Mixue Bingcheng sprint A shares: hard practice "internal power" and create a "trinity" industry chain

On September 22, 2022, information on the official website of the China Securities Regulatory Commission showed that the A -share listing application of Mixue Bingcheng Co., Ltd. (hereinafter referred to as "Mi Xue Bingcheng" or "Company") has been accepted and officially pre -disclosed the prospectus , "The First Stock of the National Chain Tea" intends to log in to the main board of the Shenzhen Stock Exchange. The prospectus shows that Guangfa Securities is the main inheritor of Mixue Bingcheng.

Since its establishment, Mixue Bingcheng has served the consumer demand for national tea, and has always adhered to the "high -quality parity" product concept. The chain tea brand, and officially sprints "the first stock of the national chain tea".

The prospectus shows that Mixue Bingcheng is one of the most domestic stores with the largest number of domestic stores, the largest scale, and the strongest brand influence. The drinking chain brand "Honey Snow Ice City", the current grinding coffee chain brand "Lucky Coffee" and the existing ice cream chain brand "Ji Latu", providing consumers with various existing drinks and current ice cream.

Financial performance has remained brightly increased, and the number of stores in the country is leading

The prospectus shows that in recent years, the performance of Mixue Ice City has achieved rapid growth. In 2020 and 2021, the operating income of Mixue Bingcheng was 4.680 billion yuan and 10.351 billion yuan, respectively, an increase of 82.38%and 121.18%over the same period of the previous year. In 2020 and 2021, the net profit of the deduction mother of Mixue Bingcheng was 896 million yuan and 1.845 billion yuan, respectively, an increase of 104.58%and 106.05%from the same period last year, and the profitability continued to improve.

Behind the bright growth rate is the "growth flywheel" running out of the huge scale effect of Mixue Ice City. As of March 2022, Mixue Bingcheng Company had a total of 22,276 stores. According to statistics from narrow door meal eye data, the number of company stores ranked leading in the domestic tea industry. Up to now, Mixue Bingcheng's store network has covered 31 provincial units in China and has layout in Vietnam, Indonesia and other countries abroad.

In addition, Mixue Bingcheng explored the sales model of "direct -operated chain as a guidance, franchise chain as the main body", and "proofed" by direct -operated stores as products and market strategies to achieve large -scale "replication" with franchise stores. The prospectus shows that as of March 2022, Mixue Bingcheng Company has a total of 22,229 franchise stores and 47 direct -operated stores, including Mixue Bingcheng, Lucky Coffee and Ji Latu. According to different business types, the operating income of Mixue Bingcheng mainly comes from the sales of ingredients and packaging materials. The percentage of the income of the two types of business accounted for more than 85%of the main business income, and the revenue structure was relatively stable.

In recent years, with the popularity of the theme song of the "Sweet Honey" and the "Snow King" IP, Honey Snow Ice City has become a chain tea brand that is loved by consumers, and the brand's influence has continued to increase. Miyuki Bingcheng fully implements the corporate mission of "enable everyone in the world to enjoy high -quality and affordable deliciousness", control the price of the main products of the store within 6 to 8 yuan, and attract consumers to increase the purchase frequency with price advantages; According to the precise grasp of consumer demand, Mixue Bingcheng launched a variety of hot -selling products such as magic sky crispy ice cream, ice fresh lemonade, which continuously enriched the product structure and drove the continuous improvement of single -store sales. The prospectus shows that the company's single -store sales of the company's stores in 2020 and 2021 were 444,400/home and 587,200/home.

The "high -quality and parity" product concept, huge and growing business scale, covering the national store network, and the brand image of consumers loved by consumers, together constitute the unique "national status" of Honey Snow Ice City. This "First Stock of the National Chain Tea".

Adhere to the concept of "high -quality parity" product, build a "trio" complete industrial chain

Picture source: official website of Mixue Bingcheng

By relying on the heavy investment in the industrial chain, Mixue Bingcheng can adhere to the concept of "high -quality parity" product and continue to meet the growing market demand. The official website shows that Mixue Bingcheng has created a "trinity" complete industrial chain of "research and development, warehousing, logistics, and operation management", which effectively reduces operating costs and improves the company's operating efficiency.

In terms of R & D and production, Mixue Bingcheng has established a comprehensive R & D team to innovate and optimize the production process and ingredients quality, reducing the cost loss in the production process. At the same time, Miyuki Bingcheng has reserved more than 200 store product application solutions through the "adaptation of local conditions" to achieve product coverage of all regions and seasons throughout the year.

The prospectus shows that as of March 2022, Mixue Ice City has established a 252 -mu smart manufacturing industrial park and 130,000 square meters fully automated production workshop. The supply of ingredients and product quality is stable.

In terms of warehousing and logistics, Mixue Bingcheng has established a comprehensive warehousing and logistics system. As of March 2022, Mixue Bingcheng has established warehousing logistics bases in 22 provinces including Henan, Sichuan, Xinjiang, Jiangsu, Guangdong, and Liaoning. Reduce the average transportation cost. In addition, Mixue Bingcheng has established a national logistics free shipping policy, which reduces the inventory and capital pressure of franchisees.

In terms of operation management, based on an information management system such as ERP (Enterprise Resource Planning System), SCM (Supply Chain Management System), CMS (Franchise Management System), Miyuki Bingcheng has created a comprehensive franchise support system. Site selection review, store decoration design and personnel training, etc., after the opening of food safety control, raw material supply and product renewal, etc., help every franchisee through the entire process from "opening" to "profit". Relying on the scale effect of over 20,000 stores, Mixue Bingcheng has reduced the costs in various links and released the profit space and operating efficiency of the company and franchisees. In terms of R & D and production, based on the expanding production and procurement scale, the company has significantly enhanced its bargaining ability to upstream suppliers; in terms of warehousing and logistics, the company's logistics and transportation networks across the country have shortened the transportation time of raw materials to terminal stores, which helps to help it help Effective management inventory of the store; in terms of operation management, the company will timely obtain and analyze massive market information in combination with the construction of big data and business in the middle of the business, and empower the operating decision -making of the store.

Adhering to the values ​​of "truth -oriented", continue to release the social responsibility of national enterprises

The official website shows that Mixue Bingcheng was founded in 1997. It adheres to the core values ​​of "real people's true products, not to take shortcuts, not deceived", and pursue the corporate mission of "enable everyone in the world to enjoy high -quality and cheap". For more than 20 years after the establishment, Miyuki Bingcheng feeded back to the society on the basis of serving "national consumption needs", giving back to the society on rural revitalization, flood resistance, and green environmental protection, and continued to release positive value.

Based on the expansion of purchasing volume, Mixue Bingcheng actively responded to the development strategy of rural revitalization, and widely involved the initial processing and deep processing of agricultural and sideline products such as sugar, milk, tea, coffee, fruits, and grain. Industrialization level. In 2021, the purchase amount of Mixue Bingcheng purchased from Fujian tea production area exceeded 400 million yuan. In the same year, the lemon procurement of Mixue Ice City had exceeded 50,000 tons, providing stable for the majority of tea farmers and fruit farmers in Fujian and Sichuan and Chongqing regions. economic source. In 2020, the company signed a guarantee acquisition agreement with the Coffee Press in Menglian County, Pu'er City, Yunnan Province, helping the Yunnan coffee industry to continue to develop.

Since 2020, Miyuki Bingcheng has donated a total of more than 41 million yuan in the process of flood relief and fight against the epidemic. At the same time, the franchise fee of over 200 million yuan is reduced to help the affected people over the difficulties. In July 2021, in the "720" Zhengzhou Extraordinary Rainstorm disaster, Mixue Bingcheng quickly established a donation and donation team to allocate materials through multi -warehouses in the country to donate water, milk, yogurt and other relief supplies to the affected areas of the affected areas. Yuan. Since then, the company and subsidiaries have donated 26 million yuan to the Charity Federation of Henan to be used for disaster relief and post -disaster reconstruction.

In terms of environmental protection, Mixue Ice City strictly abides by various rules and regulations related to environmental protection, and always adheres to the concept of green business. The prospectus shows that Honey Snow Ice City adopts green degradable materials to gradually replace plastic packaging materials, including straws, packaging bags, spoons, and sealing films. Losses and water consumption.

Anchor a 100 billion -level consumer market, multi -brand and global distribution promote growth

According to the prospectus, after this fundraising, Mixue Bingcheng will continue to cultivate the "basic market" of the domestic market, further improve production capacity, and continue to build "Honey Snow Ice City", "Lucky Coffee", "Ji Latu" Brand matrix and layout globally.

With the increase in income and consumption upgrades of residents in my country, the scale of the tea drink industry is expected to usher in rapid growth. The Ai Media Consultation Report shows that the market size of China's current tea -made tea has increased from 29.1 billion yuan in 2016 to 279.6 billion yuan in 2021, with a compound annual growth rate of 57.23%. It is estimated that by 2025, China's current tea -made tea market The scale will be further expanded to 374.9 billion yuan. In addition, the current grinding coffee and the current ice cream industry have broad development space.

The analysis said that there are many market participants in the current tea industry in China, and the industry concentration is low. With the speed of the speed of the industry's products, consumers' brand tendency will also be increasingly enhanced. With the cost -effective pricing range, large -scale industrial chain, and the brand image of the people's hearts, the market share of advantageous brands such as Mixue Bingcheng is expected to usher in further growth.

The prospectus shows that Mixue Bingcheng plans to publicize the issuance of no more than 401 million yuan in ordinary shares this time. The fundraising funds will be used to invest in "production and construction projects", "warehousing and logistics supporting projects" and "other comprehensive supporting categories" projects. It aims to build a more powerful supply chain manufacturing system, focus on the company's multi -level warehouse system, and the company's multi -level warehouse system, and Strengthen the company's comprehensive competitiveness.

The prospectus shows that the company's stores have covered Southeast Asian countries such as Indonesia, Vietnam, Malaysia, and Singapore. On the basis of deeply cultivating the broad -growth market in China, Mixue Bingcheng will continue to adhere to the "high -quality and parity" product concept, relying on the three major brands of "Honey Snow Ice City", "Lucky Coffee", and "Ji Latu". Brand construction, R & D strength, store network, supply chain construction, and information system enhance competitiveness, and actively go abroad, and is committed to building the company into a global current beverage brand.

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