Core Viewpoint - The company Mixue Ice City is testing a breakfast business model by launching a survey to gather consumer preferences and has introduced a breakfast combo in select cities, aiming to expand its operational hours and revenue potential [1][4][6]. Group 1: Survey and Consumer Feedback - A survey was shared on social media asking consumers about their favorite breakfast options, including various traditional and modern choices [1]. - The survey also collected demographic information such as gender, age, occupation, and spending habits on breakfast [1]. Group 2: Breakfast Business Launch - Mixue Ice City has piloted a breakfast combo of "breakfast milk + bread" priced at 7.9 yuan in cities like Hangzhou, Xi'an, Dalian, and Nanning [4]. - The breakfast milk comes in four flavors, and the bread options include three types, reflecting a diverse offering [4]. Group 3: Market Reactions and Pricing Concerns - The introduction of the breakfast menu has sparked discussions on social media, with some consumers expressing excitement while others criticize the pricing as too high compared to traditional breakfast options [6]. - A comparison highlighted that traditional breakfast costs around 3.5 yuan, making the 7.9 yuan combo seem expensive [6]. Group 4: Strategic Implications - This move is part of Mixue Ice City's strategy to explore revenue opportunities during non-peak hours, particularly in the morning [6]. - The company aims to leverage its supply chain and store network advantages in the breakfast market, although it faces challenges in balancing cost and consumer expectations [6].

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 Insights - The article discusses the strategic entry of Mixue Ice City into the breakfast market, targeting China's 1.35 trillion yuan breakfast sector with a new product line priced at 5 yuan [1][15][16] Group 1: Market Entry Strategy - Mixue Ice City has launched a breakfast series in several cities, including Hangzhou, Dalian, Xi'an, and Nanning, featuring four milk products priced uniformly at 5 yuan [1][14][15] - The company conducted a comprehensive breakfast survey through WeChat to gauge consumer preferences and price sensitivity before launching the breakfast products, indicating a cautious approach to market entry [2][16] - The breakfast initiative is currently in a testing phase, with no plans for large-scale promotion yet, reflecting a careful rollout strategy [2][16] Group 2: Operational Efficiency and Profitability - The introduction of breakfast items aims to optimize existing business models by utilizing idle morning hours in stores, thereby reducing fixed costs and enhancing overall profitability [3][18] - With over 53,000 stores, even a small increase in revenue from breakfast sales can lead to significant aggregated gains for the company [3][18] - The choice to offer dairy products for breakfast leverages existing supply chain capabilities, allowing for cost-effective product development and market testing [3][19] Group 3: Industry Trends and Competition - Mixue Ice City is part of a broader trend in the beverage industry, where brands like Gu Ming, Kudi, and Nayuki are also entering the breakfast market, indicating a shift towards all-day, multi-category operations [5][20][21] - The competitive landscape is characterized by increasing homogenization among tea brands, making it challenging to attract customers during limited afternoon tea hours [6][21] Group 4: Challenges in Localization and Standardization - The company faces significant challenges in catering to diverse regional breakfast preferences across China, which complicates the standardization of breakfast offerings [8][22][23] - Breakfast consumption behavior differs from tea consumption, emphasizing the need for quick service and efficient operations, which may require adjustments in store processes [9][24] - Balancing resource allocation between breakfast and core tea products poses an operational challenge for Mixue Ice City [9][24] Group 5: Supply Chain Considerations - Mixue Ice City's established supply chain, with five production bases and 29 warehouses, supports its distribution capabilities across over 300 cities [10][25][26] - The breakfast business will test the supply chain's adaptability, especially as many breakfast items require higher freshness and quicker turnaround than tea products [10][26] - The company's recent acquisition of a stake in a fresh beer brand indicates a strategy to diversify and create a full-day consumption experience [10][26]

Core Insights - Mixue Ice City has launched a new breakfast product line, including four milk-based drinks priced at 5 yuan each, and is conducting consumer surveys to gather data for future product adjustments [1][2][6] Company Developments - The breakfast initiative is currently in a trial phase in cities like Dalian, Xi'an, Nanning, and Hangzhou, with no plans for large-scale rollout yet [2] - Mixue Ice City has a strong presence with nearly 42,000 operating stores in China, which allows for rapid consumer reach for new products [7] - The company has recently expanded its business scope by acquiring a majority stake in the parent company of "Fresh Beer Fu Lu Jia," diversifying its offerings beyond tea and coffee [9] Industry Trends - The breakfast market in China is projected to reach 1.35 trillion yuan by 2025, with an annual growth rate of 7%-8% [4] - The breakfast sector is currently fragmented, with the top five brands holding only 23.5% market share, indicating significant opportunities for new entrants [4] - Competitors like Tims and Starbucks have already established breakfast offerings, and other brands are also looking to enter this space to drive growth [5]

Group 1 - The Hong Kong stock consumer sector showed strong fluctuations, with the Hong Kong consumer ETF (513230) rising over 1% [1] - Leading stocks included Lao Pu Huang Jin, which surged nearly 5%, and Tongcheng Travel, which increased by approximately 3.5% [1] - Other notable gainers were Alibaba, Chow Tai Fook, Shenzhou International, Smoore International, and China Resources Beer, while Xiaomi Group, Miniso, Mixue Group, and Li Auto experienced declines [1] Group 2 - Mixue Ice City has introduced a "breakfast series" in select cities, including Dalian, Xi'an, Nanning, and Hangzhou, featuring products priced at 5 yuan [1] - The breakfast initiative is seen as an attempt to leverage the supply chain and expand consumption scenarios, reflecting a trend towards all-day operations in the new tea beverage and restaurant sectors [1] - This move may encourage more brands to explore category extensions and expand their operational scenarios [1] Group 3 - Zhongyou Securities remains optimistic about consumer investment opportunities, highlighting two categories: new consumption opportunities and cyclical recovery plays [2] - New consumption opportunities include sectors like trendy toys, gold and jewelry, and new tea beverages, which align with current consumer trends towards personalization and cultural export [2] - Cyclical recovery plays focus on sectors such as liquor and travel, which may benefit from ongoing consumer stimulus policies and economic recovery [2]

Core Insights - The company, Mixue Ice City, is conducting a survey to understand consumer preferences for breakfast items, including various traditional and modern options [1] - The company has introduced a "Breakfast Series" in its official mini-program, featuring products priced at 5 yuan each [3] - Currently, the "Breakfast Plan" is being trialed in select cities such as Dalian, Xi'an, Nanning, and Hangzhou, with no immediate plans for widespread rollout [5] Financial Performance - For the first half of 2025, Mixue Ice City reported a revenue of 14.87 billion yuan, representing a year-on-year growth of 39.3% [5] - The gross profit for the same period was 4.71 billion yuan, with a growth of 38.3% year-on-year [5] - The net profit reached 2.72 billion yuan, showing a significant increase of 44.1% compared to the previous year [5] Store Expansion - As of June 30, 2025, Mixue Ice City has expanded its global store count to 53,014, adding 9,796 new stores compared to the same period last year [5] - The company's store network now covers China and 12 other countries [5]