Mixue vs. Chagee in Southeast Asia: Does Health or Low Price Matter More to You?
$MIXUEGROUP(02097)$ is officially debut on the Hong Kong Stock Exchange on March 3, 2025. It surges 40% on the debut day and even surpasses HKD 300.
With over 45,000 stores worldwide, Mixue reported revenues of over 20 billion RMB and a gross profit margin exceeding 30%, demonstrating a stable compound growth rate and efficient supply chain management.
Competitive Landscape of Tea Beverage Brands in Southeast Asia
The tea beverage market in Southeast Asia is highly competitive, with several major players, including Mixue, Chagee, Nayuki, and Heytea, all vying for market share.
With over 4,792 stores worldwide (as of September 2024), Mixue has become the largest fresh tea beverage brand in Southeast Asia.
Apart from Mixue, another Chinese tea brand, Chagee, also has significant influence overseas. As of 2024, Chagee has surpassed 4,500 stores globally and has 130 million registered members worldwide. Chagee has made strong strides in Southeast Asia, with notable expansions such as three new stores opening in Singapore’s Orchard Road and Raffles City.
Chagee vs. Mixue in Southeast Asia: Does Health or Low Price Matter More to You?
One of the key differences between Chagee and Mixue lies in their positioning within the Southeast Asian market.
The Singapore government has already introduced initiatives like the "Sugar Reduction Program" and a drink rating system.
Chagee has focused on promoting a healthier product, emphasizing its fresh tea leaves over powdered tea, and highlighting the calorie count for each drink.
This focus on health appeals to consumers in Southeast Asia, particularly in countries like Singapore and Malaysia, where unhealthy diets contribute to rising health issues.
On the other hand, Mixue thrives on its affordability. Its low-priced offerings make it a popular choice for consumers in Southeast Asia’s hot climate.
Mixue’s pricing strategy has remained almost identical to its domestic model, which has contributed to its widespread popularity in countries like Indonesia and the Philippines. It is particularly dominant in Indonesia, where its 2,667 stores make it the biggest player in the market.
Which brand do you think is more popular in Southeast Asia?
Will Mixue continue to outpace Chagee in its expansion, or can Chagee’s health-focused products win over the region?
Would you consider buying Mixue stock as part of your investment portfolio?
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One of the key differences between Chagee and Mixue lies in their positioning within the Southeast Asian market.
Which brand do you think is more popular in Southeast Asia?
Will Mixue continue to outpace Chagee in its expansion, or can Chagee’s health-focused products win over the region?
Would you consider buying Mixue stock as part of your investment portfolio?
On the other hand, Mixue’s affordability and consistent pricing model have made it a dominant force, particularly in Indonesia and the Philippines. Its ability to scale rapidly while maintaining low prices has fueled its expansion, making it a go-to choice for budget-conscious consumers in hot climates.
Both brands have strong potential, but will Mixue’s aggressive expansion continue to outpace Chagee’s health-driven appeal? Or will Chagee’s premium positioning win over the region?
哪个品牌更受欢迎？
从门店规模来看，Mixue在东南亚更受欢迎，尤其是在印尼、越南、泰国等市场，几乎已经成为“国民茶饮”。它依靠低价策略，快速吸引年轻消费者，同时以加盟模式迅速扩张，仅在越南就有1000多家门店。而Chagee虽然在新加坡、马来西亚等地打开了市场，但由于定价较高，更偏向中产阶级，扩张速度远不如Mixue。
Mixue能否继续领先？
短期来看，Mixue的优势在于它的“价格护城河”——低至一杯1美元的价格，在东南亚市场竞争力极强。但长期来看，Chagee的健康概念符合东南亚中产消费升级趋势，未来可能在高端市场站稳脚跟。因此，Mixue扩张快，但Chagee品牌溢价更高，二者的竞争还远未结束。
蜜雪股票值得投资吗？
蜜雪冰城上市首日大涨40%，但加盟模式也意味着其盈利能力受加盟商影响较大，品牌溢价较低。如果股价调整至更合理水平，我会考虑入场，但目前估值偏高，短期更适合观察。