11月28日晚，在2025年电影市场贺岁档（11月28日至12月31日）开启首日，《疯狂动物城2》总票房突 破（含预售）10亿元，成为3年来首部票房过10亿元的引进片。 一位影院管理公司的人士坦言："我们之前就感觉《疯狂动物城2》的票房一定会过10亿元，但之前以为 会是在下周初，也是12月份刚开始的那一两天，但现实比我们预计的早了两天。" 若《疯狂动物城2》的总票房如灯塔AI预测达到27亿元，这就意味着，该片将成为中国内地电影市场引 进片的影史亚军，仅次于《复仇者联盟4》的42.5亿元。 为何《疯狂动物城2》会成为近年来首部票房破10亿元的引进片？该人士认为，一是该片的前作此前收 获的高口碑打好了基础；二是动画电影在IP建设、衍生开发、传播等方面较真人电影往往具备优势，特 别是对于擅长衍生开发的迪士尼而言，能够在两部影片上映的间隔期，很好地维持甚至提升影片的热 度。 据媒体报道，自2023年12月以来，"疯狂动物城"IP在大中华区的授权业务已实现3倍增长。在上映前， 已有60多个品牌提前押宝联名合作，提前抢占这一IP红利，其中就包括星巴克、优衣库、瑞幸、名创优 品、周大福等。预计到2025年年底将推出超200 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4][11][13]. Core Insights - The report highlights three main reasons for optimism regarding the company's future growth: 1) The competitive landscape of the ready-to-drink tea industry, where brands rely heavily on external IP collaborations for customer acquisition, while the company leverages its proprietary "Snow King" IP to break through traffic barriers; 2) The company's supply chain achieves end-to-end control, creating a strong competitive moat that enables extreme cost optimization, product standardization, and stable, efficient operations; 3) The growth potential of the company, with the brand showing dual-driven potential for domestic and international expansion, focusing on a "high-quality and affordable" strategy domestically and localizing research and supply chain centers abroad to replicate the Chinese model [4][11]. Summary by Sections Company Overview - The company operates two core brands, Mixue Ice City and Lucky Coffee, focusing on a "high-quality and affordable" product philosophy, targeting the mass consumer market. It has established a strong supply chain system, with over 60% of beverage ingredients produced in-house and 100% of core ingredients sourced internally. The company primarily generates revenue by selling raw materials, equipment, and services to franchisees [8][20][35]. Market Potential - The global ready-to-drink beverage market is expected to grow significantly, with China and Southeast Asia showing the most potential. The ready-to-drink tea market in China has formed a multi-tiered consumption structure, with affordable and mass-market products leading the industry. The company is well-positioned to capitalize on this growth through its pricing strategy and market penetration [9][60][70]. Competitive Advantages - The company's "Snow King" IP creates a unique traffic barrier, while its industrial-grade supply chain supports its high-quality and affordable strategy. This supply chain allows the company to maintain low pricing while ensuring quality and profitability for franchisees. The company has a strong market penetration capability, particularly in lower-tier cities, transforming occasional consumption into a daily necessity [10][49][70]. Financial Projections - The company is projected to achieve net profits of 57.12 billion, 68.17 billion, and 76.51 billion yuan from 2025 to 2027. The report emphasizes the company's strong revenue growth driven by store expansion, with a compound annual growth rate (CAGR) of 33.86% in revenue and 32.44% in net profit from 2021 to 2024 [4][11][41].