Industry observation: How will the fourth competition pattern will change soon?｜ See you every day on the cover · Eating and drinking

According to the announcement of Ziyan Food, the company is about to be listed in A shares. It plans to publicly issue 42 million shares, raised 799 million yuan, and the subscription time is September 15. The fourth stock market is about to usher in the fourth, and the foul market is facing more intense competition.

Ziyan Food is a braised company that came out of Sichuan

The founder of Ziyan Food, Zhong Chunfa, was from Leshan, Sichuan. In 1989, he opened a shop in Xuzhou, Jiangsu. He combined Leshan Sweet Duck with the local taste and named "Zhong Ji Oil Boiling Duck", which was greatly successful. Subsequently opened the branch, and the market share in Xuzhou reached 70%.

In 1996, Zhong Chunfa's son Zhong Huaijun resigned as a teacher, took over the family business, and moved the company to Nanjing, named "Ziyan Baiwei Chicken". Later, the company's headquarters was relocated to Shanghai and expanded from Shanghai as the center.

According to the data of narrow door meals, as of September 8 this year, 6,030 Ziyan Baiwei Jidian Store, the number of stores is second only to the taste.

From the perspective of the equity structure, Zhong Huaijun, Deng Huiling, Zhong Qinqin, Ge Wuchao, and Zhong Qinchuan of the Zhong family held a total of 85.98%of the company's shares, and had 88.58%of the voting rights of the company. Among them, Zhong Huaijun and Deng Huiling are husband and wife, Zhong Qinqin is the daughter of the two, Ge Wuchao is the husband of Zhong Qinqin; Zhong Qinchuan is the son of the Zhong family.

According to the announcement information, it was planned to raise 799 million yuan in this listing, of which about 68%of the raised funds were invested in two food production bases and storage base projects. Information center, another 120 million yuan is used for brand building and marketing.

Who is the strongest?

In the current China Lifei Market, it is about 4 listed companies.

Ziyan was the earliest time, followed by Huang Shanghuang.

In 1993, Xu Guifen, a laid -off female worker in Nanchang, Jiangxi, opened the Huang Shanghuang roast poultry society for survival. After many studies, the sauce duck business launched was hot, and then the store expanded. In 2012, Huang Shanghuang was listed on the small and medium -sized board in Shenzhen, becoming the first domestic "duck neck".

Zhou Heiya founder Zhou Fugu was a native of Hechuan Chongqing. He became an apprentice in Wuhan's Luoyu shop early in the early 1990s. He opened his own store in 1995. In 2016, Zhou Heiya was successfully listed in Hong Kong.

The most founding time for the duck neck. The founder Dai Wenjun was originally from Wuhan. After working in a large pharmaceutical company, after studying the production technology of Jeonbone Duck Neck in Wuhan, in order to avoid Zhou Hei Duck's edge, he chose to open a store in Changsha in Hunan in 2005. And set the company's headquarters in Changsha, and opened dozens of branches in the first year. In March 2017, Juewei Food was listed on the main board of the Shanghai Stock Exchange.

As of September 8th, the narrow door meal eye data, 14,183 unique food stores, 6,030 Ziyan food, 3,799 Huangshanghuang, 3,160 Zhou Hei duck.

According to its revenue data in 2021, the revenue of unique food food was 6.548 billion yuan, Ziyan food was 3.092 billion, Zhou Hei duck was 2.870 billion yuan, and Huang Shanghuang was 2.339 billion yuan.

In the first half of this year, the revenue of Juewei, Ziyan, Huang Shanghuang, and Zhou Heiya were 3.336 billion, 1.637 billion, 1.182 billion, and 1.181 billion, respectively, and net profit was 1999 million, 116 million, 80 million, 180 million, Ziyan, and Ziyan. Although food revenue ranked second, net profit rose to the first.

How will the competition in the expansion of the storefront market will change?

Judging from the data in the first half of this year, several big finge giants are not good. Now the capital market has joined another opponent, and competition is bound to be more intense.

In the first half of this year, from watching, Ziyan Food increased by 16.52%year -on -year, and the slightly increased food increased by 6.11%. The net profit fell sharply. Ziyan food fell 27.57%, Huang Shanghuang fell 46.70%, the unique food fell 80.36%, and Zhou Hei duck fell 91.99%.

Judging from the current market structure, the form of franchisees in the uniform food stores has the best number, and revenue is far ahead. The other founding partners were also from large enterprises.

Ziyan Food is a typical family enterprise. The third generation of the family has also begun to take over. The dealer expansion model adopted by its stores. Several major dealers are company management or core backbones, and most of them are all kinds of relatives. Judging from the use of funds at this time, it is mainly to protect production and supply and product research and development. Store expansion is developed by dealers. From thousands of stores this year, its momentum is very powerful.

From the perspective of product positioning, Ziyan has a meal, and the other three are leisure.

Although Zhou Heiya is also a family business, it has introduced a new professional management team. The store expanded the focus of the store has also shifted from the original direct business to the franchise. For the ugly data in the first half of the year, the announcement explanation was affected by the epidemic, decreased passenger flow, and rising raw material prices. Another industry insiders said that in order to achieve the goal of 4500-5000 stores nationwide in 2023, Zhou Heiya still opened a store in the first half of this year. In order to attract franchisees The company's net profit.

Xu Guifen, the founder of Huang Shanghuang, is 72 years old this year, but in the face of fierce competition, the old lady can't get idle. In order not to lose the team, Huang Shanghuang also formulated an ambitious expansion plan.

Huang Shanghuang mentioned in the 2021 semi-annual report that "the company plans to maintain an average of about 1,500 stores per year from 2021-2025", that is, the store will reach 10,000 by 2025.At present, the concentration of the fully market is not high.Data show that in 2020, the market size of China's halogen food industry is about 250 billion yuan to 310 billion yuan.The market size of Zuofnfan is expected to reach 279.932 billion yuan in 2025. During the five years from 2020 to 2025, the compound growth rate is expected to be 11.4%.

At present, the four revenue of these four revenue is less than 20 billion, and the market accounts for less than 10%.

Cover news reporter Yu Qishu

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