MIXUE Ice Cream & Tea

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Dolphin Research

Mixue Group (Trans): Per-store sales down double digits; entering a 3-yr investment phase

1H revenue was approx. RMB 15.2bn (+2.3% YoY).

The company also announced its first post-IPO dividend of approx. RMB 1.0bn.

But group sales and Mixue’s domestic stores both saw double-digit declines, with net margin down to 15.2%.

Management said pressure will intensify in Q3 and throughout 2H.

Meanwhile, under its 'quality upgrade without price hikes' strategy, it plans a three-year concentrated investment.

Focus areas include the cold-chain supply chain, store image upgrades, and the Snow King IP.

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Dolphin Research

Mixue: Frenzied Expansion in Lower-tier Markets, Luckin Coffee's Comeback, The Reason Behind High Valuation

$MIXUE GROUP(02097.HK) On the afternoon of August 27th, Beijing time, Mi Xue Group (2097.HK) released its 2025 H1 performance. On one hand, the "Snow King" accelerated its pace of opening new stores, and on the other hand, delivery subsidies also boosted the company's same-store revenue growth, resulting in a relatively high growth rate for the company's performance in the first half of the year. The specific highlights are as follows: 1. Strong revenue growth. In 25H1, Mi Xue Bing Cheng achieved total revenue of 14.87 billion yuan, a year-on-year increase of 39.3%, unlike Gu Ming, which was affected by the low base effect due to the 3.15 incident last year...

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蜜雪集团财务数据概览 单位:亿元,人民币 2021 2022 2023 2024 1H24 2H24 1H25 整体 总营收 103.5 135.8 203.0
¥ 6 6 百香果 新品 ¥ 大 D b) )))) 6 D))) 百香果冰萃 果真香 上市 热卖推荐榜 真果咖 香浓拿铁 轻乳茶系列 (新) 新) 手捣冰柠咖
蜜雪冰城营收变化 in 100 millions ,CNY 总收入 300 海豚投研 DolphinResearch 248.3 nResear 60% 250+5
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Dolphin Research

Mixue Ice Cream & Tea: Doubling Down Domestically; Overseas Sweetness Remains Elusive

In Dolphin Research's study on the leading brand in freshly made drinks, Mixue Bingcheng, the first part explained Mixue Bingcheng's business model, and the middle part estimated the domestic market potential. This part focuses on two core propositions under the gradually maturing domestic market conditions: 1) Can the overseas market recreate Mixue? 2) With the stock price doubling within three months of listing, what risk-reward ratio is implied at the current price level?

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Dolphin Research

"Current beverage industry Pinduoduo" Mixue Ice Cream & Tea: Where does the "Snow King" confidence come from?

In the past couple of years, amidst an overall sluggish consumption environment, a tea beverage brand that emerged from a small town in Henan has been rapidly expanding against the trend at an average rate of nearly 10,000 new stores per year. As of the disclosure of its prospectus, this tea beverage brand has surpassed 45,000 stores, officially overtaking Starbucks to become the chain beverage brand with the most stores globally. It also created the highest financing subscription amount in the history of the Hong Kong stock market before its IPO. After going public, it surged by 50% in just one week, receiving high recognition from the market. This brand is Mixue (hereinafter referred to as Mixue).

When mentioning Mixue, people's first impression may only be "cheap, many stores, and the brainwashing hit song 'You love me, I love you, Mixue Bingcheng Tianmi Mi'." However, after the prospectus was disclosed, the business empire behind Mixue was revealed.

What unique charm does Mixue have compared to other tea beverage brands that have gone public in the past two years, such as Gu Ming, Cha Bai Dao, and the soon-to-be-listed Hu Shang A Yi?

How can Mixue achieve a net profit margin of over 15%, comparable to Coca-Cola's, with a gross profit margin of only 30%, which is far lower than Coca-Cola's 60%?

Dolphin Research is very interested in such an extremely efficient social service company. This article will explore the business secrets of Mixue

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