Mixue was exposed by the 315 Gala, why didn't the stock price react as expected?

$MIXUE GROUP(02097.HK) Exposed by the 315 Gala, netizens called it reverse publicity. Here’s an analysis of why Mixue still enjoys consumer protection:

1. Low-price strategy reshapes consumer perception
1. The ultimate cost-performance of "4-yuan lemon water"
Mixue Bingcheng focuses on low-price products like 4-yuan fresh lemon water and 2-yuan ice cream. In a market where the average price of tea drinks exceeds 20 yuan, its pricing precisely targets the "thirst-quenching necessity" of lower-tier markets. Consumers generally form the psychological expectation that "low price requires compromise on food safety," believing that "poor ingredients in 4-yuan milk tea are the default rule." For example, netizens joked: "No one checks high-priced milk tea for using non-dairy creamer, so why pick on 4-yuan lemon water?"
2. Absolute dominance in lower-tier markets
57.2% of Mixue Bingcheng’s stores are located in third-tier cities and towns, covering 4,900 townships, forming a "capillary-like" penetration. Its 6-8 yuan price range highly matches the purchasing power of county-level consumers, even being seen as a symbol of "dignity for the poor." Consumers view low prices as a "lifesaver for the slums" and, against the backdrop of rising living costs, are more willing to vote for "affordable flaws."
2. Emotional connection and the "moat" of brand persona
1. Personified IP and grassroots image
Through viral marketing like the theme song "Mixue Bingcheng Sweet and Sweet" and the "darkening" of Snow King, the brand has been personified as a "poor relative." Consumers develop a "nurturing" emotional dependency, willing to give it chances even when it makes mistakes, even using conspiracy theories like "the kid just went public and is already being targeted" to defend it.
2. Philanthropy and moral debt
Mixue Bingcheng donated 22 million yuan during the Henan floods and supported farmers in Yunnan, building goodwill. Consumers feel a "moral debt," believing the brand "has a conscience," which lowers their sensitivity to food safety issues.
3. Dual effects of industry ecology and consumer psychology
1. Contrast effect with premium brands
Premium brands like Nayuki and Heytea frequently face food safety issues (e.g., using non-dairy creamer or overnight ingredients), but consumers find their "high price for low quality" less acceptable. In contrast, Mixue Bingcheng’s "honest low prices" earn emotional points, creating an "expectation management" advantage.
2. Scale effect and the reality of "voting with feet"
Mixue Bingcheng sells 25 million cups daily. Its massive user base allows it to survive despite negative publicity. Netizens joke, "The only thing that can defeat Mixue Bingcheng is another Mixue Bingcheng across the street," highlighting the market inertia of low-price brands in chaotic expansion.
4. The "reverse whitewashing" phenomenon in public opinion
1. Black humor deconstructing crises
Consumers use self-deprecation to shift focus, e.g., "If I buy overnight fruit at 3 a.m., I can only blame myself for coming too late" or "One cup a week trains gut resistance—better than probiotics." Such banter downplays the severity, forming "organic PR."
2. Mismatch between regulation and consumer choice
Despite regulators emphasizing "no minor issue in food safety," consumers’ purchasing behavior shows that "violation costs" are trivial compared to low prices. For example, after a store was shut down, consumers still said, "I’ll buy a cone to calm my nerves."
5. Long-term risks and industry warnings
1. Quality control black holes in the franchise model
99% of Mixue Bingcheng stores are franchises. Its rapid expansion of 28.7 new stores daily leads to management failures. AI monitoring only covers the front, leaving kitchens as "lawless zones." In 2024, food safety complaints surged 68%, with over 8,700 complaints on Hei Mao, 70% related to food safety.
2. Low price ≠ immunity
Economists warn that relying on "price filters" and "netizen PR" will eventually lead to a collapse of trust. While consumers are temporarily forgiving, they clearly state: "We protect our own, but Snow King can’t really treat consumers as fools."
Conclusion
Mixue Bingcheng’s "immunity" is essentially a product of the consumption downgrade era—its low-price strategy, emotional marketing, industry contrast, and scale effect jointly build its PR moat. However, food safety has no gray area. If the brand abuses consumer trust, it will backfire. As netizens say: "Food safety isn’t just for 315—it’s for 365 days a year."