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全球最大奶茶公司的秘密 — Transcript

by 小Lin说 · 3,450 words · 571 segments · language en · Watch on YouTube

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0:00The average transaction value is less than 8 yuan
0:01but the annual revenue can far exceed 10 billion yuan
0:02Among the 650,000 milk tea shops in the country
0:04its number
0:05is almost as much as the second to fifth place combined.
0:09By now,
0:09you should have guessed who it is
0:10that is
0:11Xiao Lin Milk Tea Shop
0:12No, no, no, we are not that great.
0:14It is Mixue Ice Cream and Tea (Mixue Bingcheng).
0:18Look, this is the ranking of
0:19global chain restaurant brands by the number of stores in 2023
0:21Mixue has 36,000 chain stores
0:23The top few are all
0:24established brands that have been around for over 50 years
0:26And the rise of Mixue really only happened in the past decade or so
0:28and it still maintains strong growth
0:31For example, its signature lemonade is
0:32being able to sell 1 billion cups annually
0:34Back in the day, Xiangpiaopiao's famous slogan said
0:36700 million cups a year
0:37enough to circle the Earth twice
0:39In the first three quarters of 2023,
0:40the sale volume is 5.8 billion cups.
0:41I don’t know how many times it can circle the earth
0:45Look
0:45there are countless popular tea brands now.
0:47Heytea, Nayuki, Ancient Tea, ChaPanda, Chagee
0:51There are many, but they are different
0:53Main point is that
0:54each has its own price range.
0:57As for Mixue,
0:58it has been focusing on the market below 10 yuan.
1:01It is no exaggeration to say that
1:01in this price range, it is a unique presence
1:04In fact, if you look at the high-priced market
1:05they may have many ways to play
1:06but when it comes to the affordable market
1:08they need support from commercial capabilities
1:11Let’s analyse the business secret
1:14The founder of Mixue is Zhang Hongchao
1:16He came from a poor family
1:18when he just graduated from middle school
1:18he already did a lot of jobs
1:21like repairing motorcycles, selling food, and farming
1:23Later, he went on to study at Henan University of Economics and Law
1:26When he was in school
1:27he started his first business in 1997
1:29called Hanliu Shaved Ice,
1:30which sells shaved ice.
1:31This where the dream of Mixue began.
1:34However, he didn’t have it at the beginning.
1:36he was also in the midst of rapid urbanisation
1:38As soon as the store was set up
1:39it was about to be demolished
1:40In these five or six years,
1:41the store has been closed three times.
1:43and 4 demolitions
1:44Finally in 2003
1:45right next to his alma mater
1:46he opened a small store called Mixue Bingcheng
1:49But Mixue at the time
1:50was not a milk tea shop.
1:51It sold everything,
1:52including shaved ice and homemade dishes
1:53Anyway, the focus was on offering great value for money
1:55a hamburger that costs 3 yuan
1:56a plate of fried rice for 2.50 yuan
1:57it is very popular among students.
1:58The business
1:59gradually became prosperous
2:01In 2006
2:03when the popularity of the Olympics was very high,
2:04there was an ice cream cone in Henan
2:06that looked like a torch and
2:07sold for nearly 20 yuan
2:08but it was still very popular.
2:10Compared with 3 yuan burger
2:11and 2.50 yuan fried rice
2:13ice cream is not a complicated thing,
2:14why should it cost 20 yuan
2:16So Zhang Hongchao started researching
2:18how to make this torch ice cream,
2:21he bought a second-hand ice cream machine
2:22and went to the cone supplier to study the formula and
2:24managed to came out with a result
2:26Although
2:26the taste of this ice cream is not as good as
2:28the torch ice cream
2:29but price is definitely the lowest
2:30It only costs 1 yuan
2:311 yuan
2:32Someone selling it for 20 yuan
2:33while he sells it at only 1 yuan
2:34It instantly became popular
2:35and it is still one of his flagship products.
2:39The popularity of the ice cream
2:40also led Zhang Hongchao to open branches
2:42Relatives and friends joined in one after another
2:43which also formed the earliest franchise model of Mixue
2:46These relatives and friends
2:47were also the first batch of Mixue's franchisees
2:49In the next few years,
2:50Mixue kept branches out
2:52and developed
2:52until 2013,
2:53when the gears of fate started turning again.
2:57At that time, Mixue wanted to find a drink suitable for summer.
2:59In the end, they set their sights on lemons
3:03but lemonade is not as easy as
3:04just putting lemons into water
3:06and then it’s done.
3:06I don’t know if you have done it,
3:07but it’s either too sour
3:08or tasteless
3:09it's just not that good.
3:10It's no exaggeration to say that
3:11when optimizing this lemonade, Mixue's team
3:13tasted all kinds of lemons from around the world.
3:15Picking lemon like tasting wine
3:17so they chose the kind of lemon which
3:19the scent, sweetness and sourness is balanced.
3:20Eureka Lemon
3:21Moreover, they carefully select the weight
3:24sugar content, and juice yield of the Eureka lemon
3:26It must meet the standards
3:26Only then they'll use it
3:27The key is that
3:28drawing on the successful experience of the ice cream
3:30they also lowered the price
3:31It’s only 3 yuan.
3:343 yuan
3:34is basically equivalent to
3:35buying bottled iced tea at a convenience store.
3:37The key is the price
3:38you get a freshly made drink
3:40and it's made with fresh lemons
3:42So when it was launched
3:43it became Mixue’s flagship product
3:44and now it sells 1 billion cups annually
3:46Even now,
3:47after a decade
3:47In most of the region
3:48its price has only increased to 4 yuan.
3:50As for why it manages to keep the price down,
3:52we will analyse it in a bit.
3:54In the next few years
3:55fresh fruit tea and fresh milk tea like Heytea, Nayuki
3:58were popping out
4:00Unknowingly,
4:00when you go shopping
4:02bottled drinks are replaced with milk tea, fruit tea
4:04Mixue
4:04also reaped the benefits from this trend.
4:07The difference is that
4:09they actually have been deeply involved in
4:10the market under 10 yuan.
4:11With its price advantage,
4:12it has
4:13steadily become the unique presence in the market.
4:16You see, other milk tea shops almost
4:17always have to rely on new products to attract customers.
4:19It is inevitable that
4:20everyone will compete with each other
4:22and imitate each other.
4:22But the path that Mixue takes is
4:24simple and clear.
4:25As we all know,
4:25his trump card is price,
4:27but despite it being an open secret
4:28no one can imitate it.
4:29How can it achieve such an extreme price?
4:31The key is just three words
4:33supply chain management
4:34We need to bit by bit
4:35go deeper into the core of Mixue’s business
4:38In the one or two decades leading up to the 2010s
4:40franchise model like Mixue
4:42the core issue behind the closure of many
4:43chain restaurants is the supply chain
4:46For example, look at Haidilao
4:47to be so successful,
4:48you would think that its core is service.
4:51Of course, service is also a very important part.
4:52It is actually king in the construction of catering supply chain
4:55What they are good at is not just selling drinks and
4:56What they are good at is not just selling
4:57drinks and food
4:58It's the more professional industrial system behind it
4:58It's the more professional industrial system behind it
5:01One of the key reasons Mixue is so successful is
5:03that they realise the importance of supply chain
5:04the importance of the supply chain
5:04the importance of the supply chain
5:05Let me tell you
5:06It was one of the first in the milk tea industry
5:07to build its own central factory
5:09In 2012,
5:10it built its own factory in Henan
5:11to process the purchased raw materials
5:13and sell them directly to franchisees.
5:14Later, as Mixue grew bigger and bigger
5:15the base of the supply chain
5:17also needs to be expanded
5:18so in order to reduce uncertainty about upstream ingredients,
5:20Mixue simply built the factory directly in the place of origin
5:23On Qichacha, I found out that
5:24Mixue has a subsidiary called Snow King Lemon.
5:27Now it has been renamed Snow King Agriculture.
5:29The registered place is in Anyue County, Ziyang City, Sichuan.
5:32Do you know where this is?
5:33It is the main producing area of Eureka Lemon
5:35In this area,
5:36they directly cooperate with local farmers to collect lemons
5:38with zero intermediate cost
5:39This is why Mixue’s lemonade
5:41only sells for 4 yuan
5:43right?
5:44This is the first major benefit of building a self-built supply chain,
5:46reducing costs.
5:47This is not over yet.
5:48With the first advantage comes the second
5:50The second major benefit is to help it grow rapidly.
5:52Pay attention, this focus is on rapidity.
5:54As the saying goes, a good soldier is a good
5:55before the army moves
5:56the supplies must be in place
5:57You need to secure your base first
5:58before you can charge forward.
6:01Around the beginning of 2014,
6:02Mixue entered a rapid growth period,
6:04they built their own warehousing and logistics center.
6:06At the time
6:07they also made a very brave decision
6:09As a franchisee, you only need to buy raw materials
6:10and transportation is all free.
6:11This helped them quickly open up the domestic market.
6:14By the end of 2020, the number of stores exceeded 10,000
6:16By the end of 2021, the number of stores exceeded 20,000
6:18Mixue took 20 years to go from
6:19its first store to its 10,000th store
6:20From the 10,000th to 20,000th stores
6:22it took only 1 year
6:24Untill now
6:24Mixue's supply chain is already very large
6:27Its upstream ingredients alone
6:28cover 35 countries around the world.
6:29From buying milk in New Zealand,
6:30cocoa from Ghana,
6:31cheese from Denmark
6:32and passion fruit from Vietnam.
6:33Michelle began to go overseas in 2018
6:35and continue this franchise model.
6:37Backed by this global supply chain,
6:38Mixue soon surpass the local brands in Southeast Asia
6:41and is now the largest ready-made tea drink in the Southeast Asian market.
6:44By the end of last year,
6:45Mixue’s stores had exceeded
6:4636,000 stores
6:47ranking fourth in the world.
6:48Overseas stores also exceeded 4,000.
6:50with such an extreme supply chain
6:52it helps reduce costs and
6:53ensure growth.
6:55So instead of calling it a milk tea brand
6:57it is better to say that
6:57it is a supply chain company disguised as milk tea shop
7:02This point is
7:03also very obvious from its financial data
7:05For example, if you look at Mixue’s prospectus
7:07The revenue in the first three quarters of 2023 is more than 15 billion,
7:09of which 98%
7:11is mainly from
7:12the sales of goods and equipment to franchisees.
7:13Franchise fees and related services only account for 1.8%.
7:17Can you see that
7:18it's not a ToC company selling milk tea
7:20basically
7:23it is more like a "shovel seller" in the milk tea industry.
7:26and the role of shovel seller
7:27brings another benefit to Mixue
7:29The third benefit of its supply chain
7:30is to help Mixue reduce risks
7:32What does it mean
7:33For example, Mixue’s Eureka Lemon
7:35will also be supplied to other milk tea brands.
7:37Milk tea brands can
7:39come and go
7:40But being the upstream of the supply chain,
7:42as a lemon seller,
7:43as long as the lemon tea, lemonade market is growing,
7:45no matter what the milk tea brand is
7:46I'll still be growing
7:47It's similar to the brands in the new energy vehicle industry
7:49they come and gp
7:50But if I am a lithium battery seller,
7:51as long as new energy market is growing
7:53then I will be growing
7:54and will not be
7:55affected by certain new energy vehicle brands.
7:57So you see,
7:57the further upstream it goes in the supply chain
7:59the stronger its ability to resist risks
8:01and help it avoid risks best
8:03Milk tea is Red Sea Market
8:06Actually
8:06Mixue’s cooperation model with franchisees
8:08is
8:09selling products without sharing the profits
8:10Is it optimal?
8:11It needs to be discussed
8:12For example, if you look at these chain brands in Europe and the U.S
8:14McDonald's and Starbucks
8:15What they adopt
8:16is actually
8:16the brand takes a cut
8:18from the
8:19franchisee's profits
8:19essentially creating a deeper form of binding
8:21They think this is more conducive to long-term development
8:24In terms of scale,
8:25Mixue is now a stable leader.
8:27But the milk tea industry
8:29only exploded in the past 10 years or so
8:30So for Mixue
8:31the bigger question now
8:33may be how to continue this leading position
8:35and further expand globally.
8:36In addition to continuing to
8:38strengthen its position in the supply chain
8:39Mixue has another trick
8:40to build IP
8:42establish their own brand power
8:44Let me tell you
8:44there is a very interesting pattern in the consumer field,
8:47that is brand with lower price
8:48its stability is higher
8:50What does it mean?
8:51For example, if you want to go to a high-end restaurant,
8:53where the average spend could be several hundred or even thousands
8:55If I eat king crab today
8:56and eat foie gras tomorrow,
8:57it will be difficult for you to have that kind of
8:58if I want to eat good food,
9:00it's foie gras, foie gras, foie gras
9:01going to the same restaurants
9:02But the relatively low-priced ones
9:03are different.
9:04For example, home-cooked food.
9:05I just love eating Kung Pao Chicken and scrambled eggs with tomatoes
9:07I really just eat them all the time
9:09I'll order them from the restaurant nearby
9:11So what I want to say is that
9:12you will see that
9:12in the expensive market,
9:14there may be various brands
9:15competing
9:16but in the low-price market segment,
9:18there are usually only one or two top brands.
9:20In other words,
9:21it is very important
9:22to occupy the minds of users in the low-price market.
9:25Like Coke, right?
9:26When I eat a hamburger,
9:27I feel like I should have a Coke.
9:28When watching a football game
9:28I feel like I should have a Coke.
9:29When the whole family is having fun,
9:30I feel like I should open a can of Coke.
9:31For many people,
9:32it has even become a staple
9:34a happy water
9:35This is the brand perception that
9:36Coca-Cola has built in consumers' minds
9:38As for Mixue
9:39it hopes that when you're thirsty
9:40you'll think of Mixue's lemonade
9:42Build up the brand perception
9:45You see, the most common way to build
9:46brand perception is through advertising
9:48and find endorsements.
9:49But Mixue is different .
9:50They didn't go after those celebrity influencers
9:51they created their Snow King.
9:54Look at other milk tea and coffee shops
9:55they're teaming up with characters like Black Wukong
9:57r the Powerpuff Girls
9:57for IP collaborations
9:58But did you notice, Mixue
9:59rarely co-brands
10:00because Snow King is its own IP.
10:02Mixue launched this IP Snow King in 2018
10:04later
10:05they built a whole cultural campaign around the Snow King
10:07In 2019, they designed a theme song for Snow King
10:11it's both catchy and addictive
10:12With over 30,000 stores playing it
10:14it instantly becomes popular
10:15It was later spread through user-generated content online
10:17making it even more ingrained in people's minds
10:18Now, when you think of that song
10:20don't you immediately picture a chubby white character
10:21wobbling around in your head
10:22right?
10:23At the same time, the Snow King has been
10:25stirring things up on major social platforms
10:26making videos
10:27and accumulating a lot of followers
10:28Leveraging the booming IP trend in recent years
10:30it has created
10:31a standout IP in the consumer market
10:33Last year, Mixue launched
10:35an animation called Snow King Arrives
10:37It launched for free across the entire internet
10:37views have exceeded 200 million.
10:39The rating on Bilibili is as high as 9.9.
10:41I even watched it
10:42to see what fancy marketing is Mixue doing,
10:43but I found that
10:44it didn’t mention milk tea at all
10:46It is about Snow King
10:47trying to find his ice cream scepter.
10:49It is just a pure animation
10:51This year, the second season of the animated series just launched
10:53Snow King: Fantasy Desert
10:54It features a Dunhuang-inspired backdrop
10:55with a strong traditional Chinese aesthetic
10:56Moreover,
10:57The voice actor from Black Myth: Wukong
10:59also participated in the Snow King's animation
11:00Animation and sound effect are quite sophisticated.
11:02You have to know that
11:03entering the cultural industry
11:04is not just a matter of testing the water.
11:07I even specifically asked my friends in the
11:08animation industry about it
11:09the production cost of an animation like Snow King,
11:10the cost per minute is about hundred of thousands
11:12Each season requires an investment of tens of millions
11:15And just this month (last month)
11:16Mixue was established a company
11:18called Snow King Loves Animation
11:19and registered a trademark for Snow King
11:21I checked this category
11:22it’s not advertising
11:23it is related to
11:24entertainment, movie production and etc.
11:27Even if Mixue isn't short on money
11:28they can do many other things
11:30why would it spend so much on making an animated series?
11:33Actually
11:34it's not difficult to understand that it launched the Snow King IP.
11:36Mixue's image itself is affordable and approachable
11:39There is really no need
11:40to spend a lot of money
11:41on high-end celebrities.
11:42There's also the risk of it backfiring
11:43as netizens often say
11:47It has more than 30,000 offline stores,
11:49which is natural traffic
11:50so it doesn't need to spend a lot of money
11:52to find influencers and celebrities
11:53And this chubby white character
11:54has no border restrictions
11:55People around the globe love it
11:56right?
11:57This is quite smart
11:58and relatively easy to understand.
11:59So why do you think
11:59they are entering the cultural industry recently?
12:01Launching animated series
12:02and building a media company.
12:03Why?
12:06I think
12:06it is just like we analysed
12:08Mixue wants people to be familiar with it
12:10through the Snow King IP
12:11makes it easier to form an emotional connection
12:13Just having an IP
12:14or a single character
12:16isn’t enough on its own
12:17If this IP wants to have a long life
12:19it needs content to support it.
12:22I have to understand this IP
12:23what kind of character does it have
12:24what skills and flaws
12:25like a person
12:26only then it's easier to form emotional connection
12:28Through animation series
12:29I get more familiar with the character.
12:31It is actually a very good way
12:32to establish a companion IP.
12:34Like Doraemon, Crayon Shin-chan
12:36they are IP that has a profound impact on your childhood
12:38It gradually becomes an IP that has a deep impact on you
12:41When it comes to animated IPs
12:42there's a very successful predecessor
12:45Do you know who it is?
12:46Those who were born in the 1980s and 1990s must remember
12:48Haier brothers
12:49The theme song comes out as soon as you open your mouth.
12:50Maybe a lot of knowledge comes from these two brothers.
12:52When you watch the animated series
12:53you probably don't even know the Haier brand
12:55but through animated series
12:56and through content
12:57it subtly imprints this image
12:59in the minds of this generation
13:00After that, when you want to buy home appliances,
13:02this perception impact
13:03may affect your purchasing decision.
13:05It is actually a longer-term process.
13:07As for Snow King animation
13:08The plot is not complicated
13:09It is aimed at children
13:11young people
13:12The Snow King has an ice cream sceptre
13:14and magic
13:14Children will like it at first sight
13:16Then next time when you see Mixue
13:17you will think of the Snow King
13:18The impression is quite good
13:21Now
13:22it has registered a company called Snow King Loves Animation.
13:24Its business scope is movies,
13:25performances, and cultural communication.
13:27You can see that
13:27after some exploration
13:29it has pretty much decided
13:30what to do in this field
13:32As for what will happen in the future
13:33will it be like Disney
13:34a Snow King movie
13:35Snow King theme park
13:36or even world renowned Snowman
13:38It’s hard to say
13:40So you see
13:41The core of these animated series and cultural content
13:43is not to pursue a short-term hit
13:45or a wave of traffic
13:46but to have a longer-term vitality
13:49to connect with users through the IP of Snow King
13:51to build the user's perception.
13:54You see, after our analysis
13:56at first glance, Mixue
13:57seems to be a chain of freshly made tea companies.
14:00Upon closer inspection,
14:01we discovered that
14:01it is a supply chain company
14:02now about to expand into a cultural company.
14:04Don't you feel that
14:05the milk tea industry is still quite complex?
14:07Although
14:08from the number of stores,
14:10Mixue is closing on Starbucks
14:11but in terms of the degree of globalisation of revenue,
14:13there is still a long way to go.
14:15To become a benchmark tea brand
14:17it also has many challenges.
14:18For example, it mainly expanding in developing countries
14:21Can it enter developed countries in future
14:22Will this cost-effective route work
14:24The model of cooperation with franchisees
14:26does it need to be adjusted?
14:27Including
14:27what will the long-term effect of the current IP strategy be
14:30These questions
14:31are left to Mixue to think about
14:33I have to hurry up and plan
14:34our Xiao Lin Milk Tea Shop.

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