Wufangzhai's listing continuous daily limit: products and markets are single to solve, "Chinese old name" achieves foreign "rich people"?

Picture source: Oriental IC

On the last day of August, Wufangzhai, who has a century -old history, successfully landed on A shares and became the "first share of Zongzi". For two consecutive days of daily limit, as of September 1st, the market value of Wufangzhai was close to 5.5 billion yuan. The "old -fashioned" brand still has a great power absorption.

The prospectus shows that in the first half of 2022, Wufangzhai's revenue had reached 1.809 billion yuan. Although the income declined, it did not affect Wufangzhai's continuous daily limit. From the perspective of the industry, Wufangzhai, as a new shares, is the first stock in the field of rice dumplings, and has certain potential for brand added value.

It is understood that Wufangzhai originated in 1921. It is now the first brand of rice dumplings, and it is possible to synonymous with rice dumplings. After the listing, Li Jianping, chairman of Wufangzhai, and Li Haojia, the general auditors of Wufangzhai, jointly occupied 37.5%of the equity, and the total assets of the two had exceeded 2 billion yuan overnight.

People in the industry believe that the old names are mostly industry representative brands. The more achievements behind the listing are the entrepreneurs and capital behind it. At the same time, it can also promote the transparency of the business operations, which is conducive to the multi -category and multi -channel expansion business. To enlarge corporate risks and problems, it is necessary to regulate the operation of the enterprise.

One year of rice dumplings for one year

Regarding the prospects of Wufangzhai after listing, Zhu Danpeng, an analyst at Chinese food industry, believes that Wufangzhai is a well -known brand in the field of rice dumplings and has a certain right to speak in the industry. From a capital perspective, Wufangzhai has its nursing river with its old -fashioned brand. However, Wufangzhai's product structure is too single, so it is necessary to go on the market to lay out multi -category, multi -brand, multi -scenario, multi -channel, multi -consumer group layout, embrace the new generation, meet the new generation, and increase its revenue and profits. Essence

To what extent is the five Fangzhai products be single?

The prospectus shows that "Wufangzhai" began in 1921 and was identified as a well -known trademark in China by the State Trademark Office in 2004. The company's main products are traditional festival foods such as rice dumplings and moon cakes, and there are obvious seasonal characteristics.

The operating income of Wufangzhai's products in 2019 and 2020 products was 1.609 billion yuan, 1.604 billion yuan, and 2.08 billion yuan, respectively, accounting for 67.74%, 70.77%, and 73.06%, respectively. In terms of products, the market is more popular, and the contradictions of insufficient production capacity in the peak sales season are also more prominent.

Dumplings products have significant seasonal characteristics. In 2021, the capacity utilization rate in the first quarter was only 55.54%, and in the second quarter, it reached 224.92%, and in the third and fourth quarters, it was reduced to 9.59% and 13.9%, respectively.

In terms of sales, the second quarter is also the peak income season, and it has increased year by year. In the second quarter of 2019, revenue was 1.27 billion yuan, accounting for 53.47%; the same period in 2020 revenue was 1.366 billion yuan, accounting for 58.8%; revenue in the second quarter of 2021 was 1.731 billion yuan, accounting for 63%.

The importance of the second quarter of performance was self -evident, so the performance in the first half of 2022 was affected by the epidemic. Wufangzhai said that the operating performance in the first half of the year has declined compared with the same period of the previous year. Since March, the domestic new crown epidemic has been distributed more. Shanghai, Jiaxing, Jiangsu and other places have repeatedly repeatedly had a disadvantage of the company's production and operation.

It is worth noting that the main production base of Wufangzhai is located in Jiaxing City, Zhejiang Province, and the sales area is mainly concentrated in the East China region. The repeated epidemic situation in the above -mentioned area has caused the company's production and sales to be affected to a certain extent.

Wufangzhai's prospectus shows that the main business income is mainly in East China. In 2021, the region's revenue was 1.407 billion yuan, accounting for 51.2%. The eggs are in a basket, and the basket is difficult to protect the eggs. Wufangzhai urgently needs to change more than just a single problem with the product. The single problem of the sales area also needs to be resolved.

Being able to rely on rice dumplings to realize the annual business, because Wufangzhai's products are high gross profit. From 2018 to 2021, Wufangzhai's comprehensive gross profit margin was 45.24%, 45.43%, 44.57%, and 43.24%, respectively. From 2019 to 2019, the production and sales rates of the Wufangzhai Zongzi series products were 99.36%, 100.70%, and 99.11%, respectively, which basically remained stable.

"Old name" achieves foreign rich people

Wufangzhai is the first batch of "Chinese old -fashioned" enterprises in the country. The production method of rice dumplings originated from the traditional craftsmanship of the century -old inheritance. Its production skills were included in the third batch of national intangible cultural heritage list by the Ministry of Culture in 2011.

In 1921, Zhang Jinquan, a businessman in Zhejiang Lanxi, picked up the "Wufangzhai Zongzi" in the old town of Jiaxing. In 1956, the three "five Fangzhai" and "fragrant" and "fragrant" of "Rong Ji", "Ji Ji", and "Qingji" were together as a "Jiaxing Wufangzhai Zongzi Store". On February 20, 1998, Zhejiang Wufangzhai Industry Co., Ltd. was established. 631 natural persons including Jiaxing Commercial Holdings, Jiaxing Department Store, Jiaxing Meat Center, Jiaxing Breeding, Jiaxing Academy of Agricultural Sciences, and Shen Weimin were jointly established as the initiator.

After a series of equity acquisitions, most of Wufangzhai's shares were controlled by Li Jianping and his son Li Haojia. The prospectus shows that Wufangzhai's controlling shareholder is Wufangzhai Group, and Wufangzhai Group directly and indirectly hold 50.06%of Wufangzhai's equity. Li Jianping's father and son can actually control the voting rights corresponding to the 69%shares of Wufangzhai Group. Before listing, Li Jianping and Li Haojia indirectly controlled the issuer's 50.06%of the shares through Wufangzhai Group. After the listing, Li Jianping and Li Haojia indirectly controlled the issuer's 37.55%of the shares of the issuer through Wufangzhai Group, and were still the actual controller of the issuer. Based on the current stock price, the assets obtained by Li Family from Wufangzhai have exceeded 2 billion yuan.

The prospectus shows that Li Jianping was chairman of Wufangzhai, born in 1956. He is a Chinese in China without a foreign permanent residency. However, Li Haojia is a French nationality and has Singapore's permanent residency. He is currently a director and general auditor of Wufangzhai.

In addition, Li Jianfeng, the indirect shareholders of Wufangzhai, and Li Gang and Li Jianping, have a brotherhood, and have 0.5%equity of Wufangzhai Group. The two shareholders also obtained more than 100 million assets from the listing of Wufangzhai. Wufangzhai's listing created more billionaires in Li family.

Capital will also benefit from it. According to Tianyancha, before listing, Wufangzhai has obtained angel round financing of Shuanghui Development, Silan Venture Capital, Ginkgo Valley Capital, Ivy Vitan Capital A financing, and Fuju Investment Investment.

It is worth noting that the old -fashioned brands are seeking listing. The first batch of national "Chinese old -fashioned" enterprise Texas picking chicken also released a prospectus. The prospectus shows that Cui Guihai, chairman of Texas Chicken Chicken, and Cui Yan, the general manager, are the relationship between father and son. Cui Guihai and shareholder Chen Xiaojing for husband and wife, Cui Yan and Chen Xiaojing for their mother and child, the above three controlled 60.06%of the voting rights shares of Texas Chicken, the actual controller of the Texas chopped chicken.

Cui Guihai was born in 1963, with Chinese nationality and no permanent residency abroad. Cui Yan was born in 1989. Although he is a Chinese national, he has the right to permanent residence abroad. Chen Xiaojing was born in 1966, with Chinese nationality and no permanent residence abroad.

The original shareholders of Texas Chicken Chicken were chicks, accounting for 51%of the shares. The company used to hold an internal employee. But in 2012, the Chicken Group transferred 40.8 million shares held by its holding to 39 natural persons including Cui Guihai and Wang Xueyi.

There are also examples of old names after strategic adjustments and experienced twists and turns after listing. Zhang Xiaoquan, with a history of 400 years, in 2021, Zhang Xiaoquan's operating income was 760 million yuan, an increase of 32.81% year -on -year, and the net profit attributable to shareholders of listed companies was 78.7328 million yuan, an increase of only 1.96% year -on -year. In the first half of 2022, operating income was 439 million yuan, a year -on -year increase of 32.79%.

Very good growth trend. Due to the "shooting of garlic knife" incident, Zhang Xiaoquan may let all of this get to Dongliu. As of the press press, Zhang Xiaoquan's stock price was 15.9 yuan, which was 11.67%compared to the stock price of about 18 yuan in early July. Compared to the stock price of 38.16 yuan at the beginning of listing, it has fallen 58.33%.

Quan Jide was listed in November 2007 and exerted its strength in the country. At the end of 2021, a total of 109 restaurants including Quanjude Brand Stores, imitation meals, Fengze Garden and Sichuan Hotels were lower than the level of 2017. The company closed 12 stores in 2021. In the first half of 2022, the operating income of Jude was 327 million yuan, a year -on -year decrease of 31.72%; net loss was 153 million yuan, a year -on -year expansion.

Shen Meng, executive director of Chan Song Capital, believes that whether the old -fashioned listing can use the old brand brand to increase the added value of the product, but also rely on new product research and development innovation and marketing strategies. Listing is just a phased goal and obtains the funds required for development. After the listing, companies may still be retreated without entering. There may even be some institutional mechanisms or major enterprises 'illness and even major shareholders' intention to manipulate listing.

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