Group 1: Overseas Market Expansion - The company plans to open its first store in Brazil at a shopping center in São Paulo by March 2026, having signed a procurement order for 4 billion coffee beans and plans to build a supply chain factory [2] - The target for Southeast Asia is to increase the number of stores to 10,000 by the end of 2027, with an average annual growth rate of approximately 20%, while optimizing operational efficiency by closing underperforming stores [2] - Since November 2025, the company has opened franchise operations in 16 countries and regions, including Southeast Asia, Japan, South Korea, Australia, and South America, with plans for further expansion [2] Group 2: New Business and IP Development - The company is preparing to launch a theme park, with job postings for roles such as performance coordination and content writing at its Zhengzhou headquarters, indicating a potential rollout of the Snow King IP in physical locations, though specific investment scale and opening dates are yet to be announced [3] - The 福鹿家 brand has approximately 1,200 stores as of August 2025, with a goal to achieve profitability of 1.07 million yuan in 2024, making its performance in 2025 a point of interest for potential growth [3] Group 3: Supply Chain and Operational Optimization - The company is enhancing its global supply chain, with a production base in Hainan set to commence operations in the first half of 2025, and plans to extend upstream to improve the standardization of agricultural product partnerships [4] - Future focus will be on cost control and improving franchisee efficiency [4] Group 4: Institutional Perspectives - There is a divergence in institutional views on the company; UBS downgraded its rating to "neutral" in January 2026, citing risks of declining gross margins, while domestic institutions like Guotai Junan and Western Securities remain optimistic about the company's overseas expansion potential [5]

Core Insights - Mixue Ice City is diversifying its business model, with the "Snow King" IP being a significant focus for expansion and engagement [1][3][4] Group 1: Recruitment and Theme Park Development - Mixue Ice City has recently posted job openings related to a "Theme Park Project," indicating plans to develop a comprehensive experience around the "Snow King" IP [1] - The job roles include positions such as park performance coordinator, content writer, project manager, and product coordinator, with salaries ranging from 10,000 to 24,000 yuan per month [1] Group 2: Expansion and Flagship Stores - The company has been expanding its flagship stores across cities like Hangzhou, Jinan, and Guangzhou, featuring limited edition drinks and merchandise related to the "Snow King" [2] - The flagship store in Zhengzhou has shown strong customer attraction, with a peak daily footfall of 46,000 and a maximum daily revenue exceeding 350,000 yuan [2] Group 3: Brand and Marketing Efficiency - The "Snow King" IP has become a core competitive advantage for Mixue Ice City, significantly reducing marketing expenses, with brand promotion costs accounting for only 0.9% of revenue in the first three quarters of 2024 [3] - The operational costs associated with the "Snow King" IP are low, and its popularity has been driven by the company's extensive store network rather than heavy promotional spending [3] Group 4: Future Investments - Approximately 7% (2.3 billion HKD) of the funds raised will be allocated to further develop the brand IP and enhance consumer recognition of the "Snow King" [5] - The recruitment for the theme park project may be a strategic move to capitalize on the economic potential of the "Snow King" [6]

从相关岗位招聘需求来看，蜜雪冰城似乎将参与乐园整体设计，围绕"雪王"IP搭建完整的故事背景和核 心叙事线，把游乐项目、主题区域、互动环节串联成一条沉浸式体验链路。 事实上，抛开主题乐园的可能性，蜜雪冰城早就靠着雪王破圈了。 向全国扩张的蜜雪冰城旗舰店就是案例。近期，蜜雪冰城在杭州、济南、广州等多地齐开旗舰店。与普 通门店相比，旗舰店的特征是多了限定款饮品及雪王周边产品。 在郑州的蜜雪冰城总部旗舰店，雪王粉丝们像逛泡泡玛特一样陶醉在蜜雪冰城。据郑东新区官网，自 2025年1月15日蜜雪冰城总部旗舰店试运营以来，该店展现出强劲的客流吸引力。节假日期间，单日最 高客流量达4.6万人次，单日营业额峰值突破35万元。在清明节假期3天内，累计营业额更是突破100万 元。截至当年7月，该旗舰店单日营业额最高已突破60万元。 而主题乐园，显然是将雪王IP的再放大化。 背后是，雪王IP已成为蜜雪冰城的核心壁垒之一。譬如，省下了大量营销经费。据蜜雪集团招股书， 2024年前三季度，该公司品牌推广开支占收入的比例为 0.9%，远低于瑞幸咖啡、霸王茶姬、奈雪的茶 等品牌。 21世纪经济报道记者贺泓源、实习生徐鸿儒 蜜雪冰城正变得多元 ...

Core Viewpoint - There are speculations about Mixue Ice City's potential plans to build its own theme park, based on job postings related to the park on BOSS Zhipin [1][4] Group 1: Job Postings and Requirements - Mixue Ice City is currently hiring for various theme park positions, including roles for content writers, event coordinators, product managers, and project managers, with salaries ranging from 11,000 to 24,000 CNY per month [4] - The job postings emphasize the need for candidates with 5 to 10 years of experience, particularly those with backgrounds in large theme parks like Universal, Disney, and Chimelong [4][5] Group 2: Brand IP and Marketing Strategy - The company's IP character "Snow King," created in collaboration with Hua Yu Hua in 2018, has become a significant brand symbol, leveraging over 50,000 stores globally [5][6] - Mixue Ice City has invested approximately 400 million CNY from its IPO proceeds into brand and IP development, with around 200 million CNY specifically allocated for IP content creation [7] - The "Snow King" IP has been utilized in innovative marketing strategies, achieving over 54.2 billion views on Douyin by June 30, 2025 [6] Group 3: Animation and Global Reach - To enhance the IP's narrative, Mixue Ice City has launched a series of animations, with "Snow King Arrives" premiering in 2023 and a sequel set for 2024, available in multiple languages across various African channels [8] - The brand's IP is viewed as a core competitive advantage, with a focus on integrating supply chain, brand IP, and store operations to achieve cost leadership [8] Group 4: Financial Performance - In the first half of 2025, Mixue Group reported revenues of 14.87 billion CNY, a year-on-year increase of 39.3%, and a net profit of 2.72 billion CNY, up 44.1% [9] - As of June 30, 2025, the company has established over 53,000 stores globally, including 48,281 in China and 4,733 overseas [9]

Core Viewpoint - Goldman Sachs reports that Mixue Group (02097) management has revealed plans to focus on consolidating its market leadership in China while enhancing supply chain and operational capabilities through further store openings and overseas expansion, aiming to strengthen consumer recognition of the "Snow King" IP for sustainable long-term growth [1] Group 1: Market Strategy - The company aims to solidify its leadership position in the Chinese market [1] - Plans include further store openings and expansion into overseas markets [1] - Enhancing supply chain and operational capabilities is a key focus [1] Group 2: Consumer Engagement - The company seeks to strengthen consumer recognition of the "Snow King" IP [1] - This initiative is part of a broader strategy to drive long-term sustainable growth [1] Group 3: Financial Outlook - Goldman Sachs has adjusted its profit forecasts for the company, increasing projections for 2025, 2026, and 2027 by 3%, 1%, and 1% respectively [1] - The adjustments reflect positive effects from the company's store network optimization [1] - The firm maintains a "Buy" rating on the stock [1]

Core Viewpoint - Goldman Sachs reports that Mixue Group (02097) management revealed plans to focus on consolidating its leadership position in the Chinese market while enhancing supply chain and operational capabilities through further store openings and overseas expansion, aiming to strengthen consumer recognition of the "Snow King" IP for sustainable long-term growth [1] Group 1: Business Strategy - The company aims to solidify its market leadership in China [1] - Plans include further store openings and overseas expansion to enhance operational capabilities [1] - Strengthening consumer recognition of the "Snow King" IP is a key focus for driving long-term growth [1] Group 2: Financial Outlook - Goldman Sachs has adjusted its profit forecasts for the company, increasing estimates by 3%, 1%, and 1% for the years 2025 to 2027 respectively [1] - The company's store network adjustments are expected to improve overall operational performance, with positive effects already observed [1] - The firm maintains a "Buy" rating on the company's stock, indicating confidence in its growth potential [1]

Core Insights - The new consumption sector in the Hong Kong stock market is experiencing significant growth, driven by the popularity of immersive experiences and themed stores, particularly among younger consumers [1][2] - The three major players in this sector—Pop Mart, Laopu Gold, and Mixue Group—are seeing substantial increases in both performance and stock prices, attracting considerable attention from the capital market [1][2] Group 1: Company Performance - Pop Mart's revenue for 2024 is projected to grow by 106.9% to 13.04 billion, with adjusted net profit increasing by 185.9% to 3.4 billion [3] - Laopu Gold reported a revenue exceeding 8.5 billion for 2024, marking a 167.5% year-on-year increase, and net profit surged by 253.9% to 1.473 billion [3] - Mixue Group is also experiencing a surge in customer traffic, with flagship stores attracting long queues, indicating strong consumer interest [2] Group 2: Market Trends - The younger generation is becoming the main consumer force, showing a willingness to spend on experiences and products that resonate with their interests [4][5] - The new consumption sector has a low development base, providing ample growth opportunities, and fund managers are increasingly favoring investments in this area over traditional sectors [4][5] - The trend of creating unique IPs, as seen with Mixue's "Snow King," is enhancing brand recognition and emotional connection with consumers, contributing to the sector's growth [6][7] Group 3: Investment Opportunities - The strong performance of new consumption brands is expected to continue, driven by innovative business models and a focus on consumer engagement [6][7] - The optimistic outlook for Hong Kong's new consumption brands in European markets suggests a reasonable valuation increase [5][6] - The overall market environment is conducive to the growth of new consumption, with healthy liquidity and a recovering risk appetite among investors [7]