Honey Snow Ice City sprints A shares, with a net profit of 4.33 million. Where is the short board?

Source | Zero One Finance

Author | Mr. Da

The main battlefield of the new tea drink has shifted from the end of the street to the capital market.

On September 22, 2022, the official website of the Securities and Futures 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.

The prospectus shows that Mixue Bingcheng's performance has grown at a high speed in recent years. In the first quarter of 2019, 2020, 2021 and 2022, the operating income of Mixue Bingcheng was 2.566 billion yuan, 4.680 billion yuan, 10.351 billion yuan, and 2.434 billion yuan, of which the year -on -year growth rates in 2020 and 2021 were respectively. It was 82.38%and 121.18%; in 2019, 2020, 2021 and the first quarter of 2022, the net profit of Mixue Bingcheng was 442 million yuan, 631 million yuan, 1.912 billion yuan, and 390 million yuan, of which 2020 and in 2020 and and of. In 2021, 42.81%and 203.09%, respectively.

In terms of net profit, Miyuki Bingcheng made a net profit of 4.33 million yuan per day in the first quarter of 2022.

The growth story of a new tea company is often inseparable from brand, scale and supply chain. Judging from these three aspects, after 2021, the cognitive degree of Mixue Bingcheng brand has reached a new level. It also proves the improvement of its supply chain.

It seems that everything is good, but there is no perfect business model in the world. Where is the short board of Honey Snow Ice City?

Brand construction leapfrog development

The origin of the Mixue Bingcheng brand dates back to the "Cold Stream Bing" opened by Zhang Hongchao in 1997. Later, Zhang Hongchao opened the Chinese Western Restaurant in Honey Snow Ice City and opened the cooked restaurant of Honey Snow Ice City. After a few years of exploration, it opened the market with a fresh ice cream priced at 2 yuan. One of the business.

Many netizens commented that Honey Snow Ice City is "not taking customers as foreigners." Milk tea powder and syrup are placed in the store. Crafts and skills.

The product is a bit unknown -ice cream 3 yuan, lemonade 4 yuan, American coffee 5 yuan, pearl milk tea 6 yuan, and netizens ridiculed "Honey snow ice city is not poor, I don't think Honey Snow Ice City Low" Essence

Calm -priced and close people have always been labels of Mixue Bingcheng. Until 2021, Mixue Bingcheng's brand awareness has reached a new level. The turnover is the release of the brand theme song. No one can read the phrase "you love me, I love you, the sweet snow ice city sweet".

Only on the station B channel, the MV of the theme song of Mixue Bingcheng has more than 20 million playback volume. This is the dream of many official accounts of many merchants.

Another explosion is public welfare investment. Since 2020, Miyuki Bingcheng has donated more than 41 million yuan in the process of flood relief and anti -epidemic, and has also reduced the franchise fee for franchisees. In 2021 "720" Zhengzhou Extraordinary Rainstorm disaster, Henan Province, Henan Province, was the value of more than 8 million yuan in disaster relief supplies such as water, milk, yogurt, and yogurt to the affected areas. Added 26 million yuan for additional donations.

These explosive comprehensive effects make Mixue Bingcheng quickly become a "national brand". The stores of Mixue Bingcheng have been visible everywhere. At present, the store network of Mixue Bingcheng has covered 31 provincial units in China, and has opened 317 and 249 stores in Indonesia and Vietnam. Drink chain companies.

Play the "scale effect"

As of the end of March 2022, Mixue Bingcheng had 22,276 stores. At the beginning of 2019, the number of stores in Mixue Bingcheng was still 4,553, with a net increase of 5,757 stores in 2020, 7,058 stores in 2021, and a compound annual growth rate of stores from 2019 to 2021 was 68.49%. In the first quarter of 2022, Mixue Bingcheng added 1765 stores.

For Mixue Bingcheng, the number of stores is not only related to the brand, but also to profit, because the head office earns the money of the store franchisee -the income of Mixue Bingcheng is mainly due to the sales of various types of production to franchisees. Drinks and current ice cream ingredients, packaging materials, equipment and facilities, operating materials and other products, and provide franchise management services. Among the 22,276 stores in Mixue Bingcheng, the number of franchise stores was 2,2229, accounting for 99.8%.

In the franchise model of Mixue Bingcheng, Mixue Bingcheng sells products, packaging materials, equipment, equipment, operating materials and other products to various franchise stores, and collect franchise fees, management fees, training fees, etc. from franchise stores.

The ingredients are the main sources of income from Mixue Ice City. In 2019, 2020, and 2021, the proportion of 69.59%, 69.76%, and 69.89%, respectively, and stable revenue ratio was close to 70%. The ingredients mainly include solid drinks such as milkshake powder, milk tea powder, thick flavors such as sucrose, juice and other flavors, as well as various ingredients such as jams, tea, and fruits. In the first quarter of 2022 Increased 1.756 billion yuan in revenue and contributed 72%of revenue. In addition, Mixue Bingcheng also sells peripheral products such as tea bags, cups, dolls and other peripheral products through e -commerce channels. 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. The franchisee fees are divided into 7,000 yuan/year, 9,000 yuan/year, 11,000 yuan/year different standards according to urban levels (county -level, prefecture -level, provincial capitals). In addition to these expenses, franchisees also need to bear management fees, consulting fees, equipment purchase, raw materials procurement, decoration and store costs (renovation must be reinstalled every 3 years). The start -up fee given by the official website starts from 370,000 yuan.

The number of stores also affects the purchase costs of the raw materials of Honey Snow Ice City. According to the official website, more than 20,000 stores have the advantage of bargaining the procurement of Milkxuebing City for upstream milk, tea, fruits, coffee, and sugar, which can purchase high -quality ingredients at low cost.

In terms of warehousing, as of March 2022, Mixue Bingcheng has established warehousing and logistics bases in 22 provinces including Henan, Sichuan, Xinjiang, Jiangsu, Guangdong, and Liaoning. In addition to the base, through cooperation with logistics companies, Mixue Bingcheng has established a logistics and transportation network covering the country.

The scale effect of the number of stores supports the low -cost and highly profitable business model of Mixue Bingcheng. In this business model, the rise in raw material prices affects the gross profit margin of Honey Snow Ice City.

The prospectus shows that the main business gross profit margins of Mixue Bingcheng in 2019, 2020, 2021, and 2022 were 35.95%, 34.08%, 31.73%, and 30.89%, respectively. After counting the transportation costs in the sales expenses into the influencing factors of operating costs, the gross profit margin of the main business was 35.95%, 36.67%, 33.98%, and 32.99%, respectively, showing a slow decline.

The hidden worry of water can carry boats

The head office makes money by the franchisee store, and the average daily net profit is 4.33 million yuan. Can the majority of franchisees make money by selling thin profits?

The early investment in different cities and different stores is different from the profit level. Multiple videos of station B have certain estimates.@B b b calculates the data of a honey snow and ice city in Beijing. The single -day income day of the store is about 10,000 yuan, and the single -day income on the weekend is about 11,500 yuan. The total revenue of a single month in the peak season exceeds 300,000 yuan, and the annual sales (off -season+peak season) sales are about 2 million yuan. In terms of cost, the total operating cost of about 1.7 million yuan is integrated in terms of cost, decoration costs, material costs, personnel costs, and other expenses. The net profit is about 300,000 yuan each year. The minimum value starting price recommended by the official website of Mixue Bingcheng is calculated by 370,000 yuan. Stores with hot business in first -tier cities take at least 13 months to return to the book.

Among the 22276 stores of Mixue Bingcheng, there are only 47 direct -operated stores. The number is almost negligible compared to franchise stores. The product mainly depends on franchise stores to provide. At present, it is still a story of water that can carry boats.

What about risks? The prospectus of Mixue Bingcheng shows that risks mainly include market competitive risks, consumer demand, and risk of changes in consumer habits, volatility risks of raw material procurement prices, food safety risks, and quality control risks.

The risk of fluctuations in the procurement price of raw materials has been reflected in the gross profit margin of Mixue Ice City. Food safety risks and quality control risks have pushed Honey Snow Ice City many times to hot search.

In March 2022, Baixiangmi Xuebing City Beverage Store, Xiangchuan County, Gansu County, was fined 10,000 yuan by the production and processing food of food raw materials that exceeded the shelf life. Yao Snow Ice City Milk Tea Store in the Yao Autonomous County expired due to multiple bags of "roast coffee powder" and was fined 2,000 yuan. In June 2022, Mixue Beverage Store, Longshan County, Hunan Province, was found in the ice fresh lemonade in the takeaway. The local market supervision and administration bureau was fined 12,000 yuan.

The product control of the franchise store affects the brand reputation of Mixue Bingcheng. Miyuki Bingcheng itself put food safety risks in the prospectus. The company's production and operation chain is long and there are many management links. The product quality problems may occur due to negligence or unpredictable factors.

Guangfa Securities is the main inheritor of the listing of Mixue Bingcheng, and also disclosed the "Report on the first public offering of stocks and listing counseling" of Mixue Bingcheng Co., Ltd.. The report shows that Guangfa Securities focuses on urging Mixue Bingcheng to further improve internal control, strengthen the management and control of franchisees, and fully investigate and effectively reduce the risks of food safety of franchisees. At the same time, Guangfa Securities urged Mixue Bingcheng to continue to strengthen the control of third -party repayments, reducing the amount of third -party repayment of franchisees.

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