Michelle Bingcheng sprints into A shares: there are more than 20,000 stores, the revenue last year exceeded 10 billion, and the net profit was nearly 2 billion
Beijing News Shell Finance News (Reporter Yan Xia) On September 22, Michelle Bingcheng disclosed its prospectus, officially starting the sprint IPO journey, and may become the “first national chain of tea drinks”.
Mixue Bingcheng has always attracted the attention of the public. The release of the prospectus this time allows the outside world to learn more about the company’s financial information, business model and development plan.
Michelle Bingcheng is one of the ready-made beverage chain enterprises with the largest number of stores, the largest scale, and the strongest brand influence in China. It creates a chain brand of ready-made tea drinks through the method of “direct chain as the guide and franchise chain as the main body”. Michelle Ice City”, freshly ground coffee chain brand “Lucky Coffee” and freshly made ice cream chain brand “Ji Latu”.
As of the end of March 2022, Michelle Ice City has more than 20,000 stores, and the store network covers 31 provinces, autonomous regions and municipalities in China. At the same time, the company is actively going abroad. As of the end of March 2022, the company has opened 317 stores and 249 stores in Indonesia and Vietnam, respectively.
How is the earning power of Michelle Bingcheng?
From 2019 to 2021 and the first three months of 2022, Mixue Bingcheng achieved operating income of about 2.566 billion yuan, 4.68 billion yuan, 10.351 billion yuan, and 2.434 billion yuan; in the same period, its net profit was about 442 million yuan, 631 million yuan, 1.912 billion yuan, 391 million yuan.
During the reporting period, the gross profit margins of Michelle Bingcheng’s main business were 35.95%, 34.08%, 31.73% and 30.89% respectively, excluding the impact of the company’s implementation of the new revenue standard from 2020, and including the transportation expenses in the sales expenses as operating costs After the factors, the company’s main business gross profit margins were 35.95%, 36.67%, 33.98% and 32.99%.
At the same time, at the end of each period of the reporting period, the asset-liability ratio (consolidated) of Michelle Bingcheng was 41.41%, 31.26%, 24.24% and 21.76% respectively, showing a downward trend year by year, which means that the company has a strong long-term solvency.
Compared with the average value of comparable listed companies in the same industry, the asset-liability ratio of Michelle Bingcheng at the end of each reporting period was relatively low. In this regard, the company explained: “This is because the company’s profitability is good, its own funds are relatively sufficient, and the overall Debt levels are low, and debt-to-equity ratios are falling.”
In this IPO, Michelle Ice City plans to raise about 6.496 billion yuan, and plans to use 45.37% of the proceeds for production and construction projects, focusing on improving the company’s independent manufacturing capabilities, building a more powerful supply chain manufacturing system, and at the same time 16.94% of the raised funds will be used for warehousing and logistics supporting projects to improve the company’s multi-level warehouse allocation system and enhance its logistics and warehousing capabilities.
As of the end of March 2022, Michelle Bingcheng has established a 252-mu intelligent manufacturing industrial park and a 130,000-square-meter fully automated production workshop, which can realize the independent production of the core ingredients of ready-made drinks and ready-made ice cream. At the same time of product quality, it effectively reduces the cost of the company.
At present, Mixue Bingcheng is preparing to build new production bases in Guangxi, Chongqing, Henan, Hainan, Anhui and other places. After completion, the company’s independent production capacity will be further improved.
Edited by Song Yuting
Proofreading by Yang Xuli
