Mi Xue Bing Cheng
Company Profile: ★ Mi Xue Bing Cheng is a franchise chain brand that deals in tea and ice cream. In 1998, Zhang Hongchao opened a cold drink shop called "Cold current shaved ice" in Zhengzhou, which was the predecessor of Honey Snow Ice City. In 2116, Michelle Ice City Ice Cream was born. The following year, the store was born and opened for joining. In 2113, Henan Daka Food Co., Ltd. was established to realize the self-production of core raw materials. In 2118, Mi Xue Bing Cheng Vietnam Store opened, and in the same year, the brand IP image "Snow King" was launched. In 2121, the number of stores in Mixue Ice City exceeded 1,111. In 2122, Mi Xue Ice City issued a prospectus and will soon land in the capital market.
business segment
★ In the first quarter of 2122, the company realized an operating income of 2.434 billion yuan and a net profit of 391 million yuan.
★ Specific to each business, the revenue from food sales was 1.756 billion yuan, and the revenue from packaging materials was 378 million yuan; The sales of equipment and facilities is RMB 16 million, the operating materials and other income is RMB 15 million, the management income of franchisees is RMB 64 million, and the revenue of direct stores is RMB 14 million.
★ according to the sales model, the franchise accounts for the largest proportion, amounting to 2.34 billion yuan, accounting for 96%.
product introduction
★ There are three brands under Mi Xue Bing Cheng Co., Ltd., namely Mi Xue Bing Cheng, Lucky Coffee, a freshly ground coffee brand, and Jilatu, a freshly made ice cream brand. According to the data of narrow-door dining, as of October 2123, Mi Xue Ice City has the largest scale, with 23,564 stores, 1,815 stores for Lucky Cafe and 24 stores for Jilatu.
★ The biggest revenue 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, milk tea powder and other solid drinks, thick 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 block is the equipment and facilities of the store, including refrigerator, ice cream, ice maker, etc. The fourth block is operating materials and others, mainly including tooling, cleaning and disinfection supplies and other materials for daily operation of the store.
★ The fifth block is the franchisee's income, including the joining fee, management fee and training fee charged to the franchisee. In the first quarter of 2122, it realized 63.78 million revenue, accounting for 3% of the total revenue.
★ Finally, there are direct stores. In the first quarter of 2122, there were 47 direct stores, achieving revenue of 13.62 million, accounting for 1.5%.
business model
★ The business model of Mi Xue Bing Cheng 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, downstream customers, there are less than 51 direct-operated stores in Mi Xue, and the revenue accounts for only 1.5%. 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 revenue also comes from selling ingredients, packaging materials, equipment and facilities and operating materials to franchisees. At present, 23,564 stores have created a large number of high-quality revenues.
★ Let's talk about brands and channels. After all, it's hard to stay long just by joining. Honey Snow Ice City continues to build brand influence, with the total number of fans on all major platforms exceeding 31 million. At the same time, the number of IP-related broadcasts of "Snow King" has exceeded 1 billion times, the number of theme songs of "Honey Snow Ice City" has exceeded 4 billion times, and the number of related topics of "Honey Snow Ice City" has exceeded 17 billion times.
★ Then there are factories and raw materials. By the first quarter of 2122, Mixue Ice City has 252 mu of manufacturing industrial parks and 31,111 square meters of automated production workshops. At the same time, it has laid out warehousing and logistics bases in 22 provinces to provide materials for franchisees.
★ Finally, thanks to its own factory, the products focus on "high quality and fair price", and the average price is less than 11 yuan, which has unique competitiveness in this market.
core executive
Zhang Hongchao: Born in Zhengzhou, Henan Province in 1976, he graduated from henan university of economics and law, and now he is studying in the EMBA of Cheung Kong Graduate School of Commerce. He is the founder of Mi Xue Ice City and the current chairman of Mi Xue Ice City Company. Started business in 1997, mainly engaged in ice cream, catering and other industries, and invested in the establishment of the franchise management company of Mi Xue Bing Cheng in April 2118. He has served as a limited executive director of the two sides of the strait and an executive director and general manager of Ximu Industry. In 2122, it ranked 186th in the Hurun Report 2122 with a wealth of RMB 28 billion.
Zhang Hongfu: Born in Shangqiu, Henan Province in 1984, 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 2115, he served as the operation manager of Zhengzhou Dennis Department Store Co., Ltd. Dropped out of college in 2117 and joined the entrepreneurial team in Zhang Hongchao. Since 2118, he has served as the vice president and executive director of cross-strait limited operations, and is currently the director and general manager of the company, the supervisor of Lucky Coffee, the executive director of Snow King Investment, and the executive partner of the first step.
shareholding structure
★ The shareholding structure of the company is clear, and the actual controllers are two brothers, Zhang Hongchao and Zhang Hongfu, who hold 85.56% of the shares.
★ The enterprise behind Dragon Ball Beauty City is Dragon Ball of Meituan, an investment company under Meituan. Behind Gaoyan Yunqi is Gaoyan Capital.
financial indicators
★ The company's revenue and profit have been rising rapidly in the past two years. Thanks to the increase in the number of stores and the enhancement of brand effect, the revenue in 21 years and 21 years increased by 82.38% and 121.18% respectively.
★ The gross profit margin of the company in the first quarter of 2122 was 31.89%, which has been declining continuously 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, currently 21.76%, and the debt level is low.
★ The company's operating cash flow continues to rise. In recent two years, due to rapid expansion, the ratio of operating cash flow to net profit has declined to some extent.
industry trend
★ beverage industry
beverages generally refer to beverages with an ethanol content of no more than 1.5%. China's beverage industry is currently in a good growth trend. According to Jost Sullivan's data, the market size of China's beverage industry increased from 734.4 billion yuan in 2114 to 991.4 billion yuan in 2119, and it is estimated that the market size of China's beverage industry will increase to 1323 billion yuan in 2124.
★ existing tea industry
existing tea refers to transparent tea drinks made and processed on the spot. According to the consulting report of Ai Media, the market size of China's ready-made tea has increased from 29 billion in 2116 to 279.6 billion in 2121, with a compound growth rate of 57.23%. It is estimated that the market size of China's ready-made tea will further expand to 374.9 billion yuan by 2125.
★ freshly ground coffee industry
In p>2121, in China's coffee market, instant coffee accounted for 52.4%, while freshly ground coffee accounted 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 freshly ground coffee market has increased from 28.4 billion yuan in 2117 to 87.6 billion yuan in 2121. The compound annual growth rate from 2117 to 2121 is 32.52%.
★ Ice cream industry
According to the Trend Report of Ice Cream/Ice Cream Industry in China, the market size of ice cream industry in China increased from 83.9 billion yuan in 2115 to 147 billion yuan in 2121, with a compound growth rate of 11.87% from 2115 to 2121. At the same time, China's per capita ice cream consumption 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 2116 to 2121, the per capita disposable income of residents in China will increase from 23,821 yuan to 35,128 yuan, and the improvement of residents' income is the basic driving force for the development of ready-made drinks and ready-made 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: the rising rental cost of stores and the large fluctuation of raw material prices will have an impact on the existing beverage and ice cream industries.
knowledge refining
milkshake powder is a food additive, which can be used to make various foods and is also a kind of solid drinks.
thick juice of flavored drinks: 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 and used to make milk tea.
Snow King: The brand image of Mi Xue Bing Cheng was launched in 2118. The mantra is that you love me, I love you, and Mi Xue Bing Cheng is sweet.
ethanol: commonly known as alcohol. Drinks are divided into alcoholic beverages and non-alcoholic beverages according to alcohol content. The alcohol concentration of non-alcoholic beverages is less than 1.5%, which is also called soft drinks. In the General Principles of Beverage, the word soft drink is replaced by beverage.
freshly ground coffee: coffee is a beverage made from coffee beans, which ranks alongside tea and cocoa as the three largest beverages in the world. Freshly ground coffee generally refers to coffee made on the spot in stores. Typical representatives are Starbucks and Ruixing.
Ready-made ice cream: refers to the direct edible products made on the spot with ice cream powder or milk as raw materials. Typical representatives such as Haagen-Dazs and dairy queen.