Core Insights - The article discusses the 30th anniversary of the Hong Kong dessert brand, 满记甜品 (Mango Dessert), highlighting its recovery from a challenging period and its plans for future growth [1][3]. Financial Performance - In 2024, the traditional store business achieved a total net income of 478 million yuan, a year-on-year increase of 5%, with a corresponding GMV of 635 million yuan, up 14% [1]. - The number of offline stores grew from 193 at the end of 2023 to 243 by the end of 2024, representing a 27% increase [1]. - The new retail business generated a GMV of 240 million yuan and a net income of 99 million yuan, marking a significant year-on-year growth of 395% [3]. Strategic Goals - The CMO of 满记甜品, Duncan, stated that the company aims to focus on consumer satisfaction over the next 3 to 5 years, with plans to expand to 500 direct stores and achieve 1 billion yuan in net revenue from both direct and retail businesses [3]. - The company also plans to have over 2,000 franchise stores, targeting 1 billion yuan in franchise revenue while continuing to penetrate lower-tier markets [3]. Historical Context - 满记甜品 was founded in 1995 and quickly gained popularity in mainland China, reaching a peak of over 500 stores and 1 billion yuan in overall performance by 2018 [4][6]. - The brand's initial success was attributed to its unique hand-crafted fruit desserts, which differentiated it from competitors [4][6]. Market Challenges - The dessert market has become increasingly competitive, with brands like 许留山 and 鲜芋仙 also facing declines due to the rise of tea and coffee brands [11][12]. - The shift in consumer preferences towards convenience and takeaway options has posed challenges for traditional dessert brands, which historically focused on dine-in experiences [12][13]. Recent Developments - Following a period of negative publicity and store closures, 满记甜品 secured new strategic investments to enhance its new retail business and franchise operations [18][20]. - The company has initiated a comprehensive transformation, including management changes, product innovation, and a focus on takeaway and delivery services [20][21][22]. Future Outlook - The dessert market in China is projected to grow from 1,120 billion yuan in 2019 to 1,715 billion yuan in 2024, with tea-infused desserts capturing a significant market share [28][31]. - 满记甜品 is adapting its product offerings to include portable options and expanding into new retail channels, aiming to regain market share and appeal to younger consumers [32].

Core Viewpoint - The dessert industry faces significant challenges from the rapidly expanding new tea beverage sector, which is increasingly incorporating dessert items into their menus, leading to a blurred line between categories [1]. Market Dynamics - Top 10 new tea brands have increased their dessert SKU count by 170% over the past two years, with dessert sales now accounting for 18% of total sales, up from 5% [1]. - The dessert market is experiencing a slowdown in expansion among leading brands, while regional players are intensifying competition [1]. Company Strategy - The company plans to expand its franchise stores to over 2,000 in the next 3-5 years, targeting a net revenue of 1 billion from franchise operations [2]. - The company emphasizes a dual approach to supply chain management, balancing centralized production for core products with flexible supply chains for seasonal and trending items [14][15]. Competitive Landscape - The dessert sector is characterized by a lack of IPO cases, with leading brands like Baoshifu and Luxihe not yet listed, indicating a cautious approach to capital markets [3]. - The dessert market is currently in an "efficiency competition" phase, where companies must return to the fundamentals of business and respect single-store profitability to achieve sustainable growth [8]. Consumer Trends - The dessert market is primarily focused on intimate and family social settings, which limits its scene coverage compared to tea and coffee [5]. - There is a significant opportunity for dessert brands to innovate while maintaining traditional elements, as consumer preferences evolve [6][16]. Future Outlook - The company aims to achieve 500 direct-operated stores and 1 billion in net revenue from direct sales, alongside 1 billion from retail operations, while expanding its franchise network [19]. - The future of the dessert industry will likely hinge on enhancing consumer experience, adapting to changing lifestyles and consumption patterns [18].