IPO在即的蜜雪冰城仍有隐忧

36氪2021-10-08

继“高端直营系”新茶饮第一股奈雪的茶，在今年6月登陆港股，“平价连锁系”茶饮代表蜜雪冰城的IPO之路，也进入到了冲刺阶段。 10月1日，河南证监局官网发布公告，蜜雪冰城股份有限公司拟在A股市场首次公开发行股票并上市，正在接受广发证券对其进行上市辅导。在今年1月，晚点Latepost曾爆料称，蜜雪冰城获龙珠资本、高瓴资本联合领投的20亿元人民币，投后估值将超200亿人民币。虽然蜜雪冰城对这笔融资...

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精彩评论

Panda1987
2021-10-09
Panda1987
一个卖奶茶的都想着上市圈钱？？？
中国ChinaATM
2021-10-09
中国ChinaATM
天气太热了，怕是要溶了
李炳华
2021-10-09
李炳华
给我一个赞
- E1:
  Sure
龙胆虎威
2021-10-09
龙胆虎威
👍🏻
yoyo6969
2021-10-09
yoyo6969
[微笑]
- ming_5868:
  [微笑]
- cy8:
  ok
- LewisDua:
  [惊讶]
yoyo6969
2021-10-09
yoyo6969
[微笑]
- yoyo6969:
  👍

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href=https://finance.sina.com.cn/tech/2021-10-08/doc-iktzscyx8573152.shtml><strong>36氪</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>继“高端直营系”新茶饮第一股奈雪的茶，在今年6月登陆港股，“平价连锁系”茶饮代表蜜雪冰城的IPO之路，也进入到了冲刺阶段。\n10月1日，河南证监局官网发布公告，蜜雪冰城股份有限公司拟在A股市场首次公开发行股票并上市，正在接受广发证券对其进行上市辅导。\n在今年1月，晚点Latepost曾爆料称，蜜雪冰城获龙珠资本、高瓴资本联合领投的20亿元人民币，投后估值将超200亿人民币。\n虽然蜜雪冰城对这笔融资...</p>\n\n<a href=\"https://finance.sina.com.cn/tech/2021-10-08/doc-iktzscyx8573152.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://finance.sina.com.cn/tech/2021-10-08/doc-iktzscyx8573152.shtml","article_id":"1175192405","we_media_id":null,"thumbnails":["https://static.tigerbbs.com/255398e06dcc7c9c7c0c7fd04116bfd0"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1175192405","pubTimestamp":1633706989,"sourceInfo":{"source_id":"36k","name":"36氪"},"weMediaInfo":null,"summary":"继“高端直营系”新茶饮第一股奈雪的茶，在今年6月登陆港股，“平价连锁系”茶饮代表蜜雪冰城的IPO之路，也进入到了冲刺阶段。\n10月1日，河南证监局官网发布公告，蜜雪冰城股份有限公司拟在A股市场首次公开","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{},"translate_title":"Honey Snow Ice City, where IPO is just around the corner, still has hidden worries","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/8cf0b568e215c9ba26d36f46af96d511","symbols_score_info":{},"content_text":"继“高端直营系”新茶饮第一股奈雪的茶，在今年6月登陆港股，“平价连锁系”茶饮代表蜜雪冰城的IPO之路，也进入到了冲刺阶段。\n10月1日，河南证监局官网发布公告，蜜雪冰城股份有限公司拟在A股市场首次公开发行股票并上市，正在接受广发证券对其进行上市辅导。\n在今年1月，晚点Latepost曾爆料称，蜜雪冰城获龙珠资本、高瓴资本联合领投的20亿元人民币，投后估值将超200亿人民币。\n虽然蜜雪冰城对这笔融资予以否认，工商信息也并未有所变动，但其估值数字仍然可以作为参考，蜜雪冰城上市市值极有可能超过奈雪。\n作为低线城市“霸主”，蜜雪冰城的优势显而易见，4元的柠檬水、8元的满杯百香果、9元的红柚果霸，翻遍菜单最贵的饮品仅需11元，极低的价格击穿了消费者的钱包。\n但平价也恰恰是如今制约蜜雪冰城进一步发展的坎。随着鲜果茶饮对低线市场的教育度上升，低线城市的新茶饮升级只是一个时间问题。原材料多为特调乳、水果罐头的蜜雪冰城，未来必将面对转型与扩品。\n上市只是蜜雪冰城的第一步。这个新晋网红品牌，仍需应对即将到来的市场变化。\n“细水长流”加盟生意\n现在上市对于蜜雪冰城来说，是个好时机。\n虽然新茶饮品牌狠狠地“卷”了起来，喜茶、茶百道、乐乐茶、古茗等，都先后传出IPO消息，但传闻中的上市时间都在明年。这意味着，新茶饮的估值模式仍然有待被定性。\n蜜雪冰城作为第一家以加盟模式为主的IPO的新茶饮品牌，目前在门店数量、单店营收、大众认知、舆论环境等各方面，都可以说是达到顶峰。\n根据蜜雪冰城官方消息，其全球门店数已经破万，2020年销售额为65亿元，利润为8亿元，今年的销售目标为100亿元。\n盈利能力不错，赛道天花板高，二者兼备的蜜雪冰城选择在a股上市也并不令人惊讶。此类以加盟为主要扩张模式，在新零售等方面还没太多故事讲的品牌，与a股的调性也更为匹配。\n此前，资本往往更倾向于给直营品牌更高的估值，原因在于，直营品牌的产品创新和门店运营等方面会更强。但近几年，资本对于加盟品牌的看法有所改变。随着数字化手段的提升，加盟店的门店运营与营销指导更加便利，总部从而有精力转头去做产品研发与供应链等。\n更直观的表现在于，加盟品牌的盈利大头，从对加盟商收取加盟费的“一刀切”，逐渐变成通过原料供应赚差价的“细水长流”模式。\n这一点在蜜雪冰城的加盟制度上也有所体现。根据其官网显示，在普通的二三线城市中，蜜雪冰城的加盟费用包括保证金1000元，管理费4800元，购买机器设备6万元，首批物料5万元，装修费用5万-8万，加上10万元左右的房租与人力成本，开店总成本在30万元左右。\n这个数字乍一看和其他品牌加盟费差不多，但其他品牌动辄数十万的费用通常仅为加盟费，并没有算入房租等额外的费用，真正总支出往往能达到50万元。与之相比，蜜雪冰城加盟费用很低。\n有蜜雪冰城店长对36氪-未来消费透露，其一年的原材料成本在50万元左右，其中包括食品原材料、包装材料等。同时，加盟商每年需要交13800元到17800元不等的管理费咨询费，但蜜雪冰城加盟商无需像以前的奶茶品牌一样，从销售额中抽成给总部。\n保守估计，蜜雪冰城的批发利润率在20%左右，那么单店每年就能为总部贡献10万元的净利，一万家店就是10亿元。\n可见，有如此体量的蜜雪冰城，虽然是加盟模式，但其业务重点，也越来越像直营型品牌了。如何能让现有门店持续盈利，维持住已有体量，成为蜜雪冰城面对的首要问题。\n目前来看，价格仍然是蜜雪冰城的首要竞争力。对此，蜜雪冰城曾在2012年就成立了其后端供应链公司，负责研发、生产、销售、物流等，其全自动车间与物流配送中心面积超过5万平米，其原材料源头也有合作的茶园与奶源。今年9月，蜜雪冰城又对外投资100%持股一家重庆雪王农业有限公司，涉及到鲜果的源头。\n可见，蜜雪冰城在未来一段时间内，会继续从供应链层面降低成本，从而保持低廉的售价。\n仍将面对的转型\n对于新茶饮品牌来说，上市仅仅是第一步。\n如奈雪的茶上市后，股价一直表现疲软，最低跌至腰斩，直到发出一份扭亏为盈的半年报后，才略微拉回一些股价。这是因为，实体经营中产生的问题，不会因为上市而消失。\n对于蜜雪冰城来说，其面对的问题并不是开不出店，而是如何保证已有门店持续赚到钱。\n市场饱和这个词，目前对于蜜雪冰城还为时尚早。36氪此前统计，目前蜜雪冰城各省门店数大概可以分为三个梯队：第一梯队为河南和山东，门店数为1500家与1000家；第二梯队为河南周边，如河北、山西、安徽等7个省份，门店数在500家左右；第三梯队为其余距离较远的省份，门店数量在200家以内。\n除去四川、湖南、浙江，这些有书亦烧仙草、茶百道、茶颜悦色、古茗等有地域垄断型平价茶饮品牌的省份，蜜雪冰城在北方城市仍有极大的开店空间。\n目前，蜜雪冰城是10元以下价位独一档的品牌，这使得在当下的低线城市中，蜜雪冰城有独特的竞争力，尤其是在学校商圈店等习惯平价消费人群聚集的地方。\n与低价对应的是，蜜雪冰城采用的原材料多为预制品，除了柠檬橙子使用鲜果外，其余用料多为特调乳、红豆罐头、燕麦罐头、奶昔粉等。\n中国食品产业分析师朱丹蓬曾在36氪的采访中表示，在欠发达地区，植脂末等低成本原料仍有一定市场空间，但2-3年后，一定会受到挤压。\n换句话说，目前低线市场的消费习惯存在一定滞后。就像过去几年，一线城市也有许多低价的调配奶茶店，但逐渐被喜茶奈雪等淘汰。\n目前，喜茶奈雪都争相布局低线市场，并有针对性地推出子品牌，这又会将低线市场迈向鲜果茶饮的日期大幅提前。\n以价格为最大优势的蜜雪冰城，在低成本产品的销量被挤压后，该如何保证加盟店能继续开下去？要知道，蜜雪冰城的单杯利润很低，薄利多销是保证单店盈利的关键。\n从蜜雪冰城入资农业公司这一举动可以看出，未来其门店或将增加更多的鲜果茶饮。此举在拉高客单价的同时，还能与喜茶奈雪能品牌进行竞争。\n但事实上，平价品牌转型并非易事。2018年，蜜雪冰城推出高端品牌“M+”，但反响平平。就算是在当前的菜单结构中，蜜雪冰城销量最佳的也是4元的柠檬水，光是9元的奶茶都被人认为，奶精味太重，不如去买13元价位的其余品牌。\n与一级市场在新茶饮领域的狂热不同，进入二级市场后，投资人会看的更加长期，连锁品牌的溢价落在同店的提升空间和单店利润率上。\n如何提升单店利润率，是一个蜜雪冰城需要给出答案的问题。比如今年奈雪的茶在财报中明确表示，进入某城市初期的快速开店过程中，会在已经开出的门店里为新门店做人员储备，因此会多招几名员工，在某城市门店密度足够大后，单店员工数会大幅下降，从而提高单店利润率。\n未来，蜜雪冰城这个低线城市“霸主”，是否能持续发展，并保持品牌的活力，要看其如何应对低线市场消费习惯的变迁，以及如何从产品层面去打动更为苛刻的“五环内”人群。","kind":null,"is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":821654222,"gmtCreate":1633742935783,"gmtModify":1633742948005,"author":{"id":"3581993859606367","authorId":"3581993859606367","name":"Panda1987","avatar":"https://static.tigerbbs.com/185f683d2582460cfbfcd7d38ac25bb1","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"一个卖奶茶的都想着上市圈钱？？？","listText":"一个卖奶茶的都想着上市圈钱？？？","text":"一个卖奶茶的都想着上市圈钱？？？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821654222","repostId":1175192405,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821659833,"gmtCreate":1633742350781,"gmtModify":1633742351153,"author":{"id":"3584867430360256","authorId":"3584867430360256","name":"中国ChinaATM","avatar":"https://static.tigerbbs.com/bd214125064b4d25501bb48cef2fb529","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"天气太热了，怕是要溶了","listText":"天气太热了，怕是要溶了","text":"天气太热了，怕是要溶了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/821659833","repostId":1175192405,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":821632704,"gmtCreate":1633738983026,"gmtModify":1633738983416,"author":{"id":"3584198048435956","authorId":"3584198048435956","name":"李炳华","avatar":"https://static.tigerbbs.com/a7c49eacbe408c643a48404c4f3abf8e","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"给我一个赞","listText":"给我一个赞","text":"给我一个赞","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/821632704","repostId":1175192405,"repostType":4,"isVote":1,"likeStatus":f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