<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2025/03/rosalind-chang-P_wPicZYoPI-unsplash1.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2025/03/rosalind-chang-P_wPicZYoPI-unsplash1.jpg"/></p>
<p>根据 Zephirin Group 的分析师，蜜雪在一线城市扩展其市场份额可能面临挑战。</p>
<p>Longdley Zephirin 的评论在中国最大的奶茶连锁店在香港上市首日股价上涨超过 40% 后不久发表。</p>
<p>蜜雪在首次公开募股（IPO）中共售出 1706 万股，周一筹集了 34.5 亿港元（约合 4.4 亿美元）。</p>
<h2>蜜雪在一线城市扩展可能面临困难</h2>
<p>蜜雪迄今为止避开了高成本的房地产市场，完全专注于二线和三线城市。</p>
<p>这使得它在对价格敏感的消费者中获得了巨大的受欢迎程度。</p>
<p>这家奶茶公司提供的产品价格比竞争对手低 50%，Longdley Zephirin 称这对消费者来说是 “显著的成本节省”。</p>
<p>然而，位于河南郑州的公司在进军中央商务区（CBD）后，将面临更高的运营成本和来自 “HEYTEA” 等竞争对手的激烈竞争，他在周一的 CNBC 采访中表示。</p>
<p>也就是说，Zephirin Group 的分析师并不认为蜜雪会很快追逐一线城市，并补充说 “它将维持在二线、三线城市的本地运营，并继续推动销量”。</p>
<h2>蜜雪是否考虑扩展到美国或欧洲？</h2>
<p>蜜雪在东南亚已经有了相当大的市场份额，目前正在寻找新的地区来扩展其业务，从而扩大客户基础。</p>
<p>根据 Longdley Zephirin 的说法，这可能包括美国以及欧洲的部分地区，他预计超越当前地点将帮助蜜雪与 HEYTEA 展开更激烈的竞争。</p>
<p>这两个地区拥有庞大而多样化的市场，对创新和实惠的食品和饮料选项有着高需求，这为蜜雪开拓新客户群提供了重要机会。</p>
<p>此外，美国和欧洲国家以强大的特许经营模式而闻名，这可能进一步帮助蜜雪通过地方合作伙伴关系和投资提升品牌知名度和全球影响力。</p>
<h2>投资蜜雪股票是否已经太晚？</h2>
<p>投资者应该知道，中国的蜜雪目前拥有稳健的资产负债表。</p>
<p>截至最近一个季度末，这家冰淇淋和冰茶连锁店的现金超过 60 亿美元。</p>
<p>在过去的 12 个月中，蜜雪的收入达到了 235.7 亿美元，归属于普通股股东的净收入为 42.2 亿美元。</p>
<p>此外，这家在香港上市公司的债务与股本比率目前为 3.64%。</p>
<p>这使得像美团的 Long-Z 基金和 M&amp;G 投资这样的基石投资者参与了其超过 5200 倍超额认购的 IPO。</p>
<p>蜜雪首次公开募股的承销商为瑞士银行、摩根士丹利和美国银行证券。</p>
<p>分析师揭示蜜雪在市场首秀后面临的最大挑战，文章首发于 Invezz。</p>

蜜雪集团

<p>根据 Zephirin Group 的分析师 Longdley Zephirin 的说法，中国最大的奶茶连锁店蜜雪在向一线城市扩张时面临挑战。尽管成功上市筹集了 34.5 亿港元，且股价上涨了 40%，但该公司仍专注于二线和三线城市以维持成本优势。Zephirin 建议，尽管蜜雪可能会探索向美国和欧洲扩张，但目前仍可能继续优先考虑本地运营。该公司财务状况良好，现金超过 60 亿美元，且收入生成能力显著</p>

<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2025/03/rosalind-chang-P_wPicZYoPI-unsplash1.jpg" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2025/03/rosalind-chang-P_wPicZYoPI-unsplash1.jpg"/></p>
<p>Mixue could face challenges in growing its footprint in the tier 1 cities, according to a Zephirin Group analyst.</p>
<div class="lb-trans"><p>根据 Zephirin Group 的分析师，蜜雪在一线城市扩展其市场份额可能面临挑战。</p>
</div><p>Longdley Zephirin’s remarks arrive only hours after shares of China’s largest bubble tea chain rallied more than 40% on their Hong Kong debut.</p>
<div class="lb-trans"><p>Longdley Zephirin 的评论在中国最大的奶茶连锁店在香港上市首日股价上涨超过 40% 后不久发表。</p>
</div><p>Mixue sold a total of 17.06 million shares in its initial public offering (IPO) and raised HK$3.45 billion ($440 million) on Monday.</p>
<div class="lb-trans"><p>蜜雪在首次公开募股（IPO）中共售出 1706 万股，周一筹集了 34.5 亿港元（约合 4.4 亿美元）。</p>
</div><h2>Mixue could find it hard to expand to tier 1 cities</h2>
<div class="lb-trans"><h2>蜜雪在一线城市扩展可能面临困难</h2>
</div><p>Mixue has so far steered clear of high-cost real estate markets to focus entirely on tier 2 and tier 3 cities.</p>
<div class="lb-trans"><p>蜜雪迄今为止避开了高成本的房地产市场，完全专注于二线和三线城市。</p>
</div><p>This has enabled it to gain immense popularity among price-sensitive consumers.</p>
<div class="lb-trans"><p>这使得它在对价格敏感的消费者中获得了巨大的受欢迎程度。</p>
</div><p>The bubble tea company offers products at up to 50% discount to rivals, which Longdley Zephirin dubbed “significant cost savings” for consumers.</p>
<div class="lb-trans"><p>这家奶茶公司提供的产品价格比竞争对手低 50%，Longdley Zephirin 称这对消费者来说是 “显著的成本节省”。</p>
</div><p>However, the company based out of Zhengzhou, Henan will face higher operational costs and increased competition from the likes of “HEYTEA” once it goes after the central business districts (CBDs), he argued in a CNBC interview on Monday.</p>
<div class="lb-trans"><p>然而，位于河南郑州的公司在进军中央商务区（CBD）后，将面临更高的运营成本和来自 “HEYTEA” 等竞争对手的激烈竞争，他在周一的 CNBC 采访中表示。</p>
</div><p>That said, the Zephirin Group analyst does not expect Mixue to chase tier 1 cities anytime soon, adding “it will maintain its local operations, in tier 2, tier 3 cities, and continue to push volume” for now.</p>
<div class="lb-trans"><p>也就是说，Zephirin Group 的分析师并不认为蜜雪会很快追逐一线城市，并补充说 “它将维持在二线、三线城市的本地运营，并继续推动销量”。</p>
</div><h2>Could Mixue consider expansion into the US or Europe?</h2>
<div class="lb-trans"><h2>蜜雪是否考虑扩展到美国或欧洲？</h2>
</div><p>Mixue already has a meaningful footprint across Southeast Asia – and is on the lookout currently for new regions to expand its operations and, by extension, its customer base.</p>
<div class="lb-trans"><p>蜜雪在东南亚已经有了相当大的市场份额，目前正在寻找新的地区来扩展其业务，从而扩大客户基础。</p>
</div><p>This could include the US as well as parts of Europe, according to Longdley Zephirin, who expects going beyond its current locations to help Mixue compete more fiercely with HEYTEA.</p>
<div class="lb-trans"><p>根据 Longdley Zephirin 的说法，这可能包括美国以及欧洲的部分地区，他预计超越当前地点将帮助蜜雪与 HEYTEA 展开更激烈的竞争。</p>
</div><p>Both regions have large, diverse markets with a high demand for innovative and affordable food and beverage options, which presents a significant opportunity for Mixue to tap into new customer bases.</p>
<div class="lb-trans"><p>这两个地区拥有庞大而多样化的市场，对创新和实惠的食品和饮料选项有着高需求，这为蜜雪开拓新客户群提供了重要机会。</p>
</div><p>Plus, the US and European countries are known for strong franchise models that may further help Mixue in terms of brand recognition and global presence via local partnerships and investments.</p>
<div class="lb-trans"><p>此外，美国和欧洲国家以强大的特许经营模式而闻名，这可能进一步帮助蜜雪通过地方合作伙伴关系和投资提升品牌知名度和全球影响力。</p>
</div><h2>Is it already too late to invest in Mixue stock?</h2>
<div class="lb-trans"><h2>投资蜜雪股票是否已经太晚？</h2>
</div><p>Investors should know that China’s Mixue boasts a solid balance sheet at present.</p>
<div class="lb-trans"><p>投资者应该知道，中国的蜜雪目前拥有稳健的资产负债表。</p>
</div><p>The chain of ice cream and iced tea stores had well over $6.0 billion in cash at the end of its most recent quarter.</p>
<div class="lb-trans"><p>截至最近一个季度末，这家冰淇淋和冰茶连锁店的现金超过 60 亿美元。</p>
</div><p>In the trailing 12 months, Mixue has generated $23.57 billion in revenue and $4.22 billion in net income attributable to its common shareholders.</p>
<div class="lb-trans"><p>在过去的 12 个月中，蜜雪的收入达到了 235.7 亿美元，归属于普通股股东的净收入为 42.2 亿美元。</p>
</div><p>Additionally, the Hong Kong listed firm’s debt-to-equity ratio currently sits at 3.64%.</p>
<div class="lb-trans"><p>此外，这家在香港上市公司的债务与股本比率目前为 3.64%。</p>
</div><p>That made cornerstone investors like Meituan’s Long-Z Fund and M&amp;G Investments participate in its more than 5,200 times oversubscribed IPO.</p>
<div class="lb-trans"><p>这使得像美团的 Long-Z 基金和 M&amp;G 投资这样的基石投资者参与了其超过 5200 倍超额认购的 IPO。</p>
</div><p>The bookrunners for the Mixue’s initial public offering were UBS, Goldman Sachs, and the Bank of America Securities.</p>
<div class="lb-trans"><p>蜜雪首次公开募股的承销商为瑞士银行、摩根士丹利和美国银行证券。</p>
</div><p>The post Analyst reveals largest challenge for Mixue after stellar market debut appeared first on Invezz</p>
<div class="lb-trans"><p>分析师揭示蜜雪在市场首秀后面临的最大挑战，文章首发于 Invezz。</p>
</div>

分析师揭示蜜雪集团在辉煌的市场首秀后所面临的最大挑战