3月6日，蜜雪集团日内大涨20%，股价触及356港元续刷新高，上市四日以来累涨近80%，总市值剑指1350亿港元。
这家以“4元的柠檬水、8元的奶茶”横扫下沉市场的新茶饮代表性品牌，用4.6万家门店、90亿杯年销量、583亿元终端零售额的硬核数据，刷新了资本对茶饮行业的认知。
市场人士指出，蜜雪集团通过 “全球采购 + 自产基地” 双轨供应链模式，将原料成本压缩至行业平均水平的三分之一，支撑其在下沉市场的高密度布局 —— 三线及以下城市门店占比达 57%，单店覆盖半径仅 500 米，形成独特的规模壁垒。
国际投行对蜜雪集团的增长潜力给予高度评价。国金证券指出，公司通过 “供应链智能化 + 下沉市场精细化” 策略，在县域市场形成 “降维打击” 能力；高盛则上调其目标市值，认为 AI 技术应用将进一步提升企业利润。
不过，市场也关注到其面临的挑战，包括加盟店管理难度、食品安全品控及海外市场本土化等问题。
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