外刊精读｜蜜雪冰城门店数超过麦当劳，低价模式能征服世界吗？

蜜雪冰城的低价、加盟体系与自建供应链，能否在海外复制成功？从这篇 FT 报道里，学习 13 组商业英语表达，并完成逐段双语精读与活用练习。

来源：Financial Times｜Chinese bubble tea chain with more stores than McDonald’s wants to conquer the world
作者：Thomas Hale、Wenjie Ding、Michael Pooler
报道日期：2026 年 5 月 10 日（据所提供材料）。

本文根据所提供的报道文本制作学习笔记；门店数、财务数据及“去年／今年”等时间表述均按该报道时点理解。FT 原文需订阅，未对付费全文逐句复核。

本文内容

蜜雪冰城凭借极低价格、加盟体系和自建供应链，在全球开出约六万家门店，其中中国内地超过 55,000 家，如今正从纽约到圣保罗加速扩张。FT 追问的核心是：这套在中国跑通的模式，能否跨越距离、口味和供应链的现实限制，在海外被复制？

这篇真正问什么？

蜜雪冰城的野心并不只是“多开几家海外店”。它想把中国式的低价与供应链效率带到全球；但离中国越远，原料、物流、加盟商管理和消费者偏好就越难控制。

完整双语对照精读

先读英文，再看中文。

加粗部分为重点表达。英文用引用区分，中文译文紧随其后；词义、搭配与仿写集中在后面的讲解区。

每段先抓加粗部分，再读完整句子。

第 01 段

At an upscale shopping centre on São Paulo’s Paulista Avenue last month, dozens of customers queued up for a new Chinese brand offering ice cream for less than a dollar.

上个月，在圣保罗保利斯塔大街的一家高档购物中心，数十名顾客为一个新进驻的中国品牌排起了队；它卖的冰淇淋不到一美元。

第 02 段

The store is the first in Brazil for Mixue, a food and beverage chain that remains little-known outside China but has more stores globally than McDonald’s. With 60,000 outlets — mostly in China — its bubble and milk tea is now available in cities from New York to Singapore.

这是蜜雪冰城在巴西的首店。这个餐饮连锁品牌在中国以外仍不算知名，却在全球拥有比麦当劳更多的门店。它共有六万家门店——大多在中国——如今从纽约到新加坡的城市里，都能买到它的珍珠奶茶和奶茶。

第 03 段

“I think it will take off in Brazil,” said Jhonny Michel, a 37-year-old businessman carrying three bags full of lemonades, a sundae and toy souvenirs that cost a total of R$84 ($17). “The prices are fair.”

37 岁的商人 Jhonny Michel 手里拎着三大袋柠檬水、圣代和玩具纪念品，一共花了 84 雷亚尔（17 美元）。他说：“我觉得它会在巴西火起来。价格很公道。”

第 04 段

At home, its cut-throat pricing and efficient supply chains have posed a challenge to established western brands such as Starbucks, as a desire for affordability sweeps across a slowing economy.

在中国国内，蜜雪冰城近乎残酷的低价策略和高效供应链，已经给星巴克等成熟西方品牌带来挑战；因为对“买得起”的追求正席卷一个正在放缓的经济体。

第 05 段

Its global ambitions are now extending that challenge further afield, adding to a wave of similar Chinese overseas expansions by companies including Luckin Coffee.

如今，它的全球野心正把这场挑战带到更远的海外市场，也加入了瑞幸咖啡等中国公司集体出海的浪潮。

第 06 段

Last year, Mixue launched in the US, where its signature king cone costs $1.19. While it closed a net 428 international stores in 2025, many of them in south-east Asia, it has developed supply chains in the region and is entering new markets such as Kazakhstan.

去年，蜜雪冰城进入美国市场，招牌“冰淇淋王”售价 1.19 美元。尽管它在 2025 年净关闭了 428 家海外门店，其中许多位于东南亚，但它也在当地建设供应链，并进入哈萨克斯坦等新市场。

第 07 段

It has seven logistics warehouses across four south-east Asian countries — the forefront of its international expansion following the launch of its first overseas store in Hanoi in 2018 — and hopes to open a factory in Brazil to supply stores in the Americas.

自 2018 年在河内开出第一家海外门店后，东南亚一直是它国际扩张的前沿阵地。目前，它在四个东南亚国家设有七个物流仓库，并希望在巴西建厂，为美洲门店供货。

第 08 段

It is also aiming for 500 to 1,000 stores in Brazil by 2030.

它的目标还包括：到 2030 年在巴西开出 500 至 1,000 家门店。

“There are other Asian brands operating in Brazil, operating as franchises, but not with this ambition in terms of the number of units and investment exposure in the market,” said Lyana Bittencourt, chief executive at franchising consultancy Bittencourt Group.

特许经营咨询公司 Bittencourt Group 的首席执行官 Lyana Bittencourt 说：“巴西也有其他亚洲品牌以加盟形式运营，但无论是门店数量还是在当地市场的投资规模，没有谁有这样的野心。”

第 09 段

Mixue, which translates to “honey snow”, was founded as a shaved ice stall in Zhengzhou, the capital of central China’s Henan province, in 1997 by Zhang Hongchao. It later expanded to beverages including coffee.

“Mixue”意为“蜜雪”。1997 年，张红超在中国中部河南省省会郑州，以一家刨冰小摊创立了它；后来业务扩展到饮料，包括咖啡。

第 10 段

In China, its franchise model has expanded at an exponential rate on the back of demand for affordable products as the economy slows.

在中国，随着经济放缓，人们对平价产品的需求增加，它的加盟模式得以以指数级速度扩张。

第 11 段

Mixue now has more than 55,000 stores on the mainland, the majority of them in smaller cities. Its total stores are up sixfold from 2020 and around a third higher than the amount disclosed ahead of its listing in Hong Kong in March last year.

蜜雪冰城目前在中国内地已有超过 55,000 家门店，其中多数位于较小城市。它的总门店数是 2020 年的六倍左右，也比去年 3 月在香港上市前披露的数量高出约三分之一。

第 12 段

On a rainy afternoon last month, dozens of customers and a handful of prospective franchisees — a core part of its expansion — had flocked to the company’s headquarters in Zhengzhou.

上个月一个下雨的午后，数十名顾客和少数潜在加盟商涌向蜜雪冰城郑州总部。潜在加盟商正是它扩张计划中的核心一环。

“It has grown very quickly,” said 24-year-old Wu Baijian, a prospective franchisee who had travelled from Fujian province with his brother. “There’s something almost magnetic about it that makes you want to join.”

来自福建、与哥哥一同前来的 24 岁潜在加盟商Wu Baijian说：“它长得太快了。它有一种近乎磁场般的吸引力，让你也想加入。”

Wu said that people in his hometown of Nanping “are not especially well-off”. The only branded beverage chain with an outlet in the city of 2.7mn was coffee chain GoodMe. “I ordered a drink and found there were 80 cups ahead of mine,” he said of that store.

吴说，他的家乡南平“并不算富裕”。在这座有 270 万人口的城市里，唯一一家开店的品牌饮料连锁是 GoodMe（原文称其为 coffee chain）。他说起那家店时表示：“我点了一杯饮料，发现前面还有 80 杯在等。”

第 13 段

Wu estimated it would cost Rmb300,000 ($44,000) to open a Mixue outlet and take two years to break even. “The average spend per customer is relatively low.”

吴估计，开一家蜜雪冰城门店要花 30 万元人民币（4.4 万美元），大约两年才能回本。“每位顾客的平均消费相对较低。”

第 14 段

The bargain prices — an ice cream cone can cost as little as Rmb2 (29 cents) — are facilitated by the company’s model of bringing much of its supply chain in-house. At its headquarters, Mixue has a miniature display of its own cow and lemon farms, and outlines a logistics system with 29 warehouses that serve hundreds of cities.

这些低价——一个冰淇淋甜筒最低只要 2 元人民币（29 美分）——得益于公司把供应链的大部分环节收回自己做的模式。在总部，蜜雪冰城展示了自有奶牛场和柠檬农场的微缩模型，以及一个由 29 个仓库服务数百座城市的物流系统。

第 15 段

Lina Yan, a consumer analyst at HSBC, estimates that more than 60 per cent of its ingredients are self-produced, which lowers procurement costs, and added that the company could further deepen integration by bringing equipment supply in-house as well.

汇丰银行消费者分析师 Lina Yan 估计，蜜雪冰城超过 60% 的原料由自己生产，这降低了采购成本。她还说，公司也可以把设备供应收归内部，以进一步加深一体化。

第 16 段

Other businesses in China, such as hotel chain H World, have expanded rapidly through a similar franchise model, especially in smaller cities. As well as an initial investment to open the store, franchisees purchase ingredients and other materials from the company.

中国其他企业，例如酒店连锁华住集团，也通过类似的加盟模式迅速扩张，尤其是在较小城市。加盟商除了需要投入开店的初始资金，还要向公司购买原料和其他物料。

第 17 段

Last year, Mixue’s revenue rose 35 per cent to Rmb33.6bn, while its net profit rose by a third to Rmb5.9bn, alongside its rapid store openings.

去年，伴随着迅速开店，蜜雪冰城营收增长 35%，达到 336 亿元人民币；净利润增长三分之一，达到 59 亿元人民币。

第 18 段

However, its stock market performance since listing raises questions over its strategy, with shares down about 30 per cent this year.

不过，它上市后的股市表现也让人开始质疑其策略：今年股价已下跌约 30%。

Chris Pereira, founder of consultancy iMpact, said industries in China “have a history of overexpansion and contraction then stabilisation. If they stay where they are, someone might speed ahead of them and take the market ahead of them.”

咨询公司 iMpact 创始人 Chris Pereira 说，中国很多行业都有过度扩张、收缩、再趋于稳定的历史。“如果它们停在原地，别人可能会加速冲到前面，把市场抢走。”

第 19 段

The question is whether Mixue can replicate this pace of expansion — as well as its supply chain integration — overseas.

问题在于：蜜雪冰城能否在海外复制这样的扩张速度，以及同样高度整合的供应链？

第 20 段

Store closures in Indonesia and Vietnam reflect a “restructuring process”, according to Yan at HSBC. “Some early franchisees no longer met Mixue’s evolving requirements around store location standards and operational capability,” she said, adding that its overseas supply chain integration lags China.

汇丰的 Yan 表示，印尼和越南的门店关闭反映了一场“重组过程”。她说，一些早期加盟商已无法满足蜜雪冰城不断提高的门店选址标准和运营能力要求；她还补充，蜜雪冰城海外的供应链一体化程度落后于中国市场。

第 21 段

Mixue operates the first Brazilian store, but Tian Zhezhong, head of operations in the country, said it had received inquiries from nearly 300 prospective franchisees. The company aims to add 60 to 100 franchisees this year as it chases its 2030 store target.

蜜雪冰城目前自己运营巴西首店，但该国运营负责人Tian Zhezhong表示，公司已经收到近 300 名潜在加盟商的咨询。为追赶 2030 年门店目标，公司计划今年新增 60 至 100 名加盟商。

第 22 段

Bittencourt described the target as “daring” and suggested Mixue would benefit from its affordable prices, but faced limits in persuading wealthier, health-conscious consumers.

Bittencourt 称这个目标“大胆”，并认为蜜雪冰城会受益于亲民价格；但它在说服更富裕、健康意识更强的消费者时，可能会遇到限制。

第 23 段

Pereira suggested the company’s integrated supply chains approach might pose a challenge internationally. “They definitely don’t make their own lemons in New York,” he said. “The farther away from China they go the more risk there will be.”

Pereira 认为，公司的一体化供应链模式在国际市场可能会带来挑战。他说：“他们肯定不会在纽约自己种柠檬。离中国越远，风险就越大。”

重点表达讲解

怎么看这一部分？

按文章出现的顺序讲。每一条都抓住：它为什么会是这个意思、怎么记、怎样放进自己的句子里。

01｜take off

I think it will take off in Brazil.
我觉得它会在巴西火起来。

飞机离开地面、冲向空中，就是 take off 最直观的画面；一件产品、一个趋势或一个人的事业“起飞”，便是从普通状态突然获得势头。

• The app took off after a video about it went viral.
  一条介绍它的视频爆火后，这款应用迅速走红。
• Her small bakery really took off last year.
  她的小面包店去年真的发展起来了。

02｜cut-throat pricing /ˌkʌtˈθrəʊt/

Its cut-throat pricing … has posed a challenge to established western brands.
它近乎残酷的低价策略，给成熟西方品牌带来了挑战。

cut-throat 字面是“割喉”，所以它写的不是普通的“便宜”，而是竞争者为了赢下市场，把价格压到让对手很难活下去的程度。放在 pricing 前，就是以极端低价抢市场。

• The sector is known for cut-throat pricing and thin margins.
  这个行业以残酷的低价竞争和微薄利润著称。
• Small cafés struggled to survive the cut-throat price war.
  小咖啡馆很难在这场残酷的价格战中生存下来。

03｜sweep across

A desire for affordability sweeps across a slowing economy.
对“买得起”的追求席卷了一个正在放缓的经济体。

sweep 是扫过、横扫；它把一种原本看不见的情绪或潮流，写成从一处迅速掠过大片区域的力量。新闻里常用来写趋势、热潮、担忧或变化。

• A wave of nostalgia swept across social media.
  一股怀旧风潮席卷了社交媒体。

04｜further afield

… extending that challenge further afield.
……把这场挑战带到更远的地方。

afield 原本是“在田野里、离开原来的地方”。加上 further，就是把目光或行动从熟悉的本地，伸向更远的地区或市场。

• The company is now looking further afield for growth.
  这家公司正在更远的市场寻找增长。

05｜the forefront of …

South-east Asia [is] the forefront of its international expansion.
东南亚是它国际扩张的前沿阵地。

forefront 是队伍最前面的位置。放进商业、科技或社会议题中，表示某个地区、团队或做法处在发展与行动最靠前的地方。

• Singapore is at the forefront of the company’s regional strategy.
  新加坡处在这家公司区域战略的前沿。

06｜franchise model

Its franchise model has expanded at an exponential rate.
它的加盟模式以指数级速度扩张。

franchise 不是普通“开分店”。总部把品牌、产品和经营规则授权给加盟商使用；加盟商投入资金开店，再持续向总部购买原料、设备或服务。这种结构让品牌不必自己承担每一家店的全部成本。

• The brand grew through a franchise model rather than company-owned stores.
  这个品牌靠加盟模式成长，而不是全靠直营店。

07｜at an exponential rate

… expanded at an exponential rate.
……以指数级速度扩张。

exponential 来自数学里的“指数”：每一次增长都建立在更大的基数上，因此曲线会越来越陡。新闻里也常宽泛地形容迅猛增长；看到这个词，并不能单凭措辞就认定数据符合严格的指数函数。

• Demand grew at an exponential rate during the first year.
  第一年里，需求以指数级速度增长。

08｜break even

It would take two years to break even.
大约两年才能回本。

even 在这里是“平的、齐的”。收入和支出两边终于齐平，就叫 break even：既不盈利，也不亏损。注意：经营收支平衡不等于已经收回初始投资；只有语境明确涵盖累计投入时，才适合译为“回本”。本篇受访者谈的是开店投资与两年周期，因此译文采用“回本”。

• The store needs to sell 200 cups a day to break even.
  这家店每天要卖 200 杯，才能实现日常经营的收支平衡。

09｜bring something in-house

… bringing much of its supply chain in-house.
……把供应链的大部分环节收回自己做。

这里的 house 指公司“内部”。原本由外部供应商处理的生产、设计、客服或物流，被公司拿回内部负责，就是 bring it in-house。文章里正是这种控制力，让蜜雪冰城能压低成本。

• The company brought its design team in-house last year.
  这家公司去年把设计团队收归内部。
• We still outsource delivery, but production is done in-house.
  我们仍把配送外包，但生产在内部完成。

10｜replicate a model overseas

Can Mixue replicate this pace of expansion … overseas?
蜜雪冰城能否在海外复制这样的扩张速度？

replicate 原义是“复制出一个相同版本”。商业报道里，它常问的是：一套在本土有效的门店、定价或供应链模式，能否放到另一个国家后仍然有效。

• The challenge is to replicate the model overseas without losing quality.
  难题是在不牺牲品质的前提下，把这套模式复制到海外。

11｜lag behind

Its overseas supply chain integration lags China.
它海外的供应链一体化程度落后于中国市场。

lag 是跑步时逐渐掉到后面；lag behind 就写“跟不上、落后于”。它常用于比较技术、进度、销售或基础设施。

• Rural areas still lag behind cities in delivery coverage.
  农村地区的配送覆盖率仍落后于城市。

12｜a daring target

Bittencourt described the target as “daring”.
Bittencourt 称这个目标很大胆。

daring 来自 dare（敢于）。它不只是“很大”，而是大到需要勇气、也存在明显做不到的风险；评价扩张目标时，比 ambitious 多一点“你真敢”的意味。

• Opening 500 stores in five years is a daring target.
  五年开 500 家店是个很大胆的目标。

13｜The farther …, the more …

The farther away from China they go, the more risk there will be.
离中国越远，风险就越大。

这是一个很实用的比较结构：the + 比较级，the + 比较级，用来写两个变化同步发生。这里“离供应链中心更远”与“风险更高”一起变化。

• The longer the delivery route is, the higher the cost becomes.
  配送路线越长，成本就越高。

活用练习

这样练，才会真的用

先看表达在原文里怎么出现；再把它放进新的生活语境；最后用它说出自己的判断。

不是只记住答案，而是练到下次想表达时，能自然说出来。

1. 原文回忆｜把表达补回来

1. I think the brand will __ in Brazil.

我觉得这个品牌会在巴西火起来。

2. The shop needs two years to __ __.

这家店需要两年回本。

3. The company is trying to bring more of its supply chain __.

这家公司正试图把更多供应链环节收回内部。

4. The company’s overseas operations still __ __ its domestic business.

这家公司的海外业务仍落后于国内业务。

2. 语境活用｜把表达放进新句子

1. “这个 app 在那条视频爆火后迅速走红。”

要求：用 take off

2. “我们把客服团队从外包改成自己做。”

要求：用 bring … in-house

3. “真正难的是把这套低价模式复制到海外。”

要求：用 replicate + overseas

3. 观点输出｜像商业记者一样写一句判断

Do you think a very cheap Chinese food or drink brand could take off where you live? What would help it succeed, and what might hold it back?

要求：用至少 2 个表达：cut-throat pricing、take off、bring … in-house、replicate … overseas、lag behind、daring target。

示例

Low prices might help the brand take off at first, but it would need a reliable local supply chain. A model that works in China may be hard to replicate overseas.

低价或许能帮助这个品牌一开始火起来，但它需要可靠的本地供应链。一套在中国有效的模式，未必容易复制到海外。

复习｜从全文带走的地道表达