【New Stock Highlights】Snow King is here! The entry fee for Mixue Ice City is over 20,000, expensive but worth it?

A cup of milk tea costs 4 yuan, but a share of Snow King costs over 200!

(There’s a little surprise at the end, make sure to read to the end!)

MIXUE GROUP, which operates Mixue Ice City, will start its IPO subscription from February 21 to 26, planning to issue 17.06 million shares, with 10% available for public sale in Hong Kong. The offering price is 202.5 yuan, with a minimum purchase of 100 shares, and the entry fee is over 20,000 yuan (Vision Bricks 2.0).

The fundraising target is 3.45 billion yuan, with a net fundraising of 3.291 billion yuan, and the entry fee for one lot of 100 shares is 20,454.2 yuan.

Pricing Analysis:

This corresponds to a price-to-earnings ratio of 14.3 times the 2025 forecast, while GUMING is currently trading at 12.8 times the 2025 forecast P/E ratio; Gu Ming's IPO performance has been average, and Snow King's IPO valuation has been adjusted downwards;

Industry Analysis:

• Competition in the sector: It may not be possible to replicate the listing performance of LAOPU GOLD, MAO GEPING, and BLOKS;

• Industry trend: The entire tea beverage industry has improved this year compared to last year, and the darkest period of internal competition has passed. This year will be slightly better, for example, recently, Heytea has paused its franchise, and Luckin Coffee has given up on 9.9, etc.; Fundamental Analysis:

• Advantages:

  • Industrial supply chain: significant scale advantages and deep barriers
  • Price positioning: below 10 yuan, relatively low competition in the sinking market
  • Second growth curve: overseas expansion + coffee
  • Largest scale: liquidity and fundamentals are more attractive to long-term investors (LO)
  • Brand IP: consumer base of the Xue Wang IP, support from retail investor sentiment
  • H-share structure: old shareholders locked for 12 months, the sector can be viewed from a long-term perspective

• Concerns:

  • Sustainability of growth: how much store opening space is left with 45,000 existing stores?
  • Bottom line growth rate: can the growth rate be sustained in the future?

Cornerstone: 45% share, hard to avoid explosion

• European long-term funds: MG
• Old shareholders: HH, Long Zhu
• New cornerstones: Boyu, Sequoia, etc., investing 200 million USD, a luxurious lineup, especially Boyu and Sequoia have not made cornerstone investments for many years

The listing of Mixue Group is undoubtedly a major highlight in the tea beverage industry this year. Its strong supply chain, scale advantages, and brand influence have positioned it favorably in the market. Although it faces challenges in growth sustainability, its stable fundamentals and luxurious cornerstone investor lineup provide solid support for its future development. For investors, this is an opportunity worth paying attention to.

(Source: Internet)

The IPO details are as follows:

【Mixue Ice City Sweet Sweet, Limited Time Sharing Activity】

Hotspot Jun, along with @Bridge Uncle who brings goods, is providing benefits for all traders who love "Xue Wang". Now, participating in the limited-time sharing activity of Mixue Ice City can earn task coin rewards.

Participation conditions: From now until March 2, 2025, 23:59, users of Longbridge trading participating in the Mixue Group IPO in the $MIXUE GROUP(02097.HK) stock discussion area, posting "share subscription" or "share subscription results" (even if not successful), can receive 2,000 task coins as a reward.

Each user can receive a maximum of 2 rewards, which will be automatically credited to your task coin wallet one week after the end of the event