V View Finance Report ｜ A year of light straws sold 300 million yuan!Honey Xue Bingcheng sprint A shares "New Tea First Stock"

Zhongxin Jingwei, September 23 (Yang Jingchuan) "You love me, I love you, honey snow ice city is sweet." When you see this sentence, did you sing directly?

On September 22, the CSRC's website showed that the A -share listing application of Mixue Bingcheng Co., Ltd. was accepted. At the same time, the prospectus is pre -disclosed. It is planned to land on the main board of the Shenzhen Stock Exchange. It is planned to apply for public issuance of non -more than 4.01 million ordinary shares (A shares), accounting for not less than 10%after the issuance, and 6.496 billion yuan in raised funds.

The annual revenue has exceeded 10 billion, but the gross profit margin has declined

The prospectus shows that Mixue Ice City is mainly engaged in the development, production, sales and brand operation management of current drinking, current ice cream and its core ingredients. Miyuki Ice City is also well known for affordable drinks and ice cream.

Mixue Bingcheng said that it has its own supply chain and the production of core tea raw materials for self -built factories, and there is no middleman to earn the difference; more than 10,000 stores have procurement bargaining power; the logistics fee headquarters borne, and it is profitable.

The prospectus shows that the net profit of Mixue Ice City has grown year by year. From 2019 to the first quarter of 2022, Mixue Bingcheng achieved operating income of 2.566 billion yuan, 4.68 billion yuan, 10.351 billion yuan and 2.434 billion yuan. The net profit during the same period was 445 million yuan, 632 million yuan, 1.91 billion yuan, and 390 million yuan, respectively. The net cash flow generated by operating activities was 523 million yuan, 1.139 billion yuan, 1.692 billion yuan, and 208 million yuan, respectively.

Photo Source: Honey Xue Bingcheng Prospectus

It is worth noting that the straw business alone contributed 306 million yuan in revenue to Mixue Bingcheng in 2021. The prospectus shows that the average sales price of its straws is 0.1 yuan/root. In order to convert, Mixue Bingcheng sold more than 3 billion yuan last year.

However, Zhongxin Jingwei noticed that from 2019 to 2022, the gross profit of the main business of Mixue Ice City was 922 million yuan, 1.594 billion yuan, 3.282 billion yuan, and 752 million yuan, which was growing year by year, but it was its year -on -year growth, but its it The gross profit margins of the main business were 35.95%, 34.08%, 31.73%, and 30.89%, respectively, showing a gradual decline.

For example, the gross profit margin of Honey Snow Ice City ingredients in 2021 decreased by 2.34 percentage points from 2020. The reason for the reason, the market price of the raw materials and the rising market price of the raw materials and the whole milk powder has led to the increase in production costs of the units of the main single -flavored beverages and the milkshake powder solid beverages. The sales price of some items such as passion fruit pulp was lowered.

Mixue Bingcheng also pointed out that the company's gross profit margin level is affected by various factors such as industry development, product structure, product prices, and raw material prices. Therefore, if the above -mentioned factors have adversely changed in the future, the gross profit margin may decline, which will affect profitability.

In addition, the gross profit margin of Mixue Bingcheng Zhiying stores from 2019 to 2021 was only 5.36%, 4.44%, and 10.24%, respectively.

Regarding the low gross profit margin of direct-operated stores, Mixue Bingcheng said that the site selection of direct stores is generally located in the place with large people with a large amount of people. The lease area of ​​a single store is generally 1.5-2 times of franchise stores. At the same time, its decoration is decorated Decoration and equipment and facilities will be replaced in a timely manner in accordance with the company's latest requirements, and the decoration standards of some direct operating stores are significantly higher than franchise stores, making the rent costs and depreciation amortization amount of direct camp stores, resulting in a low gross profit margin.

The total number of stores exceeds 20,000, but there are only 47 direct -operated stores

However, the number of direct -operated stores only accounts for a very small number of Mixue Ice City stores.

Let's take a look at the total amount of Mixue Ice City stores.

According to reports, Mixue Bingcheng mainly uses the sales model of "direct -operated chain as a guidance, franchise chain as the main body". As of the end of March 2022, Mixue Bingcheng had a total of 22229 franchise stores and 47 direct -operated stores. Based on this data, the number of Zhixue Bingcheng Zhicheng stores is only two thousandths of the total total stores.

Mixue Bingcheng pointed out that in the sales model, Mixue Bingcheng sold products such as ingredients, packaging materials, equipment and facilities, operating materials, etc. to various franchise stores, and charged franchise fees, management fees, and training fees to franchise stores.

Franchise sales are also the core of the Honey Snow Ice City marketing system, and the sales revenue of each period accounts for more than 96%of the company's main business income.

In terms of stages, as of the first quarter of 2019 to 2022, the total number of Mixue Ice City stores was 7,225, 13,126, 20511 and 22,276, respectively. From 2019 to 2021, the average annual net increase in Mixue Bingcheng stores increased by 6,643, with a compound annual growth rate of 68.49%. In the first quarter of 2022, the number of Mixue Ice City stores increased by 1,765.

According to statistics from the narrow door meal eye data, the number of Mixue Bingcheng stores ranks first in the domestic tea industry.

Mixue Bingcheng said that the average turnover of the company's stores to join stores has continued to increase, which has increased the company's single -store sales of franchise stores one year by year, further driving the company's main business income growth.

The official website of Mixue Bingcheng shows that the franchise fees of provincial capitals, prefecture -level cities, and county -level cities are 11,000 yuan/year, 9,000 yuan/year, 7,000 yuan/year, and the expected fee is expected to start from 370,000 yuan.

Photo source: Mixue Bingcheng official website

He has been punished for multiple times due to food safety issues

While the surge in the number of stores has brought about the rapid development of business, food safety issues are frequently appeared in Mixue Ice City stores. Mixue Bingcheng admits that as the number of franchise stores has increased rapidly, it has also increased its difficulty in supervision and management of franchise stores. Earlier, Mi Xue Bingcheng has also been exposed many times.

Earlier, in June 2022, the Mixue Bingcheng store operated by Beijing Sanyang Zheocheng Trading Co., Ltd. was fined 5,000 yuan by the Beijing Fengtai District Market Supervision and Administration Bureau because the litchi juice exceeded the shelf life.

In the same month, Mixue Beverage Store, Longshan County, Hunan Province, was fined 12,000 yuan by the Longshan County Market Supervision and Administration Bureau for violation of the Food Safety Law.

In May 2021, Zhengzhou Yong'an Street Store, Jinan Daguan Garden Store, and Wuhan Mahu Commercial Street Store under the store of Mixue Bingcheng existing tampering and opening the ingredients date label, and the time to change or not record the "validity tracking card" of the ingredients. Using illegal use of ingredients such as ice cream milk pulp, tea soup, milk tea and other ingredients, lemon epidermis does not clean hygiene problems and hidden food safety hazards. Subsequently, Mi Xue Bingcheng issued an apology statement through an official Weibo saying that investigating and rectifying the serious violations of the store. The stores involved have now been ordered to suspend business and rectify.

Regarding food safety issues, Mi Xue Bingcheng also stated in the prospectus that the company's production and operation chain is long and there are many management links, and product quality problems may occur due to negligence or unpredictable factors.

Mixue Bingcheng also stated that if the joining stores did not operate in accordance with the company's unified regulations and standards, the staff of the clerk's operation was irregular and unqualified in store hygiene, which led to product quality disputes or food safety accidents. And the operating performance has an adverse effect.

"The supply chain of new tea drinks is long, and there are many suppliers and processors, including raw material suppliers, raw material processors, warehousing space and logistics. The more participating subjects, the more uncertain factors in the production and operation process. The greater the risk of food safety. "Zhu Danpeng, vice president of the Guangdong Food Safety Promotion Association, previously pointed out to the media that in addition, new tea drinks mostly use fresh milk and fresh fruits such as fresh milk and other raw materials. The degree of automation is low, and the production process needs to use a large number of manpower to increase hidden food safety hazards.

Honey Xue Bingcheng "Chong A", are you optimistic? (Zhongxin Jingwei APP)

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