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 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 - 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 Viewpoint - The secondary market is closely monitoring the movements of new tea beverage giants, with Mixue Group's stock closing at HKD 413 per share on November 27, resulting in a market capitalization of HKD 156.8 billion. This performance is attributed to the company's low-key testing of new business growth points, including a "breakfast plan" currently trialed in select cities [1][3]. Group 1: Breakfast Strategy - The company has initiated a low-price strategy targeting the breakfast consumption scene, with a recent survey on consumer preferences for breakfast items like soy milk and coffee. A "breakfast series" has been launched in certain areas, featuring products priced at RMB 5 [3]. - The breakfast product lineup includes four types of milk, such as "breakfast coconut milk," with no large-scale promotional plans currently in place. This is not the first attempt by the brand to expand into the morning consumption period, as previous tests included a "coffee + baking" combo sold at RMB 10 [3]. Group 2: Store Network and Financial Performance - The new business trials are supported by the company's extensive offline network and solid financial data, with a reported revenue of RMB 14.87 billion for the first half of 2025, a year-on-year increase of 39.3%, and a net profit of RMB 2.72 billion, up 44.1% [4]. - As of June 30, 2025, Mixue Group has expanded its global store count to 53,014, while its coffee business, Luckin Coffee, has surpassed 10,000 stores, positioning itself as a significant player in the domestic coffee chain market [4]. Group 3: Multi-Category Expansion and Operational Efficiency - In addition to breakfast and coffee, the company is extending its product range through acquisitions, having invested approximately RMB 297 million to acquire a 53% stake in Fresh Beer Fulu, thereby entering the fresh beer market [5]. - The company's profitability remains relatively strong within the industry, with a net profit margin of 18.27% for the first half of 2025, outperforming competitors like Tea Baidao and Bawang Tea Ji. The low-price breakfast initiative is seen as a strategy to leverage existing supply chain advantages and enhance single-store value [5].

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 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]

Core Insights - The company Mixue Ice City is exploring the breakfast market by launching a survey to understand consumer preferences for breakfast items [1] - The company has introduced a "Breakfast Series" in select cities, featuring products priced at 5 yuan each [4][6] - Mixue Ice City has expanded its product offerings to include fresh beer through an investment in a company called Fresh Beer Fulu, acquiring a 53% stake for approximately 297 million yuan [6][7] Company Developments - The breakfast offerings include various milk drinks such as Five Red Milk and Five Black Milk, and are currently being tested in cities like Dalian, Xi'an, Nanning, and Hangzhou [4][6] - The company reported a significant revenue increase, achieving 14.87 billion yuan in the first half of 2025, a 39.3% year-on-year growth [7] - 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 previous year [7] Market Context - The breakfast segment is competitive, with established players like McDonald's, KFC, and Starbucks already offering breakfast options [6] - Other brands like Heytea and Naixue's Tea have previously ventured into breakfast products, indicating a growing trend in the beverage industry [6] - Mixue Ice City's recent move into the beer market signifies a diversification strategy aimed at expanding its product range beyond traditional beverages [6][7]