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蜜雪集团半年报:高质量发展路径清晰,全球门店数超5.3万
Bei Ke Cai Jing· 2025-08-27 13:25
Core Insights - The company, Mixue Group, reported record-high performance in its semi-annual report, achieving revenue of 14.87 billion RMB, a year-on-year increase of 39.3%, with gross profit of 4.71 billion RMB, up 38.3%, and net profit of 2.72 billion RMB, reflecting a growth of 44.1% [1][6][8]. Financial Performance - Revenue reached 14.87 billion RMB, marking a 39.3% increase year-on-year [6]. - Gross profit was 4.71 billion RMB, with a year-on-year growth of 38.3% [7]. - Net profit stood at 2.72 billion RMB, showing a 44.1% increase compared to the previous year [8]. Store Expansion - The company added nearly 10,000 new stores within a year, bringing the total number of global stores to 53,014 as of June 30, 2025 [51]. - The store network covers 12 countries, with significant growth in lower-tier cities in China, where 57.6% of stores are located [51][52]. Product Innovation - Mixue Group launched several new products, including a successful summer drink that sold over 7 million cups in three days [60]. - The company has a diverse product matrix, with top-selling items including fresh lemon water and various ice cream flavors [41][60]. Supply Chain and Operational Efficiency - The company has established five major production bases and over 70 smart production lines, ensuring 100% self-production of core beverage ingredients [19][63]. - A robust supply chain network supports the company's operational efficiency, covering 33 provincial-level administrative regions in China and four overseas countries [23][63]. Brand Development and Marketing - Mixue Group is actively enhancing its brand IP through innovative online and offline marketing strategies, including the launch of an animated series [55][59]. - The flagship store in Zhengzhou attracted over 240,000 visitors during the May Day holiday, showcasing the brand's strong consumer engagement [56][57]. Social Responsibility - The company has established over 20 standardized planting bases to support farmers, positively impacting approximately 144,000 fruit farmers [64]. - Mixue Group has engaged in various charitable activities, including donations for disaster relief and educational projects [65][66].
股价大跌5.27%!全球门店扩张至5.3万家!蜜雪集团上半年同比增长39.3%,净利润同比增长44.1%
美股IPO· 2025-08-27 10:59
Core Viewpoint - The company has demonstrated strong performance in its half-year report, with revenue and net profit growth exceeding expectations, highlighting the robustness of its "high-quality and affordable" business model [1][3]. Financial Performance - For the first half of 2025, the company achieved revenue of 14.875 billion RMB, a year-on-year increase of 39.3%, and net profit of 2.718 billion RMB, up 44.1% [6][7]. - Sales and distribution expenses grew by 40.2%, while administrative expenses surged by 56.6%, leading to an overall increase in expense ratio [6]. - Cash reserves increased significantly by 58.5% to 17.612 billion RMB, primarily due to operating cash flow and funds raised from the IPO [6]. Store Expansion - The core driver of revenue growth is the rapid expansion of the store network, with a net increase of 6,534 stores in the first half of 2025, bringing the total to over 53,000 globally, a 22.7% increase from the previous year [8][9]. - The number of franchise stores rose from 43,197 to 52,996, reflecting a strong franchise model [10]. Supply Chain Advantages - The company has established a comprehensive end-to-end supply chain system, achieving 100% self-production of core beverage ingredients, which aids in cost control and product standardization [13]. - The company operates five production bases across various provinces, providing a full range of beverage ingredient solutions [13]. Brand Development - The "Snow King" IP has become a significant brand asset, with the "蜜雪冰城" topic on Douyin accumulating over 54.2 billion views [15]. - The company continues to innovate with new product lines, including hawthorn and taro ice creams, and has launched a flagship store in Zhengzhou that integrates unique beverages with the "Snow King" brand [16].