Chinese tea giant Mi Xuebing, the main price of Chinese tea, Mi XuebingThe city applied for the Hong Kong Stock Exchange to go public last Tuesday (January 2).
According to the prospectus of 450 pages and more than 100,000 words, Miyuki Ice City achieved operating income of 13.6 billion yuan in 2022 and nine months before 2023 (RMB, the same below, about 25.28, about 25.28S $ 100 million) and 15.4 billion yuan, a year -on -year increase of 31.2%and 46.0%, respectively.As for net profit, it was 2 billion yuan and 2.5 billion yuan, respectively, a year -on -year increase of 5.3%and 51.1%.
Miyuki Bingcheng submitted a prospectus in September 2022, and plans to apply for listing on the main board of the Shenzhen Stock Exchange.According to the Southern Metropolis Daily, with the implementation of the comprehensive registration system, the IPO of the motherboard was mostly moved to the Shenzhen Stock Exchange for acceptance. March last year, Miyuki Bingcheng, which was listed on the Shenzhen Stock Exchange's main board, did not appear on the list of translation declaration enterprises.
Caixin.com quoted multiple securities firms and private equity markets pointed out that since 2023, the A -share listing policy has been stricter to consumer companies that operate chain operations.
Miyuki Bingcheng's transfer to Hong Kong stocks was regarded by the outside world as a signal to lay out overseas markets.Some analysts said, "The largest basic disk of Honey Snow Ice City overseas is Southeast Asia, and listing on the Hong Kong Stock Exchange is also conducive to absorbing Southeast Asian money."
The amount of fundraising for listing in Hong Kong has not disclosed.Reuters quoted people familiar with the matter and revealed that Mixue Bingcheng plans to raise 500 million to $ 1 billion (approximately 665 million to S $ 1.331 billion) from Hong Kong IPO.
In addition to Mi Xue Bingcheng, the Chinese tea brand waiting in the Hong Kong Stock Exchange also includes Tea Bai Road and Guyi Holdings.Earlier, Naixue's tea was listed in Hong Kong in June 2021. It is also the only mainland tea company listed on the Hong Kong Stock Exchange. Its stock price has fallen by more than 70%from the IPO price.
Honey Snow Ice City does not rely on selling beverages to make a lot of money
The tea empire of Honey Xue Bingcheng was established in 1997. The headquarters is located in Zhengzhou, Henan.5 to 10 yuan milk tea and other drinks are used as selling points.At the same time, through the hot IP "Snow King" and many brainwashing songs that are popular on the whole network, it has successfully attracted the majority of consumers to continue to pay.
The prospectus shows that as of September 30, 2023, there were more than 36,000 brands of various brands of Mixue Bingcheng, and the amount of cups was about 5.8 billion cups.According to the Burning Consultation Report, according to the number of stores and the quantity meter, Mixue Ice City has become the first and world -in -world beverage companies in China, and more than 55%of Chinese stores are located in the third and below cities.
However, the core reason why Mi Xue Bingcheng earns a lot of money is not only to drink a cup of low prices at a low price, but also the franchisee real gold and silver.
Honey Xue Bingcheng wrote in the prospectus: "We mainly carry out business through the franchise model, and most of the income comes from selling goods and equipment to franchise stores. As of September 30, 2023, we, we, we, we, we, we, we, we are. On September 30, 2023, weMore than 99.8%of the stores are franchise stores, and the rest are self -operated stores.Selling ingredients, including sugar, milk, tea, coffee, fruit, grain, ingredients, etc.Equipment sales and joining related services account for 3.9%and 1.8%, respectively.
Southeast Asia has become a gold rush paradise.
As China's economic growth slows down, several other large tea brands in China have also set their sights on the purchasing power Southeast Asian market.For example, Xixue's tea, Nai Xue's tea, overlord tea jun and happy lemons have settled in Southeast Asia before and after.However, the fastest milk tea brand is still honey snow ice.
According to the prospectus, as of September last year, Mi Xuebing City has opened about 4,000 stores in 11 countries overseas, most of which are concentrated in Southeast Asia, of which Vietnam and Indonesia are mostly.
Miyuki Bingcheng entered the Vietnamese market in 2018 and opened the first overseas store in Hanoi in the capital.After five years, the size of the local store has exceeded 1,000.The company has laid down the country in the local area by affordable prices, which is basically the same as the Chinese market.
The footprint of Honey Snow Ice City is also spread all over Indonesia.Economist Magazine reported last April that as of March, Miyuki Ice City had about 1,500 stores in Indonesia.
However, the operation of Mixue Ice City in Indonesia is not smooth.In January last year, a group of foods who claimed to care about Muslim teaching rules were demonstrated in front of the Honey Snow Ice City Store in Chitini, Jakarta, and accused Mi Xue Bingcheng without halal certification.Muslims resist the honey snow ice city drink.
Liao Jianyu, a senior visiting researcher at the Easov Issa East South Asian Research Institute in Singapore, wrote in Lianhe Zaobao at the beginning of last year that Indonesia is a country with many Muslims.If any food is accepted by the Indonesian people, it must have a halal certification, otherwise Muslims may not dare to buy it.
According to economics, the Islamic missionary council in Indonesia announced in February last year that Mi Xuebing City has obtained halal certification.A local franchisee of the local honey snow ice city said: "This move is very important."
Some analysts believe that the reason why Southeast Asia becomes the preferred place for Chinese tea brands such as Honey Snowbing City to go to sea.It is because the hot climate in the region has caused great demand for cold drinks all year round. In addition, there is no distinction between the off -peak season, which greatly meets the needs of these tea brands to increase operating income.
The fierce domestic competition has become a choice?
Honey Xue Bingcheng and other other Chinese tea brands are actively deploying overseas markets, and it is also closely related to China's fierce competitive market.
Studies from the China Chain Management Association show that China's 486,000 milk tea shop sales are expected to increase by 40%in 2023, and the market size will reach about 145 billion yuan.Reuters reported that the competition between each other was very fierce due to low product differentiation.
The chief consultant of Lingyan Management Consulting, Lin Yue, an analyst of the catering industry, analyzed the Huaxia Times that the Chinese tea brand has reached a stage of "will be rolled to death if it is not big". Product research and developmentStress, the volume of stores determines whether the venture capital continues to invest.therefore,Accelerating the expansion of the store has become one of the important features of the tea brand last year.
However, the WeChat public account "New Consumer Finance Research Co., Ltd." described that the Chinese tea brand is densely distributed.
First of all, the first big test to face is the supply chain.The article wrote that the supply chain of major brands is prepared around the Chinese market competition.At the beginning of the overseas market, core raw materials mainly rely on China's supply will greatly increase costs; secondly, product positioning.Because the price of many brands in foreign markets is slightly higher than domestic, and the cost is also higher than domestic. When the curiosity of consumers' early adopters has passed, it is difficult to become the daily consumption needs of local consumers.
Looking back at the development of Mixue Bingcheng in recent years, negative news broke out from time to time, and most of them are concentrated in food safety.For example, Beiqing.com reported in 2022 that some consumers bought two glasses of lemonade. As a result, one of them drank a small sponge.Use the same sponge washing pot.
The chief analyst of Lingyan Consulting Management Lin Yue told the Southern Metropolis Daily that Mi Xue Bingcheng is too dependent on franchisees, and it is easy to get out of control in standardized management and food safety.This is this problem.
Lin Yue believes that the rationality of the store's layout, coordinated efficiency, and overall strategy will be discounted. "This model will not change because of the listing, but in the long run, it may be a time bomb."" ".
It can be seen from this that as the Chinese head tea brand, Miyuki Ice City, the biggest competitor in the future is not others, but itself.How to manage a large number of franchisees is a huge test for Mixue Bingcheng, which will also determine how far the Mi Xuebing City can go.Facing the challenges of internal management and market competition, listing will not be the end of Chinese tea drinking enterprises, but a new starting point.
