胖东来、蜜雪冰城、泡泡玛特，这三家从河南走出的公司，在2025年日本大阪世界博览会这一国际化平 台上，出其不意地成为众人频频提及的"明星"企业乃至沟通交流的文化新纽带。 "河南省的企业现在备受关注，比如仅在省内经营业务却十分知名的'胖东来'，还有中国的潮玩品牌'泡 泡玛特'，其创始人王宁先生也是河南人。"8月21日，在大阪世博会中国馆举行的"中国（河南）—日本 经贸合作与文化交流对接会"上，日本贸易振兴机构大阪本部部长庄秀辉的致辞引发共鸣，现场响起掌 声。 日本贸易振兴机构是日本服务国内企业与世界各国开展经贸投资的政府机构，在海外有76个事务所，服 务网络庞大。在会后接受记者专访时，庄秀辉讲起他身边的同事与日本年轻人对河南"三头象"的喜爱。 "2023年我们在日本开出第一家门店，目前共有7家店面，最大的门店日销售量超1500杯。当前我们已经 初步构建起适合日本市场的供应链体系，下一步可以更深入地研究日本消费者的口味偏好和消费习惯， 争取推出更贴合他们需求的产品。"蜜雪冰城日本公司总经理范凯歌介绍。 蜜雪冰城出海，也在为世界赋能。范凯歌说，蜜雪冰城在日本积极推动与本地供应链合作，除了从国内 进口部分优质物料外， ...

Company Overview - The company, known as a leader in the ready-to-drink beverage market, has over 45,000 stores globally, making it the largest in the industry [5][11] - It has undergone four phases of development, from its inception in 1997 to a global expansion phase starting in 2018 [5] - The product strategy focuses on high cost-performance, with prices mainly in the range of 6-8 yuan [8][9] Revenue Structure - The company's revenue is primarily derived from B-end business, with approximately 98% coming from the sale of goods and equipment to franchisees [15] - The revenue from overseas markets is increasing, with 2023 figures showing 92.7% from mainland China and 7.3% from outside [15] Performance Review - The company has shown rapid growth, with a revenue CAGR of 40.1% from 2021 to 2023, and a net profit CAGR of 28.2% during the same period [21] - The gross margin has stabilized around 30%, with a slight increase to 32% in the first three quarters of 2024 [21] Market Dynamics - The ready-to-drink tea market is in a growth phase, with a market size of 258.5 billion yuan, expected to reach 312.7 billion yuan by 2024 [30] - The market is characterized by a few dominant players, with the top five brands holding a market share of 46.9% [32] Competitive Landscape - The industry is highly concentrated, with the company holding a significant market share, outperforming competitors like Gu Ming and Cha Bai Dao [32] - The company has a strong presence in lower-tier cities, with 57.2% of its stores located in third-tier and below markets [11][41] Supply Chain and Expansion - The company employs a light asset model with high turnover, allowing for rapid expansion, particularly in lower-tier markets [11][38] - The supply chain is vertically integrated, covering 70% of core raw materials through self-production [37] Management Structure - The company is controlled by the Zhang brothers, who hold a combined 86.46% of the shares, ensuring stable governance [24][27] - The management team is focused on strategic planning, brand operation, and supply chain optimization [27][28]

Core Viewpoint - Lucky Coffee, a sub-brand of Mixue Group, is aggressively expanding into first- and second-tier cities with a target of opening over 10,000 stores by the end of the year, having already reached nearly 7,000 stores in just four months [1][3][4] Expansion Strategy - Lucky Coffee was established in 2017 and offers products priced between 6 to 8 yuan, including fruit coffee, milk coffee, fruit tea, and light milk tea [3] - The brand initially focused on lower-tier cities and is now shifting towards higher-tier cities, with approximately 70% of its stores located in third-tier cities or below [3][4] - The new head of Lucky Coffee in China has extensive experience from Mixue Ice City, indicating a strategic push into first- and second-tier markets [3] Market Analysis - The company identified that coffee consumption frequency is higher in first- and second-tier cities, with per capita coffee consumption in China increasing from 7 cups five years ago to 22 cups currently, indicating significant market potential [4] - There is still a considerable gap in coffee shop density in cities like Beijing, Guangzhou, and Shenzhen, suggesting ample opportunity for new store openings [5] Operational Support - Lucky Coffee has established a dedicated market team of 400 members and a training team of 100 members to support franchisees in operations and marketing [5] - The company has implemented specific support policies for franchisees in major cities, waiving fees totaling 34,000 yuan for two years [3] Competitive Landscape - The coffee market is becoming increasingly competitive, with brands like Luckin Coffee and Kudi lowering prices to attract consumers [6] - Lucky Coffee positions itself as a high-quality yet affordable option, with prices starting at 5.9 yuan for an Americano, supported by Mixue Group's extensive supply chain [6][7] Supply Chain Advantages - Mixue Group has signed a procurement agreement worth 4 billion yuan with Brazil for coffee beans, enhancing Lucky Coffee's supply chain capabilities [7] - The company has recently launched a new roasting line in Hainan with an annual capacity exceeding 20,000 tons, significantly increasing its production capabilities [7] Consumer Trends - The shift in consumer behavior towards valuing quality over brand prestige is benefiting Lucky Coffee, as consumers increasingly view coffee as a high-frequency necessity [7]

Core Viewpoint - The domestic coffee market is expected to welcome new members to the "10,000 store club," with the brand Lucky Coffee aiming for 10,000 stores by 2025, currently nearing 7,000 stores across over 300 cities [2][4]. Expansion Strategy - Lucky Coffee plans to open approximately 4,500 new stores in 2024, averaging about 357 new stores per month [2]. - The brand's rapid expansion is supported by its parent company, Mixue Group, which has increased resource allocation to Lucky Coffee since 2025 [4]. Market Positioning - Lucky Coffee adopts a "high quality, low price" strategy, with product prices ranging from 6 to 8 yuan [4]. - The brand's new store openings in Q2 2025 saw a year-on-year increase of 164% [4]. Supply Chain and Cost Efficiency - Lucky Coffee benefits from Mixue Group's extensive supply chain, allowing for superior cost control and operational efficiency [4]. - The company sources high-quality Arabica coffee beans directly from Brazil, Ethiopia, and Indonesia, with a procurement price of less than 70 yuan per kilogram compared to the industry average of over 120 yuan [4]. Product Development - Lucky Coffee has significantly increased its product development speed, launching 32 new products in the first half of the year, an 88% increase from the previous year [5]. - The "True Fruit Coffee" series launched in May achieved over 100 million yuan in sales within a month [5]. Market Growth Potential - The Chinese coffee market is projected to reach 313.3 billion yuan in 2024, with an 18.1% year-on-year growth [5]. - Current per capita annual coffee consumption in China is 22.24 cups, with significant room for growth compared to over 300 cups in mature markets like the U.S. and South Korea [5]. Impact of Delivery Services - Recent competition in the delivery service sector has led to a 258% increase in delivery orders for Lucky Coffee, with average daily revenue reaching 5,732 yuan [6][7]. - The delivery service competition has altered consumer price perceptions, benefiting Lucky Coffee's pricing strategy [7]. Targeting Urban Markets - Lucky Coffee is shifting its focus to first- and second-tier cities, offering a two-year fee waiver for franchisees in major cities [9]. - Despite the challenges of high rental and labor costs in first-tier cities, the brand aims to establish a stable profit model beyond just low pricing [9]. Competitive Landscape - As of Q1 2025, Luckin Coffee has over 24,000 stores in China, while Kudidi Coffee has 10,045 stores [9]. - If Lucky Coffee maintains its current growth rate, it is projected to become the third coffee brand to reach 10,000 stores by the end of 2025 [9].

Core Viewpoint - The domestic coffee market is expected to welcome new members to the "10,000 store club," with Luckin Coffee aiming for rapid expansion and a target of 10,000 stores by 2025 [1][3]. Expansion Strategy - Luckin Coffee is set to open approximately 4,500 new stores in 2024, averaging about 357 new stores per month, indicating a significant acceleration in its expansion efforts [1][3]. - The brand's current store count is nearing 7,000, covering over 300 cities nationwide [1]. Pricing and Cost Control - Luckin Coffee follows a "high quality and affordable" strategy, with product prices primarily in the range of 6-8 yuan [3]. - The company benefits from the strong supply chain capabilities of its parent company, Mixue Group, which has 46,000 stores nationwide, allowing for superior cost control and operational efficiency [3][4]. - The cost of coffee beans supplied to franchisees is less than 70 yuan per kilogram, compared to the industry average of over 120 yuan per kilogram, resulting in a gross margin exceeding 50% for a 5.9 yuan Americano [3][4]. Product Development - Luckin Coffee has significantly increased its product launch speed, introducing 32 new products in the first half of the year, an 88% increase year-on-year [4]. - The "True Fruit Coffee" series launched in May achieved over 100 million yuan in sales within a month [4]. Market Potential - The Chinese coffee market is projected to grow, with the industry size expected to reach 313.3 billion yuan in 2024, a year-on-year increase of 18.1% [4]. - Current per capita annual coffee consumption in China is 22.24 cups, with significant room for growth compared to over 300 cups in mature markets like the U.S. and South Korea [4]. Impact of Delivery Wars - Recent delivery service competition has led to a 258% increase in daily order volume, with average store revenue reaching 5,732 yuan on July 12 [5][6]. - The competition has also increased franchise inquiries by 300%, positively influencing consumer price perceptions of coffee [6]. Focus on Urban Expansion - Luckin Coffee is shifting its focus to first and second-tier cities, previously having around 70% of its stores in lower-tier cities [8]. - The company has introduced a support policy for franchisees in major cities, waiving fees totaling 34,000 yuan for two years [8]. Challenges in Urban Markets - Despite the shift, Luckin Coffee faces challenges in penetrating first-tier cities, where its presence is still minimal and often located in suburban areas [9]. - High rental and labor costs in these cities pose a challenge to sustainable profitability, especially when compared to competitors like Luckin Coffee and Kudi Coffee, which have established larger networks [9].

Core Viewpoint - Luckin Coffee, a sub-brand of Mixue Ice Cream, aims to open 10,000 stores by the end of the year, despite facing challenges in expansion and competition in the coffee market [2][15]. Expansion Strategy - Luckin Coffee plans to focus on one province at a time for market entry, using successful provinces like Shandong to drive growth in neighboring areas [3]. - The new CEO, Pan Guofei, emphasizes a slower, more strategic approach to expansion, contrasting with the rapid growth of competitors like Luckin Coffee and Kudi [3][12]. - The brand has seen an increase in store count, surpassing 7,000 locations, with daily average sales reaching 5,700 yuan in July [3]. Market Positioning - Luckin Coffee positions itself as a high-quality yet affordable option, with a price point of 5.9 yuan for an Americano, significantly lower than competitors [6][8]. - The brand utilizes a semi-automatic coffee machine to enhance flavor while keeping equipment costs low, which requires more skilled operation [5][7]. Supply Chain and Cost Management - Since being fully acquired by Mixue Group in 2019, Luckin Coffee has integrated into its supply chain, benefiting from economies of scale with over 46,000 stores [8][9]. - The cost of coffee beans for franchisees is kept low, allowing for a 50% gross margin on a 5.9 yuan Americano [8]. - The supply chain's robustness has helped the brand withstand price fluctuations in raw materials without raising prices [9][12]. Training and Operations - A dedicated market management team of 400 and a training team of 100 have been established to support franchise operations and ensure quality [4][6]. - Franchisees and baristas must undergo training at the Luckin Coffee Academy to ensure consistent product quality and operational standards [6]. Competitive Landscape - The coffee market is highly competitive, with brands like Starbucks, Luckin, and Kudi rapidly expanding their footprints [13][15]. - Luckin Coffee aims to differentiate itself by leveraging its supply chain and focusing on affordability, while also adapting to consumer preferences shaped by the competitive landscape [14][15].

Core Viewpoint - The article highlights the rapid expansion and unique business model of the tea beverage brand Mixue, which has surpassed Starbucks in the number of stores globally, reaching over 45,000 locations. The brand's success is attributed to its low-cost, high-efficiency supply chain and standardized store operations, allowing it to maintain a high net profit margin despite lower gross margins compared to competitors [1][3][5]. Group 1: Company Overview - Mixue was founded in 1997, initially selling shaved ice, but pivoted to a low-cost ice cream model with a 1 yuan cone, which became a bestseller. The brand focuses on high-quality, affordable products, with top-selling items priced below 7 yuan, accounting for nearly 40% of sales [3][5]. - The company operates primarily through a franchise model, generating 95% of its revenue from the sale of products and equipment to franchisees, while franchise fees contribute less than 5% [5][6]. Group 2: Business Model and Expansion - Mixue's fixed assets account for 28% of total assets, significantly higher than competitors, indicating a heavy investment in production and logistics to support its franchise model. The company produces 60% of its raw materials in-house, enhancing cost efficiency [6][12]. - The average payback period for franchisees is 14-16 months, shorter than the industry average of 18-24 months, making it an attractive option for potential franchisees [7][8]. Group 3: Supply Chain and Operational Efficiency - Mixue has built a vertically integrated supply chain, controlling raw material sourcing, production, and logistics. This includes direct procurement from farms and self-built production facilities, which lowers costs by 20-40% compared to external suppliers [10][15]. - The company employs a standardized operational model, ensuring consistency in product quality and efficiency across its stores. This includes a centralized training program and strict compliance monitoring [16][17]. Group 4: Competitive Landscape - In the low-end tea beverage market (priced below 10 yuan), Mixue holds over 30% market share, significantly outpacing local competitors. The brand's efficient supply chain and operational model create a formidable barrier to entry for new players [21][22]. - The high-end and mid-range segments of the market are more fragmented and competitive, with many brands vying for market share, but Mixue's focus on low-cost offerings positions it uniquely in the market [19][20]. Group 5: Brand and Marketing Strategy - Mixue has developed a unique brand identity through its character "Xue Wang," which has become a central element of its marketing strategy. This IP has enhanced customer engagement and brand recognition [22][24]. - The brand's marketing efforts leverage social media and various platforms to promote its character, further solidifying its market presence and consumer loyalty [23][24].

Core Viewpoint - The article highlights the successful IPO of Mixue Ice City, which achieved a remarkable market debut with a 43.2% increase in stock price, reaching a market capitalization of over 109.3 billion HKD, and emphasizes the company's leading position in the global fresh beverage industry through a high-quality and affordable business model [2][3]. Group 1: Company Performance - As of December 31, 2024, Mixue Ice City operates 46,479 stores globally, with a retail sales volume of approximately 58.3 billion CNY, reflecting a year-on-year growth of 21.9% [2]. - The net profit for the first three quarters of 2024 reached 3.5 billion CNY, marking a year-on-year increase of 42.3%, with a gross margin of 32.4% and a net margin of 18.7%, both significantly above industry averages [3]. - The company reported revenues of approximately 18.7 billion CNY and net profits of 3.5 billion CNY for the first nine months of 2024, showing year-on-year growth of 21.2% and 42.3% respectively [6]. Group 2: Market Strategy - Mixue Ice City focuses on a product price range of 2-8 CNY, targeting the vast underdeveloped market, with a simplified product SKU of around 30, emphasizing core beverage offerings [5]. - The company has established a strong presence in lower-tier cities, with 57.2% of its stores located in third-tier cities and below, indicating significant growth potential in these markets [5][6]. - The average daily retail sales per store have shown a consistent upward trend, reaching approximately 4,184.4 CNY in the first nine months of 2024 [7]. Group 3: Supply Chain and Operational Efficiency - Mixue Ice City has developed a robust supply chain system, with a global procurement network covering 38 countries and five production bases in China, achieving 100% self-sourcing of core beverage ingredients [10][11]. - The company maintains a significant warehousing capacity of approximately 35,000 square meters across 27 warehouses, enabling efficient logistics and distribution [10]. - The IPO proceeds will primarily be allocated to supply chain expansion, with 66% of the funds aimed at enhancing factory, warehouse, and cold chain logistics capabilities [11]. Group 4: Global Expansion and Future Outlook - The global fresh beverage market is projected to grow from 779.1 billion USD in 2023 to 1,103.9 billion USD by 2028, with a compound annual growth rate of 7.2%, presenting significant opportunities for Mixue Ice City [8]. - The company has over 4,800 stores overseas, positioning itself as the largest fresh beverage brand in Southeast Asia, and aims to enhance its international presence through its Hong Kong listing [8]. - Mixue Ice City is redefining "consumption upgrade" by demonstrating that true enhancement lies in supply chain efficiency rather than merely increasing price points, aiming for a broader reach in quality living for consumers [13].

Core Viewpoint - The successful IPO of Mixue Ice City reflects a strong consensus on its investment value and the potential for a rebound in the Chinese consumer industry, driven by its "high-quality and affordable" business model [4][10][19]. Group 1: IPO Performance - On its first trading day, Mixue's stock opened at 262 HKD, up 29.38% from the issue price, quickly surpassing a market capitalization of 100 billion HKD [2]. - The IPO saw a subscription rate of 5258 times, with frozen capital exceeding 1.82 trillion HKD, setting a new record for Hong Kong stocks [3]. Group 2: Market Position and Strategy - Mixue Ice City has become the world's largest beverage company by store count, surpassing Starbucks, with over 46,000 stores across 31 provinces and cities in China [5][6]. - The company targets the lower-income demographic, with 57.2% of its stores located in third-tier cities and below, emphasizing its focus on the "downstream market" [6][8]. Group 3: Cost Structure and Supply Chain - Mixue's production facilities have expanded to 790,000 square meters, allowing it to maintain a cost advantage of over 20% on common fruit ingredients compared to competitors [7][8]. - The company has built a self-sufficient supply chain, enabling it to control raw material pricing and create a cost moat that is difficult for competitors to replicate [8]. Group 4: Brand and Market Penetration - Mixue's marketing strategy includes catchy jingles that enhance brand recognition, demonstrating the effectiveness of auditory marketing in building brand equity [9]. - The brand's penetration reflects the release of consumer potential in the Chinese market, with significant market share in the beverage sector [10]. Group 5: Investment Interest - Top-tier investors, including M&G Investments and Sequoia China, have shown strong interest in Mixue, indicating confidence in its long-term value and business model [14][15]. - The global ready-to-drink beverage market is projected to grow at a compound annual growth rate of 7.2% from 2023 to 2028, highlighting the potential for Mixue's expansion [15]. Group 6: International Expansion - Mixue has established a presence in Southeast Asia, with over 4,800 stores, becoming the leading ready-to-drink tea brand in the region [16]. - The company aims to provide high-quality and affordable beverages globally, indicating significant long-term growth potential [20].

某种程度上而言，境内外头部机构的入局和加码，一方面体现了对蜜雪冰城内在价值和长期发展潜力 的认可，亦体现出对中国消费市场的持续看好。 1997年开始创业的蜜雪冰城，最早起步于郑州一家名为"寒流刨冰"的小店，且是中国现制饮品行业 中最早设立中央工厂、最早开始自建专属物流体系、最早跨品类创立现磨咖啡品牌（幸运咖）的企 业。 早在2012年，蜜雪冰城便设立中央工厂，将业务延伸至上游的生产制造领域。经过超过十年的持续 深耕，蜜雪冰城已经建成占地共计约79万平方米的五大生产基地，覆盖糖、奶、茶、咖、果、粮、 料全品类食材。 作为 中国现制饮品行业中极少数实现加盟商的饮品食材、包材及设备100%从品牌方采购的品牌， 蜜雪冰城 提供给加盟商的饮品食材超过60%为自产，是中国现制饮品行业中最高（根据灼识咨询的 报告），其中核心饮品食材为100%自产 。 基石投资者累计认购2亿美元。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，蜜雪冰城股份有限公司（以下简称"蜜雪冰城"）今日开启招股、至2月26日结 束，并计划于2025年3月3日正式以"2097"为股票代码在港交 ...