蜜雪冰城的学徒：393亿营收、1.4万+门店的薄利生意

Core Viewpoint - The article discusses the rapid growth and competitive landscape of the snack retail industry in China, focusing on the recent IPO of "Mingming Hen Mang" and its business model, which emphasizes low prices and extensive market penetration in lower-tier cities [3][4][17]. Group 1: Company Overview - "Mingming Hen Mang" was founded in March 2017 and has rapidly expanded, with a combined store count of 14,394 across 28 provinces and all county-level cities as of the end of 2023 [5][6]. - The company aims to replicate the success of "Mixue Ice City," which has achieved a market capitalization of nearly HKD 200 billion shortly after its IPO [3][8]. Group 2: Financial Performance - For 2024, "Mingming Hen Mang" projects a store sales revenue of CNY 55.5 billion and total revenue of CNY 39.3 billion, with a gross profit of approximately CNY 3 billion and a net profit of CNY 900 million [8][20]. - The company operates on a low-margin model, with a gross margin of only 7.6%, indicating a strategy focused on high sales volume rather than high profit margins [9][20]. Group 3: Business Model and Strategy - The business model is heavily reliant on selling products to franchisees, with 99.5% of revenue coming from product sales, while franchise fees contribute less than 0.5% [11]. - The average product price is about 25% lower than similar products in offline supermarkets, driven by direct procurement from upstream manufacturers and effective supply chain management [11][12]. Group 4: Market Position and Competition - The snack retail market is increasingly competitive, with "Mingming Hen Mang" positioned as the leading player in the low-cost snack segment, having merged with "Zhao Yiming Snacks" [22]. - The company has a significant presence in lower-tier cities, with 58% of its stores located in county and town areas, reflecting a strategic focus on underserved markets [13][14]. Group 5: Future Directions - "Mingming Hen Mang" is exploring new business avenues, including the introduction of a "cost-saving supermarket" model that diversifies its product offerings beyond snacks [23]. - The company aims to enhance brand recognition and franchisee trust through increased marketing efforts, including celebrity endorsements [22].