Restaurants

Starbucks

MIXUE Ice Cream & Tea

Deep Research

SBUX

01364

02097

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 &#34;cheap, many stores, and the brainwashing hit song 'You love me, I love you, Mixue Bingcheng Tianmi Mi'.&#34; 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

GUMING

MIXUE GROUP

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