The Royal
Snow-King Universe

Key Insight Even after excluding exchange rate effects, the steep upward revenue curve proves that Mixue's growth is based on actual increases in "physical sales volume" and "franchise store count," not external market factors. This demonstrates that Mixue has secured overwhelming "market share" in the budget beverage market beyond simple price competitiveness.

Key Insight While net profit explodes with rapid revenue growth, profit margins remain solidly stable without decline. This proves that Mixue has overcome the chronic limitation of budget brands: profitability deterioration with growth. 100% self-production of core raw materials realizes "economies of scale," reducing unit fixed costs as sales increase. The result demonstrates Mixue as a unique business model securing both quantity and quality of profit.

Diagnosis OCF shows sustained parallel growth alongside steep GMV increases. This is the strongest evidence that Mixue operates beyond a simple "beverage retailer" as an excellent "cash-based supply chain platform" that immediately converts all transactions into cash. The franchise prepayment system directly connects massive GMV growth to headquarters liquidity without delay. Cash flow exceeding net profit results from depreciation as a non-cash expense on large manufacturing facility investments. This suggests Mixue has built a distinctive economic moat through a "self-sustaining reinvestment cycle" that reinvests operating cash into production capacity expansion without external capital dependency.