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 ...

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]

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The ready-to-drink beverage industry is a high-quality consumer segment with a market size exceeding 510 billion yuan and a double-digit growth rate. The industry has a low penetration rate and high-quality offerings, indicating significant growth potential, especially in lower-tier cities [3][4] - Major players like Mixue Ice City and Luckin Coffee have established strong market positions and are expected to continue expanding through both domestic and international strategies. Other brands like Gu Ming and Lucky Coffee are also solidifying their positions in the first tier of the industry [3] - The competition landscape is evolving, with a noticeable increase in store closures in the ready-to-drink tea segment, while the coffee segment remains competitive with a clear concentration of leading brands [4] Industry Scale - The ready-to-drink beverage industry reached a scale of over 510 billion yuan in 2023, maintaining a compound annual growth rate (CAGR) of approximately 23% from 2018 to 2023. The market for ready-to-drink tea and coffee is approximately 250 billion yuan and 170 billion yuan, respectively [4][18] - The ready-to-drink tea segment is the largest, accounting for about 50% of the total market, while the ready-to-drink coffee segment is the fastest-growing, with a CAGR of nearly 36% from 2018 to 2023 [4][21][25] Brand Competition Landscape - The competition in the ready-to-drink tea segment is easing, with a significant increase in store closures over the past three years. In contrast, the coffee segment remains highly competitive, with a clear trend of brand concentration [4][41] - The top five brands in the ready-to-drink tea segment hold a market share of approximately 16.8%, while the top ten brands account for about 23.2%. In the coffee segment, the top five brands have a market share of around 22.2% [4][51][53] Future Outlook - There is substantial growth potential in the ready-to-drink beverage market, with per capita consumption in China still having over eight times the room for growth compared to developed markets. The industry is expected to maintain a double-digit growth rate, with the market size projected to exceed 1.1 trillion yuan by 2028 [4][26][30] - The affordable ready-to-drink beverage segment is anticipated to be the primary driver of growth, with a projected CAGR of 22% from 2023 to 2028 [30][32]

微信公众号｜ipozaozhidao 蜜雪冰城 一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 更多详情： 蜜雪冰城今起招股：英国投资巨头入局，高瓴、龙珠、红杉、博裕均参与基石 思格新能源 港股｜递交招股书 据IPO早知道消息，思格新能源(上海)股份有限公司（以下简称"思格新能源"）于2025年2月21日正 式向港交所递交招股说明书，拟主板挂牌上市，中信证券和法国巴黎银行担任联席保荐人。 截至2024年12月31日，蜜雪冰城在中国及海外共拥有46,479家门店，仅以截至2024年9月30日的 45,302家门店数量计算，蜜雪冰城已经成为全球第一的现制饮品企业。2021年、2022年、2023年 及2024年，蜜雪冰城分别实现了228亿元、307亿元、478亿元及583亿元的终端零售额，同期出杯 量分别达到36亿杯、47亿杯、74亿杯和90亿杯，2024年的出杯量和终端零售额分别同比增长了 21.9%和21.7%。 2022年、2023年以及2024年前三季度，蜜雪冰城分别实现了136亿元、203亿元及187亿元的收 入，同比增长31.2%、49.6%及21.2%。同期，净利润分别为 ...

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 ...

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 蜜雪冰城 港股｜通过聆讯 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"）日前已通过港交所聆讯并于2月 14日晚间披露通过聆讯后的资料集。 这意味着，蜜雪冰城即将在港挂牌上市。 截至2024年12月31日，蜜雪冰城的门店数量为46479家。2024年，蜜雪冰城门店网络实现出杯量约 90亿杯，同比增长约21.9%；终端零售额约583亿，同比增长约21.7%。根据灼识咨询的报告，仅以 截至2024年9月30日的门店数量计算，蜜雪冰城已经成为全球第一的现制饮品企业。 在东南亚市场，蜜雪冰城也是排名第一的现制茶饮品牌。截至2024年9月30日，蜜雪冰城门店网络 已覆盖中国及印度尼西亚、越南、马来西亚、泰国等海外11个国家，门店数量约4,800家门店。 同时，蜜雪冰城的门店网络终端零售额、饮品出杯量同样持续增长——2021年、2022年、2023年 及2024年，门店终端零售额分别为228亿元、307亿元、478亿元及583亿元，饮品出杯量分别为36 亿杯、47亿杯、74亿杯及90亿杯。 以 ...

蜜雪冰城已经成为全球第一的现制饮品企业。 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"）日前已通过港交所聆讯并于2月 14日晚间披露通过聆讯后的资料集。 这意味着，蜜雪冰城即将在港挂牌上市。 同时，蜜雪冰城的门店网络终端零售额、饮品出杯量同样持续增长——2021年、2022年、2023年 及2024年，门店终端零售额分别为228亿元、307亿元、478亿元及583亿元，饮品出杯量分别为 36亿杯、47亿杯、74亿杯及90亿杯。 以2023年终端零售额计，蜜雪冰城是全球前五大现制饮品企业中唯一的中国企业。同期，在中国现 制饮品行业中，蜜雪冰城以约11.3%的终端零售份额和32.7%的饮品出杯量份额排名第一 。 与加盟商利益与共，打造更赚钱的门店 门店数量全球第一 ， 终端零售额稳健增长 截至2024年12月31日，蜜雪冰城的门店数量 为 46479家 。 2024年，蜜雪冰城门店网络实现出 杯量约90亿杯，同比增长约21.9%；终端零售额约583亿，同比增长约21.7%。 根据灼识咨询的报 告，仅以截至20 ...