Honey Xue Bingcheng IPO: With 6 yuan a cup of milk tea, it will enter 10 billion yuan in the year, will the food storm become "block tiger"?

Zhongxin Jingwei, September 23 (Yan Shuxin intern Chen Shiqing) "You love me, I love you, honey snow ice city is sweet", "Snow King" Honey Snow Ice City is going to go public in A shares!

On the 22nd, the official website of the CSRC showed that Mixue Bingcheng Co., Ltd. (hereinafter referred to as Mixue Bingcheng) pre -disclosed the prospectus, and wanted to apply for the main board of Shenzhen City. The main underwriter was Guangfa Securities.

The prospectus shows that Mixue Bingcheng's IPO plan raised 6.496 billion yuan for production and construction, warehousing and logistics supporting, other comprehensive supporting projects, etc., of which 1.9 billion yuan was used to supplement mobile funds, accounting for about 30 %.

It is worth mentioning that Mixue Bingcheng is not bad. As of the end of the first quarter of this year, the balance of money on the account was 3.067 billion yuan. In 2021, it rely on more than 20,000 stores to achieve revenue of 10.351 billion stores. The net profit of Yuan and home was 1.910 billion yuan.

Open 22 stores a day on average

招股书显示，蜜雪冰城成立于2008年4月30日，张红超、张红甫两兄弟为公司控股股东及实际控制人，本次股票发行前，二者合计直接持有公司85.56%的股份，各Holding 42.78%. At present, Zhang Hongchao is the chairman of Mixue Bingcheng and Zhang Hongfu is the company's director and general manager. The top five major shareholders of Mixue Bingcheng also include Dragon Ball Meicheng, Gao Yan Yunqi, and Tianjin Panxue, holding 4%, 4%, and 2%respectively.

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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. Drinking chain brand "Honey Snow Ice City", now grinding coffee chain brand "Lucky Coffee" and the current ice cream chain brand "Jirato".

In recent years, the opening speed of Mixue Bingcheng is crazy. From 2019 to 2021, the company's stores have an average annual net increase of 6,643, with a compound annual growth rate of 68.49%. From January to March 2022, the number of company stores increased by 1,765, of which 1943 were newly opened, and the average of about 22 new stores were opened a day.

As of the end of March 2022, there were about 22,300 stores in Mixue Bingcheng, and the store network covered 31 provinces, autonomous regions, and municipalities in China. In the overseas market, Miyuki Ice City has also opened 317 and 249 stores in Indonesia and Vietnam.

The huge store network of Mixue Ice City mainly relies on franchise support. The prospectus shows that as of the end of March 2022, there were about 22,200 stores in Mixue Bingcheng, and there were only 47 self -operated stores.

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According to the prospectus of Mixue Bingcheng, at present, in the current tea market, the tea of ​​Xixue and Naixue adopt a direct business model; Mixue Bingcheng, the book also burned fairy grass, Gu Yan, a little bit, tea Baidao and other brands Mainly adopt a franchise mode.

From the perspective of the market structure, brands with a large number of stores are mainly franchise models, such as more than 6,600 in Guya stores, and more than 6,500 books in Burning Xiancao stores. In contrast, the stores of the direct -operated route brands are much smaller. Naixue's tea is 900+, Xixi Tea is 800+, and the tea Yan Yue color is 500+.

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According to the prospectus, according to the Ai Media Consultation Report, the market size of the current tea industry in China in 2021 was 279.6 billion yuan, of which the "Honey Snow Ice City" brand store sales in 2021 were about 20 billion yuan, accounting for about current tea making 7.15%of the market size of the drinking industry. In addition, according to the report of the Huajing Industrial Research Institute, in 2021, there are about 390,000 tea shop stores in my country, and the number of stores in the "Honey Snow Ice City" brand is about 20,000 at the end of 2021, accounting for about 5.13 of the total number of current tea drink stores. %.

The gross profit margin is lower than the peers

From 2019 to 2021, Mixue Bingcheng realized operating income of 2.566 billion yuan, 4.680 billion yuan, and 10.351 billion yuan, respectively; net profit attributable to shareholders of parent company was 445 million yuan, 632 million yuan, and 1.91 billion yuan, respectively. In the first quarter of this year, the company realized revenue of 2.434 billion yuan and net profit attributable to 390 million yuan.

The prospectus shows that during the reporting period, the income of Mixue Ice City mainly comes from the sales of all kinds of production of existing beverages and current ice cream, packaging materials, equipment, and operating materials to produce existing beverages and current ice cream, and provide franchise management services. Essence Among them, ingredients are the main sources of income, which accounts for 72.16%in the first quarter of this year.

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The annual revenue exceeds 10 billion, and its gross profit margin does not have advantages in the industry. In the first quarter of 2019, 2020, 2021, and 2022, the gross profit margins of Mixue Ice City's main business were 35.95%, 34.08%, 31.73%, and 30.89%. After the influencing factors of transportation costs were included in the cost of operating costs, the company's main business gross profit margin was 35.95%, 36.67%, 33.98%, and 32.99%, respectively.

This level is significantly lower than Nai Xue's tea and Ruixing coffee. The prospectus shows that from 2019 to 2021, Naixue's tea margin rates were 63.40%, 62.08%, and 67.40%, respectively; Ruixing Coffee's gross profit margin was 46.34%, 50.53%, and 59.84%, respectively.

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In this regard, Mixue Bingcheng explained that during the reporting period, the company's main business gross profit margin level and their changes trends, which are the same as the same -taste food, Yiming food, Barbie Food and Huangshanghuang. It is in line with the characteristics of the industry; because Nai Xue's tea is the direct -operated model and Ruixing Coffee is mainly based on the direct -operated model, its income is the income of stores such as stores and other products, and its operating costs contain only material costs. Therefore, its gross profit margin is higher than that The company and other comparable companies that are mainly franchise models.

However, the gross profit margin of Mixue Bingcheng's direct-operated stores is lower, and during the reporting period, only 5.36%, 4.44%, 10.24%, and -8.21%are during the reporting period. Zhongxin Jingwei noticed that Mixue Bingcheng is mainly responsible for the operation and management of the company's direct -operated stores, Henan Mixue Bingcheng Beverage Co., Ltd., which has a net profit loss of 17.137 million yuan in 2021; the loss of 703,200 yuan in the first quarter of 2022.

Mixue Bingcheng mentioned in the prospectus that in order to play the role of model, demonstration and franchise investment, the location of the company's direct -operated stores is generally located in the landmark location with large people. -2 times, the decoration and equipment and equipment at the same time will be replaced in a timely manner according to 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 of direct camp stores. As a result, the gross profit margin is low.

Zhu Danpeng, vice chairman of the Guangdong Food Safety Promotion Association, believes that Mixue Ice City is different from Na Xue's tea and Ruixing coffee. Follow the appeal. "The low price means impossible to profiteering. If the gross profit margin of Mixue Ice City is high, it also means that the quality of the product may have problems."

The prospectus shows that the average price of tea products in Mixue Bingcheng is 6-8 yuan, which is far lower than Nai Xue's tea, happy tea, and tea face. this price.

Is it difficult to keep the "food safety"?

Zhongxin Jingwei noticed that in the "Special Risk Factors" of the prospectus, Mi Xue Bingcheng ranked food safety risk in the first place.

Mixue Bingcheng said that the company's production and operation chain is long and there are many management links, and the product quality may be unqualified due to negligence or unpredictable factors, and even food safety accidents occur.

The prospectus disclosed that in September 2019, the Dehua Street Branch of Henan Mixue Bingcheng Beverage Co., Ltd. was fined by the Market Supervision and Administration Bureau of the Erqi District of Zhengzhou City for 50,000 yuan because it did not apply for food management permits.

On May 14, 2021, China Quality News Network reported that the three stores of Zhengzhou Yongan Street Store, Jinan Daguan Garden Store, and Wuhan Mahu Commercial Street Store, a subsidiary of Miyuki Ice City, existed in the date of tampering with opening ingredients, using overnight ice cream milk pulp, tea soup and milk tea Effective period of ingredients. This incident has attracted widespread attention. Mixue Bingcheng publicly issued an apology statement on the Internet. The Henan Provincial Market Supervision and Administration Bureau also issued the "About the Date of Catering Services in the province's catering service session. Emergency notice for special inspections for behavior.

After that, the Zhengzhou Market Supervision and Administration Bureau found that some stores in Mixue Bingcheng did use expired ingredients, tampering or tampering on the date of disguise. , And interviewed the relevant person in charge of Mixue Bingcheng, but did not impose administrative penalties for Mixue Bingcheng.

Since the beginning of this year, Mi Xue Bingcheng has repeatedly trapped food safety storms. On August 29th, the topic#8 8 冰 8 8 8 8 8 8 8 8 8#8 8 8 8 8 8 8 8 8; on June 23, the national corporate credit information publicity system disclosed that due to the honey snow drink store in Longshan County, Hunan Province In violation of the Food Safety Law, it was fined 12,000 yuan by the Longshan County Market Supervision and Administration Bureau; in June this year, Beijing Sanyang Zheocheng Trading Co., Ltd. (store name: Mi Xue Bingcheng) was made of tea drinking for the expired frozen litchi juice. Beijing Fengtai District Market Supervision and Administration Bureau fined 5,000 yuan ...

As for whether the frequent food safety issues will affect an IPO of a company, Shen Meng, director of Chan Song Capital, told Zhongxin Jingwei to depend on whether related events have caused large -scale lawsuits or potential punishment. "Caused large -scale lawsuits or potential punishment can cause uncertainty risks to investors. IPO reviews the risk of investors, not the impact on consumers." Shen Meng said.

According to Mixue Ice City, in the next 2-3 years, the company will focus on the construction of the current drinking and current ice cream business to strengthen the construction of the food safety system and increase investment in new product development, production line construction, and warehousing and logistics system construction.

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