6月24日，2025年《新财富》杂志"500创富榜"（以下简称"榜单"）正式发布。榜单显示， 蜜雪冰 城创始人张红超、张红甫兄弟成为河南首富。 2025.06. 25 本文字数：967，阅读时长大约2分钟 张红超、张红甫排在第16位，其身家为1179.4亿元， 公司为蜜雪冰城，公司总部在河南郑州，主 要行业为茶饮。 据该榜单，泡泡玛特王宁排到第60位，位居河南富豪第三位，而今年6月9日福布斯实时富豪榜中， 王宁排河南首富第一位，也反映出不同榜单规则的不一致性。 据顶端新闻，凭借低价、高频、复购、连锁等特点，蜜雪冰城的张红超和 张红甫 兄弟、喜茶的聂云 宸、霸王茶姬的张俊杰、茶百道的王霄锟和刘洧宏夫妇、古茗的王云安等上榜。 其中蜜雪冰城张红 超和 张红甫 兄弟俩身家达1179亿元，超过了牧原股份的秦英林夫妇，晋升为新一任河南首富。 据大河报，根据该榜单， 这也是张红超、张红甫两兄弟首次登上河南首富榜。 众多报道谈及张红超的创业历程时，常提到1997年，19岁的他用家人资助的3000块钱积蓄起家， 为了做出一杯好喝的刨冰，尝遍街头巷尾的刨冰冷饮，一家一家地仔细观察，摸索配方，调制出各种 口味的刨冰。 经过起初的连 ...

政策引导与消费需求共振 奈雪高维破局健康课题 随着健康生活理念深入人心，现制茶饮行业迎来了营养升级的新浪潮。6月25日，奈雪的 茶"2025健康升级发布会"在京举办，奈雪联合农业农村部食物与营养发展研究所、新华网及 百位专业营养师共同发起鲜果茶"不加糖天然营养＋"计划。遵循该计划中"营养食材+新鲜现 制+低卡控糖"的轻养健康公式，奈雪推出系列轻饮轻食产品。 发布会现场 此举不仅是奈雪健康升级的重要实践，更标志着新茶饮行业从"减糖控糖"正式迈入"天然营养 +"的新阶段，开启"轻养鲜果茶"新篇章。新华网副总裁侯大伟，农业农村部食物与营养发展 研究所所长王凤忠，中国疾病预防控制中心营养与健康所原所长、中国营养学会党委书记丁 钢强及百位营养师代表出席发布会，并共同见证新茶饮在健康营养方向迈出的坚实一步。 近年来，随着《健康中国行动（2019-2030年）》等系列政策文件相继发布，国民健康意识 显著增强。消费者对现制茶饮的需求正发生深刻变革，更加注重饮品的营养健康属性——不 仅追求"减糖"，更渴望茶饮能富含更多天然营养成分。 在这一背景下，健康的生活方式正逐步成为我们社会的新风尚。新华网副总裁侯大伟表 示："这一计划的 ...

Group 1 - The core viewpoint of the news is that Huangshi Group has signed a strategic cooperation agreement with Hubei Xiangyuan Food Co., Ltd., marking a significant step in expanding its new consumption strategy [1] - Huangshi Group aims to leverage its core advantages in the water buffalo milk supply chain and Xiangyuan Food's market strength to explore new opportunities in the beverage and tea drink sectors [1] - The ready-to-drink tea market has shown substantial growth, with the market size increasing from 70.2 billion yuan in 2018 to 211.5 billion yuan in 2023, reflecting a compound annual growth rate (CAGR) of 24.7% [1] Group 2 - Huangshi Group is enhancing its tea beverage channel development, collaborating with numerous leading brands such as Mixue Ice Cream and Tea, and Bawang Tea [2] - The company has successfully introduced high-yield water buffalo embryos from Pakistan, significantly increasing milk production per buffalo and addressing long-standing supply shortages in the industry [2] - Huangshi Group is actively launching new products like "Water Buffalo Milk Tea" and "Water Buffalo Milk Ice Cream" to capture the young consumer market while expanding its distribution channels through partnerships with major e-commerce platforms and retail chains [2]

Core Viewpoint - The retail sector in commercial real estate is experiencing a transformation driven by consumer promotion policies and the expansion of the duty-free economy across major cities in China, leading to increased consumer spending and inbound tourism [3][5][6]. Group 1: Retail Sector Performance - Major retail operators such as CR Land, Longfor Group, and Link REIT are showing varied performance, with some projects achieving significant growth while others struggle with older assets requiring continuous investment [3][9]. - The retail property portfolio of Link REIT in mainland China reported a total revenue and net property income growth of 29.7% and 28.9% respectively, driven by strong performance from specific projects in Shanghai and Shenzhen [9][12]. Group 2: Consumer Promotion Policies - Cities like Shenzhen, Chongqing, and Chengdu have introduced consumer promotion policies aimed at boosting local economies, with initiatives such as the establishment of new retail stores and events to attract consumers [5][6]. - The focus on green consumption and the establishment of new retail formats, such as duty-free shops in urban areas, are part of a broader strategy to enhance consumer engagement and stimulate economic activity [5][8]. Group 3: Experience and Content Enhancement - Existing retail spaces are undergoing significant upgrades to enhance consumer experience, with a shift towards immersive and engaging environments to attract foot traffic [14][17]. - New entrants in the outlet market are leveraging unique themes and experiences to differentiate themselves, such as health and wellness concepts in shopping centers [13][19]. Group 4: Cross-Border E-commerce Expansion - Cross-border e-commerce platforms like TikTok Shop are expanding into new European markets, indicating a strategic move to capture a broader customer base [30][31]. - Domestic platforms are also enhancing their international competitiveness, with initiatives like JD's collaboration with Xiaohongshu to improve conversion rates and customer engagement [34]. Group 5: REITs and Investment Trends - The approval of new consumption infrastructure REITs, such as the China Green Development REIT, reflects a growing trend towards light-asset operations and the optimization of commercial assets [35][36]. - Existing REITs are showing stable operations, with a reported cash distribution rate of 4.19% for the recently restructured Huaxia First Creation Outlet REIT [36][37].

作者：新消费主张/cici 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 2025年6月下旬，资本市场接连传出星巴克中国业务拟出售的消息。据多家媒体报道，高瓴资本、凯雷 投资、信宸资本等机构参与了星巴克中国区的反向管理层路演，表达了对收购的兴趣。目前交易结构尚 未敲定，传言称星巴克中国业务估值约为50亿至60亿美元（约合人民币358亿至430亿元），由高盛担任 独家财务顾问。 就上述消息，星巴克中国相关负责人表示，星巴克目前没有考虑完全出售中国业务。不管星巴克未来是 否考虑出售中国业务，星巴克中国的势能相较2019年之前大幅度下滑已成为不争的事实。一方面，我国 现制咖啡市场内卷程度加深，卷价格、卷产品，星巴克中国在这场与本土咖啡品牌的竞争中显得"水土 不服"；另一方面，星巴克中国的经营状况也难容乐观，2024财年星巴克中国的营收、同店销售额、客 单价均出现下滑。在这种情况下，星巴克中国50-60亿美元的估值合理吗？ 从引领者到追赶者 星巴克遭瑞幸库迪及新式茶饮围剿？ 曾几何时，星巴克在中国的黄金时代构建了近乎垄断的市场地位。2019年之前，凭借着第三空 ...

近年来，茶饮赛道已无可争议地成为竞争红海。中商产业研究院发布的《2025-2030年中国现制茶饮深 度分析及发展前景研究预测报告》显示，2024年中国现制茶饮市场规模达到3127亿元，较上年增长 20.97%。中商产业研究院分析师预测，2025年中国现制茶饮市场规模将达到3689亿元，增速明显收 窄。一方面是日趋饱和的市场大盘，另一方面是众多茶饮品牌的激烈"厮杀"。在一些热门商圈，常常能 看到几步一家茶饮店的景象。 市场竞争充分饱和的状态下，从武汉起步的茶饮品牌"爷爷不泡茶"却逆势崛起，以一年门店规模增长8 倍的速度赢得行业增速第一的宝座，其中空山栀子、荔枝冰酿等产品也充分受到了消费者认可。这背 后，凸显着这家品牌抓住市场暗涌的洋流，深挖情绪价值打造长线爆品的战略策略。 爆品矩阵撑起品牌爆发 任何成功的茶饮品牌都自己的王牌产品，爷爷不泡茶也不例外。近日，该品牌升级了自己的爆款产品空 山栀子，以武汉的栀子凉茶原始口味为蓝本，选用四川乐山栀子为原料，采用超出行业传统标准的三斤 花香窨制一斤茶底的配比，拼配福建大白毫与四川毛峰双茶底，呈现出3:1的花茶比例。搭配轻乳茶基 底，入口甘甜清爽，留有温润奶香。 空山栀子上 ...

环球市场动态 内 地 财 政 对 资 金 面 压 力 将 明 显 增 加 股 票 以色列伊朗停战，全球股市情绪大 幅反弹。A 股上涨，沪指重回 3400 店；港股全线上涨，权重的科技股、 金融股纷纷走高；欧洲交易时段尽 管以色列和伊朗双方都指责对方破 坏停火协议，但市场乐观情绪仍较 高推动强劲收涨；鲍威尔国会证词 提及降息，美股三大指数均涨超 1%，金龙中国指数涨 3%。 外 汇 / 商 品 以伊停火协议缓解供应担忧，并且 特朗普表示中国可以继续购买伊朗 石油，原油价格连续第二天重挫； 中东局势降温减弱避险需求，周二 国际金价下跌近 2%；美国消费者 信心弱于预期，鲍威尔降息前景发 出偏平衡的信号，美元指数下跌 0.6%至 97.86。 固 定 收 益 美国短期国债领涨；地缘政治局势 缓和；美国消费者信心意外下降； 鲍威尔重申观望立场，未排除 7 月 降息可能；两年期美债拍卖中标利 率略低于发行前水平，需求略显平 淡。亚洲债市情绪改善，中国投资 级债券利差收窄 1-3bp。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 6 月 2 ...

Core Insights - The article highlights the remarkable growth of the brand "Mixue Ice City," which started from a tricycle selling ice cream in 2007 to becoming a major player with 46,000 stores, surpassing Starbucks in scale [1][8] - The founders, Zhang Hongchao and Zhang Hongfu, have amassed a fortune of 117.9 billion yuan, making them the richest individuals in Henan province by capitalizing on affordable beverages [1][8] Company Overview - Mixue Ice City began with a focus on affordable products, selling ice cream for 2 yuan, which resonated with consumers, particularly students [1][3] - The company has developed a robust supply chain, including 27 warehouses and a self-owned cold chain delivery system, achieving 97% of stores receiving deliveries within 12 hours [6][9] - The brand's strategy includes a low-cost model, with a focus on rural markets, where 57.2% of its stores are located in third-tier cities and below [6][8] Financial Performance - The company has a production capacity of 1.65 million tons annually, with a cost structure that allows for a 30% lower cost per drink compared to industry averages [6][9] - Despite its rapid expansion, the company faced challenges in 2024, including the closure of 1,600 stores and a decline in average daily sales per store [9][11] Market Strategy - Mixue Ice City employs a "direct supply" model, which allows it to reduce procurement costs by over 20% compared to competitors [5][6] - The brand's philosophy emphasizes accessibility, aiming to be a "national milk tea" that everyone can afford, which has contributed to its market penetration [8][12] Employment Impact - The company has created 785,000 jobs and increased income for 167,000 farmers, demonstrating its significant impact on local economies [8][9] - The logistics operations have also improved the livelihoods of delivery drivers, showcasing the brand's broader economic influence [9][12] Future Challenges - The company is addressing the "scale trap" by slowing down its expansion and focusing on niche markets such as campuses and hospitals [11] - There is a need for brand upgrading to appeal to younger consumers while maintaining its core values of affordability and accessibility [11][12]

点击按钮▲立即报名 美国6月Markit制造业保持扩张 6月23日，美国最新公布的PMI数据显示，美国6月Markit制造业PMI初值52，与5月持平，继续保持扩张，高于预期的51，为2月以来最高水 平。Markit服务业PMI初值53.1，低于前值53.7，高于预期的52.9，创两个月新低。Markit综合PMI初值52.8，低于前值53，高于预期52.1，创 两个月新低。 由于关税因素，制造业材料采购价格指数大幅上升5.4点至70，为四年来最大涨幅。销售价格指数上升至64.5，两项指数均达到2022年7月以来 的最高水平。约三分之二的制造商将原材料成本上涨归因于关税，而超过一半的制造商则将销售价格上涨归因于关税。（华尔街见闻） ｜点评｜ 美国6月Markit制造业PMI保持在扩张区间，关税导致的价格压力正在逐步显现。为了尽快消耗前期应对关税加征而囤积的库存原材 料，美国制造业正在加速生产，为美国劳动力市场注入了新的需求。不过，很多国家同时上调了对美关税，美国商品和服务出口双双走弱。 互联网平台涉税新规落地 6月23日，《互联网平台企业涉税信息报送规定》正式生效。据悉，该立法层级仅次于法律，高于部门规章。《 ...

Core Insights - The rise of Zhang Hongchao and Zhang Hongfu, founders of Mixue Ice City, as the "new richest" in Henan with a net worth of 117.9 billion yuan reflects a significant shift in China's consumer market, highlighting the potential for grassroots entrepreneurs to reshape the wealth landscape through "extreme cost performance" and "lower-tier market dividends" [2][11] Company Overview - Zhang Hongchao started with 3,000 yuan from his grandmother to set up a small ice stall in Zhengzhou, overcoming multiple relocations and failures before achieving success with a 1 yuan ice cream in 2005. His brother joined in 2007, with clear division of responsibilities: product development and supply chain management by Zhang Hongchao, and brand expansion by Zhang Hongfu [4] - Mixue Ice City has rapidly expanded from a local ice stall to the largest global beverage chain, driven by a core strategy of "low price + extreme supply chain," with key products like ice lemon water (4 yuan/cup) and ice cream (3 yuan/stick) dominating consumer preferences, selling a cumulative 9 billion cups by 2024 [5] Financial Performance - 99% of Mixue's revenue comes from selling raw materials and equipment to franchisees rather than franchise fees. In the first three quarters of 2024, the company reported revenue of 18.7 billion yuan, with 94.3% from product sales and a gross margin of 32.4%. Franchisees enjoy a gross margin of about 55% per cup, creating a "thin profit, high sales" cycle [7] - The company has established five production bases and 27 smart warehouses, achieving over 60% self-sufficiency in core raw materials, which allows it to maintain costs more than 20% lower than industry averages. The annual production capacity at its Henan base reached 500,000 tons in 2024, with the cost per cup of milk tea reduced to below 1 yuan [7][9] Market Context - The success of Mixue Ice City is closely tied to Henan's agricultural strengths, contributing significantly to the food industry, which has produced numerous wealthy individuals. The company benefits from lower raw material costs and a large consumer base in the lower-tier market of 100 million people [9] - The changing landscape of Henan's wealth, with Zhang brothers surpassing previous richest individuals, indicates the potential of the consumer sector in driving domestic demand. The New Fortune list shows that the daily consumer goods sector produced 53 billionaires, emphasizing the wealth creation opportunities in consumption upgrades and lower-tier markets [11] Brand and Cultural Impact - Mixue Ice City's branding, including its "Snow King" IP and catchy songs, has transcended commercial symbols to become a source of happiness for ordinary people, explaining its popularity among younger generations as a "national brand." The story of the Zhang brothers is set to be a significant chapter in Chinese business history, not just for their wealth but for making "sweetness" accessible to all [15]