Yanyu House IPO Suddenly withdrawing orders: 3 years smashed nearly 700 million advertisements and did not reply to questioning the CSRC

Zhongxin Jingwei, September 22 (Deng Yiruo Yan Shuxin) On the 21st, the official website of the Securities and Futures Commission showed that Xiamen Yanzhiya Biological Engineering Co., Ltd. (hereinafter referred to as Yan's House), which was originally scheduled to be on the 22nd The committee decided to cancel it for the review, which also means that the house of Yan has missed the "first share of bird's nest".

It is worth noting that Yanzhiya's withdrawal application materials have made it the first project to be withdrawn from the CITIC (January 1st to September 21st, 2022 to September 21, 2022).

The prospectus shows that from 2019 to 2021, the revenue and net profit of Yan House increased year by year, and Carina Lau, Lin Zhiling, Zhao Liying and others were invited to endorse them. In addition, the propaganda of Yanzhiya on bird's nest effects was questioned by the Securities Regulatory Commission and was required to explain whether there was a risk of false propaganda.

The continuous growth of profitable bowel swallows has the most income

According to the prospectus, Yanzhi House is a company engaged in the research and development, production and sales of bird's nest products. The main products include the bowl of normal temperature of the bowl of normal temperature of the bowl of nest, the "Yanto House" series of fresh stewed bird's nests, traceability, and traceability. Grain bird's nest and bird's nest, bird's nest moon cakes and other bird's nest products.

The prospectus shows that from 2019 to 2021, the revenue of Yan House was 951 million yuan, 1.299 billion yuan, and 1.499 billion yuan, respectively, and the net profit of the same period was 78.7 million yuan, 120 million yuan, and 167 million yuan, revenue and net nets. Profit grows year by year.

From the perspective of revenue composition, the revenue contributions of bowls from 2019 to 2021 are 535 million yuan, 543 million yuan, and 682 million yuan, respectively. , For its maximum source of income. The revenue of fresh stewed bird's nest products has increased the largest, from 107 million yuan in 2019 to 423 million yuan in 2021.

It is worth noting that behind the continuous growth of Yanzhiya's revenue is the high gross interest rate of its main business. The prospectus shows that the gross profit margin of Yanzhi's home business from 2019 to 2021 is 48.33%, 48.51%, and 52.69%, respectively. 52.96%, 55.74%and 59.64%.

Taking the main product of the owner of the Yan as an example, the prospectus shows that in 2021, the average price of bowl swallows was 165.54 yuan/bowl, and its average sales cost was only 66.82 yuan/bowl, and its sales in 2021 were 4.1223 million bowls.

Picture source: Yanzhiya prospectus

Nearly 700 million advertising marketing costs are far exceeding R & D investment

The prospectus shows that from 2019 to 2021, the sales expenses of Yanzhiya were 308 million yuan, 317 million yuan, and 391 million yuan, respectively, accounting for 32.39%, 24.4%, and 26.08%of the current revenue. 1 billion yuan is nearly three times the cumulative net profit.

It is worth noting that Yanzhiya used more than 60 % of sales costs on advertising. The prospectus shows that the advertising fee of Yanzhiya spent 691 million yuan in the past three years. From 2019 to 2021, the advertising expenses of Yanzhiya were 187 million yuan, 237 million yuan, and 267 million yuan, respectively, showing an increasing trend year by year, accounting for 60.84%, 74.93%, and 68.37%of the sales costs, respectively.

The official public account of Yanzhiya showed that Yanzhiya hired Carina Lau, Lin Zhiling, and Zhao Liying as the spokesperson and invited the Olympic champion Sun Yowen to publicize it. Since January 2021, it has officially signed a designated bird's nest product for the Chinese national fencing team.

Picture source: Yanzhiya official website

The prospectus shows that the amount of contracts for Yanzhiya and Kashgar Tables Culture Media Co., Ltd. and Chongqing New Luggling Film and Television Culture Co., Ltd. are 9 million yuan for hiring image spokespersons, and the contract period is from January 1st to 2022, 2022 to 2022. December 31. Tianyancha shows that the actual controllers of Chongqing New Sailing Film and Television Culture Co., Ltd. are Zhao Liying.

So, what is the investment of Yanzhiyu's research and development? The prospectus shows that from 2019 to 2021, the R & D expenses of Yanzhiya were 18.74 million yuan, 17.66 million yuan, and 18.95 million yuan, respectively, and the R & D cost rates were 1.97%, 1.36%, and 1.26%, respectively. Compared with the listed companies listed in the prospectus of Yanzhiya, its R & D cost rate is lower than the average value of Dong Ejiao, Bama Tea, and Tianfu Tea.

The official website of the CSRC showed that in the feedback on April 22, 2022, the Securities and Futures Commission requested the Yanyan House to explain whether it uses a large number of advertising marketing to support the performance and whether there is a risk that affects continuous operation capabilities. However, in the prospectus updated on May 9, Yanzhi did not reply to the above issues.

Is bird's nest "IQ Tax"?

In the above feedback opinion, the Securities and Futures Commission mentioned that Yanzhi's previous spokesperson Carina Lau once stated that the secret of her maintenance was "eating bird's nest only to choose the bowl bowl of Yan house", saying that "eating a bowl of a bowl of a bowl of a bowl of Yan house every day" ; In some publicity advertisements of the bird's nest in the propaganda of the Yanyan house, the emperor of the Qing Dynasty lived for a longevity because of eating bird's nest. effect.

According to this, the Securities Regulatory Commission requested the House of Yanyan to explain, "whether the nutritional value introduction of bird's nest is introduced or whether there is an authoritative source; whether the relevant propaganda has compliance risks such as false propaganda and whether the company is punished by administrative punishment." Yanzhiya did not answer in the updated version of the prospectus. It is worth mentioning that the effect of bird's nest has always been controversial. Some people think that taking bird's nest for a long time can have a beauty effect, and some people call it a placebo and IQ tax.

Is bird's nest really IQ tax? "From the perspective of nutrient data, its protein content is not as good as the same amount of beef, chicken and other common meat products. To some extent, the nutritional value of bird's nest is not even as good as eggs and ordinary meat." Food and Nutrition Information Exchange Center Ruan Guangfeng, director of the Department of Science and Technology, told Zhongxin Jingwei.

Ruan Guangfeng mentioned that the health effects of bird's nests now are just some animal experiments. However, animal experiments are very different from people's normal diet. For example, the saliva acids used in fruit flies and mice are very large, and ordinary people only eat occasionally, the amount is very small, and it is almost impossible to obtain any health benefits.

"After all, the price of bird's nest is very expensive, and ordinary people eat a few grams once, and they can't eat it a few times a year. If you want to eat the amount of animal experiments, it is estimated that the average person can't afford it." Ruan Guangfeng said. (For more report clues, please contact the author of this article Deng Yiruo: [email protected]) (Zhongxin Jingwei APP)

(The views in the article are for reference only, do not constitute investment suggestions, have risks in investment, and need to be cautious to enter the market.)

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