New stock offering | The "King of Snow" has arrived! Mixue Group has launched its IPO, with a subscription amount of 20,454.22 HKD for one lot, and plans to list on March 3.

Futu News reported on February 21, $MIXUE GROUP (02097.HK)$ announcing that from February 21 to February 26, it will be offering shares for subscription, with the company planning to globally issue approximately 17.0599 million shares, and it is expected to list on March 3.

Financial Overview

During the performance record period, Mixue Group's freshly made beverage brand "Mixue Ice City" generated revenue and gross profit that accounted for over 95% of its total revenue and gross profit. From 2021 to 2023, Mixue Group achieved revenue of 10.351 billion yuan, 13.576 billion yuan, and 20.302 billion yuan respectively, with net income of 1.912 billion yuan, 2.013 billion yuan, and 3.187 billion yuan during the same period, and gross margin of 31.3%, 28.3%, and 29.5% respectively.

Industry Overview

现制饮品指现场制作的非酒精饮料产品，包括现制果饮、茶饮、冰淇淋及咖啡等。全球现制饮品市场规模巨大并且未来预计将呈现加速增长态势。以终端零售额计，全球现制饮品市场规模从2018年的598.9 billion美元增长至2023年的779.1 billion美元，复合年增长率为5.4%。2023年至2028年的复合年增长率预计将进一步提高至7.2%，带动市场规模增长至2028年的1103.9 billion美元，占据全球饮料市场近一半份额。

As of September 30, 2024, Mixue Group has over 45,000 stores, making it the largest freshly made beverage enterprise in the world. Based on the number of drinks served in 2023, Mixue Group is the second largest freshly made beverage enterprise globally. In terms of terminal retail sales in 2023, Mixue Group holds about 2.2% of the global market share. Based on terminal retail sales, drinks served, and the number of stores as of December 31, 2023, Mixue Group is the largest freshly made beverage enterprise in China. In 2023, Mixue Group's market share in China, based on terminal retail sales, was approximately 11.3%. In 2023, the volume of drinks served by Mixue Group's store network exceeded the combined volume served by the second to fifth largest competitors in the industry.

Cornerstone Investors

Regarding cornerstone investors, Yingzhuo Investment Management, HongShan Growth, Persistence Growth Limited, HHLR Fund, and Long-Z Fund I, LP have agreed to subscribe, or to cause their designated entities to subscribe, for the relevant number of shares at the offering price under certain conditions, totaling $0.2 billion (approximately HKD 1.558 billion).

Source: Prospectus

Use of Proceeds

In terms of fundraising purposes, Mixue Group expects the net proceeds from the global offering to be approximately 3.291 billion Hong Kong dollars (calculated at an offering price of 202.5 Hong Kong dollars). According to the prospectus, Mixue Group intends to use the funds raised from the global offering for the following purposes:

Approximately 66% will be used to enhance the breadth and depth of the company's end-to-end supply chain, approximately 12% for brand and IP development and promotion, approximately 12% to strengthen the digital and Asia Vets capabilities in various business segments, and approximately 10% for working capital and other general corporate purposes.

More to read:Mixue Ice City recruitment.Prospectus

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