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她把公司卖给蜜雪冰城
投资界· 2025-10-11 07:26
杀入啤酒赛道。 第二步,蜜雪与福鹿家原股东赵杰签订协议,以1120万元受让其持有的2%股权。 交易完成后,蜜雪以2. 97亿元总对价拿下福鹿家5 3%股权,后者正式成为其非全资附属 公 司 , 未 来 财 务 业 绩 将 全 面 并 入 蜜 雪 集 团 合 并 报 表 。 此 次 交 易 定 价 参 考 了 福 鹿 家 截 至 20 25年8月31日的股权市场价值评估结果,评估区间为2. 4 4 7亿元至2.766亿元。 被雪王看上的福鹿家,有何来头? 作者 I 王露 报道 I 投资界PEdaily 茶饮江湖再起惊雷。 日前,蜜雪冰城发布公告,斥资近3亿元控股福鹿家,正式进军现打鲜啤赛道。 值得关注的是,福鹿家背后实控人田海霞,正是蜜雪冰城CEO张红甫的妻子。早年,她 曾创办便利店品牌"芙鹿家",此后将重心转向精酿啤酒领域,孵化出如今被雪王纳入麾 下的"鲜啤福鹿家"。 回望蜜雪冰城崛起史,从街边刨冰摊到全球 5. 3 万家门店的逆袭之路,本已堪称传奇。 而今,雪王正挥笔写出新故事:从茶饮到咖啡,再到"夜酒",一场关于"平价微醺"的新 战事,悄然打响。 蜜雪冰城,操刀一笔并购 根据公告,这笔交易分为两部分—— ...
蜜雪集团(02097.HK):茶饮标杆 未来增长点在哪儿?
Ge Long Hui· 2025-09-17 12:12
Company Overview - The company, established for 28 years, is a leading fresh beverage enterprise with two brands: "Mixue Ice City" and "Lucky Coffee," and has incubated the "Snow King" IP. It primarily generates revenue through a franchise model, selling store materials and equipment to franchisees. By the end of 2024, the total number of stores is expected to reach 46,479, with stable performance growth and improving profitability, ranking first in China and second globally in terms of cup output [1] - The company's competitive advantage lies in its large-scale end-to-end supply chain system, which includes global procurement networks, long-term partnerships with upstream suppliers, and cooperative planting bases to control supply costs and ensure quality. It operates five production bases and over 60 intelligent production lines, along with a self-operated warehousing and distribution system, with 54% of fundraising allocated to enhancing the supply chain in China [1] Industry Analysis - Emerging and affordable markets are experiencing faster growth. The Chinese and Southeast Asian markets show significant growth potential. In the domestic market, the compound annual growth rate (CAGR) for the affordable market is projected to be 22.2% from 2023 to 2028, outpacing mid-priced and high-priced markets, aligning with the company's development positioning and indicating substantial growth potential [1] Future Growth Points - Future growth point one: "Mixue Ice City" is expected to densify its domestic market. Mid-term projections suggest an expansion potential of 11,000 to 18,000 additional stores based on three scenarios (pessimistic, neutral, optimistic) [2] - Future growth point two: "Lucky Coffee" is set to expand through franchising. By June 2025, provinces like Henan (1,127 stores), Hebei (413 stores), and Shandong (411 stores) are expected to see a potential increase of 9,000 to 17,000 stores, considering only store density improvements [2] - Future growth point three: The Southeast Asian market is anticipated to continue expanding, with a projected CAGR of 19.8% from 2023 to 2028. The market is highly fragmented with low chain rates, and "Mixue Ice City" is the largest fresh tea beverage brand in Southeast Asia. 12% of fundraising is allocated to enhancing the overseas supply chain to support international business expansion [3] Profit Forecast and Investment Recommendation - Revenue forecasts for 2025-2027 are estimated at 32.694 billion, 37.823 billion, and 43.037 billion, with year-on-year growth rates of 31.7%, 15.7%, and 13.8% respectively. Net profit attributable to the parent company is projected to be 5.861 billion, 6.781 billion, and 7.716 billion, with growth rates of 32.1%, 15.7%, and 13.8%. Corresponding PE valuations are 24x, 20.7x, and 18.2x, with an initial coverage rating of "Buy-A" [3]
山西证券研究早观点-20250917
Shanxi Securities· 2025-09-17 00:45
Market Trends - The domestic textile and apparel export from January to August 2025 saw a 1.6% increase in yarn, fabric, and products, while clothing and accessories experienced a 1.7% decline [3] - Major Taiwanese textile manufacturers reported a general revenue decline in August 2025, with specific companies like Yuanyuan Group and Fengtai Enterprises showing declines of 9.7% and 3.66% respectively [3][4] Company Analysis - **博威合金 (601137.SH)**: In H1 2025, the company achieved a revenue of 10.22 billion yuan, a 15.2% increase year-on-year, with net profit reaching 680 million yuan, up 6.0% [7] - **蜜雪集团 (02097.HK)**: The company is projected to have EPS of 1.82, 1.94, and 2.38 for 2025-2027, with corresponding PE ratios of 13.5, 12.7, and 10.3, indicating a "Buy-A" rating [10][11] - **汉得信息 (300170.SZ)**: The company reported a revenue of 15.75 billion yuan in H1 2025, a 3.54% increase, with net profit slightly up by 1.90% [21][23] Industry Insights - The textile manufacturing sector is experiencing cautious order placements due to tariff disturbances, with companies like Shenzhou International and Kairun Co. showing strong performance certainty for the year [4][5] - The REITs market in China is expanding, with 68 listed REITs and a total market value of 205.5 billion yuan as of H1 2025, indicating significant growth potential [14][16] Investment Recommendations - For the apparel sector, brands like 361 Degrees and Anta Sports are recommended due to their strong online growth and effective cost management [4][5] - In the textile manufacturing sector, companies such as Shenzhou International and Kairun Co. are highlighted for their stable performance and low valuations [5] - In the gold and jewelry retail sector, companies like Laopuyin and Chaohongji are recommended due to the rising gold prices and upcoming consumption peaks [5]
2025年第35周:食品饮料行业周度市场观察
艾瑞咨询· 2025-09-08 00:06
Group 1 - The article discusses the trend of tea brands entering the coffee market, highlighting the rapid growth of the coffee sector in China, which is expected to reach a trillion yuan by 2025. Brands like Cha Yan Yue Se and Mi Xue Bing Cheng are launching coffee products to capture this market [3] - The resurgence of iced tea is noted, with brands like Nongfu Spring and Yuanqi Forest introducing new products that emphasize health and low sugar content. The iced tea market, traditionally dominated by brands like Master Kong, is seeing new entrants aiming to disrupt the status quo [4] - The rise of street vendors is impacting traditional restaurants, as low-cost and convenient options attract consumers. This shift is supported by policy changes and market dynamics, leading to a more diverse food service ecosystem [5] Group 2 - The decline of sugary beverages is evident, with health-conscious products gaining popularity among younger consumers. Yuanqi Forest's new health-focused product line has seen significant growth, indicating a shift towards traditional health concepts in beverage innovation [6] - Instant drink brands like Xiangpiaopiao are facing challenges as consumer preferences shift towards fresh and convenient options. Despite attempts to diversify, these brands struggle to maintain relevance in a rapidly evolving market [7] - The emergence of hard discount retailing in China is reshaping the market, with retailers focusing on high-quality, low-cost products. This model emphasizes supply chain optimization and has gained traction among consumers seeking value [9] Group 3 - Nongfu Spring has achieved a significant milestone by ranking third in the global soft drink brand value list, driven by its dual-engine strategy of water and beverages, and a strong health positioning [10][11] - Master Kong is redefining instant noodles by focusing on consumer satisfaction and product innovation, achieving revenue growth through a diversified product matrix [12] - New product launches in the health beverage sector, such as Panpan's jasmine tea and Yiwei's new yogurt drinks, reflect a growing consumer interest in health-oriented products [13][14] Group 4 - Mengniu's collaboration with popular IPs like Nezha has proven successful, with significant sales figures indicating effective engagement with younger consumers through innovative marketing strategies [15] - The rapid expansion of brands like Mr. Ice Cream, which focuses on high-quality, handmade ice cream, highlights the competitive landscape in the dessert market [16] - Wahaha's investment in a new beverage production facility in Xi'an aims to enhance its production capabilities and market presence, leveraging the region's established food and beverage ecosystem [17] Group 5 - The beverage market is witnessing a shift towards health and unique flavor experiences, with brands like Reesun Yogurt innovating to meet consumer demands for fresh and diverse products [18] - McDonald's has reported strong performance in China, with plans for aggressive expansion and a focus on local sourcing to enhance its supply chain efficiency [19] - The success of community-focused dining concepts, such as Xiong Daye's handmade dumplings, illustrates the growing trend of personalized and culturally rich food experiences [20] Group 6 - The traditional tea brand Wu Yutai is diversifying into the bakery and coffee market, showcasing a trend of established brands exploring new culinary territories [21] - Yanjing Beer is focusing on premiumization and expanding its product offerings, while also experimenting with low-cost beverage options to create new revenue streams [23] - Huangshanghuang's acquisition of a controlling stake in Lixing Food aims to enhance its product portfolio in the freeze-dried food sector, indicating a strategic move towards emerging market opportunities [24] Group 7 - Chongqing Beer is adapting its strategy by increasing its online presence and expanding into non-alcoholic beverages, reflecting a broader trend in the beverage industry towards diversification and innovation [25] - Huangshi Group is focusing on the water buffalo milk sector, leveraging technological advancements and strategic investments to strengthen its market position [27]
新力量NewForce总第4853期
Investment Rating - The investment rating for the company is "Buy" with a target price of 576.4 HKD, representing a potential upside of 40.9% from the current price of 409.0 HKD [2][8]. Core Insights - The company, Mixue Group, reported a revenue of 14.874 billion RMB in H1 2025, reflecting a year-on-year growth of 39.3%. The net profit attributable to shareholders reached 2.72 billion RMB, up 44.1% year-on-year, indicating performance that exceeded expectations [5][6]. - The company has accelerated its domestic store expansion, with a total of 53,014 stores globally, netting an increase of 6,697 stores in H1 2025. The proportion of stores in second-tier and lower-tier cities has increased to 19% and 58%, respectively [6][8]. - The overall gross margin slightly decreased to 31.6%, but the company maintained good cost control, with a net profit margin of 18.3%, up 0.6 percentage points year-on-year [7][8]. Summary by Sections Company Performance - In H1 2025, Mixue Group achieved a revenue of 14.874 billion RMB, with product sales, equipment sales, and franchise-related services contributing 13.843 billion, 0.652 billion, and 0.038 billion RMB, respectively. The average same-store sales growth was 13.2% [5][6]. Store Expansion - The company opened 7,721 new stores while closing 1,187, resulting in a net increase of 6,697 stores. The domestic store count reached 48,281, with a focus on expanding in lower-tier cities [6][8]. Financial Metrics - The gross profit was 4.706 billion RMB, with a gross margin of 31.6%. The company reported a net profit of 2.72 billion RMB, with a net profit margin of 18.3% [7][8]. Valuation and Future Outlook - The target price of 576.4 HKD is based on a projected net profit of 5.77 billion RMB for FY2025, with a price-to-earnings ratio of 35x. The company is expected to maintain strong growth and competitive positioning in the industry [8].
全球门店扩张至5.3万家!蜜雪集团发布中期业绩公告,上半年净赚27亿元
Qi Lu Wan Bao· 2025-09-02 02:57
Financial Performance - For the six months ending June 30, 2025, the company reported revenue of RMB 14,874.809 million, a 39.3% increase from RMB 10,677.054 million in 2024 [1] - Gross profit for the same period was RMB 4,706.373 million, reflecting a 38.3% growth compared to RMB 3,402.695 million in 2024 [1] - The profit for the period reached RMB 2,718.214 million, marking a 44.1% increase from RMB 1,886.899 million in 2024 [1] - Basic earnings per share were RMB 7.23, up 38.2% from RMB 5.23 in the previous year [1] - Research and development expenses increased by 1.7% to RMB 41.0 million, accounting for 0.3% of total revenue, consistent with the previous year's 0.4% [1] Market Position - The company operates a vast network of over 53,000 stores globally, providing high-quality and affordable products to consumers [4] - The brand "MIXUE Ice Cream & Tea" ranks 72nd in the global food and beverage industry based on terminal retail sales for the year 2024 [2] Stock Performance - Following the announcement of its financial results, the company's stock price experienced fluctuations, closing at HKD 408.600 with a total market capitalization of HKD 155 billion [5][6] Company History - The company began its journey in 1997 with the establishment of its predecessor "Hanliu Shaved Ice" and officially adopted the "MIXUE Ice Cream" brand in 1999 [7] - It has expanded significantly since then, introducing various products and establishing a logistics system to support its operations [8]
蜜雪集团(2097.HK):营收及利润增速亮眼 多市场多品牌持续打磨向好
Ge Long Hui· 2025-08-30 03:54
Core Viewpoint - The company achieved a revenue of 14.875 billion yuan in H1 2025, representing a year-on-year increase of 39.3%, and a net profit attributable to shareholders of 2.693 billion yuan, up 42.9% year-on-year, showcasing impressive revenue growth and store expansion speed [1][2] Financial Performance - In H1 2025, the company's revenue from goods and equipment sales reached 14.495 billion yuan, a year-on-year increase of 39.6%, while franchise and related service income was 380 million yuan, up 29.8% year-on-year, primarily driven by store network expansion [2] - The gross profit margin for H1 2025 was 31.6%, a decrease of 0.3 percentage points year-on-year, with the gross margin for goods and equipment sales at 30.3%, down 0.2 percentage points year-on-year [2] - As of the end of H1 2025, the company had cash equivalents and time deposits of 176 million yuan, an increase of 58.5% compared to the end of 2024, benefiting from net cash from operating activities and proceeds from public offerings in Hong Kong [2] Store Expansion - The company maintained a rapid expansion momentum, with a total of 53,014 stores by the end of H1 2025, an increase of 9,796 stores compared to the end of H1 2024 [3] - The number of franchisees increased from 19,310 at the end of H1 2024 to 23,404 at the end of H1 2025 [3] Strategic Development - The company is focused on dual-line expansion both domestically and internationally, continuously iterating on multi-category and supply chain capabilities, aiming to build a competitive edge through "supply chain + brand IP + store operations" [4] - The company is deepening its presence in Southeast Asia while exploring new markets, with operational adjustments and optimizations in existing stores in Indonesia and Vietnam [4] - The company plans to focus on three main directions: consolidating domestic advantages while expanding overseas, enhancing infrastructure and operational systems, and strengthening brand building [4]
蜜雪集团(02097.HK):蜜雪冰城下沉能力再验证 咖啡副牌进入放量期
Ge Long Hui· 2025-08-30 03:54
Core Viewpoint - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by strong performance in merchandise sales and store expansion [1][2]. Financial Performance - The company achieved a revenue of 14.87 billion yuan, representing a year-on-year growth of 39.3% [1] - The net profit attributable to shareholders reached 2.69 billion yuan, with a growth of 42.9% [1] - Gross margin stood at 31.6%, slightly down by 0.2 percentage points [2] - The net profit margin improved to 18.1%, up by 0.5 percentage points [2] Business Segmentation - Merchandise sales accounted for 93.1% of total revenue, with a growth of 39.5% to 13.84 billion yuan [1] - Equipment sales contributed 4.4% of revenue, growing by 42.3% to 650 million yuan [1] - Franchise service revenue was 3.8 billion yuan, with a growth of 29.8%, making up 2.6% of total revenue [1] Store Expansion - The total number of stores reached 53,014, with 52,996 being franchise stores and 18 direct-operated stores [1] - The company added 7,721 franchise stores and closed 1,187, resulting in a net increase of 6,534 franchise stores [1] - The company is focusing on improving operational quality in Southeast Asia while continuing to expand in domestic markets [1] Geographic Distribution - The number of stores in mainland China and outside mainland China was 48,281 and 4,733, respectively, with net increases of 6,697 and a closure of 162 stores [1] - The company is exploring entry into Central Asia and the Americas while maintaining steady growth in Malaysia and Thailand [1] Market Dynamics - The company anticipates double-digit growth in same-store GMV, with new store openings contributing approximately 23.2% to revenue growth [2] - The company has launched 32 new products under the sub-brand Lucky Coffee, which has seen significant sales growth [3]
蜜雪集团(02097.HK):25H1收入、利润高增 持续看好公司份额提升
Ge Long Hui· 2025-08-30 03:54
Core Insights - In H1 2025, Mixue Group reported a revenue of 14.875 billion yuan, a year-on-year increase of 39.3%, with product and equipment sales contributing 14.495 billion yuan, up 39.6%, and franchise and related service income at 380 million yuan, up 29.8% [1] - The net profit for H1 2025 reached 2.718 billion yuan, reflecting a year-on-year growth of 44.1% [1] Revenue and Profit Growth - The company achieved a significant revenue increase driven by both product sales and franchise services, indicating strong market demand and operational efficiency [1] - The net profit growth outpaced revenue growth, suggesting improved cost management and operational leverage [1] Store Expansion Strategy - As of H1 2025, the total number of stores reached 53,014, with 52,996 being franchise stores; the number of stores in mainland China was 48,281, with a net increase of 6,697 stores year-to-date [1] - The company is focusing on expanding its "Mixue Ice City" brand in lower-tier markets while optimizing operations in Southeast Asia, particularly in Indonesia and Vietnam [1] Profitability Metrics - The gross margin for H1 2025 was 31.64%, a slight decline of 0.2 percentage points year-on-year, attributed to rising raw material costs and changes in revenue structure [2] - The net profit margin improved by 0.6 percentage points to 18.27%, indicating enhanced profitability despite challenges in gross margin [2] Future Profit Forecast - The company forecasts net profits of 5.425 billion yuan, 6.586 billion yuan, and 7.670 billion yuan for 2025-2027, with year-on-year growth rates of 22.28%, 21.40%, and 16.46% respectively [2] - The current price-to-earnings ratios are projected at 31.24, 25.73, and 22.09 for the respective years, reflecting a positive outlook on the company's growth potential [2]
蜜雪集团2025年中期业绩发布,全球门店数超5.3 万家,净利润27.2亿元
Sou Hu Cai Jing· 2025-08-28 15:42
Core Viewpoint - The performance report of Mixue Group indicates strong growth in the new tea beverage industry, showcasing resilience amid overall industry slowdown, with significant increases in revenue, gross profit, and net profit [1][2][3] Financial Performance - For the first half of 2025, Mixue Group achieved revenue of 14.87 billion yuan, a year-on-year increase of 39.3% - Gross profit reached 4.71 billion yuan, up 38.3% year-on-year - Net profit was 2.72 billion yuan, reflecting a 44.1% year-on-year growth [1] Store Expansion - As of June 30, 2025, Mixue Group's total number of global stores reached 53,014, with a net increase of 9,796 stores compared to the same period last year - In mainland China, stores in tier-three and below cities accounted for 57.6% of total stores, with an addition of 5,707 new stores, indicating deep penetration into lower-tier markets [1][2] International Expansion - Mixue Ice City opened its first store in Kazakhstan in April 2025, marking entry into the Central Asian market - In August 2025, its coffee brand, Lucky Coffee, launched its first overseas store in Malaysia, highlighting the brand's adaptability and cross-regional replication capabilities [1][2] Competitive Landscape - The new tea beverage industry has shifted from product innovation to competition based on system efficiency - Mixue's integrated capabilities in supply chain, brand IP, and store operations have allowed it to add nearly 10,000 stores, demonstrating its business model's replicability and risk resilience [2][3] Technological Investment - Mixue is increasing investments in smart equipment, with over 5,600 stores equipped with intelligent dispensing machines, enhancing efficiency and reducing food safety risks - This reflects a broader trend of digital transformation in the industry, moving from manual management to system-based management [2] Supply Chain Management - Mixue has established a fully controllable supply chain system, with five production bases and over 70 intelligent production lines in China - The company produces 100% of its core beverage ingredients in-house and has developed a procurement network across 38 countries [2] Future Industry Trends - The competition in the tea beverage industry will increasingly focus on the breadth and depth of supply chain management rather than just the number of stores - Brands must develop local operational capabilities, global resource allocation strength, and digital management tools to sustain growth [3]