Core Viewpoint - The company, Mixue Group, has experienced rapid expansion and is positioned within the "new consumption" concept in the Hong Kong stock market, but its gross margin is significantly lower than its peers [1][4]. Expansion and Market Presence - As of the end of 2024, Mixue Group had a total of 41,584 stores in mainland China, covering all county-level cities, with a focus on the low-price market in third and fourth-tier cities [1]. - The distribution of stores by city tier is as follows: 1,983 in first-tier cities (4.8%), 8,143 in new first-tier cities (19.6%), 7,000 in second-tier cities (18.2%), and 23,858 in third-tier and below cities (57.4%) [1]. Financial Performance - The gross margin of Mixue Group is approximately 32%, which is lower than that of competitors like Pop Mart (64.79%) and Maogeping (84.37%) [1]. - The average single-store daily GMV (Gross Merchandise Volume) was about 4,184.4 yuan in the first three quarters of 2024, showing a year-on-year decline of 5.3% [2]. Store Growth and Challenges - The growth rate of store openings in third-tier and below cities has slowed down, with the number of stores increasing from 11,590 in 2021 to 23,858 in 2024, but with varying growth rates [2]. - The company has faced challenges with increasing store density leading to a decline in single-store GMV, indicating a potential saturation in the market [3]. Recent Developments - Mixue Group's stock price has faced significant fluctuations, with a drop of 6.19% on June 10, 2025, and three out of four trading days showing substantial declines [4]. - The company has also seen an increase in the number of closed stores, with 1,307 and 1,609 closures in 2023 and 2024, respectively [3]. Food Safety Concerns - Recent media reports have raised concerns about food safety issues in several Mixue stores, including allegations of altering ingredient expiration dates and using overnight tea [5]. - The company has acknowledged these issues and has taken steps to address them, including closing affected stores for rectification [5].

6月10日，茶咖日报的主要内容有： 5月黑猫投诉红黑榜：茶颜悦色售卖零食中异物频现 6月10日，黑猫投诉发布5月企业投诉处理红黑榜单，数据均来源于黑猫投诉平台，反映了企业在黑猫投 诉平台的投诉处理解决情况。 截至2025年5月底，黑猫投诉平台累计收到消费者有效投诉近2642万件，5月有效投诉超79万件。 其中，5月有多位消费者向黑猫投诉平台反馈，自己在茶颜悦色购买的零食中出现不明异物或毛发等， 但向茶颜悦色客服反馈后并未得到有效处理。 "茉莉奶白合伙人"小程序被曝因"欺诈"暂停服务 6月9日，据咖新社报道，近日，一网友在社交平台上发帖，图片清晰显示"茉莉奶白合伙人因违规已暂 停服务"。同时，下方还有两行黑色字体提醒：很抱歉，小程序茉莉奶白合伙人由于存在欺诈行为，已 暂停服务。 茉莉奶白合伙人小程序截图小红书博主@林忆莲 6月9日，柠季方面披露柠季柠宝节成绩。2025年柠宝节期间，柠季国内门店总GMV超过6000万，较 2024年同期增长30.2%。总会员数较2024年增长71%左右，且活动期间Z世代消费人群数量新增 226.7 万。 分产品看，活动期间，TOP3产品招牌鸭屎香柠檬茶、茉莉手打柠檬茶及泰绿柠檬茶 ...

以下文章来源于信风TradeWind ，作者刘艺晨 信风TradeWind . 关注资本市场的趋势与发展 作者刘艺晨 编辑松壑 星巴克中国正式杀入现制饮品的夏日厮杀。 即日起，星巴克对星冰乐、冰摇茶、茶拿铁等"非咖"饮品降价，降价幅度在2-6元。 若以大杯为标准计算，平均降幅达到5元左右。 调价后，单杯最低单价低至23元，与主流中端奶茶品牌处在同一价格水平。 曾在诸多场合表示"不打价格战"的星巴克，首次以直接降价，而非发券的方式降低价格。 星巴克中国表示，6月17日，将联动《疯狂动物城》推出3款全新联名冰摇茶。 此外，茶拿铁也将迎来更多全新口味。 密集官宣背后，不难看出星巴克加码午后茶饮时段的决心。 今年以来星巴克本土化动作频频，经营策略一改往日的克制。 产品层面，迎合无糖化、低糖化的市场消费需求，在全国的所有门店都落地0糖的风味咖啡。打破鲜少与明星合作的惯例，与五月天的联名在社交媒体引起广 泛关注。 这家曾被认为克制、保守的咖啡巨头，正在直面中国市场的竞争。 在国内咖啡茶饮的疯狂竞争面前，星巴克的"以价换量"算盘没有成功。 2024年，星巴克中国同店销售额连续四个季度同比下滑，进入业绩低谷期。 打折后依旧" ...

Core Viewpoint - Starbucks is implementing a price reduction on several non-coffee beverages starting June 10, aiming to enhance its "morning coffee, afternoon tea" strategy to cater to diverse consumer needs throughout the day [1][3][12] Group 1: Pricing Strategy - Starbucks is officially reducing prices on over ten products in its Frappuccino, iced tea, and tea latte categories, with price cuts ranging from 2 to 6 yuan [3][6] - The price of large iced drinks previously ranged from 29 to 41 yuan, with 73.68% priced above 35 yuan; post-reduction, prices for specific drinks have been adjusted to align with high-end tea brands [6][12] Group 2: Market Positioning - The company is focusing on capturing the non-coffee market, which is essential for its growth strategy, especially in the context of increasing competition from brands like Luckin Coffee [6][13][16] - Starbucks aims to leverage its extensive store network, which exceeds 7,758 locations by mid-2025, to attract consumers in lower-tier markets where demand for sweet beverages is higher [17][19] Group 3: Product Innovation - Starbucks has introduced a "True Flavor No Sugar" system, allowing customers to customize their drinks with over 500 flavor combinations, enhancing the appeal of non-coffee products [10][12] - The company plans to launch new flavors and collaborations, such as a partnership with Disney for new iced tea products, to further engage consumers [10][12] Group 4: Financial Performance - In the second fiscal quarter, Starbucks reported a revenue increase of 5% to 739.7 million USD, indicating positive momentum in its business strategy [17] - The CEO highlighted the potential for growth in the Chinese market, emphasizing the brand's strength and the ongoing efforts to enhance customer experience [17][20]

Investment Rating - The report indicates a positive investment outlook for the restaurant industry, with a significant increase in the national restaurant prosperity index from 94.7 in April to 104.2 in May 2025, reflecting a 10% month-on-month growth [7][8]. Core Insights - The restaurant industry is experiencing a robust recovery driven by holiday consumption, with increased foot traffic and sales during May due to various celebrations [6][7]. - New product launches are thriving, particularly in Western fast food and tea beverages, showcasing regional flavors and innovative ingredients [12][22]. - The expansion of restaurant brands is notable, with both domestic growth and international market entries being actively pursued [41][45]. - Investment activities are stabilizing, with several financing events and IPOs occurring in the restaurant sector, indicating a healthy investment climate [48][52]. Summary by Sections 1. Restaurant Industry Prosperity Index - The national restaurant prosperity index rose to 104.2 in May 2025, a 10% increase from April, driven by holiday spending and seasonal demand [7][8][9]. 2. New Product Launches - In May, 45 Western fast food brands launched 121 new products, an 8% increase from the previous month, with a focus on regional flavors [13][14]. - The tea beverage sector saw 64 brands introduce 242 new products, with fruit tea leading the market and a notable increase in health-oriented ingredients [22][23]. - The bakery segment introduced 237 new products, with cakes being the most popular category, driven by Mother's Day and the upcoming Dragon Boat Festival [31][32]. 3. Opening Situations - Domestic brands are actively expanding, with notable openings such as Luckin Coffee's Brazilian coffee-themed store and Haidilao's first crispy fish-themed restaurant [45][46]. - International expansions include the opening of tea brands in Europe and Southeast Asia, indicating a strategic move towards global markets [45][46]. 4. Investment, Mergers, and IPOs - The report recorded four financing events in May, with a focus on downstream restaurant brands, and three companies indicating IPO plans [48][49]. - Notable IPOs include the successful listing of沪上阿姨 and海天味业, highlighting the growing interest in the restaurant sector [52][54]. 5. Major Events in the Restaurant Industry - Key developments include McDonald's stable performance in China, the launch of new themed stores by various brands, and strategic partnerships aimed at expanding market reach [57][61]. - Regulatory updates are also noted, with new legislation aimed at enhancing food safety and protecting traditional dining cultures [61]. 6. Red Restaurant Index Top 100 - The top three brands in the Red Restaurant Index for May 2025 are Haidilao, KFC (China), and Luckin Coffee, reflecting their strong market positions [66][70].

Core Viewpoint - The recent viral video of a Mxue Ice City employee crying while working has sparked discussions about the working conditions and pressures faced by employees in the fast-food and beverage industry, particularly in the context of the company's rising stock prices and popularity due to its low-priced lemon water product [1][3][5]. Group 1: Employee Experience and Working Conditions - The employee's emotional breakdown was initially attributed to overwhelming work demands, but later clarified to be due to personal issues unrelated to work [5][9]. - Employees report long hours, with some working over 10 hours a day, often without breaks, especially during peak hours [13][21]. - The company has a policy discouraging employees from discussing negative aspects of their work experience publicly [5][9]. Group 2: Company Performance and Market Position - Mxue Ice City has seen significant stock price increases, with a nearly 5% rise following the viral incident, and over 20% increase in stock price over the past 20 days [3][9]. - The company has established itself as a leader in the lemon water market, capturing 80% of the market share and selling 11 billion cups in the first nine months of 2024 [26][28]. - Mxue Ice City operates over 46,000 stores globally, with a focus on maintaining low prices, exemplified by its 3 yuan lemon water [9][26]. Group 3: Financial Metrics and Employee Compensation - Mxue Ice City reported a revenue of 153.93 billion yuan in 2023, with an average revenue per employee of 237.2 thousand yuan, ranking second among major tea beverage companies [21][22]. - The average annual salary for employees is reported at 105,000 yuan, but actual earnings can vary significantly based on location and store performance [21][22]. - Employees often do not receive overtime pay or benefits, leading to disparities in compensation across different regions and stores [22][24]. Group 4: Franchise Model and Challenges - The majority of Mxue Ice City stores are franchises, with franchisees bearing significant operational risks and costs, while the company profits from selling raw materials to these franchises [36][37]. - The process to become a franchisee has become increasingly competitive, with a low acceptance rate of around 5% for applicants [33][34]. - Franchisees face pressure from rising operational costs and competition, which can lead to conflicts between franchisees and the company regarding pricing and product offerings [36][37].

星巴克中国正式杀入现制饮品的夏日厮杀。 即日起，星巴克对星冰乐、冰摇茶、茶拿铁等"非咖"饮品降价，降价幅度在2-6元。 若以大杯为标准计算，平均降幅达到5元左右。 调价后，单杯最低单价低至23元，与主流中端奶茶品牌处在同一价格水平。 曾在诸多场合表示"不打价格战"的星巴克，首次以直接降价，而非发券的方式降低价格。 星巴克中国表示，6月17日，将联动《疯狂动物城》推出3款全新联名冰摇茶。 此外，茶拿铁也将迎来更多全新口味。 密集官宣背后，不难看出星巴克加码午后茶饮时段的决心。 今年以来星巴克本土化动作频频，经营策略一改往日的克制。 在双杯卡、多次卡等常态化活动套餐下，星巴克单杯饮品价格不超过25元。 2023年起，星巴克中国客单价同比持续下滑。 在国内咖啡茶饮的疯狂竞争面前，星巴克的"以价换量"算盘没有成功。 2024年，星巴克中国同店销售额连续四个季度同比下滑，进入业绩低谷期。 打折后依旧"性价比"不足。 不仅面对9.9咖啡时代招架无力。传统拿铁、玛奇朵，在风味咖啡的时代缺乏对年轻人的吸引力。 与其被绵延不绝的低价拖累，不如高调入局，吸引更多的流量关注。 产品层面，迎合无糖化、低糖化的市场消费需求，在全国的所 ...

美国《GENIUS法案》进入关键冲刺 金融界6月10日消息 截至收盘，港股恒生指数跌0.08%，报24162.87点，恒生科技指数跌0.76%，报 5392.19点，国企指数跌0.15%，报8767.36点，红筹指数涨0.38%，报4093.28点。大型科技股中，阿里巴 巴-W跌0.42%，腾讯控股跌0.87%，京东集团-SW跌1.57%，小米集团-W跌1.29%，网易-S跌0.2%，美 团-W跌2.7%，快手-W跌1.44%，哔哩哔哩-W涨1.47%。 蜜雪冰城跌超6%。美国银行近日发表研究报告，将蜜雪集团的评级从"中性"降至"跑输大市"。报告指 出，蜜雪集团自3月初上市以来股价累计上涨约1.8倍，当前股价对应今明两年预测市盈率分别约为40倍 和33倍。尽管蜜雪是中国较为优秀的现制茶饮品牌，但美银认为其基本面可能无法支撑现有估值。美银 强调，资金流无法永远为股价带来支持，同时认为蜜雪是否属于"新消费"板块仍存有争议。 美银认为，蜜雪的每股盈利上行空间或远低于泡泡玛特等IP公司。基于中国业务表现强劲，美银将今明 两年每股盈利预测上调3.4%，收入分别上调2%和2.2%，目标价由400港元上调至465港元。 美 ...

Core Insights - Labubu's global popularity has propelled Wang Ning, the founder of Pop Mart, into the spotlight as the new richest person in Henan with a net worth of $20.7 billion, surpassing the previous record held by Qin Yinglin of Muyuan Foods at $16.9 billion [1][2] Group 1: Market Performance - The new consumption companies, including Pop Mart and Mixue Ice City, have seen their stock prices double this year, with a combined market capitalization exceeding HKD 700 billion [2] - Pop Mart's stock price has surged over 170% this year, reaching HKD 250.8, and has increased more than 11 times since the beginning of 2024 [9] - Mixue Ice City has a market capitalization of HKD 214.7 billion, with a stock price increase of 5.41% on June 9 [3][4] Group 2: Business Models and Consumer Trends - New consumption brands are thriving by addressing current consumer pain points, with Mixue Ice City focusing on cost-effectiveness and Pop Mart targeting emotional consumption through blind boxes and social attributes [9][10] - Pop Mart's revenue for 2024 is projected to be CNY 13.04 billion, a year-on-year increase of 106.9%, with adjusted net profit expected to rise by 185.9% to CNY 3.4 billion [5] Group 3: Economic and Industrial Shifts - The rise of new consumption brands reflects a shift in Henan's economic landscape from traditional agriculture and manufacturing to emerging industries like new consumption and cultural creativity [14][18] - The success of these brands is supported by Henan's strong agricultural and manufacturing base, which provides essential resources for production and supply [18] Group 4: Future Outlook - The emergence of new consumption brands in Henan indicates a broader trend of wealth creation linked to new industries, as seen in other provinces like Sichuan and Shaanxi [21][22] - Despite the current success, there are concerns about the sustainability of the new consumption boom, with potential risks of market bubbles and overvaluation [24]

新消费市场关注度显著提升，投资者积极寻找潜力股，但传统龙头公司 的高分红和竞争力亦带来投资机会。华泰证券建议关注能反映未来消费 趋势、提供情绪价值的消费品，如潮玩、黄金珠宝、美妆等。 新消费板块波动性预期增加，但部分龙头公司业绩超预期增长驱动股价 上涨，估值虽不便宜，但相对于未来复合增长率，PEG 小于 1，市场空 间大、竞争力强、产品上限高的公司仍值得重点推荐。 2025 年新消费投资主线包括国货崛起、情绪消费、银发经济及 AI 智能 家居。必选消费方面，重视大市值白马股价值重估，关注 AH 溢价较大 或即将港股 IPO 的大市值公司。 潮玩行业 IP 运营成熟，渠道拓展多样，海外市场确定性增加，资金层面 估值体系容忍度提高。泡泡玛特和名创优品作为龙头公司，在多元化变 现和海外市场拓展方面表现突出。 茶饮行业景气度较高，连锁茶饮仍是首推赛道。蜜雪冰城跳脱出茶饮品 类，更具生命久期，长期隐形壁垒深厚，值得关注。古茗的区域效率最 大化模式构成其独特护城河，成长空间值得期待。 再论新消费的投资节奏、方向 20250609 摘要 Q&A 对于当前新消费市场的关注度如何评价？ 当前新消费市场关注度极高，从去年（202 ...