因力挺客户西贝而陷入风波的华与华，又给另一位客户引来了新的争议。 12月27日，华与华创始人华杉发布了两条微博，一条是宣传华与华操盘的蜜雪冰城旗舰店案例，另一条则是回应了华与华设计被指"low"的观点。 图源华杉个人微博 华杉的这个回应不算友好，他将用户对华与华设计的争议均归咎于颜色使用上，并指责认为红色"LOW"，是一种思想的绝症，还引用了孔子的话来证实 自己的观点。 其实，不是华杉的回应，原本并没有多少人讨论蜜雪冰城Low不Low，更多人的注意力聚焦在蜜雪冰城杭州旗舰店上，该旗舰店排队人数众多，场面十分 火爆。 而华杉就在社交平台的用户们津津乐道着杭州旗舰店中产品之全、排队人数之多时，教育起了用户的审美。再加上此前老罗与西贝的骂战中，华杉一些引 发争议的回应本就没给消费者留下好印象，此番其言辞，反而又引来了不少质疑的声音。 实际上，蜜雪冰城的爆火，华与华确实帮了忙。 那首"你爱我，我爱你，蜜雪冰城甜蜜蜜"的洗脑神曲，在当年是蜜雪冰城从一个大众品牌跃升为全民品牌的关键因素。 只不过，一家品牌能够出圈，广告起到的往往是锦上添花的作用，蜜雪冰城能接得住"泼天的富贵"，意味着其不管是在策略、管理还是产品的品质上， ...

Core Insights - The company reported a revenue of RMB 14.875 billion for the first half of 2025, representing a year-on-year growth of 39.3% [1] - Net profit reached RMB 2.718 billion, with a year-on-year increase of 44.1% [1] - Basic earnings per share were RMB 7.23, up 38.2% compared to the previous year [1] Revenue Structure - Revenue growth was primarily driven by sales of goods and equipment, as well as franchise-related services [1] - Sales of goods and equipment increased from RMB 10.384 billion in 2024 to RMB 14.495 billion in 2025, a growth of 39.6% [1] - Franchise and related service revenue rose from RMB 293 million to RMB 380 million, marking a 29.8% increase [1] Store Expansion - The franchise model is the core driver of store expansion, with 46,500 franchise stores at the beginning of 2025, adding 7,721 new stores and closing 1,187 during the period [1] - As of June 30, 2025, the company operates over 53,000 stores globally, with 48,300 located in mainland China [2] Market Presence - The company has a presence in 12 countries, with approximately 4,700 stores in overseas markets [2] - The distribution of stores in China includes 2,356 in first-tier cities (4.9%), 8,878 in new first-tier cities (18.4%), 9,243 in second-tier cities (19.1%), and 27,800 in third-tier and below cities (57.6%) [2] Product Offerings - The core products of the "Mixue Ice City" brand are priced between RMB 2-8, with top-selling items including lemon water and fresh ice cream [2] - The "Lucky Coffee" brand offers products priced at RMB 5-10, introducing over ten new fruit coffee products during the first half of 2025 [2] Brand Development - The brand IP "Snow King" has been successfully operated, with the animated work "Snow King Arrives" released in multiple languages [3] - The company has engaged in online and offline marketing, achieving over 54.2 billion views on Douyin for the "MixueIceCity" topic [3] Financial Performance - Sales costs for the first half of 2025 were RMB 10.168 billion, a 39.8% increase from RMB 7.274 billion in 2024 [3] - The gross margin for goods and equipment sales slightly decreased from 30.5% to 30.3%, while the gross margin for franchise services improved from 81.7% to 82.7% [3] Cash Position - As of June 30, 2025, the company had cash and cash equivalents totaling RMB 17.612 billion, a 58.5% increase from RMB 11.110 billion at the end of 2024 [4]

Core Viewpoint - The service chain sector is experiencing significant growth, with companies that possess strong internal capabilities and innovative business models outperforming in stock performance, despite a challenging consumption environment [2][5][39]. Group 1: Market Performance - In 1H25, the service sector saw a stable overall stock performance, with notable differentiation among sub-sectors. Companies in the ready-to-drink tea and restaurant segments that achieved same-store growth and robust expansion outperformed others [5][39]. - The leisure tourism demand has entered a normalized growth phase, but most tourism companies showed limited short-term performance increases, resulting in overall flat stock performance [5][39]. - The hotel industry continues to face cyclical pressures, with only a few companies like Atour showing strong stock performance due to rapid network expansion and retail growth [5][39]. - The duty-free sector is seeing a gradual recovery, with sales declines narrowing, but still not indicating a return to growth [5][39]. Group 2: Investment Strategy - The focus remains on strong internal capabilities and high-growth niche leaders in the restaurant and beverage sectors, as they are expected to benefit from industry growth and market share gains [3][39]. - The service consumption sector is resilient and offers growth potential, supported by improved infrastructure and increasing consumer demand [17][20]. - The emergence of scalable chain brands indicates significant room for growth compared to mature markets, with only a fraction of Chinese service brands reaching valuations above $10 billion [18][20]. Group 3: Company Dynamics - Companies that excel in product, operational, brand, and organizational capabilities are more likely to succeed, especially in navigating the challenges of changing consumer preferences and market dynamics [22][28]. - Innovations in product offerings, store formats, and business models are crucial for driving growth, with examples including Luckin Coffee's online operations and the expansion strategies of various hotel brands [33][35]. - The competitive landscape is evolving, with head-to-head comparisons of leading ready-to-drink tea and coffee brands revealing differences in pricing strategies and market positioning [36][37]. Group 4: Future Outlook - The second half of 2025 is expected to present growth opportunities for comprehensive leaders and high-growth niche players, particularly as service consumption continues to evolve [2][39]. - The restaurant and hotel sectors are anticipated to experience varying degrees of recovery, with a focus on the performance of leading brands and their ability to adapt to market changes [44][46]. - The tourism sector is projected to see steady growth in travel volumes, although pricing pressures may persist [48][49].

Core Insights - The influx of foreign buyers during the Canton Fair has transformed Guangzhou into a vibrant shopping hub, attracting diverse international customers who engage in extensive shopping activities [1][2][3] Policy and Economic Factors - The "240-hour transit visa exemption" policy allows business visitors from 54 countries to freely conduct business activities in Guangzhou [2] - A reduction in the threshold for tax refunds for foreign travelers has been implemented, enabling them to claim refunds on purchases exceeding 200 RMB [2] Consumer Behavior - Foreign buyers are particularly drawn to outlet stores and wholesale markets, showcasing a strong purchasing power and preference for local brands [3][6][10] - The popularity of local brands such as Miniso and Pop Mart has surged among foreign consumers, indicating a growing interest in Chinese products [10] Shopping Experience - The introduction of WeChat Pay's "foreign card binding" service has alleviated concerns about payment methods for foreign shoppers, enhancing their shopping experience [2] - Foreign customers have adapted quickly to local transportation options, utilizing the metro and ride-hailing services efficiently [10][12] Culinary Exploration - The diverse food offerings in Guangzhou have captivated foreign visitors, leading to increased spending in local restaurants and cafes [11][12] - Many foreign guests have become familiar with local dining customs and popular dishes, indicating a deeper engagement with the local culture [11][12] Business Impact - Local businesses are experiencing a significant boost in sales due to the high volume of foreign shoppers, although some are struggling to keep up with demand [14]