<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>根據 Zephirin Group 的分析師，蜜雪在一線城市擴展其市場份額可能面臨挑戰。</p>
<p>Longdley Zephirin 的評論在中國最大的奶茶連鎖店在香港上市首日股價上漲超過 40% 後不久發表。</p>
<p>蜜雪在首次公開募股（IPO）中共售出 1706 萬股，週一籌集了 34.5 億港元（約合 4.4 億美元）。</p>
<h2>蜜雪在一線城市擴展可能面臨困難</h2>
<p>蜜雪迄今為止避開了高成本的房地產市場，完全專注於二線和三線城市。</p>
<p>這使得它在對價格敏感的消費者中獲得了巨大的受歡迎程度。</p>
<p>這家奶茶公司提供的產品價格比競爭對手低 50%，Longdley Zephirin 稱這對消費者來説是 “顯著的成本節省”。</p>
<p>然而，位於河南鄭州的公司在進軍中央商務區（CBD）後，將面臨更高的運營成本和來自 “HEYTEA” 等競爭對手的激烈競爭，他在週一的 CNBC 採訪中表示。</p>
<p>也就是説，Zephirin Group 的分析師並不認為蜜雪會很快追逐一線城市，並補充説 “它將維持在二線、三線城市的本地運營，並繼續推動銷量”。</p>
<h2>蜜雪是否考慮擴展到美國或歐洲？</h2>
<p>蜜雪在東南亞已經有了相當大的市場份額，目前正在尋找新的地區來擴展其業務，從而擴大客户基礎。</p>
<p>根據 Longdley Zephirin 的説法，這可能包括美國以及歐洲的部分地區，他預計超越當前地點將幫助蜜雪與 HEYTEA 展開更激烈的競爭。</p>
<p>這兩個地區擁有龐大而多樣化的市場，對創新和實惠的食品和飲料選項有着高需求，這為蜜雪開拓新客户羣提供了重要機會。</p>
<p>此外，美國和歐洲國家以強大的特許經營模式而聞名，這可能進一步幫助蜜雪通過地方合作伙伴關係和投資提升品牌知名度和全球影響力。</p>
<h2>投資蜜雪股票是否已經太晚？</h2>
<p>投資者應該知道，中國的蜜雪目前擁有穩健的資產負債表。</p>
<p>截至最近一個季度末，這家冰淇淋和冰茶連鎖店的現金超過 60 億美元。</p>
<p>在過去的 12 個月中，蜜雪的收入達到了 235.7 億美元，歸屬於普通股股東的淨收入為 42.2 億美元。</p>
<p>此外，這家在香港上市公司的債務與股本比率目前為 3.64%。</p>
<p>這使得像美團的 Long-Z 基金和 M&amp;G 投資這樣的基石投資者參與了其超過 5200 倍超額認購的 IPO。</p>
<p>蜜雪首次公開募股的承銷商為瑞士銀行、摩根士丹利和美國銀行證券。</p>
<p>分析師揭示蜜雪在市場首秀後面臨的最大挑戰，文章首發於 Invezz。</p>

蜜雪集團

<p>根據 Zephirin Group 的分析師 Longdley Zephirin 的説法，中國最大的奶茶連鎖店蜜雪在向一線城市擴張時面臨挑戰。儘管成功上市籌集了 34.5 億港元，且股價上漲了 40%，但該公司仍專注於二線和三線城市以維持成本優勢。Zephirin 建議，儘管蜜雪可能會探索向美國和歐洲擴張，但目前仍可能繼續優先考慮本地運營。該公司財務狀況良好，現金超過 60 億美元，且收入生成能力顯著</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>根據 Zephirin Group 的分析師，蜜雪在一線城市擴展其市場份額可能面臨挑戰。</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 的評論在中國最大的奶茶連鎖店在香港上市首日股價上漲超過 40% 後不久發表。</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>蜜雪在首次公開募股（IPO）中共售出 1706 萬股，週一籌集了 34.5 億港元（約合 4.4 億美元）。</p>
</div><h2>Mixue could find it hard to expand to tier 1 cities</h2>
<div class="lb-trans"><h2>蜜雪在一線城市擴展可能面臨困難</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>蜜雪迄今為止避開了高成本的房地產市場，完全專注於二線和三線城市。</p>
</div><p>This has enabled it to gain immense popularity among price-sensitive consumers.</p>
<div class="lb-trans"><p>這使得它在對價格敏感的消費者中獲得了巨大的受歡迎程度。</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>這家奶茶公司提供的產品價格比競爭對手低 50%，Longdley Zephirin 稱這對消費者來説是 “顯著的成本節省”。</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，位於河南鄭州的公司在進軍中央商務區（CBD）後，將面臨更高的運營成本和來自 “HEYTEA” 等競爭對手的激烈競爭，他在週一的 CNBC 採訪中表示。</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>也就是説，Zephirin Group 的分析師並不認為蜜雪會很快追逐一線城市，並補充説 “它將維持在二線、三線城市的本地運營，並繼續推動銷量”。</p>
</div><h2>Could Mixue consider expansion into the US or Europe?</h2>
<div class="lb-trans"><h2>蜜雪是否考慮擴展到美國或歐洲？</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>蜜雪在東南亞已經有了相當大的市場份額，目前正在尋找新的地區來擴展其業務，從而擴大客户基礎。</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>根據 Longdley Zephirin 的説法，這可能包括美國以及歐洲的部分地區，他預計超越當前地點將幫助蜜雪與 HEYTEA 展開更激烈的競爭。</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>這兩個地區擁有龐大而多樣化的市場，對創新和實惠的食品和飲料選項有着高需求，這為蜜雪開拓新客户羣提供了重要機會。</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，美國和歐洲國家以強大的特許經營模式而聞名，這可能進一步幫助蜜雪通過地方合作伙伴關係和投資提升品牌知名度和全球影響力。</p>
</div><h2>Is it already too late to invest in Mixue stock?</h2>
<div class="lb-trans"><h2>投資蜜雪股票是否已經太晚？</h2>
</div><p>Investors should know that China’s Mixue boasts a solid balance sheet at present.</p>
<div class="lb-trans"><p>投資者應該知道，中國的蜜雪目前擁有穩健的資產負債表。</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>截至最近一個季度末，這家冰淇淋和冰茶連鎖店的現金超過 60 億美元。</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>在過去的 12 個月中，蜜雪的收入達到了 235.7 億美元，歸屬於普通股股東的淨收入為 42.2 億美元。</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，這家在香港上市公司的債務與股本比率目前為 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>這使得像美團的 Long-Z 基金和 M&amp;G 投資這樣的基石投資者參與了其超過 5200 倍超額認購的 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>蜜雪首次公開募股的承銷商為瑞士銀行、摩根士丹利和美國銀行證券。</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>分析師揭示蜜雪在市場首秀後面臨的最大挑戰，文章首發於 Invezz。</p>
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分析師揭示蜜雪集團在輝煌的市場首秀後所面臨的最大挑戰