Meixue Group: In 2024, its revenue was 24.83 billion yuan, and the number of stores exceeded 46,000

　　On March 26th, Meixue Group, the parent company of Meixue Ice City, released its first financial report after going public. The financial report shows that in 2024, Meixue Group achieved a total revenue of 24.83 billion yuan, representing a year-on-year growth of 22.3%. The gross profit reached 8.06 billion yuan, increasing by 34.4% year-on-year. The gross profit margin is 32.5%. The net profit reached 4.45 billion yuan, increasing significantly by 39.8% year-on-year.

　　According to the financial report, in 2024, the revenue from the sales of products and equipment of Meixue Group was 24.21 billion yuan, increasing by 21.7% year-on-year. The revenue from franchises and related services was 620 million yuan, growing by 52.8% year-on-year, accounting for only 2.5% of the total revenue. In terms of the store network, as of December 31, 2024, the total number of stores of Meixue Group worldwide reached 46,479, an increase of 8,914 compared with the same period in 2023.

　　In terms of store structure, Meixue Group continuously delves into the lower-tier markets and overseas layouts to expand its development space. Specifically, as of December 31, 2024, the number of Meixue Group stores located in third-tier and lower cities reached 23,858, accounting for 57.4%, an increase of 0.6 percentage points year-on-year. The number of stores located outside the Chinese mainland reached 4,895, an increase of 564 compared with the same period in 2023.

　　In terms of logistics, Meixue Group has established a nationwide cold chain transportation network to provide high-quality product supplies for its stores and consumers.

　　In terms of raw materials, as early as 2012, Meixue Ice City established its first production plant in Henan Province, achieving self-production of core raw materials and becoming one of the earliest enterprises in China's ready-to-drink beverage industry to set up a central factory. Over the following decade or so, as the scale continued to grow, investment in the supply chain also kept expanding. According to CIC, as of September 30, 2024, Meixue Ice City has become the enterprise with the most complete range of products and the largest scale in China's ready-to-drink beverage supply chain. On December 18, 2024, Meixue Ice City and dairy enterprise Junlebao announced the establishment of a strategic partnership to jointly build the "Snow King Ranch", marking an important step in the ranch sector. To date, Meixue Ice City's smart factory has over 60 intelligent production lines and has established a complete supply chain quality control system, supervised by a dedicated team of about 250 people.

　　Pacific Securities pointed out in its research report that "the dual drive of supply chain barriers and the dividends of market penetration has opened up long-term space for the globalization of Meixue Group." It believes that the core investment value of Meixue Group lies in the stable and excellent store business model, supply chain barriers and scale effects, as well as the long-term overseas expansion space.

　　Source: The Beijing News