中国经济网北京8月27日讯 蜜雪集团（02097.HK）今日收报460.40港元，跌幅5.27%。 智通财经今日报道《股价跌超5%！蜜雪冰城上半年营收同比增长38.3%，近期被两家投行下调评级》显 示，当天，蜜雪集团公布2025年中期业绩。得益于供应链能力、品牌IP建设和门店运营不断强化，上半 年蜜雪集团实现收入148.7亿元，同比增长39.3%；毛利47.1亿元，同比增长38.3%；净利润27.2亿元，同 比增长44.1%。 近日，据媒体报道，美银和瑞银两大投行在最新发布的研报中均下调了蜜雪冰城评级。瑞银最新研报将 蜜雪冰城评级从"中性"大幅下调至"卖出"；美银将蜜雪冰城评级从"中性"下调至"跑输大市"。 （责任编辑：徐自立） ...

8月27日，蜜雪集团发布2025年上半年业绩报告，核心财务指标均实现高双位数增长。报告显示，上半 年实现收入148.7亿元，同比增长39.3%；毛利47.1亿元，同比增长38.3%；净利润27.2亿元，同比增长 44.1%。 门店规模方面，截至2025年6月30日，蜜雪集团全球门店数增至53014家，较去年同期新增9796家门店， 门店网络覆盖中国及12个海外国家。 其中，内地市场上，蜜雪集团加大对下沉市场的覆盖：截至上半年，来自三线及以下城市的门店数量达 27804家，占内地门店总比例达57.6%，较去年同期新增5707家门店。与此同时，蜜雪集团持续扩充海 外市场：今年4月，蜜雪冰城中亚首店于哈萨克斯坦开业；8月，幸运咖海外首店于马来西亚开业。 研发投入与产品创新方面，蜜雪集团逐步建立起完整的研发体系。财报显示，报告期内，蜜雪集团研发 开支为4100万元，较去年同期增加1.7%。产品创新上，报告期内蜜雪冰城和幸运咖均推出多款新品， 其中，幸运咖5月推出的"真果咖"系列产品，上市后单月销售额突破1亿元。 此外，在门店运营方面，上半年，已有超5600家蜜雪冰城门店覆盖智能出液机，据了解，该设备能够显 著提升做餐 ...

8月27日，蜜雪集团公布2025年中期业绩。上半年，蜜雪集团实现收入148.7亿元，同比增长39.3%；毛 利47.1亿元，同比增长38.3%；净利润27.2亿元，同比增长44.1%。 门店层面，截至2025年6月30日，全球门店数增至53014家，较去年同期新增9796家门店，门店网络覆盖 中国及12个海外国家。4月，蜜雪冰城哈萨克斯坦首店开业。8月，幸运咖海外首店落地马来西亚。 内地市场方面，今年上半年，蜜雪集团加大对下沉市场的深度覆盖。截至2025年6月30日，蜜雪集团来 自三线及以下城市的门店数达到27804家，占内地门店比例达到57.6%，较去年同期新增5707家门店。 在扶农助农方面，蜜雪集团在核心原料产区建立 20 余个标准化种植基地，与农户及合作社签订保底收 购协议。其中今年上半年，蜜雪集团仅鲜果采购产区便覆盖国内17个省份，带动约14.4万户果农增收。 今年4月，蜜雪冰城加入"1㎡公益书架"公益项目，该项目已覆盖旗下85家门店。截至目前，蜜雪冰城已 累计帮助42所学校完成操场铺设，较2024年9月30日的19座新增23座。 责任编辑：郭栩彤 在品牌IP建设上，今年初，蜜雪冰城总部旗舰店在郑州 ...

Group 1 - The company reported a revenue of 14.875 billion RMB for the six months ending June 30, 2025, representing a year-on-year growth of 39.3% [1] - The profit for the same period was 2.718 billion RMB, showing a year-on-year increase of 44.1%, with basic earnings per share at 7.23 RMB [1] - The increase in revenue was primarily driven by higher sales from products and equipment, followed by income from franchising and related services [1] Group 2 - The company maintained steady growth in the first half of 2025, focusing on supply chain enhancement, brand IP development, and store operation optimization [2] - The number of franchise stores increased from 43,197 as of June 30, 2024, to 52,996 as of June 30, 2025, indicating high-quality expansion [2] - The number of franchisees also grew from 19,310 to 23,404 during the same period, reflecting the company's successful franchise model [2] Group 3 - As of June 30, 2025, the company has established a vast network of over 53,000 stores globally, providing high-quality and affordable products [3] - The store network in mainland China covers all provincial-level regions and over 300 cities, distinguishing the company from other beverage brands [3] - The company has initiated the testing and promotion of smart dispensing machines across its stores, with over 5,600 locations adopting this technology to enhance operational efficiency and consumer experience [3]

Core Insights - Hong Kong is highlighted as a prime example of a free market, with significant trade activity between mainland China and Hong Kong, showing a year-on-year growth of 11.4% in trade volume [2] - The influx of mainland tea and coffee brands into Hong Kong is driven by the city's strategic position as a gateway to international markets and its favorable business environment [13][14] Trade and Economic Activity - The trade volume between mainland China and Hong Kong reached $160.589 billion in the first half of the year, with imports from Hong Kong growing by 21.3% and exports to Hong Kong increasing by 10.8% [2] - The Hong Kong government has assisted over 1,300 companies in establishing or expanding their businesses in the region, with nearly half being mainland enterprises [2] Cultural and Market Dynamics - The evolution of Hong Kong's milk tea culture and its introduction to mainland China is traced back to the 19th century, with a significant shift occurring post-2010 as mainland brands began to dominate the market [3][4] - The rise of new tea brands like Heytea and Nayuki has significantly impacted the traditional Hong Kong milk tea market, leading to a decline in the growth rates of established brands [5][6] Brand Expansion in Hong Kong - At least 25 mainland tea and coffee brands have entered the Hong Kong market, with over a hundred stores opened [6] - Brands are strategically choosing locations based on consumer demographics and market positioning, with many opting for high-traffic areas like Tsim Sha Tsui and Mong Kok [9][10] Strategic Importance of Hong Kong - Hong Kong serves as a critical platform for mainland brands to understand international business practices and consumer behavior, enhancing their global competitiveness [13][14] - The city’s geographical location and established financial infrastructure make it an attractive base for companies looking to expand into international markets [13] Challenges Faced by Mainland Brands - Despite the opportunities, mainland brands face high operational costs in Hong Kong, with significant differences in labor costs and rental prices compared to mainland China [15] - The entrenched local tea culture and competition from established brands pose additional challenges for new entrants [15]

胖东来、蜜雪冰城、泡泡玛特，这三家从河南走出的公司，在2025年日本大阪世界博览会这一国际化平 台上，出其不意地成为众人频频提及的"明星"企业乃至沟通交流的文化新纽带。 "河南省的企业现在备受关注，比如仅在省内经营业务却十分知名的'胖东来'，还有中国的潮玩品牌'泡 泡玛特'，其创始人王宁先生也是河南人。"8月21日，在大阪世博会中国馆举行的"中国（河南）—日本 经贸合作与文化交流对接会"上，日本贸易振兴机构大阪本部部长庄秀辉的致辞引发共鸣，现场响起掌 声。 日本贸易振兴机构是日本服务国内企业与世界各国开展经贸投资的政府机构，在海外有76个事务所，服 务网络庞大。在会后接受记者专访时，庄秀辉讲起他身边的同事与日本年轻人对河南"三头象"的喜爱。 "2023年我们在日本开出第一家门店，目前共有7家店面，最大的门店日销售量超1500杯。当前我们已经 初步构建起适合日本市场的供应链体系，下一步可以更深入地研究日本消费者的口味偏好和消费习惯， 争取推出更贴合他们需求的产品。"蜜雪冰城日本公司总经理范凯歌介绍。 蜜雪冰城出海，也在为世界赋能。范凯歌说，蜜雪冰城在日本积极推动与本地供应链合作，除了从国内 进口部分优质物料外， ...

Core Insights - The rise of new consumption in China is driven by changing consumer preferences, focusing on quality, experience, and personalization, moving beyond traditional consumption models [1][7] - Emotional value in consumption has gained importance, with consumers increasingly purchasing for self-pleasure and individual expression [2][3] - The market for emotional consumption is expanding significantly, with the "Guzi economy" projected to reach 168.9 billion yuan in 2024, reflecting a 40.6% year-on-year growth [2] Industry Trends - The new consumption landscape is characterized by a shift from mass consumption to personalized consumption, with consumers willing to pay for quality and unique experiences [7][8] - The "Z generation" is driving this trend, emphasizing the importance of emotional value and quality-price ratio in their purchasing decisions [7] - The market for trendy toys, including blind boxes and collectibles, has become a hot investment area, showcasing strong IP operation capabilities and innovative business models [4][8] Company Performance - Pop Mart, a leader in the trendy toy sector, reported a revenue increase of 165% to 170% year-on-year for Q1 2025, with domestic revenue up 95% to 100% and overseas revenue soaring by 475% to 480% [4] - Lao Pu Gold, a major player in the gold jewelry market, achieved a sales performance of approximately 9.8 billion yuan in 2024, marking a 166% increase, and a net profit of about 1.47 billion yuan, up 254% [5] - Mixue Ice City, a popular tea brand, saw its stock price rise by 43.21% on its debut, reflecting its strong market presence with 46,479 stores globally and a retail revenue of 58.3 billion yuan in 2024 [6] Market Outlook - The new consumption sector is expected to continue growing, with significant opportunities in emotional consumption, the silver economy, and AI-driven consumer experiences [8] - The Chinese market is on track to become the largest consumer market globally, supported by rising incomes and enhanced consumer demand [8]

Core Insights - The "2024 Commercial Franchise TOP 300" list was released by the China Chain Store & Franchise Association (CCFA), showcasing the annual development trends in the franchise sector [1] - The list includes 300 companies across 25 sub-sectors, with a total of 830,000 stores, reflecting a 30.73% increase from the previous year's 630,000 stores [1] - The distribution of sectors shows that the restaurant industry remains stable at 33.67%, retail slightly decreased to 40.00%, and the service industry increased to 26.33% [1] Industry Overview - The 2024 TOP 300 includes 101 restaurant companies, 120 retail companies, and 79 service companies, indicating a slight adjustment in consumer demand structure [1] - The number of franchise brands with over 10,000 stores increased from 9 in 2023 to 18 in 2024, highlighting the growing influence of leading brands in the market [1] - A total of 71 new franchise brands were added to the list, with 34 in the restaurant sector, 26 in services, and 11 in retail, demonstrating the sector's ongoing attractiveness [1] Event Insights - The 65th China Franchise Exhibition will be held from August 8-10 in Shanghai, focusing on the analysis of the TOP 300 list and featuring over 100 quality brands from various sectors [2] - The exhibition will include forums and workshops aimed at exploring growth strategies and promoting sustainable development in the franchise industry [2] - The CCFA Franchise Committee, established in 2015, has grown to include 69 member companies, advocating for the interests of various franchise sectors and promoting industry self-regulation [2]

Core Insights - The article highlights the competitive landscape of the coffee market in China, focusing on the growth and strategies of Luckin Coffee and its positioning against established players like Luckin Coffee and Kudi Coffee [1][6][9] Group 1: Company Overview - Luckin Coffee aims to expand its store count to over 10,000 by 2025, having already established over 6,000 stores in lower-tier markets [2][4] - The company has a strong supply chain, with its roasting capacity reaching 8,000 tons annually at its main factory and an additional 20,000 tons from a new facility [4][10] - The brand's pricing strategy positions its products at around 5.9 yuan for a cup of coffee, allowing for a 50% gross margin for franchisees [10][11] Group 2: Market Positioning - Luckin Coffee is adopting a "rural encircling urban" strategy, focusing on lower-tier markets before expanding into first-tier cities [9][10] - The coffee market is becoming increasingly competitive, with major brands like Starbucks, Kudi Coffee, and McDonald's also expanding their coffee offerings [6][7] - The brand's marketing efforts are intensifying, with a notable increase in franchise inquiries by over 300% in July [12][13] Group 3: Franchise and Support - Luckin Coffee is implementing supportive measures for franchisees, including waiving fees for two years in major cities and offering significant discounts for existing franchisees [11][12] - The company emphasizes the importance of a robust supply chain to maintain competitive pricing and operational efficiency [13][14] - The brand's growth strategy is underpinned by the trust franchisees have in the parent company, Mixue Group, which has a well-established market presence [11][13]

Investment Rating - The report indicates a positive investment outlook for Chinese consumer brands expanding overseas, particularly in Southeast Asia, with a focus on Singapore as a strategic market entry point [1][13]. Core Insights - China's cultural soft power has significantly improved, ranking second globally from 2020 to 2025, surpassing Japan, the UK, and Germany, creating favorable conditions for Chinese brands to expand internationally [1][3]. - The tourism industry is a key driver for cultural exchange, with a projected 96% year-on-year increase in inbound tourists to China in 2024, enhancing the international visibility of Chinese brands [1][3]. - Successful overseas expansion requires brands to adapt to local market demands, as demonstrated by Haidilao's localized menu offerings in Singapore [1][2][4]. - Strong supply chain management is crucial for maintaining competitive pricing and product quality, as seen with brands like Mixue Ice City and Luckin Coffee [1][5]. - Singapore's favorable business environment, including tax incentives and a high percentage of Chinese residents, positions it as a gateway to Southeast Asia and beyond [1][13]. Summary by Sections Cultural Influence - The rise of China's cultural soft power is a significant factor in the successful internationalization of consumer brands, with food and entertainment serving as effective cultural ambassadors [3][17]. - The increase in inbound tourism to China is expected to bolster the recognition and acceptance of Chinese brands abroad [3]. Market Entry Strategies - Brands must prioritize location selection and adapt their strategies based on local market analysis, including understanding transportation networks to identify key commercial areas [1][14]. - Localized product offerings and strong supply chain capabilities are essential for success in foreign markets [5][11]. Case Studies - Haidilao's success in Singapore, with 22 outlets and monthly sales exceeding 2.5 million SGD at peak times, exemplifies effective localization and service excellence [2]. - Mixue Ice City has expanded to 31 stores in Singapore, leveraging its supply chain and appealing to young consumers [2]. - Luckin Coffee's unique positioning by blending tea and coffee cultures has resonated well with the younger demographic in Singapore [2]. Strategic Considerations - Brands should view international expansion as a long-term strategy, focusing on building a global supply chain and cultivating a team with international perspectives [18]. - The potential for overseas markets to serve as blue oceans for brand growth and risk diversification is significant, as evidenced by successful cases in various sectors [17].