EPISODE · Sep 27, 2025 · 10 MIN
蜜雪冰城25年中报解读
from 文财武略
蜜雪冰城 25 年中报亮点多：自由现金流稳健，股本达 3.8 亿，二线城市成国内发力核心；但海外门店减、扩张放缓。流动负债增却显供应商掌控力，24 年还完银行贷，现金流良性。投资暂未助主业，库存周转效率升，员工持股收益可观。当前正面临深耕国内还是破海外、供应链转品牌壁垒等关键抉择。详细见：公众号前往小宇宙评论区与主播互动
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