Selling dog ropes earlier 1 billion, this company's IPO listing rose 44%

The pet track is sounding the set number.

A dog rope can also hold up an IPO?

Recently, Yuanfei pet officially landed on the main board of the Shenzhen Stock Exchange. The stock issue price was 13.91 yuan/share. The stock price of the first day of listing rose 43.98%to 19.76 yuan/share, with a total market value of 2.692 billion, becoming the "first share of pet traction".

Under the hot pet economy, the heads of domestic pet tracks are accelerating assembly to the capital market. Last year, various angel rounds and Series A financing projects were overwhelming, and more than a few projects with more than 100 million financing were not available. Since this year Pet food and supplies companies get different rounds of investment.

In addition, head companies such as Perti, Zhong Pa, and Lus shares have successively landed in A shares. At present, at least 7 pet IPOs are coming to the acceleration, and they have submitted the prospectus and planned to be listed on the A shares or the Beijing Stock Exchange.

Obviously, with capital assistance, the pet track is blowing the collection number.

01

Relying on dog ropes last year revenue of 100 billion yuan

The cat and dog economy has become a red fire track in the capital market today. If it was placed in two or three decades, it might not be nothing.

Shuitou Town, Pingyang County, Wenzhou, is famous for its skin. At the end of the 1980s, the leather industry in Shuitou Town became the water. At its heyday, the annual output value reached more than 4 billion yuan, and it accounted for a quarter of the country's market share. It was a well -known "leather capital".

However, due to the production of many corners, discarding will bring huge environmental pollution at will, which is also a problem that has been in trouble for a long time.

In the spring of 1990, Pingyang Water Head Zhuang Kong Ying met a Chongqing engineer on the way to a business trip. During the chat, he learned that he can be used as pet products with leather raw materials in the UK and is still a best -selling product. This makes Zhuang Kong Ying's heart brighter: There are hundreds of tons of leather raws produced by the water head every day. Why not use them?

As a result, Zhuang Kong welcomed the Chongqing engineer for guidance and made full use of the two or three layers of the pigs and cowhide. After the production and processing of rinsing, molding, drying and other links, the first pet snacks was finally developed - - "Dog biting glue".

In 2003, due to the pollution problem, Shuitou Town's town's town's town was included in the top ten typical cases in the country and the nine serious pollution environmental cases in Zhejiang Province. The manufacturers have suspended production, and the output value of the zoning industry has shrunk sharply.

However, what I did not expect was that the decline in the construction industry brought huge development opportunities for the pet snack industry of "dog bite". There is a new place for leather raw materials -making pet supplies, and the Zhuang family seized this opportunity to make the business bigger and bigger.

In 2004, Wenzhou Yuanfei Pet Toy Products Co., Ltd. was established. Later, the scope of business expanded. In addition to continuing to produce "dog bite glue", Yuanfei also started a pet traction, pet toy, pet food and other businesses, especially the dog rope produced by Wenzhou Yuanfei. The slogan of 50 million traction utensils for production and sales.

In May last year, the IPO application of Yuanfei pet was approved by the CSRC, becoming the second pet listed company in Pingyang County, while the other was a Petty pet created by the local Chen family. In July 2017, in A shares Listing is known as the "first share of pet food food" in China.

The prospectus shows that the performance of pets in recent years has steadily increased. From 2018 to 2021, revenue was 434 million yuan, 514 million yuan, 608 million yuan, and 1.069 billion yuan. , 559 million yuan, 64 million yuan and 126 million yuan. In the first half of this year, it was expected to achieve revenue of 575 million to 646 million yuan, an increase of about 20-35%over the previous year; net profit was expected to achieve 0.85595 billion yuan, an increase of about 31-47%year-on-year.

Performance mainly depends on the growth of revenue of traction utensils and pet snacks. Among them, the revenue accounts for nearly 60 % of the traction utensils. In 2018-2020, the unit price of sales is 10.14 yuan/piece, 12.8 yuan/piece and 13.43 yuan/piece; The sales unit price of nearly 40 % of pet snacks increased from 34,900 yuan/ton in 2018 to 40,700 yuan/ton in 2020.

After more than ten years of development and accumulation, Yuanfei pets have become a large -scale domestic pet product supplier, and the company's customers are concentrated in the United States, the European Union, Japan and other countries. Overseas sales revenue accounted for as much as 90 %, and from 2018-2020, 421 million, 487 million and 579 million, respectively, and revenue ratio of 97.36 %, 94.91 %, and 95.5 %, respectively.

Among them, the US market revenue occupies a big head, with 254 million, 290 million and 408 million, respectively, accounting for 58.36 %, 56.36 %, and 67.02 %, respectively. In the same period, the revenue of domestic sales revenue accounted for only 5 %. Its products are mainly OEM exports. Petco, PETSMART, Wal -Mart, etc. are the main customers of the company.

02

Two listed companies run out of a small town

With the listing of Yuanfei pets, the incorrect family relationship behind the listed company, and the interests of Petty shares with another listed company in the town, were completely exposed.

It turned out that as early as July 2017, a few days before Petty's listing, the founder Chen Zhenbiao encountered a strong transaction from his sister Chen Suqin and his brother -in -law Zhuang Kong, requiring to acquire Pingyang Kong Confucius under the name of 50 million yuan. Pet Products Co., Ltd.. Facing the threat of the report of "unlimited transactions", Chen Zhenbiao signed the relevant agreement in order to successfully go public and signed the relevant agreement. The company chose to call the police one month after listing and disclosed related disclosure.

And Zhuang Kongying is also the inventor of the pet snack "dog bite glue". It is the leader of the pet industry in the pet industry. Zhuang Kongji's brother.

Yes, Zhuang Kongji is the actual founder of Yuanfei. However, Zhuang Kongji was rarely mentioned in the prospectus of Yuanfei. One of them was his appointment information. Yuanfei said in the prospectus that Zhuang Kongji was the first board of directors after the company completed the stock system restructuring. At the meeting, the chairman was elected in December 2018, and in December 2020, he resigned from the position for personal reasons and was taken over by Zhuang Mingyun.

Zhuang Mingyun, the actual controller of the company today, is one of his huge families. After graduating from Zhuang Mingyun, who is 45 -year -old, he has joined the family company to fly pet toy products factories, which is the predecessor of the pets from the pets.

From the perspective of the current company's members, the chairman Zhuang Mingyun and the director Zhuang Mingchao's sister -in -law, vice chairman Zhu Xiaorong and director Zhuang Mingchao's couple relationship, the three controlled 78.42 % of voting rights to be the actual controller of the company.

According to the prospectus, Zhuang Mingyun, the founder, chairman and general manager of the Yuanfei pet, directly holding 37.41 % of the equity, which is the controlling shareholder of the source of the source of the source; He directly holds 15.53 % of the equity, controls 7.82 % of voting rights through Pingyang Shengrui, and controls 23.35 % of the voting rights for the source flying pets.

A Water Town, two listed companies, contacted the two families of Chen and Zhuang, and the relationship between money and feelings is also intricate. Among them, it is associated and hidden, and it is difficult for the outside world to see the whole picture. However, Petty pets and source pets adapted to local conditions. After decades of development, it has indeed become the leader of the Chinese pet industry.

03

At least 7 pet IPOs are speeding up

Looking back at the Chinese pet consumer industry, after 20 years of development, the three major market segments of food, medical, and supplies have been formed. Medical services have not formed industry giants because they are scattered offline. The heads of the food sector are Zhong Pet, the Pet Pets, Petty shares, and Fabe Pets; Tianyuan, Yuanfei, and Zhongheng, are mostly pet products and supplemented by food.

The rise of these two major tracks also benefits from the strong blessing of capital. China Pets is a joint venture between China and Japan, and Ito Co., Ltd. is its second largest shareholder; behind the Peta Pet is the Capital Capital of the foreign PE giant KKR and the Lenovo Department; Support; Fabe's shareholders' background is larger, and industrial guidance funds, financial control platforms, and multinational funds are supported.

The secondary market is active, and the first -level market is also germinated with huge industrial opportunities. Since last year, the pet industry is extremely hot, various angel rounds and round A financing projects are overwhelming, and more than 100 million projects are not a few: pet nutrition health care brand Red Dog Reddog obtained Shayun Capital, Light Point Capital, and 200 million yuan in Golden Ding Capital. Series A financing; pets of pets for two rounds of financing of 600 million yuan. Investors include Tencent Investment, Kaihui Fund, Huaying Capital, Xiangfeng Investment (Temasek) and Hongyi Investment.

The popularity of the first and secondary markets also depicts a beautiful blueprint for pet consumer companies. But in fact, the Chinese pet market has just passed adolescence, and it is still far from mature and outbreak. With the decline in the average population of the households and the upgrading of market consumption, pet penetration rates and average consumption will increase, and the market size will continue to grow.

However, Chinese pet tracks and rising rising stars are still too small in the world. At present, the top eight of the global pet foods are all American companies. The total market share of the top five companies has reached 58%. Mars and Nestlé Purener ranked first in the first echelon. Can reach the volume.

In addition, whether it is the petty pets of the food industry, the main petty pets or the supplies of Tianyuan pets, most companies are mainly ODM and OEM business. , Without brand value, the added value of the product is low.

The adjustment of tariff policies in recent years has increased by 10%in September 2018 and increased to 25%in June 2019. It has made this industry that lacks core competitiveness and is becoming more and more weak.

Therefore, the potential and value of continuing to dig deeper into overseas markets have also become the responsibility of China's pet consumer industry. Of course, we are glad to see that this situation is improving.

In the early days, a good treasure pet, which is mainly based on foundry business, launched its own brand McFy in the domestic market in the past few years. The company has invested a lot of costs to do consumer education and brand cognition in the domestic market, and marketing costs account for 13%of brand business operating income.

At the same time, the company also acquired the pet food brand Waggin 'Train from Nestlé in the second half of 2021 to carry out brand business overseas. The industry boss's pet shares are not far behind. After the large -scale production capacity construction in the past few years, in recent years, it has also been actively developing the brand business. In 2021, it also acquired 70%of New Zealand's largest pet canned factories at Petfoodnz. Rush.

As the pet economy has become more and more crowded, Petty, China Pet, Yiyi and Lus shares have successively landed in A shares. In addition, at least 7 pet IPOs are coming accelerated, including Hong Kong stocks and A shares.

On this super track, in addition to common pet medical, food, washing, and beauty, pet training, agency feeding, high -end pet hotels, pet play parks, pet hotels, pet photography, pet photography, pet photography, pet photography, pet photography, pet photography Wedding, pet funeral, pet insurance, pet Tangquan and other services.

At present, the market structure of Chinese pet supplies is temporarily written by Qixiong, and it is not known who can become the first world -class pet consumer giant.

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