"Snow King" IPO, Miyuki Ice City's annual profit of 1.9 billion, the vitality of the consumer market is still

Future Network, Beijing, September 23 (Reporter Zhang Bingqing) "Snow King" Honey Snow Bingcheng is just one step away from the official knocking bell.

On September 22, the information of 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") has been accepted and officially pre -disclosed the prospectus. , Sprint "The First Stock of A -Share New Tea".

Judging from the prospectus, the revenue and net profit of Mixue Bingcheng are very considerable. In 2020 and 2021, operating income grew rapidly, with 4.680 billion yuan and 10.351 billion yuan, respectively, an increase of 82.38%and 121.18%over the same period last year.

"The IPO of Mixue Bingcheng does show the vitality of my country's consumer market and the consumption potential is huge. At present, China has become one of the largest single consumer markets in the world, and it will even surpass the United States in the future." Central Finance and Economics will be. "Central Finance and Economics. In an interview with Future Network reporters, Liu Chunsheng, an associate professor of university, said, "The case of Mi Xue Bingcheng has proved that my country's sinking market is still the basic market for the consumer market. . It boosted market confidence and explained that the domestic consumer market is constantly being released. With people's income level, consumer potential will definitely be continuously released with economic growth. "

3 yuan cone, 4 yuan lemonade high cost performance brings 60 billion valuations

When it comes to the "Snow King" Honey Snow Ice City, in addition to the well -known "sweet" song, it is the sweet microphone with only 3 yuan and 4 yuan lemonade. This kind of honey snow ice city is the most popular product. Unlike the current high -end pricing of the new -style tea drink, Mixue Ice City focuses on thin profits.

The relevant person in charge of Mixue Bingcheng has previously revealed that the company's gross profit margin is about 50%, because the pricing logic is that the cost of product material is half the price of the price.

Zhang Hongchao, the founder of Mixue Bingcheng, who was born in grassroots families, laid the underlying logic of the commercial map of the honey snow ice city after several entrepreneurial experience accumulation -low -priced, out of volume, and profit sales.

In 2006, Mi Xue Bingcheng "out of the circle" in the similar restaurant in Zhengzhou with a price of 1 yuan. Now 3 yuan of cone and 4 yuan lemonade, 5 yuan a cup of ice American style, compared to the fresh fruit of fresh fruits that are 20 or 30 yuan, high cost performance has become the only way to overcome Volkswagen consumers.

At the same time, high cost performance brings rapid revenue growth. The prospectus shows that the revenue of Miyuki Bingcheng in 2019, 2020, and 2021 was 2.566 billion, 4.68 billion, and 10.351 billion, respectively, and the net profit of the deductible mother was 438 million, 896 million yuan, and 1.845 billion yuan, respectively.

Miyuki Ice City Profit Source: Honey Xue Bingcheng Prospectus

From the data point of view, Mixue Bingcheng's revenue in 2021 increased by 121%year -on -year. It can be seen that even under the continuous influence of the epidemic, the performance of Mixue Bingcheng is still considerable.

The revenue in the first quarter of Honey Snow Ice City was 2.434 billion yuan in the first quarter of 2022, and the net profit after deduction was 376 million yuan.

In addition, the other aspect of supporting Mixue Bingcheng is the franchise store like wildfire. "No middlemen earn the difference, cost price supply franchisees." The words written on the official website seem to be more than just talking.

According to its prospectus, as of March 2022, there were 22,2229 franchise stores and 47 direct -operated stores, with a total of 22,276. Among them, Mixue Bingcheng also expanded its business overseas, and opened 317 and 249 "Mixue Ice City" stores in Indonesia and Vietnam.

Unlike other players of the new tea track, Mixue Bingcheng neither go to the direct business model of burning money, nor does it go to join the pumping model. According to the official website of Mixue Bingcheng, its franchise model is a single store franchise, which needs to be operated wholly by franchisees. The company does not participate in the sharing. It is necessary to become a franchisee in the cities of the provincial capital. The annual franchise fee is 11,000 yuan, the prefecture -level city franchise fee is 9,000 yuan/year, and the franchise fee required by the county -level city is 7,000 yuan/year. Miyuki Bingcheng predicts that opening a honey snow ice city franchise store will start at 370,000 yuan.

Picture source Mixue Bingcheng official website

In early 2021, after the US Dragon Ball Capital, Gao Yan Capital and other investment institutions exceeded 2 billion in financing, Mi Xue Bingcheng valued at 20 billion yuan; in October 2021, according to LatePost reports in the evening, Mixue Bingcheng The valuation has reached 60 billion yuan, which is the same as the valuation of Xizhu.

The consumer market is vibrant and enthusiastic, Mi Xuebing City has done the right thing

Behind the cost-effectiveness is the self-built supply chain that Mixue Bingcheng insists on the profit-making and multi-selling, in order to maintain the average price of 6-8 yuan/cup.

Public information shows that in raw materials, as early as 2012, Mixue Bingcheng established an independent R & D center and central factory, which took the lead in realizing the self -sufficiency of raw materials. The first brand to carry out materials for free. Later, a R & D center was established in Shanghai and Shenzhen, which realized the closed loop of the entire supply chain system.

Based on the continuous expansion of purchasing volume, Mixue Bingcheng also responded to the strategy of rural revitalization and development, which widely involved the initial processing and deep processing of agricultural and sideline products such as sugar, milk, tea, coffee, fruits, and grains. Industrialization level.

In September 2020, Mixue Bingcheng registered the establishment of "Sichuan Snow King Lemon Co., Ltd." in Anyue County, Sichuan Province, engaged in lemon collection and operation, and provided scientific planting and materials for fruit farmers with Sinochemical Modern Agriculture Co., Ltd. support. In 2021, the single -year lemon purchase volume of Mixue Bingcheng has exceeded 50,000 tons. It is estimated that by the end of 2022, the size of the company's high -quality lemon base in Anyue will reach 50,000 mu. In addition, the prospectus announced from Mixue Bingcheng shows that ingredients are the most important source of income for Mixue Ice City, with a stable revenue ratio of about 70%. From January to March 2022, only 1.756 billion were sold to franchisees. Metal revenue contributed 72%of revenue. Packaging materials accounted for 15%to 17%, and the revenue of equipment and facilities contributed about 7%, but from January to March this year to 4.78%. About 2%of the year increased to 4.32%. At the business level, the management costs charged by Mixue Bingcheng to franchise stores plus their sales revenue of their direct -operated stores, accounting for about 4%of their revenue.

In Liu Chunsheng's view, Mi Xue Bingcheng's success was done right.

First of all, the enthusiasm of consumer goods such as milk tea and fruit tea is unabated, which is in line with the current popular trend. It is also a product that young people like to see. At the same time, it has cultivated the consumption habits of users. Tea is already a new consumer choice for young generations. And Mixue Bingcheng continued to expand in 2021, and also made efforts in marketing. The theme song MV "You Love Me, I Love You, Honey Xuebing City Sweet" launched in June of the same year, magical music quickly comes out Circle, a lot of traffic has accumulated.

Secondly, the price of Mixue Bingcheng, so not only in the first- and second -tier cities, can see its figures, in third- and fourth -tier cities, and even small towns, they can also see it. The potential for the market for excavation is huge, and Mixue Bingcheng just seizes the needs of consumer consumers in the market.

"In fact, the young people in the town also have huge consumer demand. With the continuous improvement of the living standards of the young people in the town and the continuous improvement of the income level, the sinking market will make a lot of vitality in the future." Liu Chunsheng admits that Mi Xuebing The city IPO actually provides a very good sample for the domestic consumer goods market and the food and beverage industry.

The "2021 New Tea Research Report" released by the China Chain Management Association shows that the growth rate of the new tea market in 2020 is 26.1%, but in the next 2-3 years, the overall growth rate of new tea drink will slow down, 10%-15%will be Steady and medium -speed development.

In addition, there have been opinions that Mixue Bingcheng not only seized the market for the new tea track, but also snatched the market for convenience stores, supermarkets, and 5 dollars in water.

Recently, Mixue Bingcheng has reported the news of "officially entering the bottled water track". According to the information of the enterprise, the appearance of the bottle (heavy snow king) applied by Mi Xuebing City was authorized on September 13th.

Although Miyuki Bingcheng said that the bottled water business is still in the internal test stage, a series of actions have indicated that the bottle water market has quietly begun to lay out. It seems that there are already ambitions to seize the consumer water industry.

"In the final analysis, it is still necessary to maintain economic growth and maintain the continuous improvement of people's income levels. If the enterprise uses strategies, it can take advantage of the trend. Trend. "Liu Chunsheng said frankly.

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