它的同行有多少？奈雪的门店只有1906家，喜茶4477家，茶百道8385家，沪上阿姨5435家， 古铭6705 家，在雪王面前，一个能打的都没有！ 而蜜雪冰城招股说明书显示，公司超99%门店由加盟商开设及经营。正是这些加盟商为蜜雪冰城在2024 年前9个月，创造了187亿元的营收，以及35个亿的净利润！ 所以蜜雪冰城赚的是加盟费吗？ 为什么雪王一上市就吊打另外三家（奈雪、茶百道、古茗），市值是他们总和的2.5倍。 很简单，它背后有五名顶级基石投资者，M&G是欧洲资管巨头；红杉中国投出过阿里、美团、拼多 多；博裕资本偏好对高增长行业的持续关注；高瓴堪称长期主义头号玩家；美团龙珠则精通中国下沉市 场逻辑。 这五名基石投资者合计认购了2亿美元股份，且设有6个月禁售期，相当于给蜜雪冰城的股价注入了"定 海神针"。 除此之外，它还赶上了好风口，今年港股这波科技牛大家都看到了，截至到2月末，2025年以来南下资 金高达2391亿港元，蜜雪冰城就正好出生在天量资金的涌入之下。 很多人都认为之所以它生意好是因为性价比高，在我看来，性价比当然是蜜雪冰城的护城之一，但做性 价比的奶茶品牌有很多，规模做到这么大的却只有雪王这一家， ...

Core Viewpoint - The gold retail sector is experiencing mixed results amid rising gold prices, with some companies reporting positive growth in retail value and net profit, while facing challenges from store closures, particularly among franchise outlets [1][5][10]. Group 1: Financial Performance - Chow Tai Fook's retail value increased by 4.1% year-on-year in Q3, while Luk Fook's overall retail value rose by 18% [1][6]. - Zhou Dasheng reported a net profit growth of 13.57% attributable to the high gold prices and increased consumer spending [1][6]. - Despite the growth in retail value, the number of closed stores continues to rise, with Chow Tai Fook closing 296 stores and Luk Fook closing 49 stores in Q3 [1][12]. Group 2: Market Dynamics - The increase in retail value is supported by three main factors: high gold prices leading to higher average transaction values, an increase in the proportion of priced products sold, and strong growth in e-commerce channels [6][7]. - In Q3, Chow Tai Fook's same-store sales in mainland China grew by 7.6%, while same-store sales volume decreased by 8.6%, indicating a shift towards higher-priced items [6][7]. - E-commerce sales for Chow Tai Fook grew by 28.1% year-on-year, contributing significantly to overall retail value despite a general slowdown in physical store performance [7][8]. Group 3: Franchise Model Challenges - The franchise model, which has been a key growth strategy for many gold jewelry brands, is facing scrutiny as many franchise stores are underperforming and closing [1][10][12]. - As of September 30, Chow Tai Fook had 6,041 stores globally, with over 4,000 being franchise stores, highlighting the reliance on this model [11]. - The trend shows a shift towards increasing self-operated stores, with Zhou Dasheng opening 47 self-operated stores in the first nine months of the year, while closing 333 stores overall [14].

Core Viewpoint - The article discusses the mixed performance of gold retail companies amid rising gold prices, highlighting both growth in retail values and ongoing challenges with franchise store closures [1][4]. Group 1: Financial Performance - Several gold jewelry brands reported positive retail value growth in Q3, with Chow Tai Fook's retail value increasing by 4.1%, Luk Fook's overall retail value rising by 18%, and Zhou Dasheng's net profit growing by 13.57% [1][4]. - Despite the growth, the "store closure wave" continues, particularly affecting franchise stores, with Chow Tai Fook closing 296 stores and Luk Fook closing 49 stores in Q3 [1][4]. Group 2: Factors Supporting Growth - Three main factors contributed to the retail value growth: high gold prices leading to increased average transaction values, a higher proportion of priced products sold, and strong growth in e-commerce channels [4][6]. - In Q3, Chow Tai Fook's same-store sales in mainland China grew by 7.6%, while same-store sales volume decreased by 8.6%, indicating a shift towards higher-priced products [4][6]. Group 3: E-commerce Performance - E-commerce channels showed significant growth, with Chow Tai Fook's e-commerce retail value increasing by 28.1% in Q3, contributing 6.7% to total retail value and 15.5% to sales volume [6]. - Luk Fook also reported that its retail value in mainland China rose by 20%, driven primarily by e-commerce business [6]. Group 4: Franchise Model Challenges - The franchise model, which allowed rapid expansion of store networks, is now facing challenges as many franchise stores are underperforming and closing [8][9]. - As of September 30, Chow Tai Fook had 6,041 stores globally, with over 4,000 being franchise stores, while Zhou Dasheng had 4,675 stores, with 4,275 being franchises [8]. Group 5: Shift to Self-operated Stores - Despite the reduction in franchise stores, self-operated stores are increasing, with Zhou Dasheng opening 47 self-operated stores in the first nine months of the year [9]. - The gross profit margin for self-operated stores is higher than that of franchise stores, indicating a potential shift in strategy towards more self-operated outlets [9].