Texas picking chicken rushing to test IPO: a story of "chicken, you are not beautiful"

Wen | Sesame paste

Yellow Chicken Chicken, Texas Chicken Chicken, Zaozhuang Spicy Chicken ... Hochia's Shandong people have a famous saying: "No chicken can leave Shandong alive."

Shandong, a famous chicken -raising province in China; Texas is a famous chicken city. "Texas picking chicken" is undoubtedly one of the most eye -catching business cards in this city.

Time returned to the beginning of the 20th century. Once upon a time, the aroma of the chicken in front of the train car that "Texas Station" was rumbling. One year, Liang Shiqiu passed by Texas. After hearing a lot of people, he shouted "Roast Chicken! Roast Chicken!" Then he realized that Texas picked up chicken so popular.

Today, the "Shandong Food Dome" is going to be an IPO. In the wave of listing of Chinese catering, Shandong Texas Cook Chicken Co., Ltd. (hereinafter referred to as "Texas Chicken Chicken"), the title of "Centennial Size", is undoubtedly particularly dazzling.

But in addition to historical stories, the halogen tracks in Texas picking chickens are currently in the Red Sea. With reference to the three companies currently listed (603517.SH), Zhou Heiya (01458.HK) and Huang Shanghuang (002695.SZ), they have been secretly accepted on their own products, channels and brands. As far as the chicken is concerned, it is already a rival in front of me.

What's more important is that the prospectus of dismantling the Texas picking chicken found that, in addition to external competitive pressure, there are many questions waiting for Texas to answer chicken in terms of products, supply chains and management.

Through this article, we will answer three questions:

1. How does Texas steak chicken become a family business?

2. Behind the back of the capital, what is the far -reaching and near -term worries of Texas chicks?

3. How many steps do you need to go out of Shandong?

The staff went to the sea to make a chopped chicken, and the equity of fifteen times changed into a family business

Opposite Chenzhuang, Texas, it was the most prosperous street in the suburbs of Texas. Decades ago, a museum standing here witnessed the glorious history of Texas chicks.

It was in 1956, the dragon and lion dance team on the street lined up. Through public -private partnerships, Texas Food Company was formally established. There are old Texas people who still remember the lively scene of gongs and drums on the street.

Texas Food Corporation is the predecessor of Texas chicks.

The transformation from a small workshop to a state -owned food company marks that the chicken industry in Texas has entered a new era. More than thirty years later, when Cui Guihai, 32, came here, may not know that he would lead the company to take the IPO.

Cui Guihai had no experience in food production before. After graduation, a small science department was in the Finance Section of the Texas Commercial Bureau. Subsequently, from the financial accounting teachers of commercial schools, the infrastructure department of the business bureau to the posts of the financial section, and other posts, they moved to multiple positions, but they were always closely related to accounting.

When he came to Texas Food Company, with the rich experience in the field of accounting, Cui Guihai became deputy general manager and chief accountant. In 1998, the Texas Food Company established the establishment of the Shandong Texas Chicken Corporation. One year later, the Chicken Corporation was restructured to the Shandong Texas Chicken Group Co., Ltd. (hereinafter referred to as the Chicken Group), which was held into an internal employee. enterprise.

At that time, the head of the Chicken Group was not Cui Guihai, but Jiao Linjie. In public reports, Jiao Linjie was portrayed as an extremely enthusiastic helm.

In the article, a reporter described Jiao Linjie's very deep emotions to the old name: "Tongrentang, Quan Jude, and dog ignore ... including Texas picking chicken, and they have developed very successfully. After the story of Tongrentang was filmed as a TV series, I (Jiao Linjie) Watch each episode carefully. "

Even in an article published in the Economic Forum, the reporter Zhang Yun used a group to describe the relationship between Jiao Linjie and the "chicken":

"Do you know which chicken in the oldest chicken in China? It is Texas picking chickens, and Mr. Jiao Linjie is a chicken. It can be said to have a soft spot for chickens."

Jiao Linjie, who has a soft spot for chickens, did not lead the old name to go further. The turning point of power transfer occurred in 2008.

In 2008, Cui Guihai officially took over the chicken group. For example, most of the stories scripts of most "receivers and dangerous" were similar. At that time, Cui Guihai ran almost all the banks in Texas to raise funds, and eventually Texas chopped chickens and turned to safety.

In August 2010, the sponsor of the Chicken Group, Cui Guihai, Jiao Linjie and other sponsor signed the "Labor Agreement of Shandong Texas Cook Chicken Co., Ltd." to jointly launch the establishment of Shandong Texas Piccassi Chicken Co., Ltd., and Cui Guihai also officially went to the stage.

In the following ten years, through fifteen equity transfer, Texas chopped chickens became a "family business".

According to the prospectus, Cui Guihai, Chen Xiaojing, and Cui Yan held the equity ratio of Texas picking chicken with 25.06%, 2.22%, and 22.22%, respectively, and a total of over 60%of the family was held.

Not only that. Among the top ten shareholders, the Cui family was also figured. Among them, Cui Guihai was the actual controller of the Chicken Gourmet City, and held 51.6%of Texas Haifu's equity, and the actual controller of another major shareholder Texas Haitai was Cui Yan.

In the past three years, the Texas chopped chicken has also been a big deal in dividends, and the family of three has become the biggest beneficiary. According to the prospectus, Texas has a cumulative dividend of 240 million yuan in the past three years. Based on this calculation, the Cui family obtained a total of about 140 million yuan during the reporting period, while the net profit of the Texas picked chicken in 2021 was only 119 million yuan. From public -private partnerships, shares restructuring, and now rushing for the IPO, the development of Texas picking chickens is inseparable from the promotion of capital.

In 2012, the "Consumer Catcher" Tianmu Investment participated in the Texas Series A round of financing, becoming the second largest shareholder of Texas Chicken Chicken, holding a shareholding of 10.69%.

This period also happened to be an important period for Tiantu Investment to enter the halogen track. Two years ago, Tian Tu went north to Wuhan and became the earliest participant in Zhou Heiya's earlier round of financing.

From the perspective of investment ideas, the reason why Tiantu is pushing chicken in Bao Dezhou is the prospect of the halogen track on the one hand, and on the other hand, it is the strength of the Texas picking chicken in the Shandong region.

Because most of the halogen products mainly focus on "cooked food fresh sales", the shelf life of fresh chick chicken and other products of Texas chicken chicken is mostly within a week, so it has high requirements for fresh supply chains and other supply chains. Therefore, at the supply side, enterprises generally compress the time from R & D, production to distribution to the entire industry chain to compress the time from production to consumption.

In Qingdao and Texas, Texas chopped chickens established two major production and processing and distribution centers. At the same time, the store covered the store with the help of the "direct operation+distribution" model to North China. As of the end of 2021, the total number of directly operated stores and franchise stores reached 548.

Tian Tu not only brought Zhenyin and silver to Texas, but also gave it a well -known positioning theory to it. Feng Weidong, CEO of Tiantu Capital, mentioned a detail: When he was a positioning training for Texas Chicken, once, his wife called him: "What brand of Texas chopped chicken in Texas you invested?"

This gave Feng Weidong a wake -up. The place name of "Texas" is not easy to produce a brand response. Therefore, Tiantu suggested that Texas picking chickens should express himself as "Texas Brand of Chicken Chicken" as much as possible. The dilemma of "category, no brand".

Unfortunately, capital does not seem to be optimistic about the market prospects of Texas picking chicken. The prospectus shows that from December 2020 to March 2021, in just half a year, Tiantu Capital has transferred some of the equity of Texas picking chickens to Guo Life Investment, cash out nearly 79 million yuan, from the second largest major in the past. Shareholders become sixth, and the shareholding ratio is getting lower and lower.

Is this star company favored by Tian Tu really lost its original charm?

Financial returnees take over, but the leading operation is difficult to copy

Before answering the above question, you may wish to go back to Tiantu's investment ideas. Feng Weidong, the founder of Tian Tu, who has been in the research of consumer goods for many years, has summarized the value analysis framework of Tian Tu:

"Enterprise value = category value × brand status × team ability".

Corresponding to the above -mentioned changing factors, combined with the prospectus, the far -care and worry of Texas chopped chickens are also emerging.

First of all, in terms of category value, the ceiling effect brought by mature categories and the dependence of a single product are the key problems facing the value of the category value in Texas.

On the one hand, due to the long history of Texas's chicken chicks, the competition in this category is in full state, and the competition is relatively fierce. In addition to Cui Guihai's Texas picking chicken, there are companies such as Yongshengzhai and Township Shengpai to participate in competition. On the other hand, only the profit space for selling chicken is limited.

The prospectus shows that in the past three years, chicken products have accounted for nearly 70 % of the total revenue of Texas Chicken Chicken, and the gross profit margin has declined year by year. Under the trend of diversification of consumption, large -profit chicken products with slowing profitability cannot drive companies to achieve faster growth.

Secondly, in terms of brand status, Texas picking chickens in the old name, but also trapped in the old name.

In terms of section, nearly 80 % of the sales revenue of Texas Chicken Chicken in 2021 came from East China (mainly Shandong), and North China and other regions accounted for relatively small. In 2020, Cui Guihai had found incremental stocks through the supermarket business of picking chicken Gourmet City, but sales revenue reflected in the financial report did not increase significantly. In 2021, the Texas Chicken Merchant Super Category fell by 4.06%.

This means that the Texas steak chicken in Shandong is also trapped in Shandong, and "making articles" in the region cannot bring new imagination to this century -old brand.

Finally, in terms of team capabilities, this century -old brand also needs new vitality.

Financial's unbelievable sorting out the structure of the Texas chicken chicken found that it needs to be upgraded in age and education level.

From the perspective of age structure, the number of employees under 30 accounted for only 19%, and the proportion of over 40 years old accounts for more than 40%. In terms of educational level, more than 70%of the employee's degree of chicken in Texas is a college, and the proportion of employees and above employees accounts for only 1%.

The "pain of aging" of Texas chicks is also a common problem faced by most century -old brands when transforming. Because of this, with the return of Cui Guihai's son, Cui Yan, this century -old brand has also changed.

In the outside world's narrative, Cui Yan's "succession story" was accidental. Time has returned to 2017. At that time, Cui Yan, who had lived in Australia for five years, realized that the dilemma facing Texas ’s chicken was facing, so he resigned from the high salaries of Australian accounting firms, and resolutely returned to Texas, Shandong to help his father operate the old name.

But in fact, the old father wanted to let his son's "successor" foreshadowing in the equity transfer three years ago.

The prospectus shows that in 2014, Cui Guihai transferred 10 million shares he held to Cui Yan, and Cui Yan held 12.50%. After many capital increases, at the end of 2021, Cui Guihai once again signed the "Shares' Gift Agreement" with Cui Yan to transfer 10 million shares he held to Cui Yan for free, and Cui Yan's shareholding ratio rose to 22.22%. Cui Yan has also become the second largest shareholder of Texas chicken.

Since entering the company in 2017, it is similar to the "deformation" experienced by most the two generations. Cui Yan has also experienced a story from behind -the -scenes workshop to front of the enterprise. However, unlike the founding of Wahaha Zongli, who had just started to stay on the edge, Cui Yan had been in contact with the company's core business. Starting from the workshop killing chickens, all the way from the salesperson and the marketing manager to the current deputy director.

Regarding the transformation of his own brand, Cui Yan opened the "copying operation" model of the hundreds of his strengths.

First of all, in order to change the dependence of chopped chicken products, Texas has opened the "multi -brand, multi -product" strategy to cut into the track and find incremental opportunities.

From the perspective of the market segment, halogen can be divided into meals and casual categories. The meal emphasizes fresh aroma, so it has higher requirements for production technology and back -end supply chain.

The leader of Zi Yan Baiwei Chicken, the leader of the lord of the meal, once described the differences between the two products: "Sae Mealing product pays attention to the composite aroma and multi -layered taste. higher."

In the meal, the Texas chopped chicken mainly focused on different application scenarios, creating three types of products: gas, gift boxes, and vacuum categories. However, since the current self -built factory is only in Shandong, it restricts the Texas chicks. expansion.

Realizing this, Cui Yan's main pledge leisure halide track, launched the sub -brand "Lu Xiaosi" in 2020, opened the snack business around chicken feet, chicken, chicken legs and other meat sidewalks.

According to Cui Yan, in just one year, Lu Xiaoshi's sales achieved more than 20 million results, but from the financial report, the income of meat and sidelines including Lu Xiaosi in 2021 accounted for only 11.41%. It is difficult to make greater contributions to the overall revenue.

Financial Wuji retrieved Tmall's "Texas Flagship Store" found that in the past month, the monthly sales volume of Lu Xiaosi related products is concentrated within 50 to 300 orders, which is very far from the new consumer brands such as Wang Xiaolou. Far.

In addition to Lu Xiaoji, the prospectus shows that the Texas chicken will also open multiple curves in the future, such as "Huayi", the prefabricated food brand "Citizen Kitchen", and the pastry "Qing Wangfu".

But at present, the second curve has not seen the dawn. For Texas chicks, whether the multi -curve can sustainable development still needs to get a question mark.

While opening up multi -brand, Cui Yan also used e -commerce channels to increase the online penetration rate of the product through the binding of the head anchor. During the three years from 2019 to 2021, the proportion of e-commerce revenue in Texas picking chicken increased from 3%to 10%.

"Fast Touch Network" is the key actions for most old -fashioned samples to seek transformation, including the old names, including Zhang Xiaoquan, Tongrentang, Wufangzhai, etc., in recent years, they have shouted the slogan of entering e -commerce. But at present, live broadcast e -commerce is more like a sale of money for most old names.

This set of marketing routines that have been touched by new consumer brands may be able to cure the standard for the old name, but it is difficult to cure the root cause.

Is the next stop of "The First Chicken in the World" Zhou Black Duck or Stubborn?

In the exam, the Texas chopped chicken wrote the future growth point in the prospectus -self -built factories in Suzhou and officially expanded to the Yangtze River Delta.

This is the first step and the most critical step for this century -old brand.

It is not easy to walk out of Shandong. For Texas to pick chicken, from selling a chopped chicken, the challenge has begun. From upstream raw materials, production processing, refrigerated transportation and store sales, it means that Texas picking chickens must achieve large -scale and standardization.

For a long time, standardization is why food companies seek expansion. Compared with Western food standardization, the standardization and industrialization of Chinese catering is difficult to increase.

In the field of food, because the taste of loquat food is relatively fixed, standardization is easier to achieve. Taking the A -share "Two Duck King" and Zhou Heiya as an example, the two have formed their own business models in many years of large -scale competition.

The scale of Juewei stores is far ahead. As of the end of 2021, the number of stores has reached 13,714. Thanks to the franchise model and 21 factories across the country, through compressed product transportation radius and strong back -end operation capabilities, the scale of 10,000 stores has been achieved.

Zhou Heiya embarked on another path. Compared with the taste, Zhou Heiya does not have an advantage at the factory side, and the offline store layout is a higher -operated direct -operated model. However, by packing the fresh -keeping method, Zhou Heiya uses the brand premium to make money.

One depends on the efficiency, the two sets of different money logic of the two sets of money, and Zhou Hei Duck may be picked up with new thinking for Texas.

From the current point of view, the Texas picking chicken is more likely to go around the black duck model.

When doing regional business in Shandong, Texas picking chicken has launched gas -tuned products. With the completion of the Suzhou base, it is expected to be replicated quickly. In addition, in combination with the research on the project, Texas picking chickens are exploring the standardization of taste and shelf life. For example, "Study Standardization of Chicken Soup under different cooking conditions".

It is not difficult to see that, similar to Zhou Hei Duck, Texas picking chicken aims to achieve the brand premium by increasing the added value of the product.With the advantage of the scale of offline stores, dislocation competition is formed.

But whether it is a direct -operated model or a franchise model, Texas picking chickens have not been stated in the prospectus.Whether it is joining or direct operation, it tests the front -end operating ability.

For Texas picking chickens with only more than 500 stores offline today, whether it is a self -built factory or the expansion of the store, the seemingly beautiful "walking out of Shandong" is destined to be a more cruel competition.

In the business world, the feelings of the old -fashioned feelings cannot harvest the long -term favor of investors.More than 300 years ago, whether the "Siqi" praised by Kangxi could become the real first chicken in the world?

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