供应链方面，蜜雪集团采购网络覆盖全球六大洲、38个国家，门店核心饮品食材已实现100%自主生 产，并在国内设有29个仓库，配送网络覆盖超300个地级市，90%的县级区域可实现12小时内触达。 在品牌文化运营层面，其标志性的"雪王"IP已形成强大的影响力，通过推出多元联名周边、打造沉浸式 主题门店、布局短视频平台趣味内容矩阵等方式，持续强化与年轻消费群体的情感联结。 本报讯 （记者李静）12月26日，由《证券日报》社有限责任公司主办的2025证券市场年会暨2025金骏 马颁奖典礼在北京召开。蜜雪冰城股份有限公司（以下简称"蜜雪集团"）受邀参与本次年会，并凭借全 链路竞争力荣获"金骏马行业领军企业"奖项。 作为全球门店规模最大的现制饮品企业，蜜雪集团始终秉持"高质平价"的理念，通过其"供应链+品牌 IP+门店运营"三位一体的综合竞争力，不仅重塑了行业成本结构与商业模式，更推动了新茶饮的全民普 惠。 在资本市场，蜜雪集团于2025年3月成功登陆港交所，并创下超额认购纪录，市值位居行业首位。 2025年上半年，蜜雪集团实现收入148.7亿元，净利润27.2亿元，同比分别增长39.3%与44.1%。 总体来看，蜜雪集团 ...

爱建证券指出，公司国内门店网络仍具备持续扩张空间，下沉市场与一二线城市双向渗透。公司三线及 以下城市门店占比保持在55%以上，强大的供应链能力保障了公司在下沉市场的竞争优势，下沉市场仍 有空间。另外，海外市场空间广阔，东南亚供应链本地化建设支撑持续扩张。截至25H1，中国内地以 外门店数达4733家，主要集中于印尼、越南等东南亚市场。 蜜雪集团(02097)涨超3%，截至发稿，涨3.13%，报435港元，成交额2.77亿港元。 消息面上，近日蜜雪冰城洛杉矶好莱坞店正式营业。该店位于星光大道"中国剧院"正对面，所在商圈消 费成熟。作为蜜雪冰城在美洲市场开出的首家门店，标志着其全球化战略再迈出关键一步，根据郑州晚 报，目前蜜雪冰城在美国的多家新店正在紧张筹备当中，巴西、墨西哥等美洲国家的门店也在稳步推 进，持续深化品牌全球化战略。华源证券认为，蜜雪集团深耕现制饮品行业，兼具客群、渠道、供应链 及营销等多重竞争优势，精准卡位平价茶饮价格带。持续看好其国内及海外市场渠道扩张。 ...

证券研究报告 商贸零售 行业定期报告 hyzqdatemark 2025 年 12 月 29 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 板块表现： 蜜雪冰城美国首店在好莱坞开业，花西子入驻美国最大美妆零售平台 投资评级： 看好（维持） ——新消费行业周报（2025.12.22-2025.12.26） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 蜜雪冰城美国首店在好莱坞开业，打开美洲拓店版图。近日蜜雪冰城洛杉矶好莱坞 店正式营业。该店位于星光大道"中国剧院"正对面，所在商圈消费成熟。作为蜜 雪冰城在美洲市场开出的首家门店，标志着其全球化战略再迈出关键一步，根据郑 州晚报，目前蜜雪冰城在美国的多家新店正在紧张筹备当中，巴西、墨西哥等美洲 国家的门店也在稳步推进，持续深化品牌全球化战略。美国首店延续品牌经典菜单 设计，涵盖冰淇淋、纯茶、果茶、奶茶、现磨咖啡等多个产品系列，同时结合美国 消费者的饮食偏好，提供多种小料、糖度选项，门店菜单信息显示，招牌冰淇淋售 价 1.19 美元，冰鲜柠檬水售价 1.99 美元，拿铁咖啡售价 2.99 ...

Core Viewpoint - The company is the largest ready-to-drink beverage enterprise globally, establishing a leading position in the ready-to-drink tea market through its end-to-end supply chain and extensive store network of 53,000 locations. Revenue projections for 2025, 2026, and 2027 are estimated at 33.55 billion, 40.30 billion, and 44.39 billion yuan, respectively, with corresponding net profits of 6.00 billion, 7.40 billion, and 8.41 billion yuan, indicating significant growth potential [1][2]. Industry and Company Analysis - The ready-to-drink beverage industry in China is experiencing rapid growth, with the ready-to-drink tea market size reaching approximately 258.5 billion yuan in 2023, driven by increased penetration in lower-tier markets and higher consumption frequency [1]. - The company focuses on the research, production, and sales of ready-to-drink tea and freshly brewed coffee, operating under a franchise model. Its brands, including Mixue Ice City and Lucky Coffee, are positioned as affordable options, with prices ranging from 6-8 yuan for tea and 5-10 yuan for coffee [2]. - The company has a market share of approximately 49.6% in the ready-to-drink tea sector, supported by a robust supply chain and a network of 53,000 stores as of the first half of 2025 [2]. - Revenue from product and equipment sales is projected to grow significantly, with estimates of 32.68 billion, 39.22 billion, and 43.14 billion yuan for 2025, 2026, and 2027, respectively, alongside improving gross margins [2]. Unique Insights - Contrary to common perceptions that the company's low-price model is easily replicable and growth potential is limited, the company has established cost barriers through its comprehensive supply chain, which enhances the sustainability of its low-price positioning [3]. - The company has built a centralized production system since 2012, creating a closed-loop supply chain that includes procurement, production, storage, and logistics, which significantly reduces costs and ensures product quality [4]. - The company has a mature franchise model that binds the interests of franchisees, with a low initial investment and franchise fees compared to industry averages, which supports sustainable profitability for franchisees [4]. Catalysts for Stock Performance - There remains significant room for expansion in the domestic store network, particularly in lower-tier markets, while also increasing penetration in first- and second-tier cities [5]. - The company has established a presence in Southeast Asia, with 4,733 stores outside mainland China, and is leveraging localized supply chain strategies to reduce logistics costs and enhance delivery efficiency [5]. - The coffee brand, Lucky Coffee, is set to restart its expansion after adjustments, creating a dual-brand strategy that enhances the company's resilience and growth potential in the ready-to-drink beverage market [5].

以下文章来源于金角财经 ，作者Chester 金角财经 . 城市新中产读本，拆解经济事件背后的逻辑。 作本文转载自金角财经 值班编辑｜ 宝珠 视觉 | 顾芗 是什么，能让创始人彻底离开自己亲手创办十余年的公司？ 创业第11 年，茉酸奶迎来关键人事更迭：创始人赵伯华同时卸任法定代表人、总经理、董事、财务负责 人等全部职务，并退出股东行列；联合创始人、现任董事长顾豪随即接任法定代表人，持股比例提升至 57.14%，成为绝对控股股东。 从工商信息来看，这是一场干净利落、没有"过渡期"的权力交割。 于是，市场的第一反应，自然是去寻找"触发点"。 离开的原因，或许是新股东的入场？ 一个被频繁提及的解释，是资本的变化。2023 年入股茉酸奶的乳业巨头君乐宝，曾在今年 10 月清仓退 出，但却在赵伯华卸任的同一节点再次返场，以 21.43 万元持股 42.86%。这种"先退再进"的操作，时间 点过于敏感，很难不引发外界关于股东博弈的联想。 另一种解释，则指向经营层面的压力。 数据显示，至本月中旬，茉酸奶全国门店数量为1166家，与巅峰期的1682家相比，减少了516家。门店 收缩、价格下调、对品控的重新强调，都在提醒外界， ...

Core Insights - Mixue Ice City has officially opened its first store in New York on Christmas Eve, attracting a significant number of customers, primarily young Asians, with a notable presence of local Americans who are unfamiliar with the brand [2][26] - The brand's strategy focuses on low pricing to quickly acquire customers, similar to its growth path in Southeast Asia, but faces challenges in service quality and operational efficiency [3][32] Group 1: Market Entry and Customer Reception - The store's opening saw long queues, with approximately 80% of customers being Asian and 20% local Americans, indicating a strong initial interest from the Asian demographic [2][37] - Customer feedback on social media platforms like Google Review highlights a mix of positive comments on pricing and negative feedback regarding service issues, such as order errors and inconsistent product quality [22][23] - The pricing strategy includes offering products at significantly lower prices than competitors, with items like milk tea and ice cream priced below $2, which is appealing to price-sensitive consumers [32][34] Group 2: Competitive Landscape - Mixue faces competition not only from other tea shops but also from fast-food chains and dessert shops in Manhattan, which have a dense beverage market [11][34] - The brand's entry is expected to shift price expectations in the local market, where traditional milk tea prices are higher, potentially forcing competitors to justify their pricing strategies [11][35] Group 3: Operational Challenges - The sustainability of Mixue's low pricing model in New York is uncertain due to high fixed costs associated with operating in Manhattan, raising concerns about profitability [13][37] - The brand has signed a 10-year lease for a second location, but the high rent and operational costs may challenge its ability to maintain low prices while ensuring profitability [13][37] - There are significant concerns regarding the brand's ability to respond to customer feedback and manage service quality, which is critical in a competitive market like New York [23][48] Group 4: Brand Localization and Market Education - The brand's mascot and overall concept are not well-known among non-Asian consumers, indicating a need for market education to convert interest into sales [14][38] - The initial customer base is divided between those with prior experience of the brand and local consumers who are attracted by the low prices but may not have brand loyalty [22][46]

证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 24 日 浙商早知道 2025 年 12 月 24 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 市场总览 ：wanghe@stocke.com.cn 重要推荐 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：12 月 23 日上证指数上涨 0.07%，沪深 300 上涨 0.2%，科创 50 上涨 0.36%，中证 1000 下跌 0.22%，创业板 指上涨 0.41%，恒生指数下跌 0.11%。 行业：12 月 23 日表现最好的行业分别是电力设备（+1.12%)、建筑材料（+0.88%)、电子（+0.58%)、有色金属（+0.42%)、 银行（+0.37%)，表现最差的行业分别是社会服务（-2.07%)、美容护理（-1.65%)、商贸零售（-1.6%)、国防军工（-1.42%)、 计算机（-1.05%)。 资金：12 月 23 日全 A 总成交额为 19214 亿元，南下资金净流入 6.11 亿港元。 【浙商大消费 钟烨晨】沪上阿姨（02589）公司深度 ...

人民财讯12月23日电，在今日由证券时报举办的"攻守之道：新消费'高波动'背后的定价逻辑重构"沙龙 上，长城基金国际业务部副总经理曲少杰表示，Z世代正引领新消费浪潮。当前，我国消费市场正 从"大众消费"向"个性与理性消费"转型，年轻人口基数庞大，叠加国内完整的产业链优势，催生出规模 可观的消费市场，消费分层也呈现出更为多元的特征。其中，新兴消费领域增长动能强劲，宠物经济、 潮玩、现制饮品、健康消费、智能穿戴及智能驾驶汽车六大细分领域表现尤为亮眼。 ...

浙商证券发布研报称，首次覆盖，给予沪上阿姨(02589)"增持"评级，公司以"五谷奶茶"起家，后聚焦鲜 果茶等四大产品线，推出300+新品，并构建12+8+15供应链体系保障稳定供应。通过高黏性加盟体系快 速扩张，现制饮品行业空间广阔，2023年规模超5100亿元，公司凭借产品创新、供应链优势和加盟模 式，持续强化品牌心智，有望把握行业增长红利。 浙商证券主要观点如下： 全国领先的高质中价现制饮品企业，稳健扩张驱动增长 沪上阿姨是一家全国领先的现制饮品企业，聚焦为广大消费者提供高质中价的现制饮品。随着市场需求 增加和规模扩张，沪上阿姨的收入由2022年的22.0亿元增至2024年的32.8亿元，CAGR约22%。与此同 时，公司通过优化成本结构实现较优的盈利能力，2022-2024年公司平均毛利率/净利率约29%/9%。 此外，高黏性加盟体系驱动门店扩张提速。2022-2024年门店从5,307增长至9,176家，2022-2024年老加 盟商开新店占比由46.5%升至48.8%，为强内生扩张动力。叠加原创IP与跨界联名强化品牌心智，2024 年初与《魔道祖师》推出联名轻乳茶，上市三天卖出约百万杯，话题#沪上 ...

浙商证券（601878）发布研报称，首次覆盖，给予沪上阿姨(02589)"增持"评级，公司以"五谷奶茶"起 家，后聚焦鲜果茶等四大产品线，推出300+新品，并构建12+8+15供应链体系保障稳定供应。通过高黏 性加盟体系快速扩张，现制饮品行业空间广阔，2023年规模超5100亿元，公司凭借产品创新、供应链优 势和加盟模式，持续强化品牌心智，有望把握行业增长红利。 浙商证券主要观点如下： 2023年现制饮品行业规模5100+亿元，近几年持续保持双位数增速。细分赛道来看，增速维度，现磨咖 啡>现制茶饮>其他，2018-2023年现磨咖啡/现制茶饮行业增速约36%/19%。规模维度，现制茶饮>现磨 咖啡>其他，2023年现制茶饮/现磨咖啡市场规模约2500+/1700+亿元。横向比较，我国人均现制饮品年 消费量仍有8倍及以上空间。2023年，我国人均现制饮品年消费量22杯，仍远低于2023年美国的323杯、 欧盟及英国的306杯以及日本的172杯，因此对标发达市场仍有8倍以上空间。中价带成为最具确定性的 成长区间。高客单价承压、低价带同质化严重，中价带凭借"高质价比+更包容的产品结构"成为占比最 高的价格带，预计2 ...