Core Viewpoint - The successful IPO of Mixue Ice City marks a significant milestone in the Hong Kong capital market, with a market capitalization exceeding HKD 100 billion and a record subscription rate of 5,258 times, attracting HKD 1.82 trillion in funds [1][3]. Group 1: IPO and Market Performance - Mixue Ice City debuted on the Hong Kong Stock Exchange on March 3, 2025, with an opening price surge of nearly 30%, closing at HKD 290, a 43% increase from the issue price, resulting in a market cap of HKD 1,093 billion [1]. - The IPO set a historical record for the Hong Kong capital market, surpassing the previous record held by Kuaishou in 2021 [3]. Group 2: Financial Performance - In the first nine months of 2024, Mixue Ice City added 7,700 stores globally, surpassing Starbucks to become the largest fresh beverage company in the world, with a total of over 46,000 stores [3]. - The company reported a net profit of CNY 3.5 billion and a net cash inflow from operating activities of CNY 5.1 billion, with cash reserves nearing CNY 6 billion [3]. - The average daily sales per store increased from CNY 3,936 in 2022 to CNY 4,184 in 2024, with new stores performing better than existing ones [3]. Group 3: Supply Chain and Business Model - Mixue Ice City generates 98% of its revenue from selling raw materials and equipment to franchisees, with franchise fees accounting for only 2.5% [5]. - The company has established a comprehensive supply chain system over the past decade, with five production bases across China and a production capacity of 1.65 million tons annually [5]. - The logistics network includes 27 warehouses covering 350,000 square meters, achieving 90% coverage for cold chain logistics [5]. Group 4: Market Expansion and Strategy - As of the end of 2024, Mixue Ice City has penetrated 300 prefecture-level cities, 1,700 counties, and 4,900 towns, with 57.2% of its stores located in third-tier cities and below [7]. - The franchise model allows for low entry costs, with annual franchise fees as low as CNY 7,000 in county-level cities, leading to a win-win situation for both the brand and franchisees [7]. Group 5: Future Outlook - Following its IPO, Mixue Ice City's stock price rose from HKD 290 to HKD 509.5, with a market cap exceeding HKD 200 billion [9]. - The company plans to invest 66% of the IPO proceeds into supply chain development, including establishing multifunctional supply chain centers in Southeast Asia [9]. - Mixue Ice City aims to expand its store count by 15% annually, targeting 70,000 stores by 2028, while also growing its presence in 11 countries overseas [9].
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