盘即大涨，截至证券时报记者发稿涨超40%，总市值已超过千亿港元。 更为关键的是，蜜雪冰城此次一举打破新式茶饮的"破发魔咒"，此前在港股上市的奈雪的茶、茶百道和古茗在上市首日均以破发收场。 与此前暗盘涨幅基本一致 从"人和"来看，一方面，本次蜜雪冰城的基石投资者阵容"豪华"，红杉中国、高瓴集团、美团龙珠等国内顶尖资本齐聚；另一方面，香港各大券商平台普遍都提供 了100倍的杠杆打新，更有一些券商提供了200倍的超高杠杆，1万港元本金可撬动200万港元申购额度，极大降低了散户参与门槛，直接导致认购规模呈指数级放 大。 甚至在蜜雪冰城的火热认购带动下，前几日港股市场上的新式茶饮个股迎来大涨，其中，奈雪的茶在2月26日和27日分别大涨超33%和超21%。 不过，随着蜜雪冰城正式登陆资本市场，奈雪的茶、茶百道和古茗这3家此前已上市的新式茶饮品牌却迎来调整。今日奈雪的茶盘中跌幅超11%，茶百道一度跌近 8%，古茗盘中跌幅接近6%。 多家机构隐身背后力挺 作为中国现制饮品行业的龙头企业，蜜雪 ...

Investment Rating - The industry investment rating is "Outperform the Market" [2][22][29] Core Insights - The report highlights the record-breaking IPO of Mixue Ice City, which raised HKD 1.82 trillion, surpassing Kuaishou's previous record of HKD 1.26 trillion, with a subscription multiple of 5125 times [2][4] - During the 3.8 promotion event on Taobao and Tmall, domestic brands accounted for 41.7% of GMV, showing a year-on-year increase of 6.4% [2][6] - The report notes that the leisure service sector has shown resilience, with a year-to-date increase of 0.97% despite a decline in the broader market [2][19] Summary by Sections Industry Dynamics - Mixue Ice City's IPO set a new record with a subscription amount of HKD 1.82 trillion and a subscription multiple of 5125 times [2][4] - The 3.8 promotion event saw domestic brands contributing 41.7% to GMV, with a notable increase in the number of domestic brands in the top 20 [2][6] Company Updates - Beauty Industry - Babai Co. reported a revenue of CNY 695 million for 2024, up 48.24%, while Huaxi Bio's revenue decreased by 11.6% to CNY 5.371 billion [8] - Jinjian Bio achieved a revenue of CNY 1.447 billion, a growth of 85.4%, and a net profit increase of 144.65% [8] Company Updates - Travel Industry - Ctrip reported a total revenue of CNY 53.294 billion for 2024, a year-on-year increase of 19.73%, with a net profit of CNY 17.067 billion [10] - Huangshan Tourism is set to adjust its resource usage fees, which may reduce annual profits by approximately CNY 50 million during the trial period [10] Company Updates - Commercial Services and Retail - Core International achieved a revenue of CNY 11.793 billion, a growth of 20.6%, while Beijing Human Resources is restructuring to focus on its core business [12][10] Market Performance - The report notes that the Shanghai Composite Index fell by 1.72% during the week, while the leisure service sector saw a slight increase [19][23] - Key companies in the sector, such as Ctrip and Aimeike, experienced significant declines in stock prices, with Ctrip down 14.81% [19][21]

Core Viewpoint - The successful IPO of Mixue Group has significantly increased its market capitalization, reflecting strong investor interest and confidence in the company's growth potential. Group 1: IPO Details - Mixue Group was listed on the Hong Kong Stock Exchange with an opening price of 262 HKD per share, a 29.38% increase from the issue price, resulting in a total market capitalization of 98.04 billion HKD [1] - The stock price rose to 275 HKD, marking a 36% increase and pushing the market capitalization above 100 billion HKD [2] - The IPO was priced at 202.5 HKD per share, raising a net amount of 3.291 billion HKD, with a subscription amount reaching 1.84 trillion HKD, the highest in Hong Kong's history, and a subscription multiple of 5324 times [3][4] Group 2: Ownership and Financials - Founders Zhang Hongchao and Zhang Hongfu hold the majority of shares, with each owning 42.78% directly and additional shares through employee stock platforms [2] - The founders collectively own 308 million shares, with their net worth exceeding 85 billion HKD [2] - Mixue Group's revenue for 2022, 2023, and the first nine months of 2024 reached 13.6 billion, 20.3 billion, and 18.7 billion HKD respectively, with year-on-year growth rates of 31.2%, 49.6%, and 21.2% [4] Group 3: Market Position and Expansion - Mixue Ice City has the largest number of stores among beverage companies globally, with 46,479 stores by the end of 2024, surpassing Starbucks [4] - The company has over 4,000 overseas stores, focusing on emerging markets, particularly in Southeast Asia, since 2017 [4] - The company has introduced five cornerstone investors in its IPO, collectively subscribing for shares worth approximately 1.558 billion HKD [5]

Core Viewpoint - The article highlights the rapid growth and success of Mixue Ice City, which has become the largest fresh tea beverage empire in China, achieving significant revenue and market presence through a unique business model and strategic expansion efforts [1][2]. Company Overview - Mixue Ice City went public in Hong Kong on March 3, raising approximately HKD 3.5 billion with a market capitalization of around HKD 76.4 billion [1]. - The company has over 45,000 stores globally, making it the largest fresh beverage company in both China and worldwide [1][7]. - In 2023, Mixue reported revenue of CNY 20.3 billion, a growth rate of 49.6%, and a profit of CNY 3.2 billion, with a growth rate of 58.3% [1]. Investment and Shareholding - The IPO attracted significant interest, with a subscription rate of 5,266 times, totaling approximately HKD 1.82 trillion, setting a new record for Hong Kong IPOs [1]. - Key cornerstone investors include M&G Investments, Sequoia China, Hillhouse Capital, Boyu Capital, and Meituan Dragon Ball, collectively subscribing to USD 200 million worth of shares [2]. Founders and Key Figures - The founders, Zhang Hongchao and Zhang Hongfu, hold a combined 82.54% of the company's shares post-IPO, valued at approximately HKD 63 billion [2]. - The article also mentions a mysterious figure known as "Zhang Zong," who played a crucial role in the company's early restructuring and branding efforts [4]. Business Model and Strategy - Mixue's rapid expansion is attributed to its cost-effective pricing strategy, with products priced between CNY 2 to CNY 8, and a focus on high operational efficiency [9]. - The company has established a robust supply chain, producing over 60% of its beverage ingredients in-house, which contributes to its low-cost structure [10]. Market Expansion - Mixue has successfully expanded into international markets, particularly in Southeast Asia, with 4,792 overseas stores, primarily in Indonesia and Vietnam [14][15]. - The company aims to establish a multi-functional supply chain center in Southeast Asia as part of its international growth strategy [16]. Financial Performance - From 2022 to the first nine months of 2024, Mixue's revenue grew from CNY 13.576 billion to CNY 18.66 billion, with net profit margins increasing from 14.8% to 18.7% [11]. - The majority of Mixue's revenue comes from the sale of ingredients, packaging materials, and equipment, accounting for 98.2% of total revenue [11].

雪王上市了 Fast Reading 作者 丨黎晓 1997年，张红超怀揣着奶奶给的3000元钱来到郑州，开出第一家"寒流刨冰"小店时，大概想不到这 个日后更名为"蜜雪冰城"的街边摊品牌，会在28年后成为资本市场的宠儿。 3月3日，蜜雪集团（以下简称"蜜雪冰城"）登陆港交所。截至上午9:35，蜜雪冰城的股价较发行价上 涨逾30%，市值逾990亿港元，约为同在港交所上市的奈雪的茶、古茗、茶百道三家公司市值之和的 两倍。此前，这三家公司上市首日皆以跌破发行价收盘。 ■ 当喜茶们在一线城市用30元一杯的芝士葡萄争夺白领钱包时，蜜雪冰城在县城商业街用2元 冰淇淋、4元柠檬水和6元奶茶构建起另一个平行世界。 ■ 不缺钱却要储备余粮，不缺产能却要加码供应链，蜜雪冰城要在海外市场、三线及以下城市 续写4万店以后的故事。 ■ 有机构测算，假设按照新一线城市每2.9万人拥有一家蜜雪冰城的密度为标准，雪王在三线 及以下城市的门店总数将接近5万家。 当喜茶们在一线城市用30元一杯的芝士葡萄争夺白领钱包时，蜜雪冰城在县城商业街用2元冰淇淋、 4元柠檬水和6元奶茶构建起另一个平行世界。 如今，蜜雪冰城全球门店数达到45302家，超过星 ...

Investment Rating - The report maintains an "Add" rating for the industry [1] Core Insights - The report highlights the leading position of the company in the affordable ready-to-drink beverage sector, focusing on products priced around 6 RMB, with a total of 45,302 stores developed through a franchise model in China and Southeast Asia as of September 30, 2024 [3][10] - The global ready-to-drink beverage market is steadily growing, with China and Southeast Asia identified as key growth engines, projecting a CAGR of 7.2% from 2023 to 2028 [3][17] - The listing of the company is expected to attract additional capital into the tea beverage sector, with several major brands preparing for IPOs, indicating a growing market size [3][23] - Investment suggestions include focusing on companies like the report's subject, Gu Ming, Cha Bai Dao, and Nai Xue's Tea within the tea beverage sector [3][24] Summary by Sections 1. Industry Viewpoint - The company is positioned as a leader in the affordable ready-to-drink beverage market, with significant market share and store presence [10] 2. Market Performance Review - The report provides a performance overview of various indices, noting a decline in the retail index by 0.67% during the week [25] 3. Company Valuation Table - The report includes a valuation table for various companies, indicating their market capitalization and projected earnings [31]

Core Viewpoint - Mixue Ice City is set to create a historic IPO in the Hong Kong stock market, with a subscription amount surpassing 1.83 trillion HKD, breaking previous records and achieving a valuation close to 100 billion HKD [1] Group 1: IPO and Market Performance - The IPO of Mixue Ice City saw a subscription rate of 5,295.34 times, raising significant capital and establishing it as the new "frozen capital king" in Hong Kong [1] - Following Mixue Ice City's IPO, shares of other tea brands like Nayuki and Cha Baidao experienced significant price increases, indicating a positive market sentiment towards the sector [2][5] - Despite a brief decline, Nayuki's stock price had previously surged, reflecting the competitive landscape in the new tea beverage market [3] Group 2: Financial Performance - Mixue Ice City's revenue for 2022, 2023, and the first nine months of 2024 reached 136 billion, 203 billion, and 187 billion RMB respectively, with year-on-year growth rates of 31.2%, 49.6%, and 21.2% [7] - The net profit for the same periods was 20 billion, 32 billion, and 35 billion RMB, with growth rates of 5.3%, 58.3%, and 42.3% [7][8] - The net profit margin increased to 18.7% in 2024, showcasing the effectiveness of its supply chain management [8] Group 3: Market Dynamics and Competitive Landscape - The new tea beverage sector has seen a shift, with Mixue Ice City successfully positioning itself as a leader through a low-cost franchise model, contrasting with the high-end strategies of competitors like Nayuki and Heytea [6][7] - The competitive environment has led to a focus on supply chain efficiency, with companies needing to reclaim profits previously given to suppliers [12][13] - The market is witnessing a trend towards consolidation, with brands like Heytea halting franchise applications to focus on brand integrity amidst increasing competition [12][13] Group 4: Future Outlook - The enthusiasm for Mixue Ice City reflects a broader recovery in consumer sentiment and market conditions, suggesting potential for continued growth in the sector [15] - The performance of Mixue Ice City may set a benchmark for other new tea brands awaiting IPOs, highlighting the importance of operational models in navigating market challenges [15]

Core Viewpoint - The article discusses the significant IPO of Mixue Ice City, which is set to debut on the Hong Kong stock market, highlighting its impressive subscription record and the factors contributing to its market performance. Group 1: IPO Performance - Mixue Ice City reached a dark market valuation close to HKD 100 billion, with a peak increase of over 30% during dark trading [1] - As of the latest report, the stock price increase has moderated to around 23% [2] - The IPO subscription reached a record high of HKD 1.84 trillion, with a subscription multiple exceeding 5324 times [3] Group 2: Market Conditions - The favorable market conditions include a recovery in the Hong Kong stock market, particularly driven by technology stocks, leading to a revaluation of Chinese assets [4] - The brand's growing influence due to its expansion in China and overseas has contributed to the high stock price of HKD 202.50 per share, with a minimum subscription amount of HKD 20,454 [4] Group 3: Investor Sentiment - The presence of prestigious cornerstone investors such as Sequoia China, Hillhouse Capital, and Meituan Long Zhu has bolstered investor confidence [5] - High leverage options provided by major brokerage platforms, with some offering up to 200 times leverage, have significantly lowered the entry barrier for retail investors, resulting in an exponential increase in subscription scale [5] Group 4: Industry Context - The enthusiasm surrounding Mixue Ice City's IPO has positively impacted other new tea beverage stocks, with Nayuki Tea experiencing significant price increases of over 33% and 21% on consecutive days [6] - The new tea beverage market is facing intense competition, with brands engaging in price wars, leading to a reduction in average prices from around RMB 30 to RMB 15-20 [9] - Mixue Ice City has reported a decline in average store performance, with average daily retail sales per store dropping from RMB 4,416.3 to RMB 4,184.4 year-on-year [9][10]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 17.49 per share based on a PE of 20.0X for 2025E [4]. Core Insights - The company is the second-largest brand in China's ready-to-drink tea market, with a market share of 9.1% in 2023. The company plans to distribute a special dividend of HKD 2 billion in 2025 and commits to an annual dividend of no less than 50% of net profit [1][4]. - The tea beverage industry is experiencing increased brand differentiation and a shift from rapid expansion to market consolidation. The company shows resilience compared to its peers, with a notable improvement in its market position [1][2][39]. - The company has a strong product development strategy, launching 130 new products in 2023 and effectively capturing market trends, such as the rising popularity of light milk tea [1][3]. Company Overview - The company was founded in 2010 and has grown to become a leading player in the ready-to-drink tea sector. It went public on the Hong Kong Stock Exchange in February 2025, raising HKD 17.2 billion for digitalization and supply chain improvements [1][42]. - The ownership structure is concentrated among the founding team, ensuring alignment of interests with key executives [45][46]. Financial Performance - The company reported revenues of HKD 7.676 billion in 2023, with a CAGR of 32.3% from 2021 to 2023. The revenue growth is driven by store expansion and strong same-store sales performance [48]. - The adjusted net profit for 2024E is projected at HKD 15.4 billion, reflecting a year-on-year growth of 7.0% [4][48]. - The company maintains a relatively stable profit margin compared to competitors, with a gross margin of 30.5% in 2024Q1-3, only slightly declining from the previous year [62]. Competitive Landscape - The ready-to-drink tea market is characterized by intense competition, with the company showing better resilience in same-store sales compared to peers like Nayuki and Heytea [39][48]. - The company has a significant market presence in key provinces, with 9778 stores as of Q3 2024, and plans to continue expanding in underrepresented regions [2][3][42]. Future Outlook - The company aims to expand its store network significantly, with potential growth in eight key provinces and plans to introduce coffee products to diversify its offerings [3][4]. - The report anticipates a gradual improvement in the competitive landscape, with a potential reduction in the number of underperforming brands [39].

今天终于轮到久违的消费板块上涨了，说粗来有点哀伤，今天的反弹不是国内的消费数据回暖，是因为港股那边消费股大涨传递回来的乐观情绪，而港股 那边的消费股其实过去两年多也不好，甚至年后这一波行情也全程落后。 扭转这一切的全都靠一个正在ipo，还没有正式上市的股票，对的，就是蜜雪冰城，这波发售融资只有35亿，但申购锁仓的资金1.77万亿，昨天有好多读 者怀疑我写错单位了，没写错，1.77万亿打破了之前快手的记录，史高。 奈雪的茶被股民称为"卖血的茶"，上市后股价下跌超过90%，但最近两天借着蜜雪冰城的热度几乎翻倍，虽然翻完倍了还是跌80%+... 就有点像奶茶行业里的比亚迪。 真是有点感慨，前几年大家还都说最好的生意是做有钱人的生意，是消费升级。这几年突然大环境变了，大家开口闭口消费降级，活得滋润的都是能够把 产品越做越便宜的企业。 现在业内都比较看好蜜雪冰城海外扩张的前景，过去几年有一件事被不断验证，就是在中国尸山血海的赛道里杀出来的卷王，去了海外只要不被政治打 压，那基本都是降维打击，爆杀。 …… 今天a股和港股同时出现了洗盘，午后探底，之后资金涌入抄底，到收盘前基本都拉回来了，恒生科技下跌1.22%，这个幅度不 ...