鏈掌乾坤，品牌定宙，中國現製飲品廠商之經營發展策略分析-以蜜雪冰城為例

Abstract

本研究以中國現製飲品龍頭品牌蜜雪冰城為主要個案，探討其在高度競爭、被視為紅海市場的現製飲品產業中，如何透過低價高效模式、供應鏈整合與品牌策略實現規模化擴張，最終獲得資本市場高度評價。 2025年，蜜雪冰城成功於香港上市，成為近年少數未出現首日破發，且市值突破千億港幣的中國現製飲品品牌，其現象級表現，反映了資本市場對其商業模式的肯定，也揭示產業價值重估的可能性。 本研究聚焦於蜜雪冰城的成長歷程與策略選擇，結合產業競爭結構、企業核心能力與價值鏈活動進行多角度分析。透過系統性整理其招股文件、財務數據與中外研究報告，並輔以與同業的策略比較，進一步釐清其在全球擴張、供應鏈效率與加盟模式等層面的關鍵優勢。 本研究旨在提供一個具備理論深度與實務價值的策略分析框架，既可理解蜜雪冰城的崛起邏輯，也為臺灣餐飲品牌的國際化與模式創新提供借鑑參考。

This study focuses on Mixue Group, a leading brand in China's Freshly-Made-Drinks sector, as a case study to explore how it has achieved large-scale expansion in the highly competitive, red-ocean Freshly-Made-Drinks industry. Through a low-price, high-efficiency model, integrated supply chain, and strategic brand positioning, Mixue has gained significant recognition from the capital markets. In 2025, Mixue was successfully listed on the Hong Kong Stock Exchange, becoming one of the few Chinese Freshly-Made-Drinks brands in recent years to avoid a first-day stock price drop and to surpass HKD 100 billion in market capitalization. This exceptional performance reflects strong market confidence in its business model and signals a potential revaluation of the industry. This research analyzes Mixue’s growth trajectory and strategic decisions from multiple perspectives, including industry competition structure, core competencies, and value chain activities. By systematically reviewing its IPO prospectus, financial data, and both domestic and international research reports, and comparing its strategies with industry peers, the study identifies Mixue’s key advantages in global expansion, supply chain efficiency, and franchise operations. The objective of this research is to offer a strategic analysis framework that combines theoretical depth and practical relevance—not only to understand the rise of MIXUE, but also to provide valuable insights for the internationalization and business model innovation of Taiwanese food and beverage brands.