On February 14, the Hong Kong Stock Exchange disclosed, $MIXUE Group (810554.HK)$ through the listing hearing, "Snow King" is about to land on the Hong Kong stock market.

Known as the "first stock of the national chain tea drinks," Mixue Ice City, in its latest prospectus for the Hong Kong market, introduces itself as a globally leading fresh drinks company, focusing on providing high-quality, affordable fresh fruit drinks, tea drinks, ice cream, and coffee products to consumers at an average price of about 6 yuan (approximately 1 USD). Mixue Ice City operates the fresh tea drink brand "Mixue Ice City" and the freshly ground coffee brand "Lucky Coffee."

As of September 30, 2024, Mixue Ice City has developed a network of over 45,000 stores in China and overseas through a franchise model, 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, Mixue Ice City achieved beverage servings of approximately 7.4 billion cups and 7.1 billion cups respectively. According to a report by Zhi Zhi Consulting, based on the number of stores as of September 30, 2024, Mixue Ice City is the largest fresh beverage company in China and globally. Based on beverage serving volumes for 2023, Mixue Ice City is the first in China and second globally for fresh beverages. Based on terminal retail sales for 2023, Mixue Ice City ranks first in China and fourth globally for fresh beverages, with market shares of approximately 11.3% in China and 2.2% globally.

As of September 30, 2024, Mixue Ice City has become the largest and most comprehensive product category enterprise in China's fresh beverage supply chain. Currently, Mixue Ice City has five major production bases in Henan, Hainan, Guangxi, Chongqing, and Anhui, covering a total area of about 0.79 million square meters. These production bases produce seven major types of materials used for making fresh drinks, including sugar, milk, tea, coffee, fruit, grain, and materials, with an annual comprehensive production capacity of approximately 1.65 million tons.

As of September 30, 2024, Mixue Ice City's distribution network covers 31 provinces, autonomous regions, and municipalities in mainland China, over 300 prefecture-level cities, 1,700 counties, and 4,900 townships, with the widest coverage and the deepest penetration in the Industry. As of the same date, over 90% of county-level administrative regions in mainland China have been reached within 12 hours; approximately 97% of stores have achieved Cold Chain Logistics coverage. As of September 30, 2024, Mixue Ice City's distribution network also covers more than 560 cities in four overseas countries.

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

On January 1 this year, Mixue Bingcheng submitted an updated listing application to the Hong Kong Stock Exchange, revising the business situation and financial data for the full year of 2023 and the first three quarters of 2024. This is Mixue Bingcheng's second attempt to go public on the Hong Kong Stock Exchange. Reviewing Mixue Bingcheng's IPO process, in September 2022, they submitted an A-share listing application to the China Securities Regulatory Commission, which later expired. In early January 2024, Mixue Bingcheng turned to the Hong Kong Stock Exchange, submitted its first listing application, but the aforementioned prospectus expired six months later.

Regarding future strategy, the prospectus indicates that the company will continue to expand its store network in China. For the "Mixue Bingcheng" brand, further market expansion and deeper cultivation of the existing market will be pursued, while for the "Lucky Coffee" brand, the focus will be on accelerating the nationwide store layout. In terms of overseas markets, the company will continue to focus on developing the Southeast Asian market (including Indonesia and Vietnam) and will continue to expand the local franchise network. Additionally, there are plans to explore other markets in a timely manner to create a more global brand.

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Editor/rice