Core Viewpoint - The price of yellow lemons has surged dramatically, reaching 7.5 - 10 yuan per jin and 200 yuan per box, nearly tripling from previous low prices, driven by a decrease in supply due to various factors such as climate and planting area adjustments [1][3]. Price Surge and Market Dynamics - The rapid increase in yellow lemon prices has led many tea beverage franchise owners to compare them to gold, highlighting the volatility of prices [3]. - Despite the price hike, many tea brands are reluctant to raise their prices for lemon drinks, as they play a crucial role in attracting customers [3]. Nutritional Value and Consumer Behavior - Lemon water is not only refreshing but also rich in vitamin C, potassium, calcium, and other beneficial compounds, which enhances its appeal to consumers [5]. - In response to rising lemon prices, consumers are turning to green lemons, which are more stable in price and offer higher vitamin C content, providing a healthier alternative [5]. Strategic Adjustments by Tea Brands - Some tea brands are adapting their product strategies by introducing limited-time lemon specials that combine yellow lemons with seasonal fruits to manage costs while offering novelty to consumers [7]. - Innovative products like "dried lemon slices" are being developed to extend the shelf life of lemons and mitigate the impact of price fluctuations [7]. Supply Chain Considerations - The price fluctuations have prompted discussions about the agricultural supply chain, with experts suggesting the establishment of a comprehensive production and sales warning mechanism and the development of contract farming models to help farmers manage market risks [7].

Company Overview - Pretzelmaker, owned by FAT Brands Inc., is known for its innovative Pretzel Bites and has been in operation since 1991, starting as a single pretzel stand [3][6] - The company has grown to over 280 locations worldwide and continues to innovate with various menu offerings [6] New Product Launch - Pretzelmaker has introduced a new menu item, Cheetos Flamin' Hot Pretzel Bites, available until July 13, 2025, following the success of last year's Cheetos Pretzel Bites [2][3] - The new product features a dusting of Cheetos' Flamin' Hot Dust and is freshly baked and hand-rolled daily, providing a spicy flavor that pairs well with the chain's all-natural Lemonade [2][3] Marketing Strategy - The Vice President of Marketing at Pretzelmaker, Katie Thoms, emphasized the company's commitment to customer feedback and the desire to enhance flavor offerings, indicating a strong focus on customer engagement [3] - The collaboration with Cheetos aims to maintain excitement and attract customers through innovative flavor combinations [3] Parent Company Information - FAT Brands is a global franchising company that owns 18 restaurant brands and operates over 2,300 units worldwide, indicating a robust presence in the fast-casual dining sector [5] - The company strategically acquires and develops various dining concepts, showcasing its diverse portfolio [5]

Company Overview - Pretzelmaker, owned by FAT Brands Inc., is known for its innovative Pretzel Bites and has nearly 200 locations worldwide [5] - FAT Brands is a global franchising company that owns 18 restaurant brands and operates over 2,300 units globally [4] Recent Developments - Pretzelmaker has opened a new location in Ardmore, OK, situated in a Valero convenience store, offering made-from-scratch Pretzel Bites and fresh-squeezed lemonade [1][3] - The Ardmore location is part of Pretzelmaker's strategy to expand into non-traditional formats, providing insights for future growth in convenience stores [2] Product Offerings - The new location features a full menu including a variety of sweet and savory dipping sauces for Pretzel Bites and both regular and frozen lemonade options [1][2] - Pretzelmaker emphasizes fresh ingredients in its products, aligning with its brand philosophy of "Bite-Sized Fun and Full-Sized Flavor" [5]

Business Model & Growth Strategy - Mixue's average transaction value is less than 8 yuan, but annual revenue exceeds 10 billion yuan [1] - Mixue has 36,000 chain stores globally, ranking fourth worldwide, surpassing many established brands [2][17] - The company focuses on the market below 10 yuan, establishing a unique presence through affordability [3] - Mixue achieved rapid growth by building its own warehousing and logistics center, offering free transportation to franchisees [15][16] - By the end of 2020, the number of stores exceeded 10,000, and by the end of 2021, it exceeded 20,000 [16] Supply Chain Management - Mixue was one of the first in the milk tea industry to build its own central factory in 2012 [12] - The company reduces costs by building factories in the place of origin, such as Snow King Agriculture in Anyue County, Sichuan, for Eureka lemons [13][14] - Upstream ingredients cover 35 countries, including milk from New Zealand, cocoa from Ghana, and cheese from Denmark [16] - 98% of Mixue's revenue in the first three quarters of 2023 (over 15 billion yuan) comes from sales of goods and equipment to franchisees [18] Brand Building & IP Strategy - Mixue created the Snow King IP to build brand perception, avoiding celebrity endorsements [24] - In 2019, they designed a theme song for Snow King, which became popular with over 30,000 stores playing it [25] - Mixue launched an animation called Snow King Arrives, with views exceeding 200 million and a rating of 9.9% on Bilibili [25] - The company established Snow King Loves Animation to further develop its IP through movies, performances, and cultural communication [27][33] Market Position & Future Challenges - Mixue is the largest ready-made tea drink in the Southeast Asian market [17] - The company's cooperation model with franchisees, selling products without sharing profits, may need to be adjusted for long-term development [20][21] - Challenges include expanding into developed countries and maintaining its leading position in the competitive milk tea industry [35]