蜜雪冰城商标侵权案再次获胜。 据每日经济新闻 1月27日 报道，香港高等法院原讼法庭于2025年12月19日就蜜雪冰城股份有限公司(以下简称蜜雪集团，00209.HK)起诉 六家名称相似公司的系列案件作出判决，裁定被告六家企业构成仿冒侵权。香港高等法院下令禁止所有被告继续使用含"蜜雪冰城"等字样 的注册名称，并要求各被告承担相应案件的诉讼费用。 被告六家公司分别为蜜雪冰城饮品(香港)有限公司、天津蜜雪冰城食品有限公司、蜜雪冰城港式饮品有限公司、蜜雪冰城香港生物科技有限 公司、广州蜜雪冰城饮品有限公司、蜜雪冰城(香港)实业股份有限公司。 蜜雪冰城的商标名称 曾多次遭到侵权。2025年6月，据呼和浩特市中级人民法院在官方微信公众号披露，呼和浩特知识产权法庭审结了"蜜 雪冰城"诉"蜜念雪"商标侵权及不正当竞争案。 内蒙古高院作出终审判决，维持 一审 原判，要求"蜜念雪"停止侵权及不正当竞争，赔偿经 济损失80万元及合理开支14万元。 据公开信息披露，2009年3月31日，蜜雪集团首次在中国大陆申请"蜜雪冰城"商标注册，并于2010年10月7日获批。此后，在 中国内地 、中国 香港 及全球其他司法管辖区注册了包含不同 ...

Group 1 - The core viewpoint of the report is that Mixue Group (02097) is a leading player in the domestic fresh beverage market, benefiting from a high-quality, affordable positioning and a first-mover advantage in the supply chain, which creates barriers through economies of scale [1] - The company is projected to achieve revenues of 33.7 billion, 38.1 billion, and 42.4 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 36%, 13%, and 11% [1] - The forecasted net profit attributable to shareholders for 2025, 2026, and 2027 is expected to be 5.934 billion, 6.779 billion, and 7.535 billion RMB, with growth rates of 34%, 14%, and 11% [1] Group 2 - The domestic fresh beverage market has significant growth potential, with the market size increasing from 187.8 billion RMB in 2018 to 517.5 billion RMB in 2023, reflecting a compound annual growth rate of 22.5% [2] - Mixue Ice City holds a dominant market share in the affordable tea beverage segment, and the overall penetration of fresh beverages in the beverage market is expected to increase [2] - The company has substantial domestic and international expansion opportunities, with potential store openings of 60,000 to 70,000 for Mixue Ice City and over 40,000 for international markets, particularly in Southeast Asia [3]

智通财经APP获悉，国泰海通证券发布研报称，首次覆盖，给予蜜雪集团(02097)"增持"评级。蜜雪集团 是国内现制饮品龙头，高质平价定位+供应链先发优势，规模效应筑壁垒。预测公司2025-2027年收入分 别为337/381/424亿元(人民币，下同)，增速分别为36%/13%/11%。预测公司2025-2027年归母净利润分 别为59.34/67.79/75.35亿元，增速分别为34%/14%/11%。综合PE和DCF估值，给予公司目标价549.47港 元。 国泰海通证券主要观点如下： 国内现制饮品龙头，高质平价定位+供应链先发优势，规模效应筑壁垒 蜜雪集团是国内平价现制饮品龙头，旗下有现制茶饮品牌"蜜雪冰城"、现磨咖啡品牌"幸运咖"和现打鲜 啤品牌"福鹿家"。蜜雪集团核心竞争优势包括：①卡位平价赛道，原料工业化、标准化程度高，源头直 采、核心饮品食材100%自产，拥有行业内最大的自主运营的仓储体系和专属配送网络，规模化带来成 本优势;②建立高密度广覆盖的门店网络，提高消费者触达，规模优势领先;③加盟商筛选和管理严格， 门店经营质量高;④打造和运营"雪王"超级IP、参与公益事业，提高品牌价值，成就国民品牌。 ...

现制饮品国民品牌，高质平价、全球扩张 蜜雪集团(2097) 蜜雪集团首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 宋小寒(分析师) | 010-83939087 | songxiaohan@gtht.com | S0880524080011 | 本报告导读： 蜜雪集团是国内现制饮品龙头，高质平价定位+供应链先发优势，规模效应筑壁垒。 投资要点： | 财务摘要(百万人民币) | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 20,302 | 24,829 | 33,748 | 38,059 | 42,393 | | (+/-)% | 49.6% | 22.3% | 35.9% | 12.8% | 11.4% | | 毛利润 | 5,999 | 8,060 | ...

Investment Rating - The report initiates coverage with a "Buy" rating for Mixue Group [5][10]. Core Insights - Mixue Group is positioned as a leading domestic fresh beverage brand, emphasizing high quality at affordable prices, with a competitive edge in supply chain management and scale effects [2][10]. - The company is projected to achieve significant revenue growth, with estimated revenues of RMB 33.75 billion, RMB 38.06 billion, and RMB 42.39 billion for the years 2025 to 2027, reflecting growth rates of 36%, 13%, and 11% respectively [10][16]. - The net profit attributable to the parent company is expected to reach RMB 5.93 billion, RMB 6.78 billion, and RMB 7.54 billion for the same period, with growth rates of 34%, 14%, and 11% [10][16]. Financial Summary - Total revenue (in million RMB): - 2023: 20,302 - 2024: 24,829 - 2025E: 33,748 - 2026E: 38,059 - 2027E: 42,393 - Net profit (in million RMB): - 2023: 3,137 - 2024: 4,437 - 2025E: 5,934 - 2026E: 6,779 - 2027E: 7,535 - Projected PE ratios: - 2025E: 24.51 - 2026E: 21.45 - 2027E: 19.30 [4][10][16]. Business Model and Competitive Advantages - Mixue Group operates under a franchise model with a focus on high-density store networks, which enhances consumer reach and operational efficiency [10][22]. - The company has established a robust supply chain with high self-sourcing rates, allowing for cost advantages and quality control [10][22]. - The brand has a strong market presence in the affordable beverage segment, with Mixue Ice City leading in market share [10][22]. Market Expansion Potential - The domestic market for fresh beverages is projected to grow significantly, with an increase in consumer demand for fresh and diverse flavors [10][22]. - Mixue Group has identified potential for opening 60,000 to 70,000 stores domestically and over 40,000 stores internationally, particularly in Southeast Asia [10][22][14]. - The company is also expanding its product offerings by entering the fresh beer market through the acquisition of the brand "Fulu Family" [10][22]. Valuation - The target price for Mixue Group is set at HKD 549.47, based on a combination of relative and absolute valuation methods, reflecting a market capitalization of approximately HKD 208.8 billion [10][20][21].

引言：不可逆的全球化浪潮与中国企业的必然选择 当"内卷"成为国内市场的关键词，当技术壁垒与贸易摩擦交织成新的国际格局，"出海"已从企业的发展选项升维为国家与民族产业的生存命题。当前，我们 正站在一个历史的交汇点上：一方面，中国拥有全球最完整的工业体系与爆发式增长的科技实力；另一方面，世界正经历百年未有之大变局，产业链重组、 地缘政治演变、数字革命深化共同塑造着全新的竞技场。在此背景下，中国企业出海不再仅仅是"产品卖出去"，而是一场涉及资本、技术、管理、品牌乃至 整个产业链生态的系统性迁移与重塑。 这场迁徙中，机遇前所未有，挑战亦错综复杂。 （图源网络） 一、时代性机遇——中国出海浪潮的五大新范式 与上世纪发达国家产业转移不同，当下的中国企业出海呈现出独特的"中国范式"，这构成了我们把握机遇的核心视角。 1.规模与主体之变：从"精英出征"到"全民航海" 历史上，跨国企业多是少数巨头的游戏。而今天，中国出海队伍空前庞大，构成多元。数以万计的企业，从千亿市值的行业龙头到敏锐灵活的"微型跨国企 业"，甚至个人创业者，正将业务触角伸向全球每一个有潜力的角落。东南亚的电商平台、非洲的智能手机市场、拉美的新能源电站、欧洲的 ...

Core Insights - JD.com has launched the "JD Takeout · Big Brand Treat" campaign, offering significant discounts on popular food items to consumers nationwide [1] - The introduction of the self-pickup feature aligns with urban consumers' increasing demand for convenience in dining [3] Group 1: Campaign Details - The campaign includes offers such as 1 cent for a pizza from Zunbao and 1.68 yuan for a drink from Mixue Ice City, along with participation from various well-known food brands [1] - Consumers can access these deals through the JD app by navigating to the "Instant Delivery" section and searching for "Takeout Treat" [1] Group 2: Consumer Experience - The self-pickup feature allows users to order in advance and collect their meals at their convenience, enhancing the dining experience by eliminating wait times and ensuring food quality [3][5] - This service is redefining social interactions, as it creates opportunities for meaningful moments between family and friends, such as shared meals after busy workdays [5][7] Group 3: Market Impact - JD's self-pickup service is gaining popularity among urban professionals, providing them with flexibility and control over their meal times [5] - The combination of online convenience and offline experience is expected to stimulate consumer activity and contribute to the diverse development of the food service industry [7]

Core Viewpoint - The company, Mixue Group, is positioned as a leading player in the global fresh beverage market, focusing on high-quality and affordable products, with a significant store network and strong sales performance in China and globally [1][2]. Group 1: Business Model and Strategy - Mixue Group offers a range of products including fresh fruit drinks, tea, ice cream, and coffee, with an average price of approximately 6 RMB (1 USD) per item [1]. - The company has built a robust supply chain that supports its extensive store network, generating revenue primarily from the sale of materials and equipment needed for beverage production [1][2]. - The brand's positioning as "high-quality and affordable" resonates well with consumers, creating a unique emotional connection through its Snow King IP [2]. Group 2: Market Trends and Growth Potential - The affordable tea beverage segment is expected to maintain rapid growth due to its low price point and appeal to a broad consumer base, particularly in lower-tier markets [3]. - The current oversupply in the industry is likely to lead to a trend of eliminating weaker brands, favoring those with strong product and channel capabilities, such as Mixue [3]. - The company anticipates expanding its domestic store count to approximately 70,000 and establishing 10,000 to 15,000 stores in Southeast Asia, with potential growth in the Americas as well [3]. Group 3: Financial Projections - Mixue Group is projected to achieve net profits of 5.85 billion, 6.52 billion, and 7.30 billion RMB from 2025 to 2027, reflecting year-on-year growth rates of 32%, 12%, and 12% respectively [4]. - The company's price-to-earnings (PE) ratios are expected to be 24, 21, and 19 for the same period, indicating a strong competitive position in profitability [4].

Core Viewpoint - Dongwu Securities reports that Mixue Group (02097) is a leading affordable beverage brand, with strong sales momentum driven by high-quality, cost-effective products and IP-based brand marketing. The company is expected to see significant net profit growth from 2025 to 2027, with projected figures of 5.85 billion, 6.52 billion, and 7.30 billion yuan, representing year-on-year increases of 32%, 12%, and 12% respectively, maintaining a "Buy" rating [1]. Group 1: Company Overview - Mixue Group is a global leader in the fresh beverage industry, offering products such as fruit drinks, tea, ice cream, and coffee at an average price of approximately 6 yuan (1 USD) [2]. - The company operates over 46,000 stores as of the end of 2024, with its beverage output ranking first in China and second globally [2]. Group 2: Competitive Advantages - Mixue has built a unique competitive moat in the affordable tea beverage market through over a decade of experience in supply chain management, store franchise management, and product development [3]. - The brand's positioning as "high-quality and affordable" resonates with consumers, and its Snow King IP has successfully established a unique emotional connection with customers [3]. Group 3: Market Outlook - The affordable tea beverage segment is expected to continue its rapid growth due to low price points appealing to mass consumer upgrades and significant penetration potential in lower-tier markets [4]. - The current oversupply in the industry is likely to lead to a trend of eliminating weaker brands, with strong brands like Mixue expected to gain market share, projecting domestic store numbers to reach approximately 70,000 and Southeast Asia stores to reach 10,000 to 15,000 [4]. Group 4: Coffee Segment Growth - The demand for freshly brewed coffee is rapidly increasing, with the segment still in the market education phase. Mixue's "Lucky Coffee" targets lower-tier markets, aiming to become the first choice for young consumers in small towns [5]. - The company anticipates a potential for 20,000 stores in the mid-term for Lucky Coffee, leveraging its advantages in branding, location selection, and supply chain collaboration [5].

Core Insights - The article highlights that Mixue Group ranks seventh globally in the "2025 Hurun Global Restaurant Enterprises Value TOP 50" list, with a valuation of 150 billion RMB, and it is the top-ranked Chinese restaurant enterprise [2][3]. Group 1: Company Performance - Mixue Group has surpassed McDonald's and Starbucks in terms of store count, boasting over 53,000 locations globally [10]. - The company has expanded its international presence significantly, with over 4,700 stores in 12 countries, including approximately 2,600 in Indonesia [12]. - The rapid growth of Mixue Group is indicative of the success of Chinese brands in the global market [8]. Group 2: Industry Trends - The list features 11 Chinese enterprises, making China the second-largest country represented, following the United States [5]. - Among the nine beverage service companies listed, seven are Chinese brands, showcasing the rise of new tea and coffee brands in China [6][7]. - The average establishment age of the Chinese restaurant enterprises on the list is only 16 years, significantly lower than the 52 years for non-Chinese companies, indicating a trend of younger, innovative brands [15]. Group 3: Market Dynamics - The success of Chinese brands like Mixue and Luckin Coffee is attributed to their effective marketing strategies, operational efficiency, and strong supply chain systems [21][22]. - The emergence of these brands is supported by China's vast domestic consumer market, which provides a fertile ground for business model validation and scale accumulation [20].