In the Huamen Store, the super -star Buck, Ruixing Coffee completes the "counterattack"?

Radar finance produced | Meng Shuai editor | Shenhai

After the financial fraud, Ruixing Coffee completed a gorgeous turn.

Radar Finance noticed that with the reconciliation of the US Securities and Exchange Commission (SEC), Ruixing Coffee is gradually getting out of the haze of financial fake incidents. Relying on a series of marketing strategies such as Coconut Coconut Latte, Jebao Valley Ailing, and co -branded coconut tree, Ruixing Coffee further established its own market position.

As of the end of the second quarter, the number of stores in Ruixing Coffee reached 7,195, which is the most domestic chain coffee brand in China, with 1434 more than Starbucks China.

The financial report shows that the net loss of Ruixing Coffee in the second quarter was 115 million yuan. If the incentive expenses and reserve of equity incentives and reserve were peeled, Non-GAAP (non-American accounting standards) caliber, Ruixing Coffee achieved net profit in the second quarter. However, in the face of more and more competitors in the coffee track, Ruixing Coffee is not under small pressure.

The number of Ruixing Coffee in Huamen Store Super Starbucks

Ruixing Coffee has been on Thailand? Recently, photos of Ruixing Coffee Thailand have made many netizens think that Ruixing Coffee has gone abroad and entered the Thai market.

On August 9, Ruixing Coffee denied the news that there are currently opening in Thailand through the official micro -map. Ruixing Coffee also stated that the "look left" LOGO and the use of the LuckIincoffee name directly used by the shop have caused serious damage to the Ruixing brand. Relevant departments of Ruixing have adopted legal means to defend their rights.

Although Ruixing Coffee has not yet opened the Thai market, the brand has become the largest chain coffee brand in domestic stores behind the cottage Uron. Even if the domestic epidemic is often repeated, Ruixing Coffee has not stopped the pace of expansion. In the second quarter, there were 615 new stores in Ruixing Coffee. The number of stores in Ruixing Coffee reached 7,195 at the end of the second quarter, including 4,968 self -operated stores and 2227 joint camp stores.

What is the concept of 7195 stores? Data show that Starbucks has a total of 5,761 stores in China as of the third quarter of the fiscal year of 2022. It was thrown out of the 1434 gap by Ruixing Coffee. The number of Starbucks in Hua Xing Coffee stores in the Huaxing store was about 80%.

In fact, as early as the end of the fourth quarter of last year, the number of Ruixing Coffee's stores in China had achieved surpassing Starbucks China. At that time, the topic of#Ruixing stores surpassed Starbucks China#once rushed to hot search. It is understood that Starbucks opened the first store in Beijing in 1999 and has officially entered the Chinese mainland market since then. Starbucks spent more than 20 years in the store layout in the Chinese market. It was surpassed by Ruixing Coffee, which was established in 2017 in just 4 years.

However, Starbucks worldwide still occupies a obvious dominant position in the number of stores. By the end of the third quarter of fiscal year in 2022, Starbucks ’s number of stores in the world was about 35,000, of which the number of stores in the United States and China accounted for more than 60 % of global stores.

Radar Finance has noticed that behind the increase in the number of Ruixing coffee stores, the joint venture stores help a lot. It is reported that in January 2021, Ruixing Coffee resumed the franchise policy. Relying on the "0 yuan joining" model, Ruixing Coffee took a large number of franchisees and quickly occupied the market.

From the perspective of the chairman and CEO of Ruixing Coffee, Guo Jinyi, the current market space of the coffee industry is far from saturated. With the popularity of coffee consumption, the ceiling of the number of stores is still rising.

Although there are huge numbers of stores, the impact of the epidemic on it still cannot ignore the impact of the epidemic. The financial report shows that April this year Ruixing Coffee has an average of about 900 stores closing stores per day; as the epidemic in May has improved, the company's average number of stores closed in June will drop to about 96; It was relieved, but Guo Jinyi also did not avoid the adverse effects of the epidemic on the company's business in the short term.

Ruixing Coffee "starts to death"

In fact, Ruixing Coffee once stars in the early development process. From July 2018 to April 2019, Ruixing Coffee completed the A round, B, and B+round financing in less than a year. These three financings won a total of $ 550 million in financing for Ruixing Coffee. Essence At that time, the valuation of Ruixing Coffee, which completed the B+round of financing, reached $ 2.9 billion.

A month later, Ruixing Coffee successfully landed in Nasdaq in May 2019, becoming the largest Asian company in Nasdaq's IPO financing, and set a record for the world's fastest IPO company.

However, the good times did not last long, and the capital coffee, which helped the capital, welcomed the backwind in the process of brand development. In early 2020, Muddy Waters Research, known for its short -term stock stocks, dragged Ruixing Coffee away from the flash from the flash of 89 pages. Ruixing Coffee also acknowledged that data was fraud. For a while, the fate of Ruixing Coffee was in danger. In June 2020, Ruixing Coffee, which had just been listed for a year, was suspended in Nasdaq, and the delisting was recorded.

When the outside world thought that Ruixing Coffee was difficult to turn over, Ruixing Coffee was quietly "returning to life." In December 2020, Ruixing Coffee stated that it had reached a settlement with the US Securities and Exchange Commission (SEC) for some former employees' suspected financial fraud incidents, and the condition for reaching a settlement was that Ruixing Coffee had to pay a fine of $ 187.5 million. In April this year, Ruixing Coffee announced that the company had completed its debt reorganization. With the support of the creditors, the company officially ended the bankruptcy protection procedure as a debtor. At the same time, Ruixing Coffee has fully resolved the problems left over from history and returned to normal.

In the same month, Ruixing Coffee announced that it had received a financing of $ 250 million by Dashu Capital and Royal Capital and investment. At that time, Ruixing Coffee stated that it plans to complete the reorganization plan reached by the recent company and convertible bond holders, as well as the settlement agreement reached by the US Securities Regulatory Commission.

As the vitality of Ruixing Coffee gradually recovered, news about the re -listing of Ruixing Coffee in the capital market came out. At the beginning of the year, the news that Ruixing Coffee will be re -listed on the Nasdaq on the Internet, but subsequently denied it by Ruixing Coffee.

In May, there are news in the market that the management of Ruixing Coffee has a plan to return Ruixing Coffee to Hong Kong to go public. In this regard, Ruixing Coffee once again denied that there is no plan to go to Hong Kong to go public in Hong Kong. The company will continue to observe the development of the capital market and evaluate all ways to bring value to all stakeholders.

Some analysts point out that after packing the "messy stalls" of financial fraud, the governance of Ruixing Coffee Company has gradually returned to the right track, and most of the company's financial risks have decreased accordingly. In the future, management can invest more energy and resources into the future. The company's operation and planning.

Coffee track competition is fierce

According to the recent financial report released by Ruixing Coffee, Ruixing Coffee's revenue in the second quarter reached 3.299 billion yuan, an increase of 72.4%compared with 1.914 billion yuan in the same period last year.

Regarding the growth of revenue, Ruixing Coffee explained that it is mainly due to the increase in the number of sales products, the increase in store area, the increase in the number of monthly trading customers, and the increase in the average price of the company's products. Among them, the average monthly trading customer of Ruixing Coffee reached 20.7 million in the second quarter, an increase of 68.6%in a year.

Correspondingly, Starbucks's third quarter financial report as of July 3 shows that Starbucks' net income in China during the account period was US $ 544.5 million. As far as the Chinese market is concerned, the gap between Ruixing Coffee and Starbucks revenue has narrowed to $ 51.3 million.

In terms of profits, the net loss of Ruixing Coffee in the second quarter was 115 million yuan, including 277 million yuan of equity litigation expenditure, and income tax costs of 102 million yuan in taxable income. Although Ruixing Coffee is still losing money this quarter, if the equity incentive costs, reserve and other factors are stripped, Ruixing Coffee achieves net profit in the second quarter of Non-Gaap (non-US accounting standards), with a net profit of 268 million Yuan, a year -on -year increase of about 190%.

Radar Finance noticed that the revenue of Ruixing Coffee's self -operated stores and associate stores in the second quarter achieved a year -on -year growth. Specifically, the revenue of self -operated stores increased by 52%year -on -year to 2.331 billion yuan, but in the season's sales of coffee coffee self -operated stores in this quarter increased by 41.2%, which was less than 71.8%in the same period last year; 777.5 billion yuan, a year -on -year increase of 178.4%, of which about 500 million yuan of revenue came from raw material sales.

It is worth mentioning that while Ruixing Coffee released its financial report, the change of the company's executives also surfaced. Ruixing CFO (Chief Financial Officer) and CSO (Chief Strategic Officer) Reinout Hendrik Schakel will no longer be CFO, and the original CFO of 58 home (Swan home) will be quietly took over, and Reinout will focus on the long -term strategic planning of Ruixing Coffee With the implementation of the capital market strategy.

It is understood that as early as January 2019, Reinout had shoulder CFO and CSO positions of Ruixing Coffee. In other words, Reinout has witnessed the entire process of Ruixing Coffee from listing to financial fraud, and then to overseas debt reorganization. At present, the management lineup of Ruixing Coffee is composed of chairman and CEO Guo Jinyi, CFO quiet, CSO Reinout, director and senior vice president Cao Wenbao, senior vice president Wu Gang, CGO (chief growth officer) Yang Fei and others.

It is worth mentioning that during the period when Ruixing Coffee tried to help himself save himself, many new entryrs emerged on the coffee track. Nowwa, Manner, Seesaw and other coffee brands have joined the battle. The news that intends to cross the border on the coffee track. According to the Ai Media Consultation Research Report, the market size of the Chinese coffee industry in 2021 will reach 381.7 billion yuan, which is expected to reach 485.6 billion yuan in 2022, and in 2025, it will reach 1. trillion yuan.

According to industry analysts, on the one hand, the market size of the coffee industry has a broad rising space, which is not a bad thing for various coffee brands. On the other hand, the continuous stream of latecomers want to divide the market share of the coffee industry, and Ruixing Coffee's competition that needs to face will inevitably become more and more intense. For consumers with increasingly picky taste and continuous pursuit of innovation, whether Ruixing Coffee can continue to launch explosive products will become one of the factors that consumers will continue to choose Ruixing's consideration. In addition, Ruixing Coffee, who has already turned over, has insufficient product and service quality. On the black cat complaint platform, there are as many as 3954 complaints related to Ruixing Coffee, of which the content of the complaint is not limited to insufficient drinks, drinking foreign matter, use of consumer vouchers, unable to refund the order, marketing SMS harassment, etc. Essence

Ruixing coffee, who gradually stepped out of the haze of the financial fraud incident, can we usher in a true profit, and make this over -turned battle and be beautiful? Radar Finance will continue to pay attention.

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