2025.06. 11 本文字数：3376，阅读时长大约6分钟 作者 | 第一财经 陆涵之 "卷到了极致，外卖送来才七块九，自己买了去取还要九块九，所以最近一天喝三杯库迪美式。"社交 平台上，一位消费者表示外卖大战下自己的消费习惯已被改变。 4月京东外卖宣布上线百亿补贴，阿里随后宣布加大补贴，也有消费者表示美团的大额券也多了起 来。三家平台竞争得如火如荼之际，商家们明显感受到了加码补贴带来的变化，一方面补贴推动了商 家的订单和收入增长，另一方面商家担心补贴过后总有"秋后算账"的时候。 平台补贴推动商家订单剧增 大额补贴是平台最直接的手段。4月11日，京东外卖上线了百亿补贴。4月22日，京东外卖宣布当日 订单量突破了1000万单。在6月1日，京东外卖宣布日订单量突破2500万单。 阿里系的下场为外卖大战又添了一把火。4月30日，饿了么宣布进一步加大平台补贴力度，即日起开 启平台"饿补超百亿"大促。同时淘宝天猫旗下即时零售业务"小时达"升级为"淘宝闪购"，将联合饿了 么共同加大补贴。5月26日，淘宝、饿了么在官方公众号发布，淘宝闪购联合饿了么日订单数已超 4000万，其中，非茶饮订单占比达75%，非餐品类订单增长 ...

Group 1 - Starbucks announced a price reduction for the first time in 25 years in response to intense competition in the coffee and tea beverage market [1] - The competition among delivery platforms has intensified, with JD.com launching a 10 billion yuan subsidy and Alibaba increasing its subsidies, leading to significant changes in consumer behavior [1][2] - The order volume for JD.com exceeded 10 million on April 22 and reached 25 million by June 1, indicating a substantial increase in demand driven by subsidies [2] Group 2 - The coffee and tea beverage categories are key focus areas for the current subsidy wars, with prices for products like coffee being significantly reduced [2][3] - Merchants are experiencing a surge in orders, with some reporting a 50% increase in daily orders due to the ongoing subsidy promotions [5] - Concerns about the sustainability of these subsidies are rising, as merchants fear that once the subsidies end, consumer demand may drop sharply [7][8] Group 3 - The competitive landscape is shifting towards larger brands, with smaller merchants facing increased pressure and potential profit erosion due to rising subsidy costs [8] - Regulatory bodies are taking notice of the competitive practices in the food delivery industry, emphasizing the need for fair competition and consumer protection [9] - Analysts predict that the current subsidy-driven competition may not last beyond 1-2 years, as both consumers and merchants will likely return to more rational behaviors [8][9]

Core Viewpoint - The recent viral video of a Mxue Ice City employee crying while working has sparked discussions about the working conditions and pressures faced by employees in the fast-food and beverage industry, particularly in the context of the company's rising stock prices and popularity due to its low-priced lemon water product [1][3][5]. Group 1: Employee Experience and Working Conditions - The employee's emotional breakdown was initially attributed to overwhelming work demands, but later clarified to be due to personal issues unrelated to work [5][9]. - Employees report long hours, with some working over 10 hours a day, often without breaks, especially during peak hours [13][21]. - The company has a policy discouraging employees from discussing negative aspects of their work experience publicly [5][9]. Group 2: Company Performance and Market Position - Mxue Ice City has seen significant stock price increases, with a nearly 5% rise following the viral incident, and over 20% increase in stock price over the past 20 days [3][9]. - The company has established itself as a leader in the lemon water market, capturing 80% of the market share and selling 11 billion cups in the first nine months of 2024 [26][28]. - Mxue Ice City operates over 46,000 stores globally, with a focus on maintaining low prices, exemplified by its 3 yuan lemon water [9][26]. Group 3: Financial Metrics and Employee Compensation - Mxue Ice City reported a revenue of 153.93 billion yuan in 2023, with an average revenue per employee of 237.2 thousand yuan, ranking second among major tea beverage companies [21][22]. - The average annual salary for employees is reported at 105,000 yuan, but actual earnings can vary significantly based on location and store performance [21][22]. - Employees often do not receive overtime pay or benefits, leading to disparities in compensation across different regions and stores [22][24]. Group 4: Franchise Model and Challenges - The majority of Mxue Ice City stores are franchises, with franchisees bearing significant operational risks and costs, while the company profits from selling raw materials to these franchises [36][37]. - The process to become a franchisee has become increasingly competitive, with a low acceptance rate of around 5% for applicants [33][34]. - Franchisees face pressure from rising operational costs and competition, which can lead to conflicts between franchisees and the company regarding pricing and product offerings [36][37].

这两年在消费环境整体低迷的环境下，一家从河南小镇走出的茶饮品牌近年来却以年均近1w家门店的速度逆势高速扩张，截至招股书披露之际，这家茶饮品牌门 店总数超过45000家， 正式超越星巴克成为全球门店最多的连锁现饮品牌 ， 并在上市前夕创造了港股有史以来最高的融资认购额度 ，上市后，短短一周时间又飙 涨了50%，得到了市场的高度认可，它就是蜜雪冰城（下简称蜜雪）。 提到蜜雪，大家的第一印象可能只是"便宜、店多、 '你爱我，我爱你，蜜雪冰城甜蜜蜜'的洗脑神曲"，但在招股书披露后，蜜雪背后的商业帝国得以呈现。 和近两年上市的同是茶饮赛道的古茗、茶百道以及即将上市的沪上阿姨相比，蜜雪有何独特的魅力？ 为何蜜雪能凭借30%，这一远低于可口可乐60%的毛利率，创造出15%以上、媲美可口可乐的净利率（接近20%）？ 能做出这样极致效率的社服公司，海豚君非常感兴趣。本篇就带大家研究一下蜜雪的商业秘密。 重要提示 欢迎用户欢迎 扫描下方二维码加入海豚交流群 ，我们所有的研报文章、调研纪要均会分享在群里，也可以和专业分析师探讨投资观点，分享投资心得。 以下为详细内容 一、蜜雪冰城是家怎样的公司？ 1、从"1元冰淇凌"到"平价现饮王 ...