从门店数量来看，蜜雪集团旗下门店增长迅速，一年内净增近万家。从产品来看，上半年蜜雪集团持续推出新品，并受到消费者好评。此外，蜜雪集团还 积极投身公益事业，参与多个公益项目，助力推动社会公益发展。在海外市场方面，除东南亚外，蜜雪集团将综合考虑人口规模、经济增长、收入水平、 文化特征、消费者偏好等因素，以全局视角制定市场拓展策略，计划适时开拓其他市场。整体而言，各项业绩的稳健增长，得益于蜜雪集团持续打造并强 化以"供应链+品牌IP+门店运营"为核心的综合竞争力，进而实现"三位一体"的总成本领先。 →川绩摘要→ 同比增长 收入 148.7z元 39.3% 随着各企业陆续发布半年报，新茶饮企业蜜雪冰城股份有限公司（简称"蜜雪集团"）也交出了一份业绩创新高的成绩单。根据蜜雪集团发布的半年报显 示，得益于供应链能力、品牌IP建设和门店运营不断强化，上半年蜜雪集团实现收入148.7亿元（人民币，下同），同比增长39.3%；毛利47.1亿元，同比 增长38.3%；净利润27.2亿元，同比增长44.1%。核心财务指标均实现高双位数增长，显示出蜜雪集团上半年整体保持高质量发展势头。 全球门店总数 230 截至 2025年6月30 ...

8月27日，蜜雪集团公布2025年中期业绩。财报显示，上半年蜜雪集团实现营收148.7亿元，同比增长39.3%；毛利47.1亿元，同比增长38.3%；净利润27.2 亿元，同比增长44.1%。 蜜雪集团在财报中表示，业绩增长主要得益于供应链能力提升、品牌IP建设及门店运营的持续优化。 在门店规模方面，截至2025年6月30日，蜜雪集团全球门店总数增至53014家，较去年同期新增9796家门店，门店网络覆盖中国及12个海外国家。内地市 场方面，蜜雪集团加大对下沉市场的深度覆盖。截至上半年，蜜雪集团来自三线及以下城市的门店数达到27804家，占内地门店比例达到57.6%，较去年 同期新增5707家门店。 值得注意的是，供应链建设始终是蜜雪集团的核心优势。早在2012年，蜜雪集团便开始自建中央工厂，目前已建成现制饮品行业规模最大的端到端供应 链体系，覆盖采购、生产、物流、研发与品控全链条。其采购网络已延伸至全球六大洲的38个国家，今年5月更与巴西签署价值40亿元的采购意向协议， 持续扩大全球优质原料采购规模。 来源|大象新闻记者 李莉 张迪驰 生产方面，蜜雪集团在全国布局五大生产基地，拥有70余条智能生产线，实现了 ...

8月27日，蜜雪集团（02097.HK）公布2025年中期业绩。上半年，蜜雪集团实现收入148.7亿元，同比增 长39.3%；毛利47.1亿元，同比增长38.3%；净利润27.2亿元，同比增长44.1%。核心财务指标均实现高 双位数增长。 这背后与公司产品矩阵不断丰富有关。2025年1-6月，冰鲜柠檬水、新鲜冰淇淋、茉莉奶绿、珍珠奶茶 及棒打鲜橙居于蜜雪冰城门店销量Top5；同期持续推出山楂系列饮品、香芋系列冰淇淋、龙井系列茶 饮及蓝莓系列饮品等多款新品。6月29日上线的新品青提肉多多，3天销量超700万杯。 旗下的现磨咖啡品牌幸运咖上半年相继推出草莓系列、荔枝系列及真果咖系列等产品。其中，5月9日推 出的真果咖系列共十余款产品，产品定价在6-8元，上市后单月销售额破1亿元。 在产品丰富的同时，蜜雪集团门店规模再创新高。截至2025年6月30日，全球门店数增至53014家，较去 年同期新增9796家门店，门店网络覆盖中国及12个海外国家。 海外市场方面，蜜雪集团持续深耕东南亚市场，8月，幸运咖海外首店亮相也马来西亚。4月，蜜雪冰城 哈萨克斯坦首店开业，海外门店版图扩大到中亚市场。 而为了保障产品在全球的稳定供 ...

Core Insights - The article discusses the intense competition in the food delivery industry, particularly during the summer, highlighting the various discounts and promotions offered by different apps to attract consumers [1][2] - It emphasizes the changing preferences of the younger generation, particularly the "post-00s," who are navigating the overwhelming choices in food delivery and are increasingly interested in cooking at home with innovative methods [2][3] Industry Trends - The food delivery market is characterized by aggressive marketing strategies, including a plethora of discount coupons and flash sales, which have created a competitive environment [1][2] - There is a growing trend among young consumers to seek convenience in cooking, leading to the popularity of simplified cooking methods and tools, such as microwave ovens, rice cookers, and air fryers [3][4] Consumer Behavior - Young consumers are experiencing decision fatigue due to the vast array of food options available, prompting some to turn to cooking as a simpler alternative [2][5] - The concept of "邪修" (Xie Xiu) cooking reflects a rebellion against traditional cooking methods, appealing to the desire for quick and easy meal preparation without strict adherence to recipes [3][6] Culinary Innovation - The article highlights the creative combinations of ingredients and cooking techniques that resonate with the younger demographic, showcasing how unconventional methods can lead to enjoyable meals [4][5] - The narrative illustrates that cooking can be a spontaneous and enjoyable experience, akin to the creative process in scriptwriting, where breaking conventional rules can yield delightful results [5][6]

Core Insights - The article highlights the rapid rise of Mixue Ice City, founded by Zhang Hongchao and Zhang Hongfu, who became the new richest individuals in Henan with a net worth of 117.9 billion yuan, surpassing previous wealth holders in the region [2][3] - Mixue Ice City has successfully positioned itself in the low-price beverage market, with a significant expansion to over 46,000 stores globally and a successful IPO in Hong Kong, where its stock price surged from 202.5 yuan to 494 yuan per share [2][3][42] - The brand's resilience is demonstrated by its ability to navigate challenges, including a food safety scandal, while maintaining strong public support and brand loyalty [3][5][7] Company Overview - Mixue Ice City was founded in 1997, initially as a shaved ice shop named "Hanliu Shaved Ice," and has evolved into a major player in the beverage industry, focusing on affordable products [18][21] - The company has maintained a consistent pricing strategy, with popular items like lemon water priced at 4 yuan and ice cream cones at 2 yuan, which has contributed to its appeal among cost-sensitive consumers [2][10][32] - The brand has built a strong marketing identity around its mascot, "Xue Wang," which has become a cultural symbol and has significantly boosted brand recognition and engagement [36][39] Market Position - Mixue Ice City has become the largest chain in the beverage sector, selling 9 billion cups of drinks in 2024 and achieving a total revenue of 24.8 billion yuan [43] - The company has strategically avoided high-end markets, focusing instead on the low-cost segment, which has proven to be a successful long-term strategy [30][32] - The competitive landscape for new tea beverages has intensified, with Mixue Ice City preparing for ongoing challenges while continuing to expand its product offerings and market presence [49][50] Future Outlook - Despite recent growth, the company faces potential challenges, including rising costs due to global lemon supply issues and increased competition in the beverage market [49][50] - The leadership dynamics between the founders, with Zhang Hongchao advocating for stability and Zhang Hongfu pushing for aggressive expansion, will be crucial in navigating future market conditions [50][51] - The brand's ability to adapt to changing consumer preferences and maintain its low-cost model will be key to sustaining its market leadership in the coming years [49][50]

Core Viewpoint - The article discusses the ongoing subsidy war in the food delivery industry, highlighting the preparations made by merchants and delivery personnel to handle increased order volumes effectively during promotional events [2][5][6]. Group 1: Merchant Preparations - Merchants, such as those from the brand Mixue Ice City, have been preparing for the subsidy events by stocking up on materials and communicating with delivery platforms like Meituan to ensure readiness for the influx of orders [3][4]. - Some stores reported significant increases in sales, with one store achieving over 10,000 yuan in revenue on July 12, compared to a typical daily revenue of 7,000 to 8,000 yuan [2][4]. Group 2: Delivery Personnel Adjustments - Delivery personnel have also adjusted their operations, with teams ensuring full attendance during peak hours and extending delivery times to accommodate the expected surge in orders [4][5]. - A delivery rider noted that the order volume for Mixue Ice City increased from a typical 200-300 orders per day to over 800 orders on July 12, indicating a significant impact from the promotional activities [4]. Group 3: Competitive Landscape - The competition among food delivery platforms is intensifying, with Meituan and other platforms offering substantial subsidies to attract customers, leading to a surge in user engagement and order volumes [5][6]. - Analysts predict that the current competitive dynamics will persist at least until the Double Eleven shopping festival, with a shift from a "capital war" to an "efficiency war" as companies seek to balance user demands, rider rights, and merchant profitability [6].

Core Viewpoint - The article discusses the ongoing subsidy war among food delivery platforms, highlighting the varying experiences of different stores and the preparations made by both merchants and delivery riders to handle increased order volumes during promotional events [1][2][4]. Group 1: Merchant Experiences - Some stores, like a specific location of Mixue Ice City, reported significant sales increases, with daily revenue surpassing 10,000 yuan compared to the usual 7,000 to 8,000 yuan, and expectations of reaching 20,000 yuan for the day [1]. - Not all stores experienced the same surge; another Mixue Ice City employee noted that their store was only slightly busier than usual, indicating variability in customer response to promotions [2]. - Merchants prepared in advance for the subsidy events, ensuring adequate stock and staffing to meet potential demand, reflecting lessons learned from previous chaotic weekends [2][3]. Group 2: Delivery Rider Insights - Delivery riders reported increased order volumes due to promotional activities, with one team expecting to handle over 3,600 orders, a significant rise from typical numbers [3]. - The efficiency of order pickups improved compared to previous weekends, with riders able to collect orders with minimal waiting time, indicating better coordination between stores and delivery personnel [3]. Group 3: Competitive Landscape - The competition among food delivery platforms is intensifying, with Meituan and Taobao actively engaging in promotional campaigns, including significant discounts and free items to attract customers [4]. - JD.com is shifting its subsidy strategy to focus on specific food categories, such as main meals and seafood, rather than just beverages, indicating a more targeted approach to competition [4]. Group 4: Industry Outlook - Analysts predict that the current competitive dynamics will persist at least until the Double Eleven shopping festival, with short-term operational pressures on merchants due to increased order volumes and associated costs [5]. - The long-term outlook suggests a trend towards industry consolidation, favoring companies with strong supply chain efficiency and brand power, as the competition evolves from a "capital war" to an "efficiency war" [5].

Group 1 - The article discusses the upcoming subsidy battle in the beverage industry, particularly focusing on the preparations made by businesses ahead of the weekend sales event [1] - Different stores within the same brand, such as Mixue Ice City, report varying levels of order volume, indicating a lack of uniformity in customer demand [1] - Stores are proactively preparing for the expected surge in orders by stocking up on materials and ensuring adequate staffing for the weekend [1] Group 2 - UBS predicts that the current competitive landscape will persist at least until this year's Double Eleven shopping festival [2] - The impact of the subsidy battle on businesses shows short-term operational pressures, especially for small and medium-sized enterprises, which may face order surges but also bear subsidy costs and increased raw material consumption [2] - The industry is expected to undergo consolidation, with market concentration favoring companies with high supply chain efficiency and strong brand power, as regulatory interventions push platforms to optimize subsidy structures [2]

Group 1 - The article discusses the preparation and response of merchants and delivery riders ahead of a new round of subsidy wars in the food delivery industry, highlighting a more organized approach compared to the previous weekend's chaos [1][6] - On July 12, a store employee from Mixue Ice City reported that their sales exceeded 10,000 yuan during peak hours, significantly higher than the usual 7,000 to 8,000 yuan, indicating a successful sales day driven by promotional activities [2][5] - Different stores under the same brand experienced varying levels of order volume, with some reporting a significant increase in orders while others saw only a slight uptick, suggesting a disparity in promotional effectiveness [4][5] Group 2 - The competitive landscape in the food delivery sector is intensifying, with Meituan and other platforms engaging in aggressive subsidy strategies, including offering free drinks and substantial discount coupons to attract customers [6][7] - Analysts predict that the current competitive dynamics will persist at least until the Double Eleven shopping festival, with short-term operational pressures on merchants due to increased order volumes and the associated costs of subsidies [7] - The long-term outlook suggests a shift towards market consolidation, favoring companies with strong supply chain efficiency and brand power, as regulatory interventions push platforms to optimize subsidy structures and reduce merchant burdens [7]

Core Viewpoint - The article discusses the recent trend of using milk tea as a cooking ingredient, particularly highlighting the popularity of "Xue Wang" (a product from Mi Xue Ice City) in various recipes shared on social media platforms like Xiaohongshu, indicating a shift in consumer behavior towards convenience and creativity in cooking [1][30]. Group 1: Market Trends - There is a fierce price competition among food delivery platforms, with milk tea prices dropping significantly, leading to a surge in creative uses of milk tea in cooking [1]. - Young consumers are increasingly looking for innovative ways to use milk tea, transforming it from a beverage into a cooking ingredient, as evidenced by the popularity of recipes like "Xue Wang version sour soup beef" [1][30]. Group 2: Consumer Behavior - The trend reflects a broader "lazy economy" where consumers prefer convenience, with Mi Xue Ice City providing ready-to-use flavoring products that simplify cooking [30]. - The phenomenon is also driven by social media engagement, where users share their cooking experiences, creating a sense of community and trend around using milk tea in recipes [30][34]. Group 3: Product Innovation - Mi Xue Ice City has expanded its product line to include ingredients that can be used in cooking, such as lemon water and fruit teas, which are marketed as convenient cooking solutions [30]. - The company has established its own lemon planting base and produces its own fruit jams and teas, enhancing product quality and reducing reliance on external suppliers [30].