本季度信息
蜜雪集团发布2026年上半年财报，营收达152.16亿元，同比上升2.3%。经调整净利润实现23.19亿元，同比下降14.7%。毛利为46.30亿元，毛利率从上年同期的31.6%降至30.4%。报告期内，销售及分销费用为11.23亿元，同比增长22.9%；管理费用升至6.10亿元，同比增长39.4%；研发投入约0.40亿元，同比减少1.6%，占营收比重保持在0.3%水平。公司指出，现金及现金等价物、定期存款与受限制现金及相应的理财产品合计216.41亿元，较上一年末增长8.3%。
业务分项
财报显示，商品和设备销售收入约147.98亿元，同比增长2.1%，主要来源于核心茶饮与相关配套设备的销售增长。加盟及相关服务收入达到4.18亿元，同比增长10.0%，在总营收中的占比提升至2.7%。公司持续推进在中国市场高质平价的新式茶饮、咖啡及鲜打啤酒业务，并在全球17个国家拥有约6.4万家门店。蜜雪冰城品牌凭借“真、鲜、纯”的产品理念持续升级供应链及品质，幸运咖和鲜啤福鹿家品牌也保持稳步扩张。
（无高管原话，故无高管解读段落）
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