Investment Rating - The report maintains a "Recommend" rating for the consumer services industry, highlighting optimism about service consumption potential [1]. Core Viewpoints - The Central Economic Work Conference emphasized the importance of domestic demand and plans to implement measures to boost consumption, including a focus on enhancing the supply of quality goods and services [4]. - The report suggests that service consumption is expected to be a key driver for domestic demand in 2026, with potential growth in holiday policy optimization and consumption voucher issuance [4]. - Key investment targets include hotels, human resources services, duty-free sectors, gaming companies, internet platforms, integrated tea dining, innovative tourism sites, and the sports sector [4]. Industry Basic Data - The consumer services industry comprises 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Relative Index Performance - The consumer services sector experienced a decline of 0.76% this week, while the overall A-share market rose by 0.27% and the CSI 300 index fell by 0.08% [7]. - The sector's performance over the past month shows a relative underperformance compared to the CSI 300 index [2][7]. Weekly Industry Insights - The report notes that the social services sector's stock performance was mixed, with notable gains in companies like China High-Tech and China Oriental Education, while others like Haidilao and Wanda Hotel Development faced declines [4][19]. - The report also highlights significant announcements from various companies, including share buybacks and management changes [34]. Upcoming Shareholder Meetings - Several companies in the consumer services sector have scheduled shareholder meetings in the coming month, including Long White Mountain and Chongqing Department Store [35].

近日，杭州、西安、大连等城市的消费者发现，部分蜜雪冰城门店已开始售卖早餐。记者通过官方小程序查询发现，杭州某门店点单界面新增"早餐系 列"，包含早餐五红奶、五黑奶、玉米奶及椰椰奶四款产品，单价均为5元。早餐业务于11月底陆续上线，目前仅提供"早餐奶+面包"套餐，售价7.9元，面 包为代工厂生产的成品，包括咸蛋黄盒子、纯奶方吐司和藜麦三明治三款选择。12月12日，记者在南京市建邺区高庙路一家蜜雪冰城门店采访得知，目前 还未上架早餐品类。 12月12日，记者了解到，目前"早餐计划"仅在大连、西安、南宁、杭州等城市进行部分试新，暂时没有大面积推广计划。 奈雪的茶在2020年也推出过纯茶/咖啡搭配三款三明治组合的早餐，人均价格在24元以上，后续又推出过多款烘焙主食，到2021年年底，门店的早餐套餐 价格降到16元以上，2022年3月又下调到了13元起，甚至推出过9.9元的早餐套餐，全国大部分门店都有售卖，据官方数据，奈雪的茶2025年上半年早餐套 餐销售成绩较2024年增长约620%。 尽管目前蜜雪冰城试水早餐仅限部分城市试点，且未纳入豆浆、包子等中式早餐选项，但业内人士预测，若试点成功，早餐业务或将成为其突破茶饮行 ...

Core Viewpoint - The breakfast scene has become a new battleground for tea drinks, chain coffee, and light meal brands, with companies like Mixue Ice City exploring various breakfast options to leverage their extensive store network and supply chain advantages [1][4]. Group 1: Market Dynamics - The competition for "breakfast scene definition" has begun, revealing strategic blind spots in the baking industry [1][3]. - Cross-industry players are entering the breakfast market with different business logic, creating innovative scenarios [3]. - The breakfast market is characterized by high frequency, necessity, and low customer spending, with consumers typically willing to spend under 10 yuan for breakfast [16][19]. Group 2: Company Strategies - Mixue Ice City's breakfast strategy focuses on utilizing its large store scale and supply chain to create low marginal cost incremental business, offering pre-packaged breakfasts delivered from a central factory [4][19]. - Starbucks and M Stand are pursuing an "experience upgrade" strategy, extending their coffee offerings to include breakfast, thus increasing customer spending [6][8]. - M Stand's combination of beef pancakes and salty coffee demonstrates that breakfast can be a high-margin market rather than a low-margin one [8]. Group 3: Challenges for Bakeries - Many bakeries do not primarily focus on breakfast as a consumption scene, which is contrary to the perception that they are naturally suited for it [10][18]. - There is a clear mental separation among consumers between breakfast and bakery scenes, with breakfast associated with quick, cheap options and bakeries linked to leisurely consumption [12][13]. - The cost and pricing challenges in the breakfast market create a "trilemma" for bakeries, making it difficult to cover operational costs while maintaining brand integrity [15][16]. Group 4: Recommendations for Bakeries - Bakeries need to reconstruct their business logic to compete in the breakfast market, focusing on local, quick-to-prepare options that can be served efficiently during peak hours [20][22]. - Regional chains should develop a standardized breakfast matrix that combines universal items with local specialties to appeal to consumers [23][24]. - Boutique bakeries should create signature breakfast items that enhance brand recognition and customer loyalty, transforming breakfast into a brand entry point [28][30]. Group 5: Operational Insights - The success of breakfast offerings relies more on operational rhythm than on new product development, with precise timing and efficiency being crucial [30][31]. - Implementing a structured approach to breakfast service can help bakeries manage peak demand and reduce waste, while a dual pricing strategy can attract a broader customer base [31][34].

Core Viewpoint - The article discusses the trend of food and beverage brands diversifying their product offerings by entering new categories, such as breakfast items and snacks, to enhance customer engagement and drive sales growth [2][4][5]. Group 1: New Product Launches - Recently, customers reported that Mixue Ice City has introduced a breakfast series in its app, featuring items priced at 5 yuan each, although the rollout is currently limited to select cities like Dalian and Xi'an [2]. - Xueji Snack has also ventured into the snack market by selling fried items such as chicken legs and meatballs, with prices ranging from 10 yuan for a chicken leg to 19.8-39.8 yuan per pound for other snacks [3]. Group 2: Industry Trends - The restaurant industry is shifting from expansion to deepening existing markets, with brands focusing on creating diverse consumption experiences to attract a wider customer base and increase purchase frequency [4]. - The "fast food economy" is becoming a key area for many brands, with examples including M Stand's breakfast sets and Tims' lunch boxes, indicating a growing trend towards all-day dining options [4]. Group 3: Consumer Reactions - Social media users have expressed mixed feelings about the cross-industry innovations, with some appreciating the new combinations while others emphasize the importance of taste and service over novelty [5]. - The cross-industry attempts have helped brands attract younger consumers, expanding their traditional customer base, which primarily consisted of individuals aged 30-60 [5]. Group 4: Challenges and Opportunities - Despite having a "stock advantage," brands face challenges in maintaining product quality and pricing strategies when entering new markets, as seen with brands like Heytea and others that struggled to establish sustainable consumption habits [6]. - Experts suggest that brands with established store networks can leverage their existing resources to minimize costs while introducing new product lines, but they must also ensure staff are adequately trained to maintain quality [6][7].

Core Insights - The entry of the chain restaurant brand into the breakfast market indicates that it is not yet saturated, as evidenced by the recent testing of breakfast items in various cities [1][10] - The breakfast offerings include a combination of drinks and staple foods, with prices set at competitive levels compared to other market players [5][8] Company Strategy - The company is conducting a broad survey and small-scale trials to assess consumer interest in breakfast items, indicating a formal launch of its breakfast plan [1][10] - The breakfast menu features a mix of familiar items, such as drinks priced at 5 yuan and staple foods at 2.9 yuan each, aiming to attract a wide customer base [5][6] Market Positioning - The breakfast products are designed to fill a market gap, providing a cleaner and more affordable option compared to street vendors while being cheaper than premium coffee shops [8][9] - The company aims to extend operational hours to maximize store utilization and maintain a presence in the high-frequency morning consumption period [9][10] Competitive Landscape - The breakfast segment is highly competitive, with established brands like KFC and McDonald's also expanding their breakfast offerings, highlighting the importance of this market [11] - The company’s strategy may involve testing the overall viability of breakfast sales to enhance store efficiency and stimulate sales, rather than focusing solely on specific product performance [10][12] Future Considerations - The success of the breakfast initiative will depend on the ability to provide suitable services in appropriate locations, as not all stores may be ideal for breakfast sales [11][12] - The company is exploring ways to increase sales volume and improve store efficiency, which is critical in a market where breakfast is often a low-margin business [12]

Group 1 - The core point of the article is that the tea beverage chain brand Mixue Ice City is quietly entering the breakfast market, which has sparked widespread discussion in the industry [1][3] - Mixue Ice City has conducted a consumer survey regarding breakfast preferences through its corporate WeChat group, indicating a strategic move into the breakfast segment [1] - The breakfast initiative has already moved from survey to practice, with new breakfast options available in some cities through the official app, including products priced at 5 yuan [1] Group 2 - Prior to entering the breakfast market, Mixue Group has been actively diversifying, including a recent acquisition of 53% of "Fresh Beer Fu Lu Jia" for 297 million yuan, expanding into the fresh beer sector [3] - The company's diversification efforts are supported by strong financial performance, with a reported revenue of 14.87 billion yuan for the first half of 2025, a year-on-year increase of 39.3%, and a net profit of 2.72 billion yuan, up 44.1% [3] - As of June 30, 2025, Mixue Group has expanded its global store count to 53,014, with an increase of 9,796 stores compared to the same period last year, covering all provincial-level administrative regions in China and 12 overseas countries and regions [3]

Core Viewpoint - The news highlights the recent stock performance of Mixue Group, which saw an increase of over 3% during trading, attributed to the company's new breakfast product initiative and positive financial outlook from analysts [1]. Company Developments - Mixue Group's stock rose by 2.81%, reaching 424.6 HKD with a trading volume of 96.6871 million HKD [1]. - The company is testing a "breakfast plan" in select cities including Dalian, Xi'an, Nanning, and Hangzhou, featuring products priced at 5 HKD each, such as various milk options [1]. - Currently, there is no plan for a large-scale rollout of the breakfast products [1]. Analyst Insights - Western Securities expressed optimism regarding the company's supply chain operational capabilities and the potential for expanding different product categories [1]. - Jianyin International noted that Mixue Group's performance in the first half of the year exceeded expectations, demonstrating resilience despite the normalization of delivery subsidies [1]. - The firm projects a revenue growth of 25.4% and a net profit growth of 17% for Mixue Ice City by the second half of 2025 [1].

Core Viewpoint - The company, Mixue Group, is testing a breakfast product line in select cities, which has led to a positive market reaction reflected in its stock price increase [1] Group 1: Product Development - Mixue Group is conducting a trial for its breakfast offerings in cities such as Dalian, Xi'an, Nanning, and Hangzhou, with products priced at 5 yuan each [1] - The initial breakfast product lineup includes four dairy options: Breakfast Coconut Milk, Breakfast Five Red Milk, Breakfast Five Black Milk, and Breakfast Corn Milk [1] - There is currently no plan for a large-scale rollout of the breakfast products [1] Group 2: Market Performance - The stock price of Mixue Group rose by over 3% during trading, with a current price of 424.6 HKD and a trading volume of 96.6871 million HKD [1] - Western Securities has expressed optimism regarding the company's supply chain capabilities and its potential for expanding different product categories [1] - According to Jianyin International, Mixue Group's performance in the first half of the year exceeded expectations, showing resilience despite the normalization of delivery subsidies [1] - Jianyin International projects a revenue growth of 25.4% and a net profit growth of 17% for Mixue Ice City by the second half of 2025 [1]

Core Insights - The company is testing a breakfast initiative in select cities, including Dalian, Xi'an, Nanning, and Hangzhou, with products priced at 5 yuan each [3]. Group 1: Breakfast Initiative - The breakfast plan includes products such as breakfast coconut milk, five red milk, five black milk, and corn milk [3]. - The company is also offering a variety of breakfast options on its corporate WeChat, including soy milk, fried dough sticks, tofu pudding, corn, sweet potato, millet porridge, milk, coffee, and sandwiches [3]. - A survey related to breakfast preferences includes 12 options covering gender, age, occupation, province, preferred breakfast types, and spending on breakfast [3].

Core Viewpoint - The article discusses the recent initiatives by Mixue Ice City to introduce a breakfast series, highlighting consumer engagement through surveys and the launch of new breakfast products at a competitive price point [1][5][8]. Group 1: Breakfast Series Launch - Mixue Ice City has introduced a "Breakfast Series" featuring products like Five Red Milk, Five Black Milk, Corn Milk, and Coconut Milk, all priced at 5 yuan [5][8]. - The breakfast initiative is currently being tested in select cities including Dalian, Xi'an, Nanning, and Hangzhou, with no plans for widespread rollout at this time [8]. Group 2: Consumer Engagement - A survey was conducted by Snow King to gather consumer preferences on breakfast choices, including options like soy milk, fried dough sticks, and sandwiches, along with demographic information [1][8]. - The survey aims to understand consumer spending habits and preferences for breakfast formats and flavors [1]. Group 3: Financial Performance - For the first half of 2025, Mixue Ice City reported a revenue of 14.87 billion yuan, a year-on-year increase of 39.3%, with a gross profit of 4.71 billion yuan, up 38.3% [8]. - The net profit for the same period reached 2.72 billion yuan, reflecting a growth of 44.1% compared to the previous year [8]. - As of June 30, 2025, the total number of Mixue Ice City stores globally reached 53,014, with an increase of 9,796 stores from the previous year [8].