Research Insights on the Series of Leading Consumer Brands [5] —— From 2-yuan Ice Cream to the Hong Kong Stock Exchange: The Supply Chain Dilemma Behind the 46,000 Stores of Mixue Bingcheng

In 1997, Mixue Bingcheng started as a street shop. After a remarkable rise, in March 2025, Mixue Bingcheng (02097.HK) went public on the Hong Kong Stock Exchange with a scale of 46,000 stores, officially crowned the king of the global ready-to-drink beverage industry. In the same period, McDonald's and Starbucks had approximately 43,000 and 40,000 stores respectively.

Currently, Mixue Bingcheng's GMV last year reached 58.3 billion yuan, and its market value exceeded 100 billion Hong Kong dollars. This brand, which swept the sinking market with 2-yuan ice cream, 4-yuan lemonade, has created a remarkable business miracle. Driven by the "ultra-high cost - effectiveness + Snow King IP" dual - wheel strategy, it created the myth of selling over 1 billion cups of lemonade annually. At the same time, it built a derivative market with tens of billions of exposures on social platforms, successfully achieving an upgrade from product consumption to emotional consumption.

However, the supply chain system that supports the success of Mixue Bingcheng's business model is facing unprecedented challenges. With the decline in single - store revenue and the market approaching saturation, the dilemma of diminishing marginal benefits in this supply chain model is gradually emerging.

In this era of the ebbing of new consumption, Mixue Bingcheng's case is worth learning from for all brands pursuing scale expansion: When the growth engine turns into a transformation "burden", how can a business empire break the deadlock?

Targeting the Trillion - Dollar Market with Ultra - High Cost - Effectiveness + Snow King IP Marketing

Relevant data shows that by 2028, the market size of China's ready - to - drink beverages is expected to reach 1.1634 trillion yuan (based on terminal retail sales), becoming a trillion - dollar market on par with pre - packaged beverages.

So, how did Mixue Bingcheng continuously expand in this trillion - dollar market?

In terms of product positioning, Mixue Bingcheng only relies on 2 - yuan ice cream, 4 - yuan lemonade, and 6 - yuan milk tea to deeply penetrate the low - tier markets and rapidly "evolve". It is reported that the proportion of Mixue Bingcheng stores in third - tier and lower cities reaches 57.2%. In the first three quarters of 2024, only the iced fresh lemonade single product sold 1.1 billion cups, accounting for over 80% of the ready - to - drink lemonade market.

Figure 1: Breakdown of Mixue Bingcheng's Business Model

In the past two years, new tea beverage brands such as Heytea and Nayuki, which were originally positioned in the high - end market, have also begun to actively penetrate the lower - tier markets, launching "affordable" products priced under 20 yuan and even opening stores in third - and fourth - tier cities.

In a market environment where high - end brands are cutting prices to survive, Mixue Bingcheng's pricing range of 2 - 8 yuan still maintains an unshakable competitive barrier. This price advantage not only comes from cost optimization brought about by economies of scale but also from its supply chain system that has been deeply cultivated for many years.

In addition, in terms of IP marketing, the secret to Mixue Bingcheng's success also lies in the successful creation of the "Snow King" super IP. The theme music short film of Mixue Bingcheng, "You love me, I love you, Mixue Bingcheng is so sweet", features the "Snow King" as the protagonist, and its "catchy" theme song has become popular across the country. At the same time, the brand has developed peripheral products such as Snow King plush toys, water cups, and building blocks based on the "Snow King" image. From the catchy theme song to various peripheral derivatives, the "Snow King" IP has injected unique emotional value into the brand through personalized operation, achieving an upgrade from product consumption to emotional consumption.

This business model of "ultra - high cost - effectiveness + Snow King IP marketing" has built a solid competitive barrier for Mixue Bingcheng in the sinking market.

Under Economies of Scale, the Supply Chain is Both an Advantage and a "Shackle"

In 2024, Mixue Bingcheng's terminal retail sales reached 58.3 billion yuan, a year - on - year increase of 21.7%. Behind its continuous business vitality is the most large - scale and complete end - to - end supply chain system in China's ready - to - drink beverage industry built by Mixue Bingcheng.

Data shows that more than 60% of the beverage ingredients supplied by Mixue Bingcheng to franchisees are self - produced, and the core beverage ingredients are 100% self - produced, a proportion that leads the industry. Through self - built production bases and strategic raw material acquisitions, it has compressed raw material costs to the extreme and then distributed them to franchisees across the country through an efficient supply chain network. In other words, it is more appropriate to say that Mixue Bingcheng is a supply chain enterprise than a milk tea company.

Figure 2: Brand History of Mixue Bingcheng

However, the continuous operation of this supply chain system highly depends on the expansion of the store scale.

From 2023 to 2024, the average annual sales of a single Mixue Bingcheng store declined from 1.44 million yuan to 1.08 million yuan, reflecting the continuous decline in the profitability of franchisees. More notably, as the market gradually saturates, the slowdown in store growth will directly lead to a decrease in the utilization rate of supply chain production capacity, and the original cost advantage may turn into the pressure of over - capacity.

In addition, although the national self - operated supply chain ensures controllable quality, it also brings complex management challenges. In Mixue Bingcheng's national procurement, production, and distribution network, any problem in one link may trigger systematic risks.

As the scale expands, the marginal benefits of the supply chain are diminishing, and the rising management costs are weakening its cost advantage. Its once - core competitiveness is facing an unprecedented efficiency test.

Supply Chain Revolution under Smart Tea Drinks and Global Layout

Through the innovation of "AI + supply chain" and precise global layout, Mixue Bingcheng is reshaping the cost - efficiency and market boundaries of the tea beverage industry.

In terms of technological empowerment, in 2024, Mixue Bingcheng accelerated its layout in the field of artificial intelligence. By establishing Xuewang AI Smart Technology Co., Ltd., it promoted the R & D of AI algorithms and robots and the intelligent upgrade of the supply chain, leading the transformation of the tea beverage industry. It also plans to apply the potential of AI to three core scenarios in Mixue Bingcheng's business model: First, the intelligent supply chain optimizes procurement through sales and inventory data analysis to reduce losses; second, personalized services use an AI recommendation system based on consumption habits to enhance user stickiness; third, store efficiency uses AI to monitor the food production process to ensure standardization and food safety.

In terms of globalization, Mixue Bingcheng focuses on Southeast Asia as its strategic center and expands its market territory through a low - price strategy and cultural penetration. Currently, Southeast Asian stores account for over 80% of Mixue Bingcheng's overseas stores. Its success is based on three strategies:

1. Anchor the market with low prices, matching the average daily consumption level of 20 yuan.

2. Make local adaptations, such as increasing the sweetness of beverages and using local raw materials.

3. Collaborate with OV - series channels to create a "milk tea + mobile phone" community ecosystem through the mobile phone dealer network.

In the new cycle of "intensive cultivation" in the consumer market, the development logic of "scale first" for consumer brands needs to be re - examined. The key to Mixue Bingcheng's breakthrough lies in achieving a strategic leap from "supply - chain - driven scale" to "data - driven efficiency", and transforming its huge supply chain system into a data - driven competitive advantage through intelligent transformation. This transformation is not only about cost optimization but also a re - definition of the core competitiveness of enterprises in the new consumption era.

Disclaimer

All the data in this article are from public sources. We have taken reasonable measures to ensure the reliability and accuracy of the information. However, due to the limitations of the data sources themselves, there may be certain errors or deviations. The views, conclusions, and suggestions in this article are for reference only and do not represent any specific investment advice or decision - making basis, nor do they represent the position of Zhidemai Technology Group. Any third - party names, brands, or products mentioned in the article are for illustration purposes only and do not constitute an endorsement or recommendation.