花费近3亿元，收购一个营收和门店规模尚属"小而美"的鲜啤品牌"鲜啤福鹿家"——蜜雪集团这笔买卖，在过去一 周里引发关注和讨论。 事情缘起于10月1日的一纸公告：蜜雪集团（02097.HK）于9月30日与鲜啤福鹿家达成投资及股权转让协议，以约 2.97亿元（人民币，下同）收购鲜啤福鹿家53%的股权。 市场和消费者一面乐见"雪王"把鲜啤的价格打下来，一面又在好奇蜜雪集团此举背后是在下一盘怎样的棋。有人 认为这是为未来的蓝海赛道进行前瞻性卡位；也有人讨论收购价的合理性。 业务上拓宽边界、供应链协同降本增效，是蜜雪集团最想从这笔收购中得到的两大收益 文 | 李莹 编辑| 杨立赟 舆论喧嚣过后，蜜雪集团收购鲜啤品牌、进军啤酒领域这件事本身或许更加值得关注：于茶饮企业而言，这是一 次拓宽边界的新尝试；于啤酒行业而言，一个饮品供应链的头部玩家正在对原有模式进行调整和重塑；于蜜雪集 团而言，则需要回归商业本质分析其收购逻辑。 尽管成立时间不长，鲜啤福鹿家发展却很快。自2023年5月开放全国加盟后，该品牌便走上了快速扩张的道路。截 至8月，鲜啤福鹿家拥有约1200家门店，覆盖中国28个省、自治区和直辖市。根据尚普咨询，按截至2 ...

Group 1 - The article highlights the rise of Henan as a significant player in China's consumer market, exemplified by brands like Mixue Ice City and Muyuan Foods [1][6][27] - Mixue Ice City, founded in Henan, has expanded rapidly, with a reported revenue growth of 39.3% to 14.87 billion yuan and a net profit increase of 42.9% to 2.69 billion yuan in the first half of 2025 [11] - The company operates 53,014 stores, with 48,281 in mainland China and 4,733 outside, showcasing its extensive market penetration [11] Group 2 - The headquarters of Mixue Ice City is strategically located near major transportation hubs, enhancing its operational efficiency and brand visibility [2][3] - The company has invested significantly in its production base in Henan, which spans approximately 342,000 square meters and has an annual production capacity of 1.21 million tons [16] - Mixue Ice City has established a comprehensive operational ecosystem in Henan, including a training school to develop local talent and enhance its service capabilities [17][21] Group 3 - The consumer landscape in Henan is characterized by a demand for affordable products, which Mixue has capitalized on by offering competitive pricing for its core products [20] - The article notes that Henan's economic environment supports both budget-friendly brands like Mixue and premium brands like Bang Dong Lai, indicating a diverse market [25] - The success of Mixue and other local brands is attributed to their understanding of local consumer needs and effective strategies tailored to the regional market [23][26]

Core Insights - Henan province is emerging as a significant influence on China's consumer market, with companies like Mixue Ice City exemplifying this trend [2][27] - The establishment of Mixue's headquarters near Zhengzhou East Station highlights the strategic importance of location in its growth [3][4] Company Overview - Mixue Ice City, a tea beverage brand originating from Henan, has expanded rapidly since its inception in 1999, with a focus on affordable products [8][11] - The company reported a revenue increase of 39.3% year-on-year to 14.87 billion yuan and a net profit increase of 42.9% to 2.69 billion yuan in the first half of 2025 [13] Strategic Importance of Henan - The headquarters of Mixue in Zhengdong New District serves as a hub for franchisees and industry stakeholders, indicating a strong local ecosystem [4][15] - Mixue's production base in Henan has an annual capacity of approximately 1.21 million tons, with plans for expansion to increase ice cream production [17] Market Dynamics - The consumer demand in Henan is characterized by a preference for cost-effective products, which aligns with Mixue's pricing strategy of 2 to 8 yuan for core offerings [21] - The presence of other successful local brands, such as Bang Dong Lai and Ba Nu, indicates a diverse and competitive market landscape in Henan [25][26] Talent and Workforce - Mixue is actively recruiting local talent, with many employees returning from larger cities, which enhances its understanding of the local market [22][23] Conclusion - Overall, Henan is becoming a new high ground for China's consumer market, making it a critical area for investment and research [27]

Core Viewpoint - The article highlights the impressive performance and global expansion strategy of Mixue Group, emphasizing its strong market position in the ready-to-drink beverage sector and its innovative approach to internationalization [5][6][10]. Group 1: Financial Performance - In the first half of the year, Mixue Group reported revenue of 14.87 billion yuan, a year-on-year increase of 39.3%, with a gross profit of 4.71 billion yuan, up 38.3%, and a net profit of 2.72 billion yuan, reflecting a growth of 44.1% [5]. - The company maintains a competitive pricing strategy, with products priced around 6 yuan, solidifying its position as the "king of affordable ready-to-drink beverages" in China [6]. Group 2: Market Position and Expansion - Mixue Group leads the domestic ready-to-drink beverage market and has successfully expanded into international markets, particularly in Southeast Asia, where it holds a market share of 19.5% in the ready-to-drink tea segment as of 2023 [7][8]. - By June 30, 2025, Mixue Group is expected to surpass Starbucks in total store count, with over 53,000 global stores, including 4,733 overseas locations [7][10]. Group 3: Globalization Strategy - The company has adopted a unique globalization strategy, focusing on strong supply chain management, the popular "Snow King" IP, and localized operations to enhance its international presence [12][21]. - Mixue Group has established a comprehensive supply chain that includes procurement, production, logistics, and quality control, allowing for cost advantages and product quality stability [13][14]. Group 4: Brand and Marketing - The "Snow King" IP has become a significant cultural symbol, contributing to brand recognition and customer loyalty, with over 54.2 billion views on Douyin [18][19]. - The company has effectively utilized its supply chain and IP to create a distinctive brand identity, which has been instrumental in its marketing efforts [19][33]. Group 5: Future Growth Potential - The ready-to-drink beverage market is projected to grow significantly, with an expected compound annual growth rate of 19.8% from 2023 to 2028 in Southeast Asia [8]. - Mixue Group's successful experience in the beverage sector has laid the groundwork for its coffee brand, "Lucky Coffee," which is also expanding internationally [29][31].

Core Viewpoint - The article discusses the recent controversy surrounding the rapid melting of ice cream from the brand Mixue Ice Cream, highlighting consumer concerns about product quality and safety, while also examining the brand's marketing strategy and public perception in the context of low pricing and social media trends [4][5][39]. Group 1: Consumer Reactions and Brand Response - The rapid melting of Mixue Ice Cream has sparked significant discussion on social media, with many consumers sharing their negative experiences [5][6]. - Mixue's customer service responded by stating that the recipe has not changed and attributed the melting to high summer temperatures, suggesting consumers eat the ice cream quickly [10][11]. - Despite the controversy, the brand's reputation appears to remain intact, as the public continues to support Mixue [11][39]. Group 2: Comparison with Competitors - The article draws parallels between Mixue's situation and that of another ice cream brand, Zhong Xue Gao, which faced backlash for its products melting slowly, leading to questions about quality and ultimately a decline in sales [18][19][39]. - The logic that faster melting indicates better quality is challenged, as consumers may not easily accept that Mixue's ice cream is of higher quality simply because it melts quickly [19][39]. Group 3: Product Characteristics and Production Factors - The melting speed of ice cream is influenced by several factors, including the use of additives to enhance melting resistance, the air content, and the production process [29][31]. - Mixue's ice cream is categorized as "soft ice cream," produced at higher temperatures than pre-packaged hard ice cream, contributing to its quicker melting [30][31]. - The product's formulation includes a high water content (70%-80%) and low fat and protein levels, which further affects its melting characteristics [31][32]. Group 4: Pricing Strategy and Market Position - Mixue Ice Cream is priced at 2 yuan, making it an attractive option for consumers, but this low price point raises concerns about profitability and sustainability for the brand [20][40]. - The brand's pricing strategy serves as a marketing tool, drawing in customers and creating a social media presence, despite potential risks associated with low-cost products [40][49]. - The article notes that the brand's low pricing has become a form of "social currency," enhancing its visibility and consumer engagement [49][50].

Core Viewpoint - Haagen-Dazs is facing significant challenges in the Chinese market, with declining sales and increased competition from both ice cream brands and new beverage categories like milk tea, leading to a potential reevaluation of its business strategy in China [3][4][5][7]. Group 1: Market Performance - In the past year, Haagen-Dazs closed 81 stores nationwide, reflecting a struggle to maintain its market presence amid fierce competition [5]. - General Mills reported a 5% year-over-year decline in net sales for the third quarter of fiscal year 2025, with Haagen-Dazs experiencing a double-digit percentage drop in customer traffic in China [7]. - Over the past five years, General Mills' related revenue has decreased from $820 million to $720 million [9]. Group 2: Competitive Landscape - Haagen-Dazs is being squeezed not only by direct competitors like Dairy Queen (DQ) and Mixue Ice Cream but also by the rising popularity of milk tea brands, which have become significant competitors in the dessert space [5][19]. - The entry of new players like Heytea and Nayuki has shifted consumer preferences, leading to a decline in Haagen-Dazs' market share [24][25]. Group 3: Brand Positioning and Strategy - Haagen-Dazs has historically positioned itself as a premium brand, with the average price of a double scoop ice cream in China at $9.89, the highest globally [11][12]. - The brand's strategy included creating a luxurious in-store experience and leveraging gift-giving opportunities, such as the introduction of Haagen-Dazs mooncakes, which once accounted for 28% of its revenue in China [16]. - However, the brand's high-end positioning is now at risk as it competes with more affordable options from milk tea brands, which have successfully captured a larger consumer base [27][30]. Group 4: Operational Challenges - Haagen-Dazs has attempted to pivot towards retail and e-commerce channels, establishing a new division to integrate various sales channels, but faces challenges due to the low online penetration of ice cream sales [25][26]. - The brand's ice cream products are difficult to scale due to high supply chain costs and the need for strict temperature controls during transportation and storage [37][38]. - Despite promotional efforts, such as discounted coffee to attract customers, the core ice cream product line remains constrained in terms of pricing flexibility [36][39]. Group 5: Future Outlook - The brand's immediate challenge is to redefine its product offerings and pricing strategy to remain relevant in a market increasingly dominated by lower-priced competitors [43][44].

Core Insights - The luxury ice cream brands, particularly "Chong Xue Gao" and Häagen-Dazs, are facing significant operational challenges and declining market presence, leading to store closures and financial difficulties [1][2][12] - Consumer sentiment has shifted towards rational consumption, with a growing skepticism towards high-priced ice creams, resulting in a market correction [15][22][30] Group 1: Market Trends - The hashtag IceCreamAssassinIsBankrupt has gained 17.83 million views on Weibo, highlighting the public's awareness of the crisis in the premium ice cream sector [1] - "Chong Xue Gao" has seen its product offerings reduced to only three flavors on its Tmall flagship store, with customer service citing "operational difficulties" [2] - Häagen-Dazs has reduced its store count from over 400 to 250 in just a year and a half, indicating a significant contraction in its market presence [12] Group 2: Consumer Behavior - A survey indicated that over 60% of consumers believe that the high prices of ice creams are due to excessive marketing costs rather than quality [21] - The emergence of new beverage categories, such as new tea drinks, has diverted consumer spending away from traditional ice cream products [21] - The trend of rational consumption is reinforced by regulatory measures, such as the implementation of clear pricing regulations in major cities [22] Group 3: Brand Performance - "Chong Xue Gao" experienced a rapid rise and fall, with its revenue exceeding 1 billion yuan within 16 months of its launch, but has since faced numerous lawsuits and negative publicity [10][8] - Häagen-Dazs reported a 3.2% decline in sales in China for the fiscal year ending May 2025, with a double-digit drop in customer traffic [12] - The brand's high-end image is being challenged as consumers increasingly seek value for money, leading to a decline in its market appeal [30]

Core Viewpoint - The article discusses the rise of a new wave of consumer brands from Henan, highlighting how entrepreneurs like Zhang Hongchao, Zhang Hongfu, and Wang Ning have reshaped the commercial landscape in China by tapping into consumer emotions and innovating supply chains [4][6][7]. Group 1: Rise of Henan Entrepreneurs - The new "wealthy class" in Henan is represented by entrepreneurs like Zhang Hongchao and Zhang Hongfu of Mixue Ice City, who topped the Henan rich list with a net worth of 117.94 billion yuan [4]. - This group of entrepreneurs, including Wang Ning of Pop Mart, has surpassed traditional industry giants, indicating a significant shift in the business landscape [5][6]. - The emergence of these brands signifies a broader trend in Chinese commerce towards diversity, efficiency, and a focus on humanistic values [7]. Group 2: Consumer Insights and Brand Strategies - Mixue Ice City has successfully captured the budget-conscious consumer market, becoming known for its affordable products like ice cream priced at 2 yuan and lemon tea at 4 yuan, appealing to the "poor economy" sentiment [9]. - Pop Mart targets global middle-class consumers, leveraging social media and pop culture to create a strong brand presence, with its LABUBU toy becoming a trendy symbol [10][12]. - Fat Donglai emphasizes exceptional customer service and employee welfare, creating a unique shopping experience that resonates with consumers [13][14]. Group 3: Business Models and Supply Chain Innovations - Mixue Ice City operates primarily as a supply chain company, with 97.6% of its revenue coming from selling raw materials and equipment to franchisees, allowing for efficient expansion [18][20]. - Fat Donglai has integrated its supply chain by producing its own products, ensuring quality control and enhancing customer trust [22]. - Pop Mart benefits from a robust supply chain in the toy industry, enabling rapid global distribution of its products [22]. Group 4: Market Performance and Future Outlook - As of July 2, Mixue Ice City's stock price reached 533 HKD per share, with a market capitalization exceeding 200 billion HKD, while Pop Mart's stock was at 258.2 HKD, with a market cap nearing 350 billion HKD [23]. - Despite high valuations, there are concerns about the sustainability of Pop Mart's business model, particularly regarding the lifecycle of its IPs [25]. - The article concludes that Henan's entrepreneurs are redefining the narrative of traditional agriculture, showcasing a diverse and rich commercial landscape that offers new possibilities for ordinary people [25].

Core Insights - The article highlights the rise of a new wave of entrepreneurs from Henan, particularly focusing on the success of companies like Mixue Ice City, Pop Mart, and Pang Donglai, which have reshaped China's consumer landscape through innovative business models and deep understanding of consumer emotions [2][9]. Group 1: Key Companies and Their Strategies - Mixue Ice City, led by founders Zhang Hongchao and Zhang Hongfu, has become the richest in Henan with a net worth of 117.94 billion yuan, leveraging a supply chain model that allows for low-cost offerings while maintaining profitability [2][12]. - Pop Mart, known for its LABUBU toys, has successfully tapped into the global middle-class consumer market, with its stock price reaching new highs and creating social currency through its products [5][12]. - Pang Donglai stands out for its exceptional customer service and employee welfare, achieving nearly 17 billion yuan in sales in 2024, and is recognized for its unique shopping experience [8][11]. Group 2: Market Trends and Consumer Behavior - The emergence of these Henan-based companies signifies a shift in Chinese commerce towards a model that emphasizes supply chain efficiency, emotional connection with consumers, and a departure from traditional business narratives [2][9]. - Mixue Ice City has capitalized on the trend of "affordable luxury," appealing to younger consumers who prioritize value, while Pop Mart has created a sense of identity and belonging through its products [4][6]. - Pang Donglai's approach combines quality products with a focus on customer experience, offering unique services that cater to emotional needs, thus establishing a loyal customer base [7][8]. Group 3: Financial Performance and Market Position - As of July 2, Mixue Ice City's stock price was 533 HKD per share, with a market capitalization exceeding 200 billion HKD, while Pop Mart's stock was at 258.2 HKD, with a market cap nearing 350 billion HKD [12]. - The article notes that while Mixue Ice City and Pang Donglai have established stable reputations, Pop Mart's reliance on trending IPs poses a risk due to the unpredictable nature of consumer interest [13]. - The rise of these companies reflects a broader trend in the Chinese market, where traditional narratives are being replaced by stories of ordinary entrepreneurs achieving success, thus providing new investment opportunities [9][13].

Core Viewpoint - General Mills is considering selling its Haagen-Dazs store business in China, with potential transaction value reaching hundreds of millions of dollars, driven by declining store traffic and a significant reduction in the number of stores over the past four years [1][2]. Group 1: Business Restructuring - General Mills has engaged consultants to evaluate the sale of its Haagen-Dazs stores in China, with formal sale processes expected to start in 2025 [2]. - The company has been undergoing a restructuring process, incurring approximately $70 million in restructuring costs for the current quarter, with total restructuring expenses projected at $130 million by the end of fiscal year 2028 [2]. - Haagen-Dazs has faced criticism for declining store traffic in China for three consecutive quarters, with CEO Jeff Harmening acknowledging the challenges in the Chinese market [2][3]. Group 2: Market Performance - In the second quarter of fiscal year 2025, General Mills' international organic net sales decreased by 3%, primarily due to declines in the Chinese and Brazilian markets [3]. - The ice cream market in China is contracting, with major players like Yili and Mengniu reporting significant revenue declines of 18.4% and 14.1%, respectively, in 2024 [3]. - Haagen-Dazs has seen a rapid reduction in its store network, with only 263 stores remaining in China as of June 12, 2025, down from over 400 in September 2021, marking a nearly 20% decrease [3]. Group 3: Channel Transformation - Haagen-Dazs is shifting its business model to focus on retail channels, with plans to enhance penetration and improve product display in convenience stores and supermarkets [4]. - The brand is also expanding its presence in e-commerce, moving towards interest-based platforms like Douyin and Xiaohongshu [4]. - The B2B segment of Haagen-Dazs is growing rapidly, encompassing high-end dining services and partnerships with premium hotels and restaurants [5]. Group 4: Potential for Revitalization - The potential sale of the store business could provide an opportunity for Haagen-Dazs to rejuvenate its operations in China, similar to the successful localization seen with McDonald's China [6]. - The ice cream market is shifting towards a "quality-price ratio" era, with more affordable products gaining traction, which may pressure traditional high-end store formats [6]. - Despite challenges, Haagen-Dazs maintains a strong brand presence, holding over 15% market share in the Chinese ice cream chain sector as of 2023, ranking second only to DQ [6].