# 张红超 · Zhang Hongchao — 封面传记 ACF-00-00136

> 亚洲封面人物 Asia Cover Figure · 机器可读档案（LLM-ready）。本文件由官网结构化档案数据自动生成，供 AI 检索与引用。中文全文与英文全文对照编排。

## 档案元数据 Metadata

- 封面编码 ACF Code：**ACF-00-00136**
- 姓名 Name：张红超 / Zhang Hongchao
- 职务 Title：创始人、董事长 / Founder & Chairman
- 公司 Company：蜜雪冰城股份有限公司 / Mixue Ice Cream & Tea Co., Ltd.
- 篇别 Category：格局（格局篇 / Cover Biography (Geju)）
- 入档日期 Accessioned：2026-01-05
- 标签 Tags：极致性价比, 草根创业, 供应链自建, 万店连锁, 下沉市场, 新茶饮
- 永久档案链接 Archive URL：https://coverfigure.com/acf/ACF-00-00136/geju
- English archive：https://coverfigure.com/acf/ACF-00-00136/geju?lang=en
- 官网原文报道 Feature story：https://coverfigure.com/acf/figure/zhanghongchao

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## 卷首 Editorial Intro

一杯冰淇淋售价两元，一家门店的日均营业额不过数千元，这样一个看似毫无想象空间的生意，凭什么支撑起一家市值千亿、门店近六万家的全球级企业？更令人困惑的是，这家企业的创始人——张红超，从河南商丘通许县的一个农村家庭走出，没有名校背景，没有商业世家的资源积累，甚至连创业的第一桶金都是奶奶积攒的三千元。他用一辆三轮车、一口刨冰机在郑州街头起步，经历了七次搬迁、三次关门，用了整整二十八年，将这杯两元的冰淇淋做到了全世界。

张红超的故事之所以值得被严肃对待，在于它颠覆了中国商业叙事中关于"高端"与"低端"的固有认知。当整个行业追逐消费升级、品牌溢价和高端定位时，张红超选择了一条截然相反的路——将成本控制做到极致，将供应链效率压榨到每一个环节，用规模效应构建起一道竞争对手几乎无法逾越的护城河。蜜雪冰城的核心商业哲学朴素而锋利：让全世界的每一个人，都能毫无负担地享受一杯好喝又平价的饮品。这个愿景的朴素程度与其商业成就的宏大程度之间形成的张力，正是张红超作为企业家最引人深思的特质。

亚洲《封面人物》杂志独立编委会在评审张红超的档案时，将其定位为中国极致性价比商业模式的代表性缔造者。编委会认为，蜜雪冰城的案例完整呈现了一个中国草根创业者如何凭借对成本结构和供应链效率的深刻理解，在全球范围内构建起规模最大的餐饮连锁体系之一的全部过程。这一过程对于理解中国消费市场的底层逻辑和全球化扩张路径具有不可替代的档案价值。

终身档案编码已为其生成，独立编委会评审通过，永久存证于亚洲封面人物档案库。核心标签：极致性价比商业模式的缔造者、全球领先餐饮连锁体系的创建者、草根创业的极致样本、中国供应链全球化的标杆案例。

In an era when the business world is obsessed with "premiumization," a counterintuitive fact has quietly rewritten the underlying logic of the consumer industry: the brand with the lowest prices often survives the longest and goes the furthest. While players in the new tea beverage track compete to launch 30-yuan "handcrafted fresh brews," a company selling 4-yuan lemonade and 2-yuan ice cream has silently expanded to nearly 60,000 stores globally, surpassing McDonald's and Starbucks to become the world's largest freshly-made beverage chain by store count. This is no accidental market niche—it is the triumph of a complete business philosophy. Ultimate value for money is not a cheap compromise, but a structural advantage that requires three capabilities: supply chain depth, scale efficiency, and organizational resilience. The story of Zhang Hongchao and Mixue is essentially a paradigm-shift sample of China's consumer market moving from "brand premium worship" to "total cost leadership." It proves a truth long ignored by elite business narratives: the enterprise that serves the most ordinary people often possesses the deepest commercial foundation.

## 人物速览 Lead

他用奶奶积攒的3000元起步，在郑州街头支起一辆三轮车卖刨冰，历经七次搬迁、三次关门，用28年时间将一杯2元冰淇淋的生意做到全球近6万家门店、千亿市值。张红超的商业哲学朴素而锋利：不追风口，只做极致性价比，把每一分成本核算到小数点后两位。

Starting with 3,000 RMB saved by his grandmother, he set up a tricycle selling shaved ice on the streets of Zhengzhou. After seven relocations and three store closures, Zhang Hongchao spent 28 years building a business around a 2-yuan ice cream into a global empire of nearly 60,000 stores and a market cap exceeding 100 billion HKD. His business philosophy is simple yet razor-sharp: never chase trends, pursue ultimate value for money, and account for every penny of cost down to two decimal places.

## 正文 Archive Chapters

### 1. 三轮车上的起点：3000元与一个刨冰摊 / The Starting Point on a Tricycle: 3,000 Yuan and a Shaved-Ice Stall

1978年，张红超出生于河南商丘通许县一个普通农家。家中有四兄弟，经济捉襟见肘。穷人的孩子早当家，张红超的童年几乎都在赶集卖货、喂鹌鹑、养兔子中度过，所有闲暇时间都在琢磨怎么凑齐学费。16岁那年，刚初中毕业的张红超因家中无力负担四个孩子的学费而辍学，开始在社会上摸爬滚打。他种过板蓝根和甜叶菊，养过鸽子和兔子，修过摩托车，连续七次创业血本无归。但每一次失败都锻造了他异乎常人的韧性和对每一分成本的极致敏感——这种底层生存智慧，日后成为蜜雪冰城商业帝国的根基。

1996年，张红超靠自学考上河南财经学院的成人教育班，带着东拼西凑的几百块钱来到郑州。白天上课，晚上摆摊，卖菜、卖小食品，被城管撵过无数次。一个偶然的机会，他在夏天回到商丘老家，买了一份刨冰解暑，冰爽浸润的感觉让他心里一动——郑州的夏天像个蒸笼，热得人发昏，却没有刨冰店。也许在郑州做刨冰生意能赚到钱。

1997年暑假，张红超跑回商丘，一天时间尝遍街上所有的刨冰摊，进入一家刨冰店打暑假工，将配方和制作流程记了个滚瓜烂熟。技术有了，但没有启动资金。他省吃俭用存下的300块只够买配料和路费。就在张红超一筹莫展之际，奶奶拿出压箱底的3000元私房钱——为了防止小偷，奶奶仔细地缝在他的内裤中让他带去郑州。这笔"天使投资"，后来增值为年营收超过300亿元的商业帝国。

张红超在郑州燕庄城中村盘下两平米的临街小窗口，花800元买了一台二手冰柜，自己焊接刨冰机、组装音箱，取名"寒流刨冰"正式开张。一碗卖一块五，清凉解暑，民工和学生排着队买。每天凌晨骑车去肉联厂驮运150斤的冰砖，有一次摔倒在烈日下，三块冰摔化了一块，浑身汗浸透了衣服。创业第一年，他就经历了三次关门——第一家因拆迁关停，第二家因修路关掉，第三家又遇拆迁。那天他蹲在瓦砾堆里，把还能用的鸡蛋一只只捡出来，旁边人笑他像捡破烂的。换成旁人或许早已放弃，但张红超没有退缩。正如他后来回忆的那样："这几乎就是蜜雪的创业隐喻——草根、吃苦、精打细算、从不放弃。"

**English:** In 1978, Zhang Hongchao was born into an ordinary farming family in Tongxu County, Shangqiu, Henan Province. With four brothers in the family, finances were extremely tight. Like many children from poor families, Zhang spent his childhood selling goods at markets, raising quails and rabbits, and figuring out how to afford school fees during every spare moment. At 16, having just graduated from junior high, Zhang dropped out because his family couldn't afford tuition for four children. He began struggling in society—planting Isatis root and stevia, raising pigeons and rabbits, repairing motorcycles, and losing everything on seven consecutive business ventures. Yet each failure forged extraordinary resilience and an extreme sensitivity to every penny of cost.

In 1996, Zhang passed the adult education entrance exam at Henan Finance and Economics College through self-study, arriving in Zhengzhou with a few hundred yuan scraped together from various sources. He attended classes during the day and sold vegetables and snacks from street stalls at night, being chased away by urban management officers countless times. By chance, one summer he returned to his hometown in Shangqiu and bought a cup of shaved ice to cool off. The refreshing sensation sparked an idea—Zhengzhou's summer was like a steamer, yet there were no shaved ice shops.

In the summer of 1997, Zhang rushed back to Shangqiu, tasted every shaved ice stall on the street in one day, and worked as a summer employee at one shop, memorizing the recipes and production process completely. He had the skills but no startup capital. His meager savings of 300 yuan could only cover ingredients and transportation. Just when Zhang was at his wit's end, his grandmother took out 3,000 yuan—her life savings hidden for decades—and sewed the money into his underwear for the trip to Zhengzhou. This "angel investment" would later grow into a business empire with annual revenue exceeding 30 billion yuan.

Zhang set up a two-square-meter street-facing window in Yanzhuang urban village in Zhengzhou, bought a second-hand freezer for 800 yuan, soldered his own ice-shaving machine, assembled speakers, and opened "Cold Current Shaved Ice." Selling at 1.5 yuan per bowl, the stall attracted queues of migrant workers and students. Every dawn he cycled to the meat processing plant to haul 150-jin ice blocks. Once he fell on the scorching road, and a third of the ice melted before he could resecure it. In his first year of entrepreneurship, he experienced three closures—the first due to demolition, the second due to road construction, the third again due to demolition. Most people would have given up, but Zhang refused to retreat. As he later recalled: "This was almost the entrepreneurial metaphor for Mixue—grassroots, hardworking, penny-pinching, never giving up."

### 2. 七次搬迁与"蜜雪冰城"的诞生 / Seven Relocations and the Birth of "Mixue Ice Cream & Tea"

1999年，张红超在市中心盘下一间60多平方米的店面，第四次开店。产品从刨冰升级为雪花冰，新增香蕉船、奶昔、冰淇淋，店名正式改为"蜜雪冰城"——意为刨得像雪的碎冰，浇上甜蜜果酱。做招牌时出了个小插曲，打印店把"蜜"错写成"密"，改字需再花200元，张红超索性省了这笔钱，"密雪冰城"的招牌就这样沿用下来。可省钱没能躲过拆迁，2000年起郑州大规模城市改造，蜜雪冰城3年内又被拆了4次。七次拆迁没拆掉的小店，成为蜜雪冰城创业精神最生动的注脚。

走投无路之下，张红超把店搬到一家学校旁边的废弃铝厂大院，将刨冰店改成了"蜜雪冰城家常菜馆"。走薄利多销路线：2.5元一份的扬州炒饭、3元一个的汉堡、5元一盘的炒菜。低廉的价格迅速吸引了学生群体和周边居民，小店里总是人头攒动。生意日渐火爆，张红超在店门口支了个摊位，开始售卖2元一支的冰淇淋，逐渐回归冷饮生意。

2005年是命运的转折点。张红超在郑州逛街时发现一款"彩虹帽火炬冰淇淋"，售价高达18至20元，妥妥的"雪糕刺客"，却火得排队购买。他敏锐地捕捉到商机：如果能在维持口感的情况下将价格打下来，定然畅销。他买来研究，跑到二手市场扛回一台冰淇淋机，关起门来反复调试配料。经过十多天的闭门调试，终于研制出口感不输高端产品的蛋筒冰淇淋，成本仅5毛钱。

2006年，这款冰淇淋以2元的价格正式售卖，一经推出就成为爆品，一天能卖出几千支，即便在秋冬都供不应求。张红超在菜馆门口支了个水吧专门卖冰淇淋，后来还发1元的优惠券。这个2元钱的小东西，成了蜜雪冰城命运的转折点——它证明了"极致性价比"不是理论推演，而是可以创造巨大商业价值的实践路径。到2007年，蜜雪的加盟店已发展到26家。这段经历让张红超深刻体会到底层消费者的核心诉求：最低的价格、最实在的产品。这也成为日后蜜雪冰城商业模式的底层逻辑。值得一提的是，在卖家常菜馆期间，张红超还坚持做冰淇淋。他每天凌晨三点起床熬制糖浆，五点出门采购新鲜食材，晚上十一点还在店里收拾。这种高强度的劳作，是底层创业者唯一的竞争武器。

**English:** In 1999, Zhang took over a 60-plus square meter shop in the city center, opening for the fourth time. Products were upgraded from shaved ice to snow-flake ice, adding banana splits, milkshakes, and ice cream. The shop was officially renamed "Mixue Ice Cream & Tea"—meaning shaved ice like snow, topped with sweet fruit sauce. A small incident occurred when making the signboard: the print shop mistakenly wrote "密" instead of "蜜," and correcting it would cost another 200 yuan. Zhang decided to save the money, and the "密雪冰城" sign remained. But saving money couldn't avoid demolition. Starting in 2000, Zhengzhou underwent massive urban renovation, and Mixue was demolished four more times within three years.

With no other option, Zhang moved the shop to an abandoned aluminum factory compound near a school, transforming the shaved ice shop into "Mixue Ice Cream & Tea Home-style Restaurant." It followed a high-volume, low-margin approach: 2.5-yuan Yangzhou fried rice, 3-yuan hamburgers, 5-yuan stir-fried dishes. The low prices quickly attracted students and nearby residents.

2005 was the turning point. While strolling through Zhengzhou, Zhang discovered a "Rainbow Cap Torch Ice Cream" selling for 18-20 yuan, yet so popular that people queued to buy it. He bought one to study, hauled an ice cream machine back from the second-hand market, and locked himself in to repeatedly adjust ingredients. After more than ten days of closed-door experimentation, he finally developed a cone ice cream that matched the taste of premium products, at a cost of only 50 cents.

In 2006, this ice cream officially went on sale at 2 yuan. It became an instant hit, selling thousands per day, with demand persisting even in autumn and winter. Zhang set up a drinks bar at the restaurant entrance specifically for ice cream, later issuing 1-yuan coupons. This small 2-yuan item became the turning point in Mixue's destiny—it proved that "ultimate value for money" was not theoretical speculation but a practical path that could create enormous commercial value. By 2007, Mixue's franchise stores had grown to 26. Through this process, Zhang deeply understood the core demands of grassroots consumers: the lowest prices and the most substantial products. This became the underlying logic of Mixue's future business model.

### 3. 兄弟同心：激进与保守的互补之道 / Brothers in Unity: The Complementarity of Aggression and Conservatism

2007年，蜜雪冰城迎来关键转折点。时年23岁的弟弟张红甫毅然从大学退学，加入哥哥的创业队伍。张红甫性格外向、张扬、擅长营销，与内向沉稳、注重技术的张红超形成鲜明互补。兄弟二人很快确立了明确分工：张红超是首席产品官和品质守护者，研制了2元蛋筒冰淇淋、1元咖啡等核心爆品；张红甫是首席执行官和品牌开拓者，开设首家加盟店，主导品牌升级与扩张。保守与激进的性格互补，成为蜜雪冰城后来高速发展的关键基因。

然而兄弟同心并非没有裂痕。2011年，主张快速扩张的张红甫在未获得哥哥完全认可的情况下加大招商力度，将门店数量从200多家猛增至2000多家。一次激烈争吵后，张红超撂下一句话："我去巡巡店，看看加盟商到底啥情况。"张红超带着十几个高管跑到安阳地区的标杆加盟店考察，结果后背发凉——表面红火的加盟店背后，竞争激烈、原料质量参差不齐、配送距离远，有的店盈利寥寥无几。更触目惊心的是后厨卫生不过关，食材变质了还存着，出餐缺斤短两。

张红甫后来在日记中写道："经营就是这样，一点捷径和偷懒都不能有，必须尽心尽力，稍有疏忽，几乎是万劫不复。"这次考察让兄弟俩幡然醒悟。张红甫痛哭自责，主动将哥哥请回公司主持大局。张红超迅速调整战略，放慢招商速度，全力推进标准化建设与供应链打造，逐步稳住了局面。兄弟二人将那年战略主题定为"盘根"——不开新店，提高加盟审核标准，先把根基扎牢。张红甫在内部信中写道："蜜雪就像一棵大树，长得太快了，根系扎得不够牢，所以希望能静下来，把根系再扎牢一些。"

这次冲突与和解，推动了蜜雪冰城从野蛮生长到精细化运营的关键进化。张红超主张自建供应链的远见，张红甫引入"雪王"IP、推动品牌年轻化的魄力，共同铸就了蜜雪冰城的竞争壁垒。此后，张氏兄弟从冲突到达成共识的过程，被业界视为中国家族企业治理的经典案例。2016年，在张红甫主导下，蜜雪冰城引入了品牌吉祥物“雪王”——一个手持冰淇淋权杖、头戴皇冠的圆滚滚白色卡通形象。这个IP后来成为蜜雪最具辨识度的品牌资产，配合洗脑神曲“你爱我，我爱你”，在短视频平台上引发病毒式传播。张红甫的营销天赋，在这一次得到了完美释放。

**English:** In 2007, Mixue Ice Cream & Tea reached a critical turning point. The 23-year-old younger brother Zhang Hongfu decisively dropped out of university to join his brother's venture. Zhang Hongfu's personality was extroverted, bold, and marketing-savvy, forming a sharp complement to the introverted, steady, and technology-focused Zhang Hongchao. The brothers soon established a clear division of labor: Zhang Hongchao was the chief product officer and quality guardian, having developed core hits like the 2-yuan cone ice cream and 1-yuan coffee; Zhang Hongfu was the CEO and brand pioneer, opening the first franchise store and leading brand upgrades and expansion.

However, brotherly unity was not without fractures. In 2011, Zhang Hongfu, advocating rapid expansion, increased recruitment efforts without his brother's full approval, surging store numbers from 200 to over 2,000. After an intense argument, Zhang Hongchao left Zhengzhou, saying: "I'll go inspect the stores and see what franchisees are really like." Zhang Hongchao took a dozen executives to benchmark franchise stores in the Anyang area and was chilled by what he found—behind the seemingly thriving franchise operations, fierce competition, inconsistent ingredient quality, long delivery distances, and many stores barely profitable were the realities. Even more alarming was poor kitchen hygiene, spoiled ingredients still in storage, and short-changing on portions.

Zhang Hongfu later wrote in his diary: "Business is like this—you can't take any shortcuts or be lazy. You must give your all; even slight negligence is nearly irreversible." This inspection was an awakening for both brothers. Zhang Hongfu proactively invited his brother back to lead the company. Zhang Hongchao swiftly adjusted strategy, slowing recruitment, pushing standardization and supply chain construction, gradually stabilizing the situation. The brothers set that year's strategic theme as "Root Strengthening"—no new stores, higher franchise review standards, focusing on solidifying foundations first.

This conflict and reconciliation drove Mixue's critical evolution from wild growth to refined operations. The perfect complement of conservatism and aggression led the Zhang brothers to establish the "low price + supply chain" driving model, laying a solid foundation for Mixue's later rapid expansion. Zhang Hongchao's vision for building a self-owned supply chain and Zhang Hongfu's boldness in introducing the "Snow King" IP and pushing brand rejuvenation together forged Mixue's competitive moat.

### 4. 被逼出来的供应链：从冰淇淋粉厂到五大生产基地 / A Supply Chain Forced into Existence: From Ice Cream Powder Factory to Five Production Bases

蜜雪冰城的供应链体系，不是顶层设计的结果，而是被一次次危机"逼"出来的。加盟店多起来以后，冰淇淋原料全靠外部供应商。有一回供应商突然断供，大量加盟商投诉，张红超焦头烂额。他琢磨：要想把低价长久做下去，核心原料得攥在自己手里。2008年发生的三聚氰胺事件，更加印证了他的判断——食品安全不能依赖外人，命脉必须握在自己手中。

2011年，蜜雪冰城在开封建了第一个冰淇淋粉厂，2012年成立食品厂，核心原料开始自产，成为行业里最早自建中央工厂的品牌。中国食品产业分析师朱丹蓬指出，蜜雪冰城是中国现制饮品行业中最早设立中央工厂的企业。从那时起，"源头采购，就地建厂"成为蜜雪供应链建设的标签。朱丹蓬指出，这种与原料种植产区合作的模式，在建立成本优势的同时，也降低了原材料价格波动，使生产成本变得稳定可控，蜜雪冰城开始逐渐成为行业的"定价者"。

到今天，蜜雪冰城在河南、海南、广西、重庆、安徽建了五大生产基地，总占地79万平方米，年产能165万吨，覆盖"糖、奶、茶、咖、果、粮、料"全品类，核心饮品食材实现100%自主生产。广西生产基地建在芒果产地附近，从鲜果入库到初加工最快半小时完成，高峰期每天处理超300吨水果，仅芒果初加工车间的500多名工人每天就可处理将近100吨芒果。柠檬方面，蜜雪在产地四川安岳设立了收储基地，花了6年时间稳定供应体系，年采购量11.5万吨，成为中国规模领先的柠檬采购商。

物流体系同样令人惊叹。截至2025年底，蜜雪在国内构建了28个仓库组成的仓储体系，配送网络覆盖33个省级行政区、超过300个地级市，90%的县级行政区划实现12小时内触达，97%以上的门店冷链物流覆盖。2014年，蜜雪率先推行"免物流费配送"政策，这一政策成为吸引加盟商的利器。蜜雪的商业模式本质不是"卖奶茶"，而是"卖铲子"——它的客户不是消费者，而是近6万家加盟商。97.6%的收入来自向加盟商销售商品及设备，仅有2%来自加盟费和相关服务费。无论加盟商盈亏，这笔采购费用都要付。蜜雪的核心竞争力，不是低价，而是"低价得起"的能力——一种需要时间积累、规模验证、文化传承的结构性能力。28年来，无数竞争对手试图复制蜜雪的模式，但它们都失败了——因为它们学不了蜜雪的"笨功夫"。

**English:** Mixue's supply chain system was not the result of top-down design but was "forced" into existence by one crisis after another. As franchise stores multiplied, ice cream ingredients relied entirely on external suppliers. When a supplier suddenly cut supply one time, massive franchisee complaints left Zhang Hongchao overwhelmed. He reasoned: to sustain low prices long-term, core ingredients must be in their own hands. The 2008 melamine incident further confirmed his judgment—food safety cannot depend on outsiders.

In 2011, Mixue built its first ice cream powder factory in Kaifeng. In 2012, a food factory was established, with core ingredients beginning self-production, making it the earliest brand in the industry to build a central factory. China food industry analyst Zhu Danpeng noted that Mixue was the first freshly-made beverage company in China to establish a central factory. From then on, "source procurement, build factories on-site" became the hallmark of Mixue's supply chain construction.

Today, Mixue has built five major production bases in Henan, Hainan, Guangxi, Chongqing, and Anhui, covering 790,000 square meters total, with annual production capacity of 1.65 million tons, covering all categories of "sugar, milk, tea, coffee, fruit, grain, and materials." Core beverage ingredients achieve 100% self-production. The Guangxi production base is built near mango origins, where fresh fruit can go from warehouse to initial processing in as fast as 30 minutes, handling over 300 tons of fruit daily during peak season. For lemons, Mixue established a collection base in Sichuan's Anyue, the lemon origin, spending six years stabilizing the supply system. Annual procurement reaches 115,000 tons, making it China's largest lemon purchaser.

The logistics system is equally remarkable. By the end of 2025, Mixue had built a warehouse system of 28 warehouses domestically, with distribution networks covering 33 provincial-level administrative regions and over 300 prefecture-level cities. 90% of county-level administrative areas achieve delivery within 12 hours, with cold chain logistics covering over 97% of stores. In 2014, Mixue pioneered a "free logistics delivery" policy, which became a powerful tool for attracting franchisees.

Mixue's business model is essentially not "selling milk tea" but "selling shovels"—its customers are not consumers but nearly 60,000 franchisees. 97.6% of revenue comes from selling goods and equipment to franchisees. Regardless of franchisee profitability, this money must be paid. Mixue's core competitiveness is not low prices, but the ability to "afford low prices"—a structural capability requiring time accumulation, scale validation, and cultural inheritance.

### 5. 雪王崛起：从下沉市场到全球6万店 / Rise of the Snow King: From Sinking Markets to 60,000 Global Stores

2016年是蜜雪冰城发展史上的分水岭。张红甫在太行山团建时，在纸飞机上写下"持续奋斗100年"。同年，公司启动"盘根行动"——主动放缓扩张速度，优先提升已有门店质量。张红甫在内部信中写道："蜜雪就像一棵大树，这棵大树长得太快了，它的根系扎得不够牢，所以我们希望能静下来、停下来，让我们把根系再扎牢一些。"这种"晴天修屋顶"的思维，为后来的高速扩张奠定了管理基础。练好内功后，蜜雪冰城进入指数增长阶段。

2018年底门店数量突破5000家。2024年末全球门店达4.6万家。2025年6月末突破5.3万家。到2025年底全球总门店数约6万家，覆盖印尼、越南、韩国等13个国家和地区。门店网络覆盖中国31个省份、300余个地级市及全部县级城市，三线及以下城市门店占比达58%。规模已超越麦当劳与星巴克，居全球现制饮品门店数量首位。

"雪王"IP是蜜雪品牌年轻化的关键引擎。这个圆滚滚的白色卡通形象，配合"你爱我，我爱你，蜜雪冰城甜蜜蜜"的主题曲，在社交媒体上引发病毒式传播，播放量突破百亿次。蜜雪持续丰富雪王内容矩阵，推出动画系列，与《西游记》、非遗·唐三彩等开展联名合作，举行"雪王巡游""雪王主题彩绘飞机首航"等沉浸式活动，持续拓展IP边界。2025年1月，蜜雪冰城旗舰店在郑州亮相，截至年底已落地重庆、杭州等23个城市。

海外扩张同样积极而审慎。蜜雪冰城在印度尼西亚、越南、韩国等国开设门店，并在东南亚建立多功能供应链中心，使椰子、百香果等食材实现本地生产。张红超的内部目标是"两美元让全球人民吃好喝好"。不过2025年海外门店首次出现年度净收缩，净减少428家至4467家，主要集中在印尼和越南的存量门店运营调改优化。2026年，蜜雪进入墨西哥、巴西、吉尔吉斯斯坦等新市场，全球覆盖14个国家。从郑州街头到全球14国，蜜雪冰城用28年走完了从草根摊贩到全球茶饮巨头的蜕变之路。2025年10月，蜜雪以约2.97亿元控股福鹿家后，福鹿家接入蜜雪全国供应链体系，生产成本预计降低15%至20%。这一布局使蜜雪从单一茶饮赛道，延伸至覆盖全时段消费场景的饮品平台。蜜雪冰城还启动了早餐计划，在大连、西安等城市试点推出早餐奶搭配面包的组合，进一步拓宽消费场景。

**English:** 2016 was a watershed in Mixue's development history. During a team-building event on Taihang Mountain, Zhang Hongfu wrote on a paper airplane: "Strive continuously for 100 years." That same year, the company launched the "Root Strengthening Initiative"—proactively slowing expansion to prioritize improving existing store quality. Zhang Hongfu wrote in an internal letter: "Mixue is like a big tree. This tree has grown too fast, and its root system isn't firm enough. So we hope to calm down, stop, and let us strengthen our roots." This "fix the roof while the sun shines" mentality laid the management foundation for later rapid expansion.

After strengthening internal capabilities, Mixue entered a phase of exponential growth. By the end of 2018, store numbers exceeded 5,000; by end of 2024, global stores reached 46,000; by June 2025, over 53,000; by year-end 2025, approximately 60,000 stores covering 13 countries and regions including Indonesia, Vietnam, and South Korea. The store network covers all 31 Chinese provinces, over 300 prefecture-level cities, and all county-level cities, with stores in tier-three and below cities accounting for 58%.

The "Snow King" IP has been a key engine for Mixue's brand rejuvenation. This round, white cartoon character, paired with the theme song "You love me, I love you, Mixue Ice Cream is so sweet," went viral on social media. Mixue has continuously enriched the Snow King content matrix, collaborating with "Journey to the West," intangible cultural heritage Tang Sancai, and holding immersive events like "Snow King Parades" and "Snow King themed paint-job aircraft maiden flights." In January 2025, Mixue's flagship store debuted in Zhengzhou, with 23 cities hosting flagships by year-end.

Overseas expansion has also been aggressive. Mixue opened stores in Indonesia, Vietnam, South Korea, and other countries, establishing a multifunctional supply chain center in Southeast Asia to localize ingredients like coconuts and passion fruit. However, in 2025, overseas stores saw their first annual net contraction, decreasing by 428 to 4,467 stores, mainly from operational optimization of existing stores in Indonesia and Vietnam. In 2026, Mixue entered new markets including Mexico, Brazil, and Kyrgyzstan, covering 14 countries globally. Zhang Hongchao's internal goal: "Two dollars to let people around the world eat and drink well."

### 6. 资本市场的加冕：5324倍超额认购与千亿市值 / Capital Market Coronation: 5,324x Oversubscription and 100-Billion Market Cap

2025年3月3日，蜜雪冰城正式登陆港交所，股票代码02097.HK。敲锣的不是张氏兄弟，而是那个圆滚滚的雪王吉祥物。发行价202.5港元，超额认购倍数达5324倍，冻资规模1.84万亿港元，刷新港股历史纪录。上市首日股价大涨超43%，报收290港元，市值突破千亿港元。这一数字令整个资本市场震惊——一家卖4元柠檬水的公司，竟然撑起了千亿市值。

基石投资者阵容堪称豪华：英卓投资管理（M&G Investments）和红杉中国各认购6000万美元，博裕资本认购4000万美元，高瓴旗下HHLR Fund认购3000万美元，美团龙珠旗下Long-Z Fund I认购1000万美元，共认购2亿美元。高瓴投资创始合伙人李良表示："凭借对下沉市场的精准洞察、对产品性价比的极致追求、对供应链的深度把控，蜜雪冰城已成长为茶饮行业的领军企业。"有趣的是，高瓴还给蜜雪贡献了一位CFO——现任CEO张渊曾任职于高瓴，深度参与了对蜜雪冰城的早期尽调与投资决策后加入蜜雪。

此后的一百天里，蜜雪集团的股价一路飙升。2025年6月5日，股价冲顶至618.50港元，市值超过2300亿港元，成为港股市场最耀眼的新消费明星。2025年6月24日，"新财富500创富榜"发布，张红超、张红甫兄弟以1179.4亿元身家位列榜单第16位，成为河南新一任首富。截至2025年6月末，二人各直接持有蜜雪冰城40.57%股权。

然而资本市场的狂欢并未持续。截至2026年6月，股价较高点回落超50%，市值蒸发逾千亿港元。摩根大通将评级从"增持"大幅下调至"减持"，目标价从521港元削至270港元。市场担忧的核心在于：门店扩张已逼近物理极限，闭店率从3.5%升至4.2%，单店模型劣化迹象显现。2025年关闭加盟店2527家，较上年增加57.1%。从"新消费三杰"到股价回调，蜜雪正在经历从"增长叙事"到"价值重估"的关键转折。

**English:** On March 3, 2025, Mixue Ice Cream & Tea officially debuted on the Hong Kong Stock Exchange with stock code 02097.HK. It wasn't the Zhang brothers who rang the bell, but the round Snow King mascot. The IPO price was 202.5 HKD per share, with an oversubscription ratio of 5,324 times, freezing 1.84 trillion HKD in funds—setting a Hong Kong stock market record. On the first trading day, the stock surged over 43%, closing at 290 HKD, with market cap breaking 100 billion HKD.

The cornerstone investor lineup was stellar: M&G Investments and HongShan (Sequoia China) each subscribed for 60 million USD, BoYu Capital for 40 million USD, Hillhouse's HHLR Fund for 30 million USD, and Meituan Longzhu's Long-Z Fund I for 10 million USD, totaling 200 million USD. Hillhouse founding partner Li Liang stated: "With precise insight into sinking markets, ultimate pursuit of product value, and deep control of the supply chain, Mixue has grown into a leading enterprise in the tea beverage industry."

Over the next hundred days, Mixue's stock price continued to soar. On June 5, 2025, it peaked at 618.50 HKD, with market cap exceeding 230 billion HKD. On June 24, 2025, the "New Fortune 500 Wealth Creation List" was published, with the Zhang brothers ranking 16th with a net worth of 117.94 billion yuan, becoming Henan's new richest individuals. As of June 2025, each brother directly held 40.57% of Mixue shares.

However, the capital market celebration didn't last. By June 2026, the stock had fallen over 50% from its peak, with market cap eroding over 100 billion HKD. JP Morgan downgraded its rating from "Overweight" to "Underweight," slashing the target price from 521 to 270 HKD. The market's core concern: store expansion was approaching physical limits, with the closure rate rising from 3.5% to 4.2%, and signs of single-store model deterioration appearing. In 2025, 2,527 franchise stores were closed, a 57.1% increase year-over-year. From "New Consumer Trio" member to stock price correction, Mixue was experiencing a critical transition from "growth narrative" to "value reassessment."

### 7. 极致性价比的底层逻辑：为什么便宜是一种能力 / The Underlying Logic of Ultimate Value: Why Being Cheap Is a Capability

蜜雪冰城的产品定价令同行匪夷所思：3元冰淇淋、4元柠檬水、6元奶茶，人均消费仅7.3元。这种定价不是亏本赚吆喝，而是建立在一套精密的成本控制体系之上。蜜雪冰城招股书显示，其2025年营收335.6亿元，净利润58.8亿元，毛利率约31%。在如此低的产品售价下仍能保持可观利润，关键在于"总成本领先"战略的成功执行。

这套体系的运转逻辑是：自产核心原料降低采购成本→规模化生产摊薄单位成本→自建物流压缩配送费用→免物流费政策吸引加盟商→门店规模反哺供应链效率。当门店数量达到6万家级别，采购规模带来的议价权使每一个原料成本都被压到极致。蜜雪的柠檬水之所以能卖4元，除了万店规模带来的议价权，还因为花了6年时间在上游建立稳定的柠檬供应体系。在四川安岳的柠檬产地，蜜雪不仅自建收储基地，还向古茗、益禾堂等外部品牌开放，获取额外收益。

然而这种模式也面临结构性挑战。2025年柠檬采购价涨幅超60%，原材料成本上升直接压缩利润空间。核心业务毛利率已从31.2%降至29.9%。当人均消费仅7.3元时，产品定价已达行业地板价，成本上涨时难以通过提价传导。2025年12月，广深京部分门店试探性涨价1元，即引发舆论反弹。蜜雪的定价权极为薄弱——"便宜"既是护城河，也是天花板。

更深层的挑战在于，当门店密度持续攀升，规模效应可能转为负反馈。全国31个省份、全部县级城市基本覆盖后，新开门店的区位质量下降，边际效益递减。第三方机构测算显示，蜜雪在国内的理论容量极限约为6.1万至7万家，天花板已近在眼前。2025年关闭加盟店2527家，闭店率从3.5%升至4.2%。蜜雪的"总成本领先→低价→规模→摊薄成本"正循环，前提是新增门店仍能贡献正向收益。当优质点位饱和、规模效应触顶，这套精密体系将面临真正的压力测试。中端品牌下沉如古茗8至10元、平价咖啡如瑞幸9.9元，也在持续挤压蜜雪的价格洼地空间。2025年上半年，蜜雪冰城的高增长部分依赖美团、京东、阿里等平台外卖补贴驱动。新任CEO张渊在业绩会上坦言：“外卖补贴退坡后门店营业额增长放缓，2026年门店盈利将承压。”这一表态揭示了蜜雪增长模式的脆弱性——当平台补贴退出，加盟商的实际盈利能力将受到更严峻的考验。

**English:** Mixue's product pricing baffles competitors: 3-yuan ice cream, 4-yuan lemonade, 6-yuan milk tea, with per-capita spending of only 7.3 yuan. This pricing isn't loss-leading—it's built on a sophisticated cost control system. Mixue's prospectus shows 2025 revenue of 33.56 billion yuan, net profit of 5.88 billion yuan, and gross margin of approximately 31%. Maintaining respectable profits at such low prices hinges on "total cost leadership."

The system operates as follows: self-producing core ingredients reduces procurement costs → scaled production dilutes unit costs → self-built logistics compresses delivery expenses → free logistics policy attracts franchisees → store scale feeds back into supply chain efficiency. At the 60,000-store scale, the bargaining power from procurement volume pushes every ingredient cost to its limit. Mixue's 4-yuan lemonade is possible not just from the bargaining power of 10,000 stores, but also from six years of building a stable upstream lemon supply system.

However, this model faces challenges. In 2025, lemon procurement prices surged over 60%, directly compressing profit margins. With per-capita spending at only 7.3 yuan, pricing has hit the industry floor—cost increases are hard to pass through via price hikes. In December 2025, some stores in Guangzhou, Shenzhen, and Beijing tested a 1-yuan price increase, triggering public backlash. Mixue's pricing power is extremely weak—"cheap" is both a moat and a ceiling.

The deeper challenge is that as store density continues to rise, scale effects may turn negative. After covering all 31 provinces and all county-level cities nationally, the location quality of new stores declines, with diminishing marginal returns. In 2025, the core business gross margin fell from 31.2% to 29.9%. Mixue's positive cycle of "total cost leadership → low prices → scale → cost dilution" depends on new stores still contributing positive returns. When quality locations are saturated and scale effects peak, this sophisticated system will face a true stress test.

### 8. 多品牌矩阵：幸运咖、福鹿家与"早咖午茶晚酒" / Multi-Brand Matrix: Lucky Cup, Fulu Family, and "Morning Coffee, Afternoon Tea, Evening Beer"

面对主品牌增长放缓的压力，蜜雪冰城开始构建多品牌矩阵，试图突破单一茶饮品类的增长天花板。旗下现磨咖啡品牌"幸运咖"已突破8400家门店，主攻早高峰咖啡赛道，定价与蜜雪冰城下沉客群高度匹配。幸运咖同步跟随主品牌出海东南亚，与蜜雪共享海外供应链体系。2025年，幸运咖投入10亿补贴更换全自动现磨咖啡机，升级短保咖啡豆与冷链鲜奶，有效提升门店日销。

2025年10月，蜜雪以约2.97亿元收购鲜啤品牌"福鹿家"53%股权，切入夜宵与社区微醺场景。福鹿家6至10元的定价与蜜雪冰城客群高度契合，接入蜜雪全国供应链体系后，生产成本预计降低15%至20%，运输损耗率从行业平均的8%降至3%以内。截至2026年6月，福鹿家全国门店突破3200家，覆盖22省。2026年7月，蜜雪冰城亚洲总部三期工程暨鲜啤福鹿家专属酿造工厂在成都青白江正式开工，年产3万吨发酵饮品，标志着从品牌收购到自建酿造产能的全链路闭环。三大品牌分别覆盖日间茶饮、晨间咖啡、夜间微醺场景，构建"早咖午茶晚酒"全时段消费矩阵。

此外，蜜雪冰城还启动了早餐计划，在大连、西安、杭州等城市试点，推出早餐奶搭配面包的组合。2025年末启动的"真鲜纯"品质升级计划，规划约16亿元用于供应链升级——将常温果酱升级为冷冻鲜果、常温奶切换为冷链鲜奶，推动从"规模驱动"向"质量驱动"的战略转身。同时启动全国首家"雪王乐园"项目，在郑州总部建设小型室内主题乐园，探索IP变现新路径。

然而多品牌协同的挑战不容忽视。幸运咖面临瑞幸、库迪的低价混战，行业竞争压力陡增；福鹿家鲜啤尚处于拓店与用户教育周期，盈利能力尚未成熟；早餐赛道需要全新的供应链能力。多品牌能否对冲主品牌增长失速，尚待2至3个季度的验证。但不可否认的是，蜜雪冰城正在从一家茶饮公司，演变为一个覆盖全时段、全品类的平价饮品平台。2026年6月，蜜雪冰城在海外市场启动调改优化。经过调整后，东南亚老店同店销售额同比提升17.6%，显示出存量优化的初步成效。同时，新市场拓展步伐加快：2月墨西哥北美首店开业，4月巴西圣保罗门店落地，6月底吉尔吉斯斯坦三店齐开，中亚、拉美市场全面打开增量空间。蜜雪的全球化战略正从“广铺网点”转向“深耕重点市场”。

**English:** Facing slowing growth in its main brand, Mixue has begun building a multi-brand matrix to break through the growth ceiling of a single tea beverage category. Its freshly-ground coffee brand "Lucky Cup" has exceeded 8,400 stores, targeting the morning coffee rush with pricing aligned to Mixue's sinking-market customer base. In October 2025, Mixue acquired 53% equity of the fresh beer brand "Fulu Family" for approximately 297 million yuan, entering the late-night dining and community relaxation scene. Fulu Family's 6-to-10-yuan pricing aligns closely with Mixue's customer base, and after integration into Mixue's national supply chain system, production costs are expected to decrease by 15-20%.

In July 2026, Mixue's Asian Headquarters Phase III project and Fulu Family's dedicated brewing factory officially broke ground in Qingbaijiang, Chengdu, with annual production of 30,000 tons of fermented beverages, marking a complete chain closure from brand acquisition to self-built brewing capacity. The three brands respectively cover daytime tea drinks, morning coffee, and nighttime relaxation scenes, building an "early coffee, afternoon tea, evening beer" full-day consumption matrix.

Additionally, Mixue launched a breakfast plan, piloting in cities like Dalian, Xi'an, and Hangzhou with breakfast milk and bread combinations. The "True Fresh Pure" quality upgrade plan launched in late 2025 allocates approximately 1.6 billion yuan for supply chain upgrades—upgrading常温 fruit sauces to frozen fresh fruits and常温 milk to cold chain fresh milk, driving a strategic transformation from "scale-driven" to "quality-driven."

However, multi-brand synergy challenges cannot be ignored. Lucky Cup faces low-price competition from Luckin Coffee and Cudi; Fulu Family fresh beer is still in store expansion and user education cycles; the breakfast track requires entirely new supply chain capabilities. Whether multi-brands can offset main brand growth deceleration awaits validation over 2-3 quarters. But undeniably, Mixue is evolving from a tea beverage company into a full-time, full-category affordable beverage platform.

### 9. 管理层进化与未来挑战：从兄弟创业到职业化管理 / Management Evolution and Future Challenges: From Brotherly Entrepreneurship to Professional Management

2026年3月，蜜雪集团宣布重大人事变动：原CEO张红甫卸任，获委任为联席董事长并继续担任执行董事；原CFO张渊接任CEO；原监事崔海静转任集团财务负责人。公告强调此次调整无任何管理层分歧，属于企业基于发展战略的主动优化。张渊曾任职于高瓴资本，从事消费投资，深度参与了对蜜雪冰城的早期尽调与投资决策后加入蜜雪。这次调整标志着蜜雪从"兄弟创业"向"职业化管理+创始人掌舵"的混合模式转型，向国际化公众公司迈进。

与此同时，蜜雪冰城正面临多重挑战。国内市场方面，门店数量逼近理论容量极限（约6.1万至7万家），闭店率持续攀升，2025年关闭门店2527家创近五年新高。海外市场方面，2025年海外门店首次出现年度净收缩，净减少428家，日本市场从计划中的千家门店缩减至仅剩4家，香港从9家缩减至5家。食品安全问题也频上热搜，2025年3月被曝光使用隔夜水果，6月香港门店检测出菌落超标。

面对挑战，蜜雪集团2026年战略重心转向存量优化与多品牌协同。国内全年计划仅净增5000家门店，持续关停低效亏损点位，重点深耕乡镇、景区、交通枢纽等优质点位。整体资本开支规划约18至20亿元，其中包含幸运咖专项营销、设备升级资金。同时启动"雪王乐园"项目，探索IP变现新路径。经过调改优化的东南亚老店同店销售额同比提升17.6%，显示出存量优化的初步成效。

张红超从一个被城管追赶的刨冰摊主，成长为掌控千亿商业帝国的企业家，他的故事本身就是中国民营经济最生动的注脚。从3000元到千亿市值，28年间穿越七次拆迁、兄弟冲突、行业洗牌、资本寒冬，蜜雪冰城证明了极致性价比不是一种低级的商业策略，而是一种需要供应链深度、组织韧性和文化传承才能支撑的高级能力形态。正如瑞银在最新亿万富豪报告中所指出的，蜜雪冰城的成功是"用最朴素的平民哲学对现代商业逻辑的深刻验证"。未来，当极致性价比遭遇成本刚性上涨、当规模扩张触达物理边界，张红超和蜜雪冰城能否找到新的增长密码，将决定这个从郑州街头走出的品牌，究竟是昙花一现的商业奇迹，还是真正基业长青的伟大企业。

**English:** In March 2026, Mixue Group announced major personnel changes: former CEO Zhang Hongfu stepped down and was appointed Co-Chairman while continuing as executive director; former CFO Zhang Yuan took over as CEO. The announcement emphasized no management disagreements, describing it as a proactive optimization based on development strategy. Zhang Yuan previously worked at Hillhouse Capital, deeply participating in early due diligence and investment decisions on Mixue before joining the company. This adjustment marked Mixue's transition from "brotherly entrepreneurship" to a hybrid model of "professional management + founder steering."

Meanwhile, Mixue faces multiple challenges. Domestically, store numbers are approaching theoretical capacity limits (approximately 61,000-70,000 stores), closure rates continue rising, and 2025 saw 2,527 store closures—a five-year high. Overseas, 2025 marked the first annual net contraction of overseas stores, with a net decrease of 428; Japan went from planned thousands of stores to just 4 remaining. Food safety issues also frequently made headlines—in March 2025, stores were exposed using overnight fruit, and in June, a Hong Kong store tested positive for bacterial colony exceedance.

Facing these challenges, Mixue Group's 2026 strategic focus shifted to stock optimization and multi-brand synergy. The domestic plan targets only 5,000 net new stores for the year, continuing to close underperforming locations while focusing on quality locations like townships, scenic areas, and transportation hubs. The "Snow King Paradise" project was also launched, building a small indoor themed park at Zhengzhou headquarters to explore new IP monetization paths.

Zhang Hongchao's journey from a shaved-ice stall owner chased by urban management to an entrepreneur controlling a hundred-billion business empire—his story itself is the most vivid footnote to China's private economy. As UBS noted in its latest billionaire report, Mixue's success represents "a profound verification of modern business logic using the most basic plebeian philosophy." Going forward, when ultimate value-for-money meets rigidly rising costs and scale expansion hits physical boundaries, whether Zhang Hongchao and Mixue can find new growth codes will determine whether this brand that emerged from Zhengzhou's streets is a fleeting business miracle or a truly enduring great enterprise.

## 卷尾 Editorial Conclusion

"凡入封面，悉归典藏"——这六个字在张红超这份档案中承载着尤为厚重的分量。中国商业文明的故事里，从来不缺光鲜亮丽的独角兽传奇，缺的是对"朴素商业哲学如何成就伟大事业"这一命题的严肃记录。张红超用二十八年时间证明了一件事：在商业竞争中，对效率和成本的极致追求本身就是一种伟大的能力，而让最普通的人也能享受到好产品，本身就是一种值得被铭记的商业理想。

这份档案之所以值得永久存证，在于它保存了中国商业模式中一种极为独特但极具普遍意义的演化路径。从郑州街头的三轮车到遍布全球近六万家门店，蜜雪冰城的成长轨迹不仅是张红超个人的商业史诗，更是中国供应链能力全球化输出的一个缩影。每一个加盟商的门店选址逻辑，每一杯饮品背后的成本拆解，每一个海外市场的本地化适配策略——这些细节共同构成了一套关于"如何让平价消费品在全球范围内实现规模化复制"的完整方法论。

独立编委会将这份档案以终身档案编码的形式封存于亚洲封面人物档案库中，核心考量在于其不可替代的原始文献价值。张红超的决策记录、战略转型节点和组织演化轨迹，为研究中国消费品全球化扩张的学者和实践者提供了最为真实和完整的一手材料。

亚洲《封面人物》杂志以记录者的身份，将这份朴素的商业史诗交付给时间。永久存证，跨越代际。在消费升级与降级交替上演的中国市场演进中，这份档案将持续提醒后来者：伟大的商业成就，未必需要华丽的起点。

Zhang Hongchao's commercial legacy lies not in how many cups of lemonade he sold, but in what he proved over 28 years: in a super-large market of 1.4 billion Chinese consumers, "cheap" has never been a pejorative—it is a capability. Behind this capability is a complete supply chain loop from source to factory, from warehouse to store; an ultimate pursuit of efficiency that accounts for every cost down to two decimal places; and a value commitment of "real people, real sincerity, real products—no shortcuts, no deception." When capital markets voted for this philosophy with a hundred-billion market cap, Zhang's story transcended personal legend, becoming a profound correction of "grassroots wisdom" against "elite narrative" in Chinese business civilization. History will ultimately record: in this era pursuing premiumization, the most successful entrepreneur was precisely the one who started from a street shaved-ice stall and never forgot to make a cheap, delicious drink for ordinary people.

## 金句 Pull Quote

> 那也是因为它的创始人就是一个贫民出身的男生。

> That's because its founder was a boy from a humble background himself.

## 履历时间线 Career Timeline

- **1978** 张红超出生于河南商丘通许县 / Zhang Hongchao born in Tongxu County, Shangqiu, Henan
- **1994** 16岁辍学，开始养鹌鹑、种药材、修摩托车等多次创业尝试 / Dropped out at 16, began multiple entrepreneurial attempts including raising quails and repairing motorcycles
- **1997** 用奶奶的3000元在郑州燕庄开设"寒流刨冰"，经历三次关门 / Opened "Cold Current Shaved Ice" in Zhengzhou with grandmother's 3,000 yuan; experienced three closures
- **1999** 在郑州盘下60平方米店面，正式启用"蜜雪冰城"品牌名 / Took over 60-sqm shop in Zhengzhou; officially adopted "Mixue Ice Cream & Tea" brand name
- **2005** 研制出2元蛋筒冰淇淋，成为蜜雪冰城命运转折点 / Developed 2-yuan cone ice cream, becoming a turning point for Mixue
- **2007** 弟弟张红甫退学加入，开设首家加盟店，年底加盟店铺达26家 / Younger brother Zhang Hongfu joined; first franchise store opened; 26 franchise stores by year-end
- **2008** 三聚氰胺事件坚定自建供应链决心 / Melamine incident reinforced determination to build self-owned supply chain
- **2011** 在开封建 first 冰淇淋粉厂；兄弟爆发最激烈冲突，启动"盘根"战略 / Built first ice cream powder factory in Kaifeng; most intense brotherly conflict; launched "Root Strengthening" strategy
- **2012** 成立食品厂，成为行业最早自建中央工厂的品牌 / Established food factory, becoming earliest brand in industry to self-build central factory
- **2014** 率先推行"免物流费配送"政策，搭建仓储物流体系 / Pioneered "free logistics delivery" policy; built warehouse and logistics system
- **2016** 启动"盘根行动"放缓扩张；张红甫在太行山写下"持续奋斗100年" / Launched "Root Strengthening Initiative" slowing expansion; Zhang Hongfu wrote "Strive for 100 years" on Taihang Mountain
- **2018** 门店数量突破5000家 / Store count exceeded 5,000
- **2025-03-03** 蜜雪冰城登陆港交所，超额认购5324倍，市值突破千亿港元 / Mixue debuted on HKEX with 5,324x oversubscription; market cap exceeded 100 billion HKD
- **2025-06-05** 股价冲顶618.50港元，市值超2300亿港元 / Stock peaked at 618.50 HKD; market cap exceeded 230 billion HKD
- **2025-06-24** 张红超兄弟以1179亿元身家成为河南首富 / Zhang brothers became Henan's richest with 117.9 billion yuan net worth
- **2025-10** 以2.97亿元收购鲜啤福鹿家53%股权 / Acquired 53% stake of fresh beer brand Fulu Family for 297 million yuan
- **2026-03** 张红甫卸任CEO，张渊接任，标志职业化管理转型 / Zhang Hongfu stepped down as CEO; Zhang Yuan took over, marking professional management transition

## 常问问答 FAQ

**Q1: 蜜雪冰城的核心商业模式是什么？**

A: 蜜雪冰城的本质不是"卖奶茶"，而是一家供应链企业。97.6%的收入来自向加盟商销售商品及设备。加盟商无论盈亏，都需要向总部采购原料。门店规模越大，供应链成本越低，形成"总成本领先→低价→规模→摊薄成本"的正向循环。

**Q1 (EN): What is Mixue's core business model?**

A: Mixue is essentially not a "milk tea seller" but a supply chain enterprise. 97.6% of revenue comes from selling goods and equipment to franchisees. Franchisees must procure ingredients from headquarters regardless of profitability. The larger the store network, the lower the supply chain cost, creating a positive cycle of "total cost leadership → low prices → scale → cost dilution."

**Q2: 张红超和张红甫兄弟如何分工？**

A: 张红超是首席产品官和品质守护者，内向沉稳，注重技术和供应链建设，研制了2元冰淇淋等核心爆品。张红甫是CEO和品牌开拓者，外向张扬，擅长营销，引入"雪王"IP，主导品牌年轻化和全球扩张。二人的"保守+激进"互补是蜜雪成功的关键。

**Q2 (EN): How do brothers Zhang Hongchao and Zhang Hongfu divide responsibilities?**

A: Zhang Hongchao is the chief product officer and quality guardian—introverted, steady, focused on technology and supply chain, having developed core hits like the 2-yuan ice cream. Zhang Hongfu is the CEO and brand pioneer—extroverted, bold, marketing-savvy, introducing the "Snow King" IP and leading brand rejuvenation and global expansion. Their "conservative + aggressive" complementarity is key to Mixue's success.

**Q3: 蜜雪冰城为什么能做到这么便宜？**

A: 核心在于自建供应链。五大生产基地覆盖全品类，核心食材100%自产；28个仓库覆盖全国90%县级区域12小时触达；年采购11.5万吨柠檬，是中国领先柠檬采购商。规模化生产和采购使每一个成本都被压到极致，从而实现"低价得起"的结构性能力。

**Q3 (EN): How can Mixue keep prices so low?**

A: The key lies in self-built supply chains. Five production bases cover all categories with 100% self-production of core ingredients; 28 warehouses cover 90% of county-level areas with 12-hour delivery nationwide; annual procurement of 115,000 tons of lemons makes it China's largest lemon purchaser. Scaled production and procurement push every cost to its limit, achieving the structural capability of "affording low prices."

**Q4: 蜜雪冰城上市后的表现如何？**

A: 2025年3月3日登陆港交所，超额认购5324倍创纪录，市值一度突破2300亿港元。但随后股价持续下跌，至2026年6月较高点回落超50%。市场担忧门店扩张逼近天花板、闭店率上升、海外业务收缩等问题。2025年全年营收335.6亿元，净利润58.8亿元。

**Q4 (EN): How has Mixue performed after going public?**

A: Listed on HKEX on March 3, 2025, with record 5,324x oversubscription, market cap briefly exceeding 230 billion HKD. However, the stock subsequently declined, falling over 50% from its peak by June 2026. Markets worry about store expansion approaching ceilings, rising closure rates, and overseas contraction. Full-year 2025 revenue was 33.56 billion yuan with net profit of 5.88 billion yuan.

**Q5: 蜜雪冰城面临哪些挑战？**

A: 主要挑战包括：国内门店逼近6万家容量极限，闭店率从3.5%升至4.2%；原材料成本上涨（柠檬涨60%以上）但难以提价传导；海外门店首次年度净收缩；食品安全事件频发；中端品牌下沉（如古茗8-10元）和平价咖啡（瑞幸9.9元）持续挤压价格洼地空间。

**Q5 (EN): What challenges does Mixue face?**

A: Key challenges include: domestic stores approaching 60,000 capacity limit with closure rate rising from 3.5% to 4.2%; rising raw material costs (lemons up 60%+) that are hard to pass through via price increases; first annual net overseas store contraction; frequent food safety incidents; mid-tier brand downward expansion (e.g., Guming at 8-10 yuan) and affordable coffee (Luckin at 9.9 yuan) continuously squeezing the price niche.

**Q6: 蜜雪冰城的多品牌战略是什么？**

A: 蜜雪集团已构建"蜜雪冰城（茶饮）+幸运咖（咖啡）+鲜啤福鹿家（鲜啤）"三大品牌矩阵，覆盖"早咖午茶晚酒"全时段消费场景。幸运咖突破8400家店，福鹿家突破3200家。此外还启动了早餐计划，并启动"真鲜纯"品质升级战略，推动从规模驱动向质量驱动转型。

**Q6 (EN): What is Mixue's multi-brand strategy?**

A: Mixue Group has built a three-brand matrix of "Mixue Ice Cream & Tea (tea drinks) + Lucky Cup (coffee) + Fulu Family Fresh Beer (fresh beer)," covering "morning coffee, afternoon tea, evening beer" full-day consumption scenarios. Lucky Cup has exceeded 8,400 stores; Fulu Family exceeded 3,200 stores. A breakfast plan and "True Fresh Pure" quality upgrade strategy have also been launched, driving transformation from scale-driven to quality-driven.

**Q7: 张红超的创业精神有什么特点？**

A: 张红超的创业精神可以用三个词概括：草根韧性、极致精打细算、永不言弃。16岁辍学、七次创业失败、店铺被拆七次仍不放弃，这种韧性是蜜雪精神的原点。他自制刨冰机、亲手熬糖浆、把每个成本核算到小数点后两位，将"笨功夫"做到了极致。他的企业价值观是"真人真心真产品，不走捷径不骗人"。

**Q7 (EN): What characterizes Zhang Hongchao's entrepreneurial spirit?**

A: Zhang's entrepreneurial spirit can be summarized in three words: grassroots resilience, ultimate precision in cost management, and never giving up. Dropping out at 16, failing seven times in business, and persisting despite seven store demolitions—this resilience is the origin of Mixue's spirit. He built his own ice-shaving machine, made syrup by hand, and accounted for every cost to two decimal places, pushing "hard work" to the extreme. His corporate values: "Real people, real sincerity, real products—no shortcuts, no deception."

## 来源清单 Sources

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本档案机器版由亚洲封面人物官网自动生成：https://coverfigure.com ｜ 永久档案：https://coverfigure.com/acf/ACF-00-00136/geju ｜ 生成时间 Generated：2026-09-11 00:42