2025年，当我们还在讨论"瑞幸们"是否有余力继续打价格战时，其背后的供应商已经赚到上市了。恒鑫 生活，这家为蜜雪冰城、瑞幸、喜茶、霸王茶姬、库迪、星巴克等众多茶咖品牌提供包装产品的供应 商，正是其中的佼佼者。 大家好，我是大邦，今天就来和大家聊聊茶咖界隐藏最深的巨头，到底有多赚钱？ 现制饮品行业，又捧出一个IPO。 详情请戳视频 以上就是本期全部内容，如果您想了解更多 最新 企业 动态， 欢迎登录 睿兽分析 查看，解锁 赛道图 谱 以及 行业报告 。 ...

2025年3月13日，瑞幸咖啡与印尼邦盖群岛县政府签署《合作备忘录》，宣布将邦盖群岛作为生椰拿铁主要原料椰浆的专属优质原产地，并命名为"瑞 幸咖啡专属生椰岛（Luckin Exclusive Coconut Island）"，这里将成为瑞幸生椰拿铁供应链的"心脏"。 从2021年全网"求椰不得"到如今日耗50万颗毛椰子，瑞幸用四年时间将一款爆品变成撬动全球原料市场的杠杆。在平均每天卖出200多万杯的超级胃口背 后，供应链战场的硝烟也从咖啡豆产地蔓延到椰林。 毕竟没有万吨巨轮护航的网红单品，不过是流量沙滩上的精致贝壳，已然穿越过周期的瑞幸，也正在把军火库架到赤道线上的椰林里——这场看似浪漫 的"包岛"行动背后，是中国消费品牌在供应链争夺战中的一场硬核突围。 当椰浆泵阀开启的瞬间，瑞幸已悄然开启了新消费品牌的全球军备竞赛。 01 从"抢椰大战"到"供应链革命" 2021年4月，生椰拿铁上市首周销量突破666万杯，频繁断货甚至把原料椰子一度带得涨价数倍，这个瑞幸的第一个百亿级大单品，不仅被网友戏称"瑞幸让 我明白了什么叫椰子比咖啡金贵"，也成了一款"改变了中国咖啡进程"的产品。 在生椰拿铁诞生的次年，据咖门发布的《 ...

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 article discusses the recent IPO of Mixue Group, highlighting its significant market valuation and the factors contributing to its rapid growth in the beverage industry, particularly in the context of competition with established brands like Starbucks [2][6]. Group 1: Market Performance and Valuation - Mixue Group's stock surged by 43.21% on its debut, reaching a market capitalization of HKD 109.3 billion, surpassing the peak valuation of Luckin Coffee in 2020 and even exceeding that of Haidilao [2][4]. - Despite the initial surge, Mixue's stock experienced a slight decline of 0.14% on the second day of trading, raising questions about the sustainability of its valuation [2][4]. Group 2: Operational Efficiency and Supply Chain - The high valuation of Mixue is attributed to its extensive self-built supply chain and store network, supported by a digital system that integrates business, information, finance, and logistics [4][5]. - Mixue's digital system allows for efficient online operations across all stages, enabling quick order fulfillment and resource allocation, which is a significant advantage over competitors [4][5]. - The company plans to allocate approximately 66% of its IPO funds (around HKD 2.2 billion) to enhance its end-to-end supply chain system, indicating a strong focus on technological advancement [5]. Group 3: Competitive Landscape - In the domestic market, Mixue faces competition from various brands, with each segment having established leaders, such as Luckin in coffee and Guming in fruit tea [9][10]. - Mixue's strategy involves expanding its presence in shopping centers and enhancing operational efficiency to maintain its competitive edge [10][12]. Group 4: International Expansion Potential - Mixue has expanded into Southeast Asia, with over 4,800 overseas stores, and has shown rapid growth in new markets, particularly in Indonesia [13][14]. - The potential for further expansion in Southeast Asia is significant, with projections suggesting that Mixue could increase its store count to between 10,000 and 15,000 in the region [14]. - However, challenges remain in localizing operations and competing with established international brands, necessitating a careful approach to international growth [16].

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].

Group 1: Snow King IPO - Snow King Group (MIXUE) was listed on the Hong Kong Stock Exchange on March 3, with a closing price increase of 43.21%, reaching 290 HKD per share and a market capitalization of approximately 110 billion HKD [4][5] - The IPO price was set at 202.5 HKD per share, allowing investors to earn nearly 8,700 HKD for one lot of shares [5] - The total amount raised from the IPO was 3.455 billion HKD, with a record subscription rate of 5,258.21 times for the public offering, amounting to 1.82 trillion HKD [6] Group 2: Financial Performance - Snow King Group reported revenues of 13.6 billion CNY, 20.3 billion CNY, and 18.7 billion CNY for the years 2022, 2023, and the first nine months of 2024, representing year-on-year growth of 31.2%, 49.6%, and 21.2% respectively [6] - The net profits for the same periods were 2 billion CNY, 3.2 billion CNY, and 3.5 billion CNY, with year-on-year growth rates of 5.3%, 58.3%, and 42.3% respectively [6] Group 3: Hema's Business Adjustment - Hema announced the closure of three membership stores in Shanghai, effective April 1, leaving only five such stores nationwide [8][10] - Hema plans to focus on expanding its fresh food business, with plans to open nearly 100 new Hema Fresh stores in the new fiscal year [10] Group 4: Market Reactions - The Nasdaq index experienced a sudden drop, primarily influenced by Nvidia's nearly 5% decline [19] - Chinese concept stocks also faced adjustments, with the Nasdaq Golden Dragon China Index falling over 1.4%, and notable declines in electric vehicle stocks such as Li Auto, Xpeng, and NIO [20]

Core Viewpoint - The successful IPO of Mixue Group, a leading beverage company, marks a significant event in the market, showcasing strong investor interest and a unique business model focused on affordable, high-quality products [1][9][12]. Group 1: IPO Performance - Mixue Group debuted on the Hong Kong Stock Exchange with an opening price of 262 HKD per share, reflecting a 29.38% increase from its IPO price of 202.50 HKD [1]. - By midday, the stock price rose over 40%, reaching 283.6 HKD per share, with a total market capitalization of 1,069 billion HKD [2]. - The IPO attracted a record subscription rate of 5,125 times, raising over 1.77 trillion HKD, surpassing previous records in the Hong Kong market [9][10]. Group 2: Business Model and Revenue - Mixue Group focuses on high-quality, affordable beverages, with an average price of approximately 6 RMB (about 1 USD) for its products, including fruit drinks, tea, ice cream, and coffee [3][7]. - Over 99% of its stores operate on a franchise model, with revenue primarily generated from selling materials and equipment to franchisees, contributing 97% of total revenue in the first three quarters of 2024 [8]. - The company's growth strategy emphasizes a "low-price + market penetration" model, with 57.2% of its stores located in third-tier cities and below, supported by a self-built supply chain [8]. Group 3: Financial Performance - Mixue Group reported significant revenue growth, achieving 18.66 billion RMB in revenue for the first three quarters of 2024, a year-on-year increase of 21.2%, and a net profit of 3.49 billion RMB, up 42.3% [12]. - Historical revenue figures show a consistent upward trend, with revenues of 13.6 billion RMB, 20.3 billion RMB, and 18.7 billion RMB for the years 2022, 2023, and the first nine months of 2024, respectively [13]. Group 4: Market Context - The IPO occurred against a backdrop of declining performance in the new tea beverage sector, where other brands like Tea Baidao and Nayuki Tea experienced significant drops on their debut [6][11]. - Mixue's strong market reception is attributed to its expansive store network, which is projected to reach 46,479 by the end of 2024, surpassing major competitors like Starbucks and McDonald's [12].

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]

盛况久违。 作者 I 周佳丽 报道 I 投资界PEdaily 今日（3月3日），蜜雪冰城股份有限公司正式登陆港交所，开盘涨超3 0%，市值一度冲破1000亿港元。 此次IPO，蜜雪冰城引爆港股历历在目：融资认购超5 258倍，认购金额超1. 8万亿港元，刷新历史成为新一代港股"冻资王"。 这是中国茶饮江湖一个不可思议的存在——成立28年，蜜雪冰城从郑州一家几平米的"寒流刨冰"小店，凭借均价6元的茶饮、冰淇淋、 咖啡，在全球范围内开出4. 6万家门店，实现终端零售额583亿元，2024年前九个月净利润35亿元。 消费行业永不落幕，蜜雪冰城的神话才刚刚开始。 开店46000家 蜜雪冰城缔造市值1000亿 从不被看到，到成为顶流，蜜雪冰城留给外界最直观的感受是其一骑绝尘的开店能力：20 24年前9个月全球净增约770 0家门店，这样 的数字甚至很多茶饮品牌成立至今都还没达到；到2 024年底全球门店总规模突破4 .6万家，一举超越连锁经营品牌的"老师傅"星巴克， 成为全球最大现制饮品企业。 "雪王"遍及全国大街小巷绝非夸张，覆盖中国超过30 0个地级市、170 0个县城和全国约3000 0个乡镇中的490 0个乡镇 ...