Recently, the official website of China Securities Regulatory Commission shows that the listing application for A-share of Mixue Bingcheng Co., Ltd. (hereinafter referred to as " Mixue Bingcheng ") has been accepted, and the prospectus has been officially pre-disclosed, intending to log on to the main board of the Shenzhen Stock Exchange. For this listing, Mixue Ice City plans to raise 6.496 billion yuan with a valuation of 64.96 billion yuan.
From a small fresh ice cream shop to the popular "tea industry star" distributed throughout the country, Mixue Ice City, which always plays according to common sense, has embarked on an increasingly broader "wild path". At the same time, compared with Naixue's Tea , its launch is obviously more anticipated. What did the "second tea drink" do to show its edge? How far can this "wild path" go?
jumped out of the box and took another approach with "public positioning"
At 6 pm, a girl wearing a school uniform and dragging her schoolbag was ordering at a store in Mixue Bingcheng. A cup of thirst-quenching, sweet and low-priced tea has become the "source of happiness" on her way home from school. For students who don’t have much pocket money, as well as "working girls" and "working girls", Mixue Bingcheng, with an average price of 6-8 yuan, has obviously become the best choice for enjoying milk tea. And these people are exactly the target group of Mixue Bingcheng.
Source: Mixue Ice City Official Website
"Mixue Ice City brand has several major advantages, one of which is its precise positioning." Zhu Danpeng, vice president of the Guangdong Provincial Food Security Promotion Association, pointed out in an interview with reporters that when other tea drink giants are taking the high-end route, it chooses to take another approach, take the sinking market as the main user group, and even takes the initiative to use "low figure" as the selling point to make product positioning and price positioning. Zhu Danpeng believes that under the background of diversified consumption characteristics, the labels of "popularity" and "ultra-high cost-effectiveness" actually match most domestic people, especially those who consume milk tea heavily have achieved "milk tea freedom".
Mixue Bingcheng's revenue model has also been mentioned by many people. The high unit prices of brands such as Heytea and Naixue’s Tea make freshly made tea sales the main source of profit for such brands. Mixue Bingcheng once again "bounced out of the box" and chose to benchmark , KFC to adopt the franchise model. The revenue of current milk tea accounts for less than 1%, and the sales revenue of supply chains mainly based on ingredients accounts for more than 95% of the revenue.
Source: Mixue Ice City Prospectus
The huge franchise system has given it an extremely high store expansion speed. Mixue Ice City Prospectus shows that as of now, there are more than 20,000 stores nationwide. However, the number of tea stores that travel with Heytea and Naixue is less than 1,000.
"It's still a matter of track selection." In the opinion of industry insiders, there is no difference between franchise and direct sales, but the consumer groups are focused on: Mixue Bingcheng's gross profit margin is weak, and it is locked on consumers who are price-sensitive; while Naixue's tea has a higher average customer price, targeting consumers who are more pursuing quality of life. Different group positioning creates different operational choices.
Supply Chain: Mixue Bingcheng's "password"
"This gives the entire catering industry great confidence." When talking about the listing of Mixue Bingcheng, Xu Bo, Secretary-General of the Dongguan Chain Catering Development Promotion Association, sighed so much. He explained that confidence comes from two aspects: consumers and capital. It is precisely because of its good performance and recognition from consumer groups and institutions that the listing of Mixue Bingcheng has become possible. This also confirms the huge demand and economic potential of the new Chinese tea and catering markets. Under the influence of the epidemic, this has undoubtedly become a signal of a major boost to the catering industry and even the entire retail market.
In the view of industry insiders, the most fundamental advantage of Mixue Bingcheng's listing lies in its complete supply chain. Compared with the traditional franchise model, Mixue Bingcheng chose to use raw material supply rather than franchise fees and operating rebates as the main revenue channels. In recent years, we have also continued to make efforts in supply chain construction. We have established warehousing and logistics bases in 22 provinces including Henan, Guangdong, and Liaoning, and established a logistics and transportation network that basically covers the whole country. In the future, it is planned to build large-scale warehousing and distribution center such as the Chengdu CDC Central Warehouse and Distribution Center in Sichuan.
Source: Mixue Bingcheng Prospectus
In fact, in recent years, many catering companies have increased their investment in the supply chain field.The epidemic has compressed the living space of the catering industry, but it has forced the improvement of the quality of enterprises and the finding of new ways out. Haidilao , which is famous for its "good service", always attaches importance to the improvement of the supply chain operation system. Not only does the backend supply chain achieve national platform services, but it also creates a supply chain model of centralized procurement + direct supply. The new tea drink giant Heytea has also used the ERP system to layout the digital supply chain, greatly improving the efficiency of the supply chain.
Source: Haidilao official website
It can be said that the supply chain will become the next arena in the catering industry. Supply chain control capabilities may become one of the most critical competitive advantages of catering companies.
How far can the "wild path" go? While
is on the market, Mixue Bingcheng is also facing a series of urgent problems that need to be solved, especially food safety. With extremely high expansion speed, it is a fall in the quality and hygiene management, as well as a sharp rise in complaints and negative aspects. On the Black Cat Complaint platform, there are 4,000 complaints about Mixue Bingcheng, mainly focusing on foreign objects in the drinks, difficulty in refunding, poor service quality, etc.
Source: Heimao Complaint Network
In Xu Bo's view, Mixue Ice City has developed too fast, leading to frequent food safety problems, and requires profound reflection and rectification. However, Mixue Ice City has already gained awareness and action on this, and he is still optimistic about the future development of Mixue Ice City.
Zhu Danpeng is also optimistic about its development. He pointed out that compared with Naixue, the "first tea stock" of Naixue, Mixue Bingcheng's choice to operate with light assets and reduce market expectations is undoubtedly a wiser and long-term measure.
What new breakthroughs will Mixue Ice City have in the future? Upgrading may be the greatest possibility. With the gradual expansion of the milk tea consumption market, tea drinks are gradually attached with social attributes and cultural symbols. Against this background, Zhu Danpeng proposed the "five multi-strategy": multiple brands, multiple categories, multiple scenarios, multiple channels, and multiple consumer groups, creating a richer product matrix from five major directions. This may provide Mixue Bingcheng and even the entire catering market with new ideas for future development.
[Intern Reporter] Ye Qihan
[Reporter] Li Ji
[Intern] Jiang Wanqing
[Author] Ye Qihan; Li Ji
[Source] Southern Media Group Southern + Client
