"Peking University Pork Gears" sells apple cider vinegar, I want an IPO

Any "drink" business in China is extremely huge.

Author i Dai Changzhou Yang Jing

Report I investment community PEDAILY

Following Dongpeng's drink, another drink IPO is coming.

The investment community-Tiantian IPO was informed that the Guangdong Securities Regulatory Bureau issued a letter of completion of the acceptance work. The Guangdong Securities Regulatory Bureau completed the acceptance of the company's application for the first public issuance of the shares and the main board of the Shenzhen Stock Exchange. On June 15, Tiandi No. 1 issued a stock suspension announcement, which means that the IPO horn officially sounded.

Chen Sheng, the founder of Tiandi No. 1, is very legendary in life experience. He graduated from Peking University in his early years. Chen Sheng was often called "Peking University Pork Gessor" by the industry and was a continuous successful entrepreneur. In 1997, he founded the number one of the heaven and earth in Zhanjiang, Guangdong, and then swept the county and township hotels in the province. In 2020, he sold nearly 1 billion cans, creating the first brand of Chinese fruit vinegar beverages. In addition, he also founded China's largest soil pork chain brand "One Pig", which has a community fresh brand "Meat Union Gang".

The rise of Tiandi One once again proves the truth: the business of any "drink" in China is extremely huge.

From rural to Peking University, resign from civil servants' positions

He is going to the IPO to knock on the bell

In the early 1960s, Chen Sheng was born in an ordinary rural family in Zhanjiang, a coastal city of Guangdong Province. In 1979, when Chen Sheng participated in the college entrance examination for the first time, he was named Sun Shan. In desperation, the mother had to let him go home. On the hot summer, in the day of sweat in the farmland, Chen Sheng deeply felt the hard work of farming and began to study more hard.

In the second year, after re -studying, Chen Sheng unexpectedly admitted to the political economy of political economics at the School of Economics of Peking University, and became the first college student in the village. After getting the Peking University's admission notice, the Chen Sheng family made a difficulty: how can I get the cost of college in college?

In that simple era, the elders in the village launched a call to mobilize the villagers in the villagers to donate to Chen Sheng. The villagers in the village have a point, and my corner of one corner will take out the money from the cloth bag to collect the cost. Chen Sheng finally embarked on the green leather train to Beijing.

In 1984, after graduating from Peking University, Chen Sheng was assigned to the General Office of the Guangzhou Municipal Party Committee. At that time, the spring breeze of reform and opening up was blowing through the land of Shenzhou. Guangdong was the center of the tide of the times. It was a chance to get rich. Unwilling to hold the salary of death for a lifetime, Chen Sheng resolutely decided to go to the sea.

After all, it is a high student at Peking University, and Chen Sheng's business opportunity is extremely keen. After going to the sea, he sold vegetables and wines, and when the domestic real estate air was still at first glance, he touched the real estate business. Before the establishment of Tiandi No. 1, Chen Sheng was the premier real estate businessman in Zhanjiang.

In 1997, the two -pass from different friends, which aroused Chen Sheng's interest in vinegar drinks. On the phone, the two friends recommended a vinegar drink that was very popular in Nanyue at that time. That year, a leader from a foreign country inspected Zhanjiang. During the meal, he ordered a bottle of Sprite and a plate of Shanxi vinegar. Under the leadership halo effect, this method of drinking has become popular in Nanyue, which is all the rage.

Chen Sheng at the other side of the phone felt that the matter was very promising, so he immediately acted and used the machine that previously sold wine to produce a canned vinegar drink, named "Heaven and Earth One".

(Picture source: Screenshot of Tiandi No. 1)

At that time, the local vinegar drink had a certain consumer foundation. In addition, there was no such taste drink in the market. As soon as the "Tiandi One" was launched, it was very popular. In the future, a new beverage track is opened.

In addition to Tiandi No. 1, Chen Sheng also has another well -known identity -Peking University Killing Pig. After realizing the freedom of wealth in the business of real estate and vinegar beverages, Chen Sheng, who was born in the countryside, set his sights on his dream -raising pigs.

This is not just feelings. Once visiting the vegetable market, Chen Sheng found that there were few soil pork, but pork from abroad was everywhere. After some investigations, Chen Sheng believes that the trillions of pork markets are huge, and it is difficult to eat better meat pork in large cities. On the contrary, the amount of rural pigs is large and low, and there are inverted values. As a result, he decided to create his own pork brand- "No. 1 Tu" came into being, focusing on the mid -to -high -end consumer market in first- and second -tier cities.

In 2016, Chen Sheng contacted a master of Beibei and invited him to join the "One Tuzhu". The alumni of Peking University was Lu Buxuan, a "North Martial Arts" reported by the media in the summer of 2003.

At the invitation of Chen Sheng's flourishing affection, Lu Buxuan left the county archives and returned to the pork industry. A few years later, the "One Pig" gradually became a well -known national chain pork brand. As of 2019, the No. 1 Tuzhu has opened more than 2,000 chain stores in 35 cities across the country.

Today, Chen Sheng's breeding industry landscape "One Food" has expanded from pork to chicken and ducks. In addition, Chen Sheng also aimed at the community fresh retail track, founded the "Meat Union Gang" brand, and received exclusive investment in the Dragon Ball.

Over the years, Chen Sheng has frequently appeared on the media headlines because of "sending the villa". He paid for his own pocket and invested 200 million yuan to build a total of 258 villas, and was presented to the villagers of Guanhu Village, Zhanjiang, Zhanjiang. In an interview with the media, he said that he was the first Peking University student who went out of Guanhu Village. At that time, the tolls of studying at Peking University were all made by folks. This is to repay the kindness, and hopes that the folks can live a good life. The drink sells 2.5 billion yuan a year, and the poster is full of streets and alleys

But I can't get out of Guangdong Province

Similar to Dongpeng special drinking, Tiandi One is also a household name in Guangdong.

The most obvious label on the heaven and earth is apple vinegar drink. Before the appearance of Tiandi No. 1, vinegar has always appeared as condiments in China. The new category of apple cider vinegar did not have any advantages at first. In order to put the product into the market, Chen Sheng came up with the positioning of "Fifth Healthy Fifth dish, Tiandi One", which suddenly aroused the interest of Cantonese people. In less than 10 months, Tiandi One It was snapped up in the market and sold out for sale.

In terms of channels, Tiandi No. 1 follows the "rural surround city" route, mainly in hotel channels, not C -terminal supermarkets and convenience stores. At that time, walking in various counties in Guangdong, no matter which restaurant you entered, you can see the green poster of "Tiandi One" in a conspicuous location. This differentiated play has also successfully avoided competition with other peers.

Nowadays, every Spring Festival, Cantonese tables are often indispensable for "Three Treasures" -Red Bar King Laoji, Green Bar Tiandi No. 1, Golden Tibetan Polybao.

It is worth mentioning that the level of corporate standardization of Tiandi No. 1 is also very high. Among the Tiandi No. 1 team, there are 17,000 sales teams, including dealers, most of which are from rural families. They pass unified training through unified training. Later in production, this move attracted many state -owned assets such as SDIC Innovation.

In 2015, Tiandi One landed on the New Third Board. At that time, the company's revenue growth and net profit growth rate reached 98.79%and 74.8%, respectively, a record high.

But this is also a dangerous signal. In 2016, the vinegar beverage market in Guangdong Province has become saturated, and the market share accounts for 90%, and the growth has gradually slowed down. To this end, Chen Sheng opened a violent "North Pioneer Plan".

In fact, regional problems have always troubled most domestic beverage brands. Hainan's coconut tree coconut juice, Lulu of Chengde, Hebei, and the Laoji of herbal tea king in Guangdong, all with distinctive regional characteristics and flavors. While expanding the larger market, they also brought heavy shackles. Dissatisfied.

Tiandi No. 1 was not spared. To this day, the company's "North Pioneer Plan" has not seen flowers. Until December 2020, Chen Sheng still said in an interview with the media that the foreign market outside the world is still losing money.

(Picture source: Anxin Securities Research Report)

More than that, the offline catering industry has been affected by the epidemic in the past three years, and the number one of the World and Earth has also been dragged down. Tiandi One missed the issue of the development of the mobile Internet e -commerce channel development bonus, and the problem of serious dependence on traditional offline hotel dealers was amplified under the epidemic, and revenue and profits continued to decline.

According to the company's annual report, from 2019 to 2021, the revenue of Tiandi No. 1 was 2.585 billion yuan, 1.899 billion yuan, and 1.817 billion yuan, respectively, with revenue growth rates of 22.37%, -26.52%, and-4.33%; The profit was 382 million yuan, 251 million yuan, and 255 million yuan, and the net profit growth rates of home were 11.11%, -34.23%, and 1.64%, respectively.

In addition, the single category of Tiandi is often criticized. Although the company has been in business for many years, everyone remembers an apple vinegar drink. To this end, Tiandi No. 1 launched three beverages "charge One", "Baicao One" and "Bama One" in 2012, respectively, for functional beverage markets, fruit juice beverage markets and pure water markets, but the effects of the effect, but the effects of the effect, but the effects of the effect, but the effects of the effect, but the effects of the effect, but the effects of the effect, but the effects of the effect, but the effects of the effect, but the effect is effective, but the effect is effective Not ideal. Chen Sheng even thought of setting up a joint venture with Huiyuan fruit juice that was trapped in the 10 billion debt crisis in 2019 to alleviate the embarrassment of a single product category under Tiandi No. 1, but in the end, it also ended without illness.

Today, there are only two types of products: "Tiandi One" and "Bama One" on the company's official website. In the 2021 report, "Bama One" was classified as other options, accounting for only about 4.4%of total revenue. "Charge One" and "Bai Cao One" were announced in 2018. After turning around, the heaven and earth one made the apple cider vinegar.

(Tiandi No. 1 2021 annual report)

Since its establishment, Tiandi One has gathered a lot of investment institutions such as Shenzhen Venture Capital, Haifu Industrial Fund, Lianchuang Capital, and Jiangsu High -profile Industrial Investment. In February 2021, Tiandi No. 1 won the direction of the central enterprise poverty alleviation and national investment innovation of 300 million yuan.

In response to the crisis of brand aging, Chen Sheng often has a pen in marketing. On the day of 520 this year, the Tiandi No. 1 launched the "Jade Festival", and proposed a paid holiday for a day to let the employees go home to give birth to a baby. The news appeared on Weibo hot search immediately, which caused a lot of praise.

Quietly, Tiandi One is 25 years old, and this old brand is trying to squeeze into a young vision.

The wealthy is born in batches:

"Drink" is a business beyond imagination

Any "drink" business in China should not be underestimated.

In May 2021, Dongpeng specially landed on A shares, becoming the first functional drink. This is a rising traveler that almost faces bankruptcy, but has a small inconspicuous track in functional drinks. After the listing, Dongpeng specially skyrocketed within a month. More than ten daily limit boards were closed, and the market value exceeded 100 billion yuan, setting a miracle in the beverage industry. China's "drinking" business is seductive, and an indisputable fact is in front of it: those who sell chips can't sell water. In September 2020, Nongfu Spring knocked on the gate of the Hong Kong Stock Exchange. On the day of listing, 85.12%increased, and the price -earnings ratio was higher than Moutai, Guizhou. The previous market value had exceeded 500 billion. Zhong Yan, the actual controller of Nongfu Shanquan, reached the top of the Hurun Rich in the 100 billion yuan net. With a bottle of mineral water, Zhong Yan grabbed the throne of China's richest man.

Let's talk about the king of liquor Moutai. In August 2001, Guizhou Moutai landed on the Shanghai Stock Exchange for 31.39 yuan. In the past 20 years, the stock price rose more than 100 times. At one time, the market value of 3 trillion yuan was stood. The "stock king" is expensive.

When he came to the first -level market, the Vitality Forest was exposed at the end of last year to complete a new round of nearly 200 million US dollars of financing. Since then, Hurun's latest "2021 Global Unicorn List" shows that the valuation of the vitality forest is as high as 95 billion yuan, which is only a few billion yuan. In addition, Xixi tea received 500 million yuan in financing last year, with a valuation of over 60 billion yuan, setting the highest record of new domestic tea drinks, and is also marching towards 100 billion yuan.

"This track will definitely run out of a 100 billion -level company." Even when no one has avoided consumption today, there are VCs running towards new tea. In February this year, the tea brand book also burned Xiancao to get an investment of over 600 million yuan, with a valuation of 10 billion yuan, becoming a new unicorn in the consumption field in 2022.

A VC investor focusing on the consumer track admits that they have been looking for a new target on the beverages -new tea, coffee, and wine. His logic is simple and rude: "Eat" can only eat three meals a day, but "drink" a few cups a day. In contrast, the beverage track is much wider.

However, the emergence of new beverages also squeezed a number of "old -age" old brands such as Tiandi No. 1 to the edge. New tea, bubbles, coffee, low -degree wine, etc., have captured the wallet of young people with unique taste and rapid SKU iteration. The old drinks are difficult.

Not long ago, the old soda "Bingfeng" lined up for 11 months in the Shenzhen Stock Exchange, but the prospectus was withdrawn the day before the premiere of the first meeting. It is not difficult to find from the data of the prospectus that Bingfeng's revenue has grown slowly, facing double challenges of innovation and channels.

Every generation of young people will have their favorite taste. To this end, the old -fashioned drinks need to hug young people enthusiastically. Zong Yili, the successor of the Wahaha woman, has opened up a big reform of the big. Through a series of operations such as endorsement, pushing new products, and heavy marketing, this old brand will be brought to consumers again; Even the Coca -Cola was sold on the border and sold herbal tea "Kwar Malius"; coincidentally, Moutai also sold ice cream not long ago, which was a sensation.

China has a population of 1.4 billion, and "what to drink" is always a beyond imagination business. As you can see, a bottle of mineral water, a can of drinks, a cup of coffee, a cup of milk tea easily supports the market value of tens of billions or even 100 billion yuan. You will never know what the next new species will look like.

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