He sells fried chicken powder to KFC, and the IPO skyrocketed 300%

Relying on a small condiment, a tens of billions of super IPO was born.

And the increase was amazing -July 15th, the food seasoning company Baoli Food successfully knocked on the bell, and since its listing, it has harvested 10 daily limit. The stock price has soared from 10.05 yuan/share at the beginning of the market to now 30.73 yuan/share, and the cumulative increase in 11 trading days has reached 300%.

Founded in 2001, Baoli Food is a typical food supply chain company. The main product is composite seasoning, while the customer lineup is luxurious -KFC, McDonald's, Starbucks, Xishengke, Dex ... The fried chicken powder and salad sauce in the middle may come from Baoli. With this inconspicuous business, Baoli Food will account for 1.5 billion yuan a year.

Since the beginning of this year, the consumer supply chain has ushered in the IPO explosion: selling boxes, selling tea cups and even straws can support an IPO. Now, companies selling burgers and pizza tastes have also been launched.

He has been in the seasoning for 20 years

The listing of half a month has skyrocketed 300%, and the market value is 12 billion yuan

Why does a seemingly inconspicuous company support the market value of tens of billions?

Established in 2001, but Baoli Food is not well -known. The prospectus shows that this is a company with food seasoning, production and technical services as its main business. The main products include three major categories: composite seasoning, light cooking solutions and drink dessert ingredients. The number of SKUs with composite condiments exceeds a thousand species.

The founder was Maju, born in 1965, at the age of 57. From July 1985 to July 1995, he served as the salesman of the Liaoyuan Chemical Factory in Anqing; from August 1995 to June 1997, he served as the manager of Shanghai Ji Fairy Trading Co., Ltd. from July 1997 to December 2001 As the general manager of Shanghai Baoli Food Co., Ltd.; from January 2002 to September 2020, he served as general manager and director of the issuer; since September 2020, he has served as chairman of Baoli Food.

Relying on sales and dessert ingredients, Bao Li Food's revenue from 2019 to 2021 was 743 million yuan, 905 million yuan, and 1.578 billion yuan, respectively; net profit was 81.72 million yuan, 134 million yuan, and 195 million yuan. Among them, the proportion of composite seasoning sales revenue accounted for 78.47%, 72.78%, and 53.71%of the main business income of each period, which is the main source of the company's main business income.

Looking at it, the customers of Baoli Food almost include almost the chain fast food brand that consumers see. KFC, Pizza Hut, McDonald's, Deks, Hamburg King, Damile, etc. are all big customers of Baoli Food. Direct sales are cooperative relationships established with well -known domestic and foreign catering chain companies and large food industry enterprises.

This means that Baoli Food depends on the head of head customers more obvious. From 2019 to 2021, the company's sales revenue for the top five customers accounted for 50.11%, 44.79%, and 36.71%of the company's operating income, and the company's B -end direct sales revenue accounted for 85%. Among them, in the past 20 years with the largest customer Yum!, In the past three years, sales revenue accounted for more than 20%.

The most noteworthy in the prospectus is the light cooking solution -light cooking sauce bags and light cooking soup bags launched by catering chain companies and home consumers, which are used in foods such as rice and pasta. In 2019, the revenue of light cooking solutions was only 42.67 million yuan. By 2021, the revenue increased to 571 million yuan, and the gross profit margin suddenly increased from 27.69%in 2020 to 42.76%. This is due to the company's downstream client kitchen Affen.

Although the sales channels have continued to expand, the development of Baoli Food has gradually decreased. During the report period, the company's research and development costs accounted for 3.89%, 3.51%, and 2.52%of operating income, respectively. The previous R & D expenses of peers were higher, and in 2021, the countdown was last. In addition, nearly 70%of employees are producers in the composition of employees, and R & D technicians account for only about 10%.

Nevertheless, back to the major front -line chain catering brands and Internet celebrity products, and stepping on the double -winding outlets of condiments and supply chains, Baoli Food still created a number of daily limit records in one fell swoop.

Because of the fierce skyrocketing, Baoli Food had to issue an announcement after the market on July 27, responding to "abnormal fluctuations in stock transactions", saying that the company's current production and operation activities are normal, the market environment or industry policy, and the company's operating scope has not occurred significantly. Variety. As of now, the increase in the first day of listing of Baoli Food has reached 300%, and the latest market value has reached 12 billion yuan.

Contracts KFC McDonald's seasoning

This year, consumer suppliers are queuing ipo

The deepest brand of Bao Li Food is the consumer supply chain company -selling condiments for McDonald's KFC.

This dates back to 1987, and KFC opened the first Chinese store in Beijing. Since then, "foreign fast food" has risen rapidly in China. From 1987 to 2004, KFC opened 1,000 stores in China, which was amazing. In order to reduce costs, KFC began to build a localized supply chain and looked at the domestic raw material suppliers, such as Holy Heart Food, Tyson Food, and Yuansheng Food.

Bao Li Food was born in this context. At the beginning of its establishment, Baoli Foods began to produce composite seasonings such as wrap, bread bran, marinade and seasoning to provide seasoning for the suppliers of KFC chicken. Such cooperation is 6 years. Until 2008, Baoli Food, who had been suppliers of chicken processing factory for many years, was noticed by Yum! Since this year, Baoli Food has bypassed the Enterprise of Holy Heart Food, and directly cooperated with Yumsung China to become a direct supplier of KFC. At this stage, Baoli Foods also began to produce composite seasoning in addition to powder composite condiments, such as composite seasoning of sauce.

The business is getting bigger and bigger -except for KFC, many new catering chain brands have been added to the cooperative customer list of Baoli Food, such as Deks, Burger King, Damile, and even Chinese chain brand real kung fu. At this stage, the revenue of Baoli Food increased to 500 million yuan. The fried chicken powder and salad sauce you bite in the burger may come from Baoli.

Interestingly, Baoli Food also realized that it was too dependent on Yum: China, so he began to enter the new tea drink and Internet light cooking food. Subsequently, the Baoli food that used to make fried chicken powder and salad sauce began to make small ingredients such as crystal balls and powder circles. Hi Tea also became a new customer of Baoli.

Baoli Food is just a microcosm. Right now, consumer suppliers are queuing the IPO.

In February this year, Shandong Sanyuan Biotechnology Co., Ltd. took the lead in listing on the Shenzhen Stock Exchange, raising 3.686 billion yuan. This company has focused on industrialized production of chrysterol products since 2007, and moss is a type of sugar, which is used as a fill -type sweetener in food and beverages. The prospectus mentioned that in 2021, the vitality forest is the number one customer of the ternary creature, and the beverage brands such as Nongfu Spring, Xicha, Coca -Cola and other beverage brands also purchased chimotols from ternary biology.

In late May, Hengxin Life Technology Co., Ltd., a paper -based and plastic catering tool producer, submitted the application draft to the Shenzhen Stock Exchange to apply for listing on the GEM. The founder of the company was a pair of Hefei couples, Fan Yiru and Yan Deping. After the establishment of 1997, Hengxin Life experienced two transformations, and finally moved towards degradable plastic and paper cups under the inspiration of plastic restrictions. With the outbreak of the new catering, Hengxin's life has made a lot of money. Customers include Ruixing, Xisha, Starbucks, etc. The prospectus shows that the company sells up to 2.1 billion paper cups and plastic cups in 2021, and 700 million yuan a year.

In addition, field shares also handed the table to the North Stock Exchange. The company established in 2007 includes raw material juice, frozen fruits and fresh fruits. In 2020, Nai Xue became the second largest customer for the field shares. From this year, the customer list of new tea customers poured into the field shares and contributed 24.44%of revenue. Until 2021, four of the top five customers in Tianye shares were new tea drinks, including Naixue and Tea, a little bit of Shanghai Auntie.

One after another consumer supplier is seeking listing. In the past, they were hidden behind the brand and now collectively surfaced.

A track that was ignored by VC in the past

Seasoning is already hot

Of course, the skyrocketing of Baoli Food also shocked VC again: China has 1.4 billion people, and even small condiments can make a huge business.

This is the rarely involved in China's VC. According to incomplete statistics, more than 20 listed companies in my country's condiment industry have been born, and the current market value of Haitianwei Industry is 380 billion yuan. In November last year, Zhu Laoliu Food, who produced milk and cooking wine, was officially listed on the Beijing Stock Exchange, becoming the second listed company to the Beijing Stock Exchange. In the early years, Zhu Xianming, the founder of Zhu Laoliu, rented a small factory with a borrowed 2,000 yuan, and finally made a market value of 1 billion listed companies.

Back to the first -level market, the condiments of the condiment in the past five years have also been on the upward trend, and a stroke of financing was born. Famous ventures such as Shenzhen Venture Capital, Jingwei China, Gao Rong Capital, Tiantu Investment, and Jinshajiang Venture Capital have bet on seasoning brands, and VC has picked up a seasoning jar.

Among them, the more sensational case is that in December 2020, the Sichuan flavor is convenient for the meal brand "Rice Sweeping" to obtain hundreds of millions of yuan B financing led by Shenzhen Investment. The brand of Sichuan -style meals and flavoring sauce has designed an annual production capacity of 100,000 tons. The product has settled in more than 5,000 large shopping mall supermarkets across the country. From the perspective of rice sweeping data, in the late stage of the epidemic, young users represented by generations have grown the most obvious.

In April last year, the seasoning brand "Full of Taste" completed nearly 50 million yuan of Pre-A round financing, led by Jingwei China, and the old shareholder Duifeng Changqing and 42 Capital followed. Established in August 2020, the taste received two rounds of millions of financing in a row throughout the year. In addition, the "Xibao Make Research", which mainly provides creative meals and cooking products at the 18-35-year-old group, completed the tens of millions of yuan of Pre-A round of financing exclusively invested by Fujia Capital in October.

Also attracting attention is the "add taste" of the Internet celebrity brand. Shen Yueren, the founder of the taste, was the director of the operation of the commercialization industry of Pinduoduo. From the beginning, he established a "Internet -flavored" product manager team. Since its establishment, it has completed multiple rounds of financing, and introduced investment institutions such as Gaoma, IDG Capital, Qingshan Capital. The older brands that have been established longer, such as Guizhou, vinegar and Chuanwa food, etc., also won financing in December 2021. Among them, Chuanwa completed nearly 300 million yuan in Series A financing led by Gao Rong Capital. There are countless cases. The last time was on July 20 this year, Lihe taste completed the D round of financing. It was jointly led by Huaxing New Economic Fund and Yinshan Capital. Investment in joint investment, Taihe Capital continued to serve as exclusive financial advisors. It is worth noting that in addition to composite condiments such as peppercorns and tomatoes, the core business of Lihe taste also includes prefabricated dishes. This may also illustrate the two segments of VCs to the dining consumer trails at the moment. Enterprises are also looking for entry points and binding points from the fiery prefabricated vegetable industry.

An epidemic at home brought fire and cooking. However, the young "hand -disabled party" had to enjoy the fun of cooking and pursuing the satisfaction of taste buds. Wang Huadong, a partner of Jingwei China, said: "The market size of the condiment is large, and the industry's high -end health trends are obvious. Traditional brand 2B business is mainly, and new brands can achieve breakout through the differentiated positioning of" mid -to -high -end+C -end ", based on upgrading the upgrade, based on upgrading The products of the products are rapidly expanded by channels such as KA, chain supermarket and community group purchase, and the profitability is even more considerable. "

The eating of young people is always an endless business, even if the condiments have been ignored in the past. When VC poured in, I don't know what kind of unicorn will run here.

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