Stocks IPO

"Snow King" has submitted a secondary application to the Hong Kong Stock Exchange! Mixue Ice City updates its prospectus: with over 450,000 stores, the revenue in 2023 exceeds 20 billion yuan.

被誉为“国民连锁茶饮第一股”的蜜雪冰城去年1月启动赴港上市后，时隔一年更新招股书，继续闯关上市。

1月1日，港交所文件显示，蜜雪冰城股份有限公司（简称“蜜雪冰城”）更新上市申请书。值得注意的是，这并非蜜雪冰城首次闯关资本市场。此前，蜜雪冰城拟在A股市场首次公开发行股票并上市，2022年9月，蜜雪冰城计划登陆深交所主板，拟募集64.96亿元，但随后没有进一步消息。2024年1月蜜雪冰城披露港股招股书赴港上市，但此后同样未有进展。

中国第一现制饮品企业

被称为“国民连锁茶饮第一股”的蜜雪冰城，在最新的港股招股书这么介绍，蜜雪冰城是一家全球领先的现制饮品企业，聚焦为广大消费者提供单价约6元（约1美元）的高质平价的现制果饮、茶饮、冰淇淋和咖啡等产品。蜜雪冰城旗下有现制茶饮品牌“蜜雪冰城”和现磨咖啡品牌“幸运咖”。

截至2024年9月30日，蜜雪冰城通过加盟模式发展的门店网络在中国和海外拥有超过45000家门店，覆盖中国及海外11个国家（包括印度尼西亚、越南、马来西亚、泰国、菲律宾、柬埔寨、老挝、新加坡、澳大利亚、韩国及日本）。

2023年和2024年1至9月，蜜雪冰城网络分别实现饮品出杯量约74亿杯及71亿杯。根据灼识咨询的报告，按照截至2024年9月30日门店数计，蜜雪冰城是中国及全球最大的现制饮品企业。按照2023年的饮品出杯量计，蜜雪冰城是中国第一、全球第二的现制饮品企业。按照2023年的终端零售额计，蜜雪冰城是中国第一、全球第四的现制饮品企业，我们在中国及全球的市场份额分别约为11.3%及2.2%。

目前蜜雪冰城的产品矩阵既包含常青款产品，也包含季节性和区域性产品。根据灼识咨询报告，按2023年饮品出杯量计，蜜雪冰城冰鲜柠檬水、新鲜冰淇淋和珍珠奶茶是中国现制饮品行业销量最高的三个单品。2024年前9个月，在中国分别售出约11亿杯、14亿支、3.85亿杯。

同时，公司也会根据消费者喜好洞察及市场趋势分析，定期推出符合时令和地域特色的季节性及区域性饮品，其中2023年6月推出的“莓果三姐妹”通常售价为7元，上新首月销量约为3300万杯，成为销售爆款产品之一。

截至2024年9月30日，蜜雪冰城已经成为中国现制饮品供应链领域中生产品类最全和规模最大的企业。目前，蜜雪冰城在河南、海南、广西、重庆、安徽拥有五大生产基地，总占地面积约79万平方米。蜜雪冰城在这些生产基地的生产覆盖七大类用于制作现制饮品的食材，包括糖、奶、茶、咖、果、粮、料，年综合产能达到约165万吨。

截至2024年9月30日，蜜雪冰城配送网络覆盖了中国内地31个省份、自治区及直辖市，超过300个地级市、1700个县城和4900个乡镇，其覆盖广度和下沉深度为行业内最高。截至同日，蜜雪冰城在中国内地逾90%的县级行政区划实现12小时内触达；蜜雪冰城在中国内地约97%以上的门店实现了冷链物流覆盖。截至2024年9月30日，蜜雪冰城的配送网络同时也覆盖了四个海外国家的超过560个城市。

加盟销售模式

业绩方面，近年来蜜雪冰城财务表现亮眼，在巨大的规模基础上依然实现强劲增长、优异盈利和充裕的现金流。2022年至2024年前9月，蜜雪冰城实现营收135.76亿元、203.02亿元和186.6亿元，同期净利润分别为20.13亿元、31.87亿元和34.91亿元。

蜜雪冰城的商业模式，主要是向加盟商销售制作各类现制饮品和现制冰淇淋所需食材、包装材料、设备设施、营运物资等产品并提供加盟管理服务，同时通过直营门店向消费者直接销售现制饮品与现制冰淇淋。

蜜雪冰城主要通过加盟模式开展业务，绝大部分收入来自于向加盟门店销售商品及设备。截至2024年9月30日，蜜雪冰城超过99%的门店为加盟门店，其余为自营门店。

蜜雪冰城门店的初始投资和加盟费都低于中国现制饮品行业平均收费水平。从收入模式而言，蜜雪冰城不以加盟费和相关服务费为主要收入。在业绩记录期，蜜雪冰城仅有1.9%至2.4%的收入来自于加盟费和相关服务费。

本次赴港IPO，蜜雪冰城拟募资分别用于提升公司端到端供应链的广度和深度、品牌和IP的建设和推广、加强各个业务环节的数字化和智能化能力、营运资金和其他一般企业用途。

主打“高质平价”

从刨冰的小生意到万店规模，蜜雪冰城走了一条被誉为“从农村包围城市”发展之路。

据了解，蜜雪冰城的创始人张红超出身贫寒，学业之路并不顺畅，辍学后和家里人做生意。张红超通过自学，考上了河南财经政法大学的成人教育。1997年，大学时期的张红超在郑州开启了他一生的甜蜜事业蜜雪冰城，一个专为年轻人打造新鲜冰淇淋与茶饮的全国连锁品牌。

张红超通过多次市场调研，终于确定了自家生意的定位，说白了就是接地气，聚焦下沉市场，走平价路线，蜜雪冰城的经营使命也确定为“让全球每个人享受高质平价的美味”。

近年来，我国现制饮品、现制冰淇淋行业整体呈现快速增长态势，市场规模快速扩大。与此同时，由于该行业相对较低的创业门槛、产品可复制性强等特点，市场参与者及品牌数量也在不断增加，行业竞争日趋激烈。目前已经形成了蜜雪冰城、喜茶、奈雪的茶、茶颜悦色、茶百道、古茗、冰雪皇后及哈根达斯等众多知名品牌。

蜜雪冰城主打“高质平价”，招股书显示，“蜜雪冰城”核心产品的价格通常为2元至8元，“幸运咖”核心产品的价格通常为5元至10元。但低价不等于不赚钱。招股书显示，毛利率方面，2022年至2024年前9月，蜜雪冰城毛利率分别为28.3%、29.5%和32.4%；同期经营活动所得净现金流量分别为24.31亿元、37.94亿元和51.01亿元。

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编辑/rice

Known as the "first stock of national chain tea drinks," Mixue Ice City updated its prospectus a year after it initiated its listing in Hong Kong last January, continuing its efforts to go public.

On January 1, the Hong Kong Stock Exchange documents show that Mijia Ice Castle Co., Ltd. (referred to as "Mijia Ice Castle") updated its listing application. It is worth noting that this is not Mijia Ice Castle's first attempt to enter the Capital Markets. Previously, Mijia Ice Castle intended to go public on the A-share market and list its Stocks. In September 2022, Mijia Ice Castle planned to land on the Main Board of the Shenzhen Stock Exchange and aimed to raise 6.496 billion yuan, but there was no further news afterward. In January 2024, Mijia Ice Castle disclosed its prospectus for listing in Hong Kong, but there has also been no progress since then.

China's first ready-to-drink beverage company.

Mijia Ice Castle, known as "the first national chain tea beverage stock," is introduced in the latest Hong Kong prospectus as a global leader in the ready-to-drink beverage industry, focusing on providing high-quality, affordable ready-to-drink fruit beverages, tea drinks, ice cream and coffee products at an average price of about 6 yuan (approximately 1 dollar) to consumers. Mijia Ice Castle operates the ready-to-drink tea brand "Mijia Ice Castle" and the freshly ground coffee brand "Lucky Coffee."

As of September 30, 2024, Mijia Ice Castle has developed a store network through a franchise model with over 45,000 stores in China and overseas, covering 11 countries (including Indonesia, Vietnam, Malaysia, Thailand, the Philippines, Cambodia, Laos, Singapore, Australia, South Korea, and Japan).

In 2023 and from January to September 2024, Mijia Ice Castle's network achieved approximately 7.4 billion and 7.1 billion cups of beverage sales, respectively. According to a report by Zrac Consulting, based on the number of stores as of September 30, 2024, Mijia Ice Castle is the largest ready-to-drink beverage company in China and globally. Based on beverage sales volume in 2023, Mijia Ice Castle is the number one ready-to-drink beverage company in China and second globally. Based on the terminal retail sales in 2023, Mijia Ice Castle ranks number one in China and fourth globally, with market shares of approximately 11.3% and 2.2% in China and globally, respectively.

Currently, Mijia Ice Castle's product matrix includes both evergreen products and seasonal and regional products. According to the Zrac Consulting report, based on beverage sales volume in 2023, Mijia Ice Castle's ice-cold lemon water, fresh ice cream, and bubble tea are the top three single products in China's ready-to-drink beverage industry. In the first nine months of 2024, approximately 1.1 billion cups, 1.4 billion units, and 0.385 billion cups were sold in China, respectively.

At the same time, the company will regularly launch seasonal and regional beverages in line with consumer preferences and market trend analyses. For instance, "Berry Sisters," launched in June 2023, usually sells for 7 yuan and achieved approximately 33 million cups in sales in the first month of its launch, becoming one of the best-selling products.

As of September 30, 2024, Mixue Ice City has become the largest and most comprehensive enterprise in the supply chain of freshly made beverages in China. Currently, Mixue Ice City has five production bases in Henan, Hainan, Guangxi, Chongqing, and Anhui, covering a total area of approximately 0.79 million square meters. The production in these bases covers seven categories of ingredients used for making freshly made beverages, including sugar, milk, tea, coffee, fruit, grain, and materials, with an annual comprehensive production capacity of about 1.65 million tons.

As of September 30, 2024, the delivery network of Mixue Ice City covers 31 provinces, autonomous regions, and municipalities in mainland China, over 300 prefecture-level cities, 1,700 county towns, and 4,900 townships, making it the highest in coverage breadth and penetration depth in the industry. By that date, Mixue Ice City has achieved delivery within 12 hours in over 90% of county-level administrative regions in mainland China; about 97% of Mixue Ice City stores in mainland China have cold chain logistics coverage. As of September 30, 2024, Mixue Ice City’s delivery network also covers over 560 cities in four overseas countries.

Franchise sales model

In terms of performance, Mixue Ice City has shown impressive financial results in recent years, achieving strong growth, excellent profitability, and abundant cash flow on a massive scale. From 2022 to September 2024, Mixue Ice City achieved revenues of 13.576 billion yuan, 20.302 billion yuan, and 18.66 billion yuan, with net income during the same period of 2.013 billion yuan, 3.187 billion yuan, and 3.491 billion yuan respectively.

Mixue Ice City’s business model mainly involves selling the ingredients, packaging materials, equipment, facilities, and operational materials required for making various freshly made beverages and ice cream to franchisees, while also providing franchise management services, and directly selling freshly made beverages and ice cream to consumers through self-operated stores.

Mixue Ice City mainly conducts business through a franchise model, with the vast majority of its revenue coming from selling products and equipment to franchise stores. As of September 30, 2024, over 99% of Mixue Ice City stores are franchise stores, with the remainder being self-operated stores.

The initial investment and franchise fees for Mixue Ice City stores are lower than the average charges in China's freshly made beverage industry. In terms of revenue model, Mixue Ice City does not primarily rely on franchise fees and related service fees for income. During the performance record period, only 1.9% to 2.4% of Mixue Ice City’s revenue came from franchise fees and related service fees.

In this Hong Kong IPO, Mixue Ice City plans to raise funds to enhance the breadth and depth of the company’s end-to-end supply chain, build and promote the brand and IP, strengthen digitalization and intelligent capabilities across various business segments, and fund working capital and other general corporate purposes.

Focusing on "high quality at a reasonable price".

From a small shaved ice business to a scale of ten thousand stores, Mixue Ice City has taken a development path praised as "surrounding the city from the countryside".

It is understood that the founder of Mixue Ice City, Zhang Hongchao, came from a poor background and did not have a smooth educational path. After dropping out of school, he started a business with his family. Through self-study, Zhang Hongchao enrolled in the adult education program at Henan University of Economics and Law. In 1997, during his university years, Zhang Hongchao started his lifelong sweet career at Mixue Ice City, a national chain brand created for young people, offering fresh ice cream and tea drinks.

Through multiple market surveys, Zhang Hongchao finally determined the positioning of his business, which is down-to-earth, focusing on the sinking market, and adopting a low-price strategy. Mixue Ice City's operating mission was also established as "to let everyone in the world enjoy delicious food of high quality at a reasonable price."

In recent years, China's ready-to-drink beverage and ice cream industry has shown rapid growth, with the market scale expanding quickly. At the same time, due to the relatively low threshold for starting a business in this industry and the high replicability of products, the number of market participants and brands has been continuously increasing, leading to increasingly intense competition in the industry. Currently, well-known brands such as Mixue Ice City, Heytea, Naixue Tea, Chayan Yuesao, Cha Bai Dao, Gu Ming, Ice Queen, and Haagen-Dazs have been formed.

Mixue Ice City focuses on "high quality at a reasonable price." The prospectus shows that the price of "Mixue Ice City's" core products typically ranges from 2 yuan to 8 yuan, while the core products of "Lucky Coffee" typically range from 5 yuan to 10 yuan. However, low prices do not mean no profit. The prospectus indicates that in terms of gross margin, from 2022 to September 2024, Mixue Ice City's gross margins were 28.3%, 29.5%, and 32.4%, respectively; during the same period, the net cash flow from operating activities was 2.431 billion yuan, 3.794 billion yuan, and 5.101 billion yuan, respectively.

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Editor/rice

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