Breast drinks are "competing" to go public. Why is Jule Food "stuck"?

Under the "nostalgic economy", many old brands with regional characteristics are popular. However, this kind of redness may be a moment of rise of consumers, and sustainability is worrying.

Such as many old -fashioned regional enterprises, Jule Food in Sichuan Province, Li Ziyuan in Zhejiang Province. Although these regional enterprises have a consumer foundation in the local area, with the rapid iteration of product updates in the market, the pressure of competition among enterprises cannot be relieved.

As a result, regional enterprises began to raise funds through listing to thicken their strength. Earlier, Li Ziyuan and Jun Yao's health were successfully landed on the secondary market.

Sichuan Jule Food Co., Ltd. (hereinafter referred to as: Jule Food), which is based on milk -containing beverages, recently disclosed the prospectus again. For nearly 5 years of struggle to go public, Jule Food is still hovering in front of the door to the market. Is it not fragrant with milk drinks? Or does Kikule Food have other hidden feelings?

"Frequent" milk -containing drink

Consumers such as "drinking from a young age" and "taste of childhood" have commented on the endless layers of Jule Food Tmall flagship stores.

In 1996, Jule Food launched a "yogurt" milk drink. For more than two decades in the next decades, "yogurt milk" containing milk beverages became the pillar of Jule Food.

Data show that from 2019 to 2021, the sales revenue of Jule Food containing milk beverage was 611 million yuan, 647 million yuan, and 732 million yuan, respectively, accounting for 73.91%, 65.31%, and 51.68%of their revenue.

Although the proportion of Kikule Food containing milk drinks has declined, it still occupies half of the mountains.

In this listing plan raised funds, Kikle Food "cares for love" with milk -containing beverages. Jule Food is planned to implement a 120,000 -ton dairy production base project in Xinjin County, Chengdu, Sichuan Province (the second phase). This project can achieve an annual production capacity of 60,000 tons of milk drinks. This number is far away. Super Jule Food's plan for other categories.

Jule Food pays attention to milk -containing drinks, and can milk -containing drinks reliable?

According to data from "China Dairy Statistics Summary 2021", from 2007 to 2020, the sales output value of milk -containing drinks and plant protein beverage manufacturing industries increased from 16.925 billion yuan to 860.0 billion yuan, with an average annual compound growth rate of 13.32%.

However, the total revenue of milk drinks and plant protein beverages industry increased almost 110 billion yuan in 2015, and its growth was almost stagnant. From 2015 to 2017, it remained around 110 billion yuan, and in 2018, it fell sharply to 97.83 billion yuan, and as of 2020, it was still declining.

Some dairy company staff told reporters that in fact, milk -containing beverages are already a sunset industry, and many consumers have recognized the difference between milk and milk -containing drinks, which will also affect the development of milk -containing beverages.

In the prospectus, Jule Food stated that since 2017, with the further improvement of terminal consumers' requirements for product quality and product quality, the industry has begun to enter the structural adjustment period after rapid development. The backward production capacity has gradually withdrawn from the market, and the total industry output value has fallen.

The Li Ziyuan and Jun Yao health with Kikule Foods have experienced growth problems.

Junyao Health is expected to achieve net profit of 43.9133 million yuan to 48.535,700 yuan in the first half of 2022. Compared with the same period of the previous year (legal disclosure data), it will decrease by 61.01%to 64.73%.

In the first quarter, Li Ziyuan's operating income increased by 3.28%year -on -year; net profit was 40.83 million yuan, a year -on -year decrease of 23.59%; net profit after deduction was 34.34 million yuan, a decrease of 33.6%year -on -year.

"The growth rate of milk -containing beverage types has declined to varying degrees. Dairy products such as fresh milk and yogurt have become the elements of daily life. Milk -containing beverages are mainly living in low -line cities. From the perspective of market breadth, Junyao, Jule, and Jun Yao, Jule, and Jun Yao, Jule, and Kikura, and Jun Yao, Jule, and Kikura, and Junyao, Jule, and Judu, Kikule, and Kikura, and Jun Yao, Jule, and Kikura, and Jun Yao, Jule, and Kikura, and Jun Yao, Jule, and Kikura, and Jun Yao, Jule, and Kikura, and Jun Yao, Jule, and Kikura, and Jun Yao, Ju Le, Li Ziyuan and others are facing restrictions on the market. In the limited space, when the dairy leading corporate channel sinks, there is no obvious room for growth. "Chinese food industry analyst Zhu Danpeng said.

In addition, milk -containing drinks have been criticized for a long time due to nutritional problems.

It is understood that milk -containing drinks are divided into preparation of milk -containing drinks and fermented milk -containing drinks. The yogurt milk, Yiliyou acid milk, and Mengniu real fruit of Kikle Food belong to the preparation type.

Related national standards point out that the protein content of preparation of dairy drinks and fermented dairy beverages is greater than or equal to 1.0%, and the protein content of milk should be greater than equal to 2.9%. It can be seen that in terms of protein, milk -containing drinks have a gap with milk.

Zhu Danpeng bluntly said to reporters that milk -containing drinks are drinks, which is obviously different from milk. However, in the promotion of Kikule Food, it still uses the word "milk" to promote it. If the publicity picture in the company's Tmall flagship store, you can see that "Jule Milk" is sour milk.

(Picture source: Jule Tmall flagship store)

This kind of rubbing propaganda is not only Jule food. There have been media reports that the publicity pictures of Li Ziyuan Sweet Milk also contain the words "milk". At present, the company has replaced milk into other words.

Unexpected fund support

In fact, the road to listing of Jule Food was bumpy. Before the listing, the CSRC issued a decision to adopt a warning letter supervision measures for Jule Food.

In 2020, the CSRC issued an announcement saying that after investigation, it was found that in the process of applying for the first public offering and listing of Jule Food, there were cumulatively incurred by branches of campaign to misappropriate the company's funds. , Disclosure of monetary funds, major defects in the internal control system, and inaccurate rebates. In this regard, Jule Food explained in the prospectus that there are important defects in the execution of the key control points of Kikle Food and Fund Management. The requirements of the fund management system, the monthly monitoring of the bills, which causes the failure of the execution defect of the abnormal cases in time, is the direct cause of the employee's misappropriation of funds.

The company said that all of the misappropriation funds have been recovered and did not cause property losses. In response to major defects in internal control, Jule Food rectified internal control defects, further strengthening monetary fund management. The impact of the above regulatory measures on Jule Food has been eliminated, and it does not constitute substantial obstacles on the first public offering of stocks and listing.

Shen Meng, the chief strategist of Guangke Consulting, told reporters, "If the company can confirm that the relevant issues have indeed been rectified, and the regulatory agency also recognizes its rectification, it can still declare it normally."

The internal control problem has not affected the determination of Jule Food's listing. Since the decision of the CSRC has been issued, Jule Food has disclosed two prospectus. From the perspective of the industry, Jule Food is so persistent in listing may be due to the demand for funds.

Data show that the amount of fundraising investment in Jule Food expanded from the initial 486 million yuan to 1.363 billion yuan, and the fundraising project increased from 4 items to 7 items.

Increased projects include upstream breeding projects, information system construction projects, and supplementary funds. It is worth mentioning that the supplementary mobile fund project intends to use the raised funds of 300 million yuan, ranking second in the fundraising project.

The staff of a dairy company told reporters that "In fact, one of the reasons for the listing of regional enterprises such as Jule Food and Liziyuan is to solve the problem of funding, and there is hope that it can also develop some new businesses through financing."

Jule Food admits in the prospectus that at this stage, the funds required for the development of Jule Food mainly comes from their own business income, and the development speed is relatively slow, and external financing mainly depends on bank loans. Compared with leading dairy companies, the overall size is still relatively partially partial Small. In order to achieve the goal of rapid development, Jule Food urgently requires more financial support and further expand financing channels. Therefore, with the help of the capital market to broaden financing channels, it has become a must -have road for Kikuro Food to achieve future strategic goals.

The fundraising of Jule Food will also be used in the production capacity of milk -containing drinks, fermented milk, fresh milk, sterilization milk, etc. to break the single restrictions of the product.

However, Sichuan Jule Dairy Co., Ltd., a subsidiary of Jule Food, lost 9.0747 million yuan in 2021. Jule Food (Xinjin) Co., Ltd., one of the main entities for fundraising projects, also lost 12.1966 million yuan in 2021.

Judging from the performance of each holding subsidiary, Heilongjiang Huifeng Dairy Co., Ltd. (hereinafter referred to as: Huifeng Dairy) is relatively good, achieving a net profit of 27.8462 million yuan.

But Huifeng dairy also has risks. The prospectus shows that the production and operation venues and main equipment of Huifeng Dairy are obtained from third -party leasing. Although Huifeng Dairy and the lessor have signed a lease contract, the validity period of the current lease contract is ended on March 31, 2027, but if the lessor terminates the lease contract in advance before the lease expires, or the lease cannot be renewed after the lease expires expires Self -construction and other channels to solve subsequent production venues and factory problems will cause the production site of Huifeng Dairy to face the risk of passive relocation, which will adversely affect production and operation.

A reporter from the Blue Whale Finance sent an outline to the Jule Food to understand the strategic planning such as milk drinks and Huifeng dairy products. As of press time, he did not receive a reply.

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