Market Brief

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Author

許偉龍先生(Anthony Hui)
高級交易員

現任職輝立高級交易員,對投資股票經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
Phone:
36533066

蜜雪冰城股份有限公司 (02097.HK)

Wednesday, October 22, 2025 Views1074

蜜雪冰城股份有限公司 (02097.HK)

公司簡介:

主要在中國及海外通過加盟模式,以「蜜雪冰城」及「幸運咖」品牌從事現製飲品業務。

 

基本資料 :

現價: $421

市值: 1,598.2億

 

52週高/低: $618.5 /$256

10天/50天/100天平均價 : $415.78/ $421.38/ $469.71

 

業務回顧:

截至2025年6月30日止的中期業績,營業額148.75億元人民幣,按年升39.3%。純利26.93億元人民幣,按年升42.9% 。

 

評論:

第一,市場定位及競爭優勢

蜜雪冰城主要以「高性價比」的飲品為核心競爭力,價格相對較低且品種豐富,符合大眾消費者尤其是年輕人對價格敏感度高的需求。隨著消費者的生活水平不斷提升,尤其是二、三線城市的年輕人群體對性價比高的品牌有較高的需求,蜜雪冰城的這種定位能夠幫助它在競爭激烈的市場中脫穎而出。

 

第二,門市擴展與市場滲透

蜜雪冰城在國內的門市數量已經非常龐大,而且其門市擴展速度仍然保持較快。品牌不斷擴展至二、三線城市,甚至在一些國際市場如東南亞、中東等地也有佈局。透過加盟模式,蜜雪冰城能夠快速覆蓋廣泛的市場,並且較低的開店成本和風險吸引了大量加盟商。此外,蜜雪冰城的門市裝潢和品牌形像也較親民,符合其定位,增強了品牌在消費者心中的印象。

 

 

第三, 產品創新與多樣化

雖然蜜雪冰城以飲品為主,但它不斷拓展其產品線,推出如冰淇淋、甜點等系列,增強了其在年輕消費族群中的吸引力。隨著消費者對個人化、多元需求的提升,蜜雪冰城持續推出新的產品,維持了品牌的活力與市場競爭力。

 

 

第四,數字化與線上渠道

蜜雪冰城也不斷加強其數位轉型,推動線上訂購、外帶、會員系統等服務。這不僅方便了消費者,也為品牌帶來了更多的流量和數據支持,進一步提高了營運效率。此外,透過與美團、餓了麼等外送平台的合作,蜜雪冰城能夠更精準地觸達不同地區的消費者,這對品牌的快速成長至關重要。

 

 

買賣策略
買入價: $410

目標價: $470

止蝕價: $370

 

資料來源: 2025年度中期業績公告 ,新浪財經

 

註:本人許偉龍為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

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