机构：国信证券 研究员：曾光/张鲁 2025H1 归母净利润同增43%。公司实现收入148.7 亿元/+39.3%；实现归母净利润26.9 亿元/+42.9%。分 业务看，商品销售收入138.4 亿元/+39.5%，收入占比93.1%/+0.1pct；设备销售收入6.5 亿元/+42.3%，收 入占比为4.4%/+0.1pct；加盟服务收入3.8 亿元/+29.8%，收入占比为2.6%/-0.2pct。 东南亚聚焦经营质量提升，国内门店持续下沉。2025年中期末门店数达53014家，加盟/直营店分别为 52996/18 家。2025H1，公司加盟店新增7721 家、关店1187 家、净增6534 家；直营店净关店3 家。分品 牌看，参考幸运咖官网数据，期内预计蜜雪/幸运咖分别净增约5000 家/1500 家。 分地理区域看，内地/内地以外门店数分别为48281/4733 家，较年初分别净增6697 家/净关162 家，占比 分别91.1%/8.9%，印尼/越南门店数减少，主因公司聚焦该区域经营质量的提升而非规模增长；马来西 亚、泰国门店数量保持稳步增长。此外，公司也在积极探索进入中亚及美洲市场。 风险提示：股 ...

证券研究报告 | 2025年08月28日 2025H1 归母净利润同增 43%。公司实现收入 148.7 亿元/+39.3%；实现归母 净利润 26.9 亿元/+42.9%。分业务看，商品销售收入 138.4 亿元/+39.5%， 收入占比 93.1%/+0.1pct；设备销售收入 6.5 亿元/+42.3%，收入占比为 4.4%/+0.1pct；加盟服务收入 3.8 亿元/+29.8%，收入占比为 2.6%/-0.2pct。 东南亚聚焦经营质量提升，国内门店持续下沉。2025年中期末门店数达53014 家，加盟/直营店分别为 52996/18 家。2025H1，公司加盟店新增 7721 家、 关店 1187 家、净增 6534 家；直营店净关店 3 家。分品牌看，参考幸运咖官 网数据，期内预计蜜雪/幸运咖分别净增约 5000 家/1500 家。 分地理区域看，内地/内地以外门店数分别为 48281/4733 家，较年初分别净 增 6697 家/净关 162 家，占比分别 91.1%/8.9%，印尼/越南门店数减少，主 因公司聚焦该区域经营质量的提升而非规模增长；马来西亚、泰国门店数量 保持稳步增长。此外，公 ...

证券研究报告 | 2025年08月28日 蜜雪集团（02097.HK） 优于大市 蜜雪冰城下沉能力再验证，咖啡副牌进入放量期 2025H1 归母净利润同增 43%。公司实现收入 148.7 亿元/+39.3%；实现归母 净利润 26.9 亿元/+42.9%。分业务看，商品销售收入 138.4 亿元/+39.5%， 收入占比 93.1%/+0.1pct；设备销售收入 6.5 亿元/+42.3%，收入占比为 4.4%/+0.1pct；加盟服务收入 3.8 亿元/+29.8%，收入占比为 2.6%/-0.2pct。 东南亚聚焦经营质量提升，国内门店持续下沉。2025年中期末门店数达53014 家，加盟/直营店分别为 52996/18 家。2025H1，公司加盟店新增 7721 家、 关店 1187 家、净增 6534 家；直营店净关店 3 家。分品牌看，参考幸运咖官 网数据，期内预计蜜雪/幸运咖分别净增约 5000 家/1500 家。 分地理区域看，内地/内地以外门店数分别为 48281/4733 家，较年初分别净 增 6697 家/净关 162 家，占比分别 91.1%/8.9%，印尼/越南门店数减少，主 因公司 ...

Core Viewpoint - The article discusses the challenges and strategies of Luckin Coffee, a brand under Mixue Group, as it aims to expand from lower-tier cities to higher-tier cities, while facing intense competition in the coffee market [2][3]. Expansion Goals - Luckin Coffee has set a target to open 10,000 stores by early 2025, having reached 7,000 stores by the end of July 2023 [4]. - To accelerate store openings, Luckin Coffee has doubled its market personnel to over 400 [4]. Store Opening Strategies - Luckin Coffee has lowered the barriers for opening new stores, offering significant subsidies in key provinces and major cities, with total reductions reaching up to 34,000 yuan per store in cities like Beijing and Shanghai [5]. - The company has organized its expansion strategy by dividing regions into areas with 1,000 to 3,000 stores, assigning market personnel to support franchisees [5]. Product and Pricing Strategy - Luckin Coffee aims to provide high-quality coffee at affordable prices, reducing the price of its medium Americano from 8 yuan to 5 yuan and large latte from 12 yuan to 9 yuan [6]. - The brand has successfully launched popular products, such as the coconut latte, which became its first product to exceed 100 million yuan in sales [9]. Market Positioning - Initially targeting lower-tier cities, Luckin Coffee filled a market gap where few chain coffee shops existed [10]. - The brand's rapid expansion was supported by favorable market conditions, including lower rental costs [9]. Competitive Landscape - In 2023, the coffee market saw significant changes with competitors like Luckin and Kudi aggressively expanding, while Luckin Coffee adopted a more cautious approach to maintain franchisee stability [11][12]. - Despite facing a price war, Luckin Coffee maintained a competitive advantage with an average cup price of around 7 yuan [11]. Marketing and Promotions - In response to the competitive pricing environment, Luckin Coffee launched a promotional campaign offering all items at 6.6 yuan, resulting in a significant increase in sales and new user acquisition [14]. - The company has implemented cost-saving measures, such as using semi-automatic coffee machines to reduce equipment costs [15]. Brand Strategy - Mixue Group chose to create an independent coffee brand rather than adding coffee products to its existing tea brand to avoid internal competition [18]. - The company believes that having more stores is essential for its raw material business model, which relies heavily on sales to franchisees [19]. Market Potential - The coffee market in China is expected to grow significantly, with per capita coffee consumption projected to increase [20]. - Luckin Coffee benefits from a strong supply chain shared with Mixue Group, enhancing its operational efficiency [20].