在北京市的朝阳公园内，有很多绕湖而铺设的健康跑道，这类跑道如今已经是城市公园的标配。每逢周 末，有不少人来此跑步健身，这些健身的人也很难忽略湖边一座白色的小店，那是野人先生的朝阳公园 店。在周末时，也有不少人特别是家长会带着孩子来这家店品尝现制冰淇，在这里歇一歇脚。 近两年，越来越多的野人先生门店在全国大中型城市开出。2024年，拥有431家门店的野人先生超过了 中国大陆哈根达斯门店数。到了2025年，野人已经在全国拥有超过1200家门店。这种翻跟头的增长速 度，让投资人黄海称其是今年最火的餐饮品牌之一。即便如此，北京朝阳公园店似乎是当下现制冰淇淋 连锁品牌处境的一个写照。因为在不久前，野人先生创始人崔渐为在窄门餐饮大会的年度分享时，说过 这样一句话："我们有时候，是在和健身教练和宝妈们在争夺用户。" 这说明了现制冰激凌赛道的"分裂"，一方面已经有了兼具规模和品牌效应的细分龙头，另一方面，市场 教育工作仍未完成。面对"怕凉不吃、怕胖不吃、养生不吃"的传统观点，这仍旧是一个冷门的赛道。直 到今天，崔渐为仍旧要在各种场合反复宣传，野人先生产品的出品温度从-15度降到-6度；热量只有传 统冰淇淋的1/3。让那些在公 ...

Core Points - A consumer reported finding a cockroach in an unopened cup of jasmine milk green tea purchased from a Mixue Ice City store in Ganzhou, Jiangxi, leading to a demand for compensation of 1,000 yuan based on food safety regulations [1][3] - The incident has sparked significant public interest, trending on social media [2] - Mixue Ice City has a history of food safety issues, including previous incidents involving expired ingredients and unsanitary practices [7][10] Company Overview - Mixue Ice City operates over 46,000 stores globally, with more than 99% being franchise locations [15] - The company has seen substantial revenue growth from franchise operations, with revenues of 100.31 billion yuan, 131.02 billion yuan, 195.75 billion yuan, and 182.03 billion yuan from 2021 to 2024 [16] - The company went public in Hong Kong on March 3, 2025, with an initial share price of 202.50 HKD, experiencing a peak increase of over 200% [16] Consumer Rights and Legal Framework - Consumers encountering food safety issues are advised to retain purchase records and evidence, and can escalate complaints to consumer associations or legal authorities if necessary [5][6] - Under Chinese food safety law, consumers can claim compensation for damages, potentially up to ten times the price paid or three times the loss incurred, with a minimum compensation of 1,000 yuan [6]

Core Viewpoint - The successful IPO of Mixue Ice City reflects a strong consensus on its investment value and the potential for a rebound in the Chinese consumer industry, driven by its "high-quality and affordable" business model [4][10][19]. Group 1: IPO Performance - On its first trading day, Mixue's stock opened at 262 HKD, up 29.38% from the issue price, quickly surpassing a market capitalization of 100 billion HKD [2]. - The IPO saw a subscription rate of 5258 times, with frozen capital exceeding 1.82 trillion HKD, setting a new record for Hong Kong stocks [3]. Group 2: Market Position and Strategy - Mixue Ice City has become the world's largest beverage company by store count, surpassing Starbucks, with over 46,000 stores across 31 provinces and cities in China [5][6]. - The company targets the lower-income demographic, with 57.2% of its stores located in third-tier cities and below, emphasizing its focus on the "downstream market" [6][8]. Group 3: Cost Structure and Supply Chain - Mixue's production facilities have expanded to 790,000 square meters, allowing it to maintain a cost advantage of over 20% on common fruit ingredients compared to competitors [7][8]. - The company has built a self-sufficient supply chain, enabling it to control raw material pricing and create a cost moat that is difficult for competitors to replicate [8]. Group 4: Brand and Market Penetration - Mixue's marketing strategy includes catchy jingles that enhance brand recognition, demonstrating the effectiveness of auditory marketing in building brand equity [9]. - The brand's penetration reflects the release of consumer potential in the Chinese market, with significant market share in the beverage sector [10]. Group 5: Investment Interest - Top-tier investors, including M&G Investments and Sequoia China, have shown strong interest in Mixue, indicating confidence in its long-term value and business model [14][15]. - The global ready-to-drink beverage market is projected to grow at a compound annual growth rate of 7.2% from 2023 to 2028, highlighting the potential for Mixue's expansion [15]. Group 6: International Expansion - Mixue has established a presence in Southeast Asia, with over 4,800 stores, becoming the leading ready-to-drink tea brand in the region [16]. - The company aims to provide high-quality and affordable beverages globally, indicating significant long-term growth potential [20].