Company Profile: ★ Mixue Ice City is a chain brand specializing in tea and ice cream. 1998, Zhang Hongchao opened a cold drink shop in Zhengzhou called "cold current shaved ice", which is the predecessor of Mi Xue Ice City. In 2006, Michelle Ice City Ice Cream was born. The following year, the store was born and opened for business. On 20 13, Henan daka food co., ltd was established to realize self-production and self-marketing of core raw materials. On 20 18, Mi Xue Ice City Vietnam Store opened, and in the same year, the brand IP image "Snow King" was launched. In 2020, the number of stores in Mixue Ice City exceeded 1 10,000. In 2022, Mi Xue Ice City issued a prospectus and will soon land in the capital market.
Commercial license plate
★ In the first quarter of 2022, the company realized an operating income of 2.434 billion yuan and a net profit of 390 million yuan.
★ Specific to various businesses, including food sales income of 65.438+75.6 million yuan and packaging material income of 378 million yuan; Sales of equipment and facilities1.1.60 million yuan, operating materials and other income1.50 million yuan, management income of franchisees 64 million yuan, and income of direct stores1.40 million yuan.
★ According to the sales model, franchisees account for the largest proportion, amounting to 2.34 billion yuan, accounting for 96%.
Product introduction
★ Mi Xue Bing Cheng Co., Ltd. has three brands, namely Mi Xue Bing Cheng, a brand of freshly ground coffee, and Jilatu, a brand of freshly made ice cream. According to the catering data of Narrow Gate, by the end of 2023, the scale of Mixue Ice City will be the largest, with 23,564 stores, Lucky Cafe 1805 stores and 24 stores in Jilatu.
★ The biggest income of the company comes from the sales of ingredients, that is, the ingredients needed to make milk tea and ice cream are sold to franchisees. These include milkshake powder, solid drinks such as milk tea powder, concentrated syrup of flavored drinks such as sucrose and fruit juice, jam, fruit and tea. Revenue accounted for 72%.
★ The second piece is the packaging materials needed for milk tea, such as cups, packaging bags and straws.
★ The third piece is the equipment and facilities of the store, including refrigerator, ice cream and ice maker. The fourth piece is business materials and others, mainly including tooling, cleaning and disinfection supplies and other materials for daily operation of shops.
★ The fifth piece is the franchisee's income, including the joining fee, management fee and training fee charged to the franchisee. In the first quarter of 2022, it achieved 63.78 million revenue, accounting for 3% of the total revenue.
★ Finally, there are direct stores. In the first quarter of 2022, there were 47 directly operated stores, with revenue of 654.38+03.62 million, accounting for 0.5%.
business model
★ Mi Xue Bing Cheng's business model is unique in the milk tea industry, because it is not a milk tea enterprise at all, but a supplier of milk tea shops, with a complete industrial chain of milk tea product research and development, production, logistics and sales.
★ First of all, there are downstream customers. There are less than 50 Mi Xue direct stores, and the revenue ratio is only 0.5%. Mi Xue's strategy is "direct chain as the guide and franchise chain as the main body". Therefore, the biggest customer is actually a franchisee, and the main income also comes from selling ingredients, packaging materials, equipment and facilities, and operating materials to franchisees. At present, 23,564 stores have created a lot of high-quality revenue.
★ Let's talk about brands and channels first. After all, it is difficult to join for a long time. Mixue Ice City continues to build brand influence, with the total number of fans on all major platforms exceeding 30 million. At the same time, the IP related broadcast volume of Snow King exceeded 65.438+0 billion, the theme song of Honey Snow Ice City exceeded 4 billion, and the related topics of Honey Snow Ice City exceeded 65.438+0.7 billion.
★ Then there are factories and raw materials. By the first quarter of 2022, Mixue Ice City has 252 mu of manufacturing industrial park and 1.3 million square meters of automated production workshop. At the same time, warehouse and logistics bases are laid out in 22 provinces to provide materials for franchisees.
★ Finally, thanks to our own factory, our products focus on "high quality and good price", and the average price is less than 10 yuan, which has unique competitiveness in this market.
Core executives
Zhang Hongchao: 1976 was born in Zhengzhou, Henan Province, graduated from henan university of economics and law, and is now studying in the EMBA of Cheung Kong Graduate School of Commerce. He is the founder of Mixue Ice City, and now he is the chairman of Mixue Ice City Company. 1997 started a business, mainly engaged in ice cream, catering and other industries. In April 2008, it invested in the establishment of a limited franchise management company on both sides of Mixue Ice City. He has served as a limited executive director across the Taiwan Strait, executive director and general manager of Ximu Industry. In 2022, it ranked 186 in Hurun Report 2022, with a wealth of 28 billion RMB.
Zhang Hongfu: 1984 was born in Shangqiu, Henan province. He is the younger brother of Zhang Hongchao, and now he is studying in the EMBA of Cheung Kong Graduate School of Commerce. In August 2005, he served as the operation manager of Zhengzhou Dennis Department Store Co., Ltd., dropped out of college in 2007 and joined the entrepreneurial team in Zhang Hongchao. Since 2008, he has served as the vice president and executive director of cross-strait limited operations. He is currently the director and general manager of the company, the supervisor of Lucky Coffee, the executive director of Snow King Investment and the first-step executive partner.
equity structure
★ The company's shareholding structure is clear, and the actual controllers are two brothers, Chairman Zhang Hongchao and Zhang Hongfu, holding 85.56% of the shares.
★ The enterprise behind Dragon Ball Meicheng is Meituan Dragon Ball, an investment company under Meituan. Behind Gao Yan Yun Qi is Gao Yan Capital.
financial target
In the past two years, the company's income and profits have been rising rapidly. Thanks to the increase in the number of stores and the enhancement of brand effect, the revenue in 20 years and 2 1 year increased by 82.38% and 12 1. 18% respectively.
★ The gross profit margin of the company in the first quarter of 2022 was 30.89%, which has been declining in recent years, mainly due to the rising cost of raw materials such as high fructose corn syrup and whole milk powder.
★ The company's debt ratio is gradually decreasing, and it is currently 265,438+0.76%, with a low debt level.
★ The company's operating cash flow continues to rise. In recent two years, due to the rapid expansion, the proportion of operating cash flow to net profit has declined to some extent.
Industry trend
★ Beverage industry
Drinks generally refer to drinks with an alcohol content of no more than 0.5%. The beverage industry in China is currently in a good growth trend. According to yost Sullivan's data, the market scale of China's beverage industry has increased from 734.4 billion yuan in 20 14 to 991400 million yuan in 20 19. It is estimated that the market scale of China beverage industry will grow to132.3 billion yuan in 2024.
★ Ready-made tea industry
Ready-made tea refers to transparent tea drinks made and processed on site. According to the consulting report of Ai Media, the market size of ready-made tea in China increased from 29 1 billion in 2065438 to 279.6 billion in 20021year, with a compound annual growth rate of 57.23%. It is estimated that by 2025, the market scale of finished tea in China will further expand to 374.9 billion yuan.
★ freshly ground coffee industry
In 2020, in the coffee market in China, instant coffee accounts for 52.4%, while freshly ground coffee accounts for 36.5%. With the increase of the number of freshly ground coffee shops, the consumption of freshly ground coffee in China will gradually increase. In terms of market scale, the market of freshly ground coffee increased from 28.4 billion yuan in 20 17 to 87.6 billion yuan in 20021year. The compound annual growth rate from 20 17 to 202/kloc-0 is 32.52%.
★ Ready-made ice cream industry
China Ice Cream/Ice Cream Industry Trend Report shows that the market size of ice cream industry in China has increased from 83.9 billion yuan in 20 15 to147 billion yuan in 2020, with a compound growth rate of 201.87% in 2005. At the same time, the per capita consumption of ice cream in China is still far below the global average, and there is still much room for development in the future.
★ Factors affecting the development of the industry in the future
★ Favorable factors: From 20 16 to 202 1 year, the national per capita disposable income increased from 2382 1 yuan to 35 128 yuan, and the improvement of residents' income is the basic driving force for the development of ready-made drinks and ice cream. At the same time, the rapid development of logistics cold chain transportation and preservation technology ensures the safety and freshness of products.
★ Disadvantages: Rising store rental costs and fluctuating raw material prices will have an impact on the existing beverage and ice cream industries.
Knowledge refining
Milkshake powder: it is a kind of food additive, which can be used to make various foods and is also a solid drink.
Flavor beverage thick paste: actually, it is concentrated juice, which needs to be diluted with water before eating and finally processed.
Brown sugar: a kind of sucrose, which can be used to make milk tea.
Jam: It is a mixture of fruit, sugar and acidity regulator, which can be coated on bread to make milk tea.
Snow King: The brand image of Mi Xue Bing Cheng was released on 20 18. The mantra is that you love me, I love you, and Michelle Ice City is sweet.
Ethanol: commonly known as alcohol. Drinks are divided into alcoholic beverages and non-alcoholic beverages according to alcohol content. Non-alcoholic beverages with an alcohol concentration of less than 0.5% are also called soft drinks. In the General Principles of Drinks, the word soft drinks is replaced by drinks.
Freshly ground coffee: Coffee is a kind of beverage made from coffee beans, which ranks as the world's three largest beverages alongside tea and cocoa. Freshly ground coffee generally refers to coffee made locally in shops. Typical representatives are Starbucks and Ruixing.
Fresh ice cream: refers to the direct edible products made on the spot with ice cream powder or milk slurry as raw materials. Haagen-Dazs, Dairy Queen and other typical representatives.