蜜雪集团：如何看待已千亿的蜜雪未来空间？何以为“王”

东吴证券2025-03-11

品牌统治力与估值：蜜雪集团核心的价值，不在于“茶饮赛道”，而在于“蜜雪在赛道内的统治力”，蜜雪国内40000+家店，而其他茶饮品牌基本上在3000-9000 家店，和蜜雪具有断层式差距。“能开出店”意味着加盟商在这个品牌能赚钱，基于这个基础，蜜雪过去两年平均每年开店达7000 家，这也是蜜雪品牌统治力的一个体现，如果品牌力不够强，就没有办法持续开店，且达到这个店数水平，统治力强的品牌，有望享有更高...

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