蜜雪冰城高光股价下的暗流涌动：线下门店趋于饱和加盟生态恶化再现隔夜柠檬、食安达摩克利斯之剑

新浪证券2025-07-01

2025年3月，蜜雪冰城登陆港股上演“冰雪奇迹”：上市首日暴涨43.21%，，市值冲破千亿港元。此后，股价一度飙升至618.5港元/股，研报追捧声不绝于耳。然而，绚丽的资本烟花背后，蜜雪冰城在经营上又面临哪些问题？线下门店趋于饱和蜜雪冰城的加盟生态恶化点位饱和引发自噬：全国门店超4万家，挤占三线以下城市。如，河南某县城3公里内竟有8家门店，加盟商直言：“竞品消失了，我们开始抢自己人生意！”加盟商...

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蜜雪冰城高光股价下的暗流涌动：线下门店趋于饱和加盟生态恶化 再现隔夜柠檬、食安达摩克利斯之剑

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蜜雪冰城高光股价下的暗流涌动：线下门店趋于饱和加盟生态恶化再现隔夜柠檬、食安达摩克利斯之剑