Core Viewpoint - The report highlights the ESG strategies and practices of Mixue Group, emphasizing its commitment to sustainable development through a comprehensive approach that includes product quality, partner welfare, social contribution, and environmental protection [1][2]. Group 1: ESG Governance and Practices - Mixue Group has established a robust ESG governance framework, focusing on food quality and safety, supply chain management, and consumer trust [1][2]. - The company operates over 46,000 stores across 11 countries, achieving over 24.8 billion yuan in revenue, positioning itself as a leading beverage enterprise [1][2]. Group 2: Food Safety Management - Mixue Group has implemented ISO22000 food safety management system certification for its brand Mixue Ice City and various international certifications for its supply chain subsidiary, Daka International [2][4]. - The company conducts extensive food safety training, with 271 training sessions covering over 50,000 employees in 2024 [4]. Group 3: Sustainable Development Initiatives - The company is actively involved in sustainable agricultural practices, providing support to farmers through donations of integrated water and fertilizer systems and organic fertilizers [9]. - Mixue Group has established five production bases across China, integrating sustainable development into its production processes [9][10]. Group 4: Renewable Energy and Green Infrastructure - The company is transitioning to renewable energy, with solar power projects in its production bases, including a 5.99 MW solar installation in Henan expected to generate 6,000 MWh annually [10]. - The design of the new production facility in Chongqing incorporates environmental considerations, resulting in significant cost savings and ecological benefits [10]. Group 5: Global Expansion and Local Adaptation - Mixue Group has developed a global procurement network covering 38 countries, sourcing high-quality beverage ingredients from various regions [11]. - The company has adapted its product offerings to local markets in Southeast Asia, introducing unique flavors and sustainable packaging solutions [11][12]. Group 6: Consumer Engagement and Social Responsibility - The "No Packaging Bag" initiative launched in collaboration with Tencent Charity encourages consumers to choose eco-friendly options, resulting in over 25 million participants in the first month [14]. - The company's first ESG report reflects its long-term commitment to sustainability through comprehensive efforts across the entire value chain [14].

Group 1: Travel Industry Trends - The popularity of "less crowded niche destinations" has surged by 200% month-on-month, while "less popular family destinations" increased by 100% [1] - The average increase in interest for "self-driving trips" during the May Day holiday is 70%, indicating a preference for flexible and comfortable travel options [1] - The booking cycle for flights during the May Day holiday has shortened significantly, with 55.9% of travelers booking 10 days in advance, reflecting expectations of price fluctuations and cost control [1] Group 2: Company Performance - Mixue Group's stock price has surpassed 500 HKD, reaching a historical high and a market capitalization of 190 billion HKD, with a cumulative increase of over 150% since its listing on March 3 [2] - Jinma Amusement reported a revenue of 119 million CNY for Q1 2025, a year-on-year increase of 22.72%, but incurred a net loss of 664,400 CNY, a decline of 106.83% compared to the same period last year [3] - Zhongxin Tourism is set to sign a strategic cooperation agreement with Ponant Cruises to jointly develop the polar cruise market, focusing on polar exploration and sustainable development [4]

这份报告与公司年报几乎同时发布，外界对于这家现制饮品头部企业的关注度和讨论，也呈现出显著增 长。也因为此，这份 ESG 报告提供了一个全新的视角，一窥蜜雪冰城持续构建的绿色价值链。 门店版图再扩大，"高质平价"美味远飘全球 扩张过程中，蜜雪冰城不断"解锁"消费新场景，激发消费创新活力。报告显示，2024 年蜜雪冰城联合 中国邮政开设 13 家"蜜雪冰城"联名店，在高速服务区布局25家店，幸运咖将门店拓展至青海、新疆等 内陆省、自治区，将"高质平价"的好咖啡带到更多地方。 国际化战略也在稳步推进。此前 3 月 28 日，蜜雪冰城正式开放日本加盟，与合作伙伴们在日本街头， 共同书写更多"甜蜜故事"。前不久，蜜雪冰城哈萨克斯坦首店正式开业更是引发网友热议。 "三二一产业融合"，构建甜蜜全产业链 近日，蜜雪集团（02097.HK）正式发布《2024 环境、社会及管治（ESG）报告》（下称"报告"）。这 是蜜雪集团上市后发布的首份 ESG 报告，全面回顾了集团在透明化治理、员工福祉、食安管理、公益 助农以及可持续发展等 ESG 方面的实践和成果。 秉承"让全球每个人享受高质平价的美味"的使命，2024 年蜜雪冰城门店版 ...

近年来，奶茶、咖啡等现制饮品受到年轻人热捧，不少奶茶、咖啡品牌长期支持"自带杯立减"活动，也 让很多年轻人习惯使用自己喜爱的饮品杯。为了鼓励更多的消费者选择"自带杯"，从源头上减少一次性 饮品杯的使用，4月21日起，美团及大众点评App开始在商家端试点上线"自带杯立减"标签。 现制饮品行业一次性包装广泛使用于堂食、外带、外卖等消费场景，部分一次性饮品杯因盖封膜不易 撕、杂色多、材质工艺复杂，导致目前整体回收率偏低。因此，除了从源头减少一次性饮品杯的使 用，"好杯新生"行动也联动爱回收等机构发起饮品杯回收计划，目前消费者可以在全国3万多台回收机 上参与分类投递。 北京商报讯（记者 郭缤璐）4月22日，"好杯新生"环保行动启动仪式在北京举行。茶百道、喜茶等27家 饮品品牌和爱回收、睿莫环保等回收再生企业，以及行业组织、研究机构作为创始成员单位共同参与了 这一环保行动。现场还发布了"好杯新生"环保行动倡议。除蓝色港湾现场的启动仪式和沉浸式体验活动 外，北京五棵松、东坝、通州万达以及天津、济南、石家庄等7个城市的9处商圈也在共同打造线下环保 体验区。 此外，美团青山科技基金也在为相关企业开展废弃奶茶杯高值化利用科研提 ...

Industry Overview - The ready-to-drink beverage industry in China is experiencing rapid expansion, driven by product characteristics and consumption upgrades, with market size growing from 187.8 billion yuan in 2018 to 627.9 billion yuan in 2024, and expected to reach 746.4 billion yuan by 2025 [1][12] - The proportion of ready-to-drink beverages in the overall beverage market has increased from 20.6% to 39.4% from 2018 to 2024, with projections indicating it will exceed 40% by 2025 [1][12] - The industry is characterized by fresh, customizable, and convenient products, including various types of tea, coffee, and fresh juices, sold through both offline and online channels [1][5] Market Dynamics - The competition in the ready-to-drink beverage sector has intensified, with brands engaging in price wars and rapid franchise expansions, leading to market saturation [9][14] - In 2024, a total of 2,681 new products were launched by 96 representative brands, with tea beverages accounting for 70.7% and coffee beverages 29.3% of new product launches [9][10] - The average monthly new product launches for tea brands (157.9) outpaced coffee brands (65.5), with seasonal trends influencing product introductions [10] Consumer Behavior - 72.6% of Generation Z consumers in China purchase ready-to-drink beverages weekly, with a notable increase in the frequency of coffee purchases compared to tea [7] - The per capita annual consumption of ready-to-drink beverages in China has risen from 8 cups in 2018 to 22 cups in 2023, but remains significantly lower than in developed markets [22] Competitive Landscape - The market is concentrated, with the top five brands (Mizuki Ice City, Luckin Coffee, Starbucks, Guming, and Chabaidao) holding a combined market share of 35%, indicating a strong head effect [14][16] - Mizuki Ice City leads the market with an 11.3% share, followed by Luckin Coffee (8.3%) and Starbucks (6.3%) [16] Future Trends - The ready-to-drink beverage market is expected to continue growing, with projections indicating that the market size could exceed 1 trillion yuan by 2028 [12] - The increasing consumer focus on product quality and experience is driving supply chain upgrades and innovation in product offerings [23][24] - The chain rate for ready-to-drink tea and coffee shops is anticipated to rise significantly, enhancing market growth potential [24]

Core Viewpoint - CICC initiates coverage on Mixue Group (02097) with an "outperform" rating and a target price of HKD 470.00, based on a P/E valuation method corresponding to a 2025 P/E of 33x. The company is the largest fresh beverage company in China and the fourth largest globally, with over 46,000 stores worldwide by the end of 2024 [1]. Group 1: Market Dynamics - The fresh beverage market in China and Southeast Asia is large and growing rapidly, with a market size of CNY 658.2 billion in 2023 and a CAGR of 21% over the past five years. The sub-10 CNY price segment is stable and concentrated, driven by consumer demand for affordable and convenient options [2]. - Mixue has established a "flywheel effect" by focusing on high-quality, affordable products, which has led to brand recognition and an extensive store network, enhancing its competitive advantage [2]. Group 2: Operational Efficiency - The company offers high-quality, affordable products (ASP of CNY 6-7), supported by a broad store network and the popular "Xue Wang" IP, contributing to its national brand influence [3]. - Mixue's integrated supply chain, covering R&D, procurement, production, and logistics, ensures stable supply while significantly reducing costs. The procurement costs for key raw materials are over 10% lower than competitors, and the company has a production capacity of approximately 1.65 million tons [3]. - The company's strict franchise management system and shared values with franchisees support high-quality store expansion, with an average franchisee operating about 2.2 stores, and a low closure rate of 3-4% since 2021 [3]. Group 3: Growth Potential - The company is expected to have domestic store expansion potential of at least 65,000 to 68,000 stores, with overseas expansion potential of at least 14,000 stores, driven by the growth of the overseas fresh beverage market and its competitive advantages [4]. - CICC remains optimistic about the company's long-term growth potential overseas, supported by its pricing strategy, supply chain capabilities, and management strength [4]. Group 4: Competitive Advantage - CICC highlights the company's unique pricing strategy and strong supply chain and brand power as key factors supporting its competitive advantage. The company is expected to achieve sustained store expansion and performance growth, with potential catalysts including better-than-expected same-store sales and store openings domestically, as well as overseas adjustments [5].

2 0 2 5年春节作为中国首个"非遗年"，八天的黄金假期叠加消费券政策，带动了消费者乐享 假日的情绪。凯度消费者指数家外消费样组的最新研究显示， 2 0 2 5年春节期间（截至到 2 0 2 5年2月17日的过去8周）中国现制饮品市场持稳步增长，消费者触及数（CRP）对比 去年同期增长5%。 从饮用场景看， 店内堂食 依然是春节期间最主流的场景。对比非春节期间*，消费者偏好 在购物时喝现制饮品。同时，研究发现消费者在春节期间对现制茶饮的需求较平日也有明 显提升，展现出节日消费的独特属性。 消费者在场景和饮用需求上的多元化特征，为现制 饮品提供了新的产品与场景机会。 为赋能品牌更好地掌握现制饮品市场的消费者需求动态 ，凯度消费者指数首次发布现制饮 品市场品牌足迹榜单。 通过持续追踪消费者的现制饮品购买行为，以独家监测指标——消 费者触及数（CRP）来评估品牌表现。 前十榜单中，茶饮品牌占据大半席位，可见茶饮市场在春节期间的主导地位显著。其中， 蜜雪冰城、霸王茶姬 和 瑞幸咖啡 分列前三。 我们发现，进入榜单的品牌，无论茶饮品牌还是咖啡品牌，都有一个共性——即 主要通过 渗透率的提升拉动增长 。其中，霸王茶姬、 ...

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].