蜜雪集团今日盘中股价大幅下挫，跌幅达5.12%，引发了市场的广泛关注。
消息面上，市场对公司增长前景的担忧持续发酵。具体而言，公司国内门店扩张已逼近物理极限，核心业务毛利率从31.2%下滑至29.9%。同时，核心原料柠檬的采购价格涨幅超过60%，而人均消费仅7.3元的定价体系限制了公司的提价空间，导致利润受到上下游的双重挤压。此外，公司新孵化的品牌鲜啤福鹿家面临消费场景单一、盈利模型尚未跑通等挑战，“再造蜜雪”的难度显现。
管理层此前提示，外卖补贴退坡后门店营业额增长有所放缓。今日餐馆行业整体走弱，也进一步加剧了股价的下行压力。
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