[Cai Zhi Toutiao] Emerald net profit of 1.9 billion, Mixue Bingcheng impacts A shares, it is difficult to solve food safety issues

Picture source: Mixue Bingcheng official website

"You love me, I love you, honey snow ice city is sweet."

Last summer, Mi Xue Bingcheng uploaded a brand theme song MV at station B. With the popular melody and brainwashing lyrics of the American folk songs, the "virus" spread on the Internet has become a very popular "Snow King". Since then, the "Snow King" has embarked on the road of "GAI slippery", leisure to go to Shanghai's aunt's door to shake his head, and then go to the door of Chabai Road.

Fire online, offline work, Mi Xue Bingcheng borrowed this fire all over the streets.

With these fire attributes, Mi Xue Bingcheng rang the door of A shares. On the evening of September 22, the official website of the China Securities Regulatory Commission showed that the listing application for the listing A -share listing of Mixue Bingcheng has been accepted and officially disclosed the prospectus.

The two -yuan signature ice cream, 6 yuan a cup of signature pearl milk tea ..... Honey snow ice city focuses on "low -priced", does not follow the high -end route, but has deeply cultivated the market. The prospectus shows that at present, Mixue Bingcheng has become an enterprise with an annual income of more than 10 billion yuan, and the number of stores exceeds 20,000.

With the premise of continuous low prices, how can Mixue Bingcheng expand quickly and maintain its profitability? With the disclosure of the prospectus, the market can glimpse the "wealth password" behind it.

However, the "Snow King" of tens of billions of revenue also has hidden concerns. Eye was looking at the listing of Mixue Bingcheng, and the cost of the rapid expansion of Mixue Bingcheng has begun to appear. Food safety rollover issues are common. There are thousands of complaints on Mixue Bingcheng on the black cat complaint platform. At the same time, the long -term low prices have also caused many people to worry about their raw materials costs.

Annual income exceeds 10 billion yuan, raising nearly 6.5 billion yuan

Miyuki Bingcheng made a lot of money, which was intuitively reflected in the company's performance.

According to the prospectus, from 2019 to 2021, the operating income of Mixue Bingcheng was 2.566 billion yuan, 4.680 billion yuan, and 10.351 billion yuan, respectively. In 2020 and 2021, it increased by 82.38%and 121.18%compared with the same period of the previous year. During the same period, the net profit of Muxue Bingcheng was 445 million yuan, 632 million yuan, and 1.91 billion yuan, respectively, and increased by 104.58%and 106.05%in the same period in the next two years.

In addition, in the first quarter of this year, Mixue Bingcheng realized operating income of 2.434 billion yuan, and the net profit of the same period was about 390 million yuan.

Photo source: Honey Xue Bingcheng Prospectus

In other words, in just three years, Mixue Bingcheng's performance has been doubled.

In contrast, Naixue's tea (02150.HK), who had landed in Hong Kong stocks earlier, was still in a loss state. In 2021, revenue achieved 4.297 billion yuan, an increase of 40.5%year -on -year. After adjustment, the net profit loss was 145 million yuan. This is Nai Xue's losses for four consecutive years.

By the middle of 2022, Naixue's tea performance would still be bleak. In the first half of the year, it achieved revenue of 2.045 billion yuan, a year -on -year decrease of 3.8%, and after adjustment, it lost 249 million yuan.

Someone can't help wondering, the price of 4 yuan and 6 yuan of Mixue Bingcheng, how to make money so cheap?

The prospectus also revealed the answer. In fact, Mixue Bingcheng did not make money by tea, but to make money by selling raw materials. It is understood that the main products of Mixue Bingcheng include ingredients, packaging materials, equipment and facilities, etc. More than 70 % of their revenue comes from ingredients.

Taking the straw as an example, in 2021, the sales revenue of the Mixue Bingcheng straw was 306 million yuan, accounting for 2.96%of the company's annual revenue. It is understood that the average sales price of the company's straws in 2021 was 0.1 yuan/root. In other words, Mixue Bingcheng sold about 3 billion straws throughout the year in 2021.

Photo source: Honey Xue Bingcheng Prospectus

This time, the "appetite" of Mixue Bingcheng, which is towards the capital market, has opened up nearly 6.5 billion yuan, and up to 12 projects, including 5 production and construction projects, 3 storage and logistics supporting projects, and 3 storage and logistics supporting projects. 3 other comprehensive supporting projects and supplementary funds.

Among them, the supplementary funds of the mobile funds are the project with the highest fundraising of these 12 projects, reaching 1.9 billion yuan. In addition, the “Ding'an County Mixue Bingcheng Food Processing Project (Phase I)”, which belongs to the production and construction project, is also relatively high, which is also relatively high, which is 1.076 billion yuan.

Photo source: Honey Xue Bingcheng Prospectus

It is worth noting that it is not "bad money" to spend 1.9 billion yuan of replenishment. The prospectus shows that as of the end of the first quarter of this year, the balance of currency funds on Mixue Bingcheng's account was 3.067 billion yuan. Mixue Bingcheng said that most of the existing monetary funds in the company have clearly arranged.

The road of "Snow King" has hidden concerns about the road of life

"The company mainly adopts the sales model of" direct -operated chain as the guide, joining chain as the main body ", and sells existing drinks and current ice cream products through stores." Mi Xue Bingcheng admits the main reasons for rapid expansion in recent years.

In the past two years of going to the market, Mixue Bingcheng opened the store crazy. From 2019 to 2021, the total number of Mixue Ice City stores was 7,225, 13,126 and 20511, respectively. The number of franchise stores reached 22,229 at the end of March 2022.

Photo source: Honey Xue Bingcheng Prospectus

It is also these 20,000 franchisees that they need to purchase a series of products including all kinds of ingredients, packaging materials, equipment and facilities, and operating materials, including various types of production of existing beverages and current ice cream. , Ten billion yuan in revenue for "Snow King". Joining sales have also become the core of the Mixue Bingcheng marketing system, and the sales revenue of each period accounts for more than 96%of its main business income. It stated in the prospectus: "During the reporting period, the number of franchise stores has grown rapidly and the scale of income continues to expand, indicating that the company's franchise sales model has been widely recognized by consumers and franchisees."

20,000 franchisees helped the "Snow King" to the peak of life, but this is not the case.

For Mi Xue Bingcheng, in the food industry, food safety issues in the franchise mode are also the "Damoris Sword" hanging on the head. The hidden food safety hazards of related stores will have a direct negative impact on the brand.

Recently, food safety issues have been exposed in multiple Money Snow Ice City stores across the country.

On June 23, the Mixue Beverage Store in Longshan County, Hunan, Hunan County was fined 12,000 yuan by the Longshan County Market Supervision and Administration Bureau for violation of the Food Safety Law. In April of this year, customers bought ice fresh lemonade and found that there were bugs. After the mediation shop apologized to rebuild a drink, and provided the customer with 200 face value coupons for 1 yuan to explain compensation.

On August 19, customers from Zhoukou, Henan drank dead insects; on August 15th, Xi'an customers in Shaanxi drank flies. The store said that the drink was sealed by the flies. The store said that there were too many flying insects in summer; on August 3, customers of Zhejiang Huzhou claimed to have a cigarette butt, and the store said it was a mulberry stalk; on July 28, Guangzhou drank a fly with customers.

Search for the four words "Honey Snow Ice City" on the black cat complaint platform. There are thousands of content reflecting product hygiene problems, such as "drinking foreign objects in drinks", "a lot of black floccope", "eating flies" and many more.

If there is a problem with a store, maybe you can dump the franchisee. There are problems with so many stores. Maybe there is a problem with the franchise model of Mixue Bingcheng itself?

The ambition of "Snow King" is not just tea

In addition to seeking listing, Mixue Bingcheng is still actively deploying diversified industries. In addition to the well -known Honey Snow Ice City, it has also expanded the two major chain brands of "lucky coffee" and "polar Latu", layout the existing grinding coffee brand, the current ice cream brand and bottled water.

Data show that the number of lucky coffee and Ji Latu has increased from 9 and 6 in 2019 to 629 and 18 at the end of March 2022.

From the prospectus, lucky coffee has achieved considerable growth. In the first three months of 2019 to 2022, the number of lucky coffee franchise stores was 9, 140, 463 and 629, respectively. In 2020, Zhang Hongfu, one of the founders of Mi Xue Bingcheng, personally led the team to follow up the project, upgraded the brand, and announced the opening of the franchise. It aims to sink the coffee market to create a "honey snow ice city". Now it seems that it has begun results.

Photo source: Honey Xue Bingcheng Prospectus

In addition, Mi Xue has adhered to the construction of a "Snow King Universe" since last year and opened a borderless game.

Last year, Mi Xue Bingcheng opened a home experience store in Zhengzhou in the "Base Camp", played the concept of space, moved the stew and bapto into the drink, and created coconut milk stew noodles and baptut ice cream.

In 2021, Mixue Bingcheng established Xuewang Investment Company, and successively invested in Guangdong's tea brand Huijiu Tea and Henan Chicken Box Catering Enterprise Management Co., Ltd. Among them, the boxed fried chicken was established in 2014. It is a brand operation headquarters of the China Yongfood Group, a subsidiary of the Yongfood Group.

Not only that, Mi Xue Bingcheng has been seeking the road of overseas expansion and launched the overseas tea brand Mixue. Since 2018, it has successfully entered Vietnam, Indonesia, the Philippines and other countries. Recently, it was announced to open the first local store in Singapore and Malaysia.

On March 14 this year, Mixue Bingcheng established a technology company. The company's investigation shows that the registered capital of Xuewang Xingji Technology Co., Ltd. is 50 million yuan, which is wholly -owned by Mixue Bingcheng Co., Ltd. The business scope includes food Internet sales; beverage production; small catering, snacks, and small food workshops, and more intelligent robots research and development; industrial Internet data services; artificial intelligence industry application system integration services, etc.

Photo source: Enterprise Check

From the perspective of the industry, the crazy layout of Mixue Ice City has nothing to do with listing. The "horse race circle" before listing may have the opportunity to win a higher valuation of the capital market.

(WeChat public account "Caizhi Headline" comprehensive from: Beijing Commercial Daily, Beijing News, Beijing Youth Daily, Interface News, etc.)

Edit: Bai Jing

School pair: Yuan Kai

Review: Gong Zimo

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