Ziyan is on the market, Zhou Heiya, Huang Shanghuang gives a throne, and the fulchen market is reunited

Five years away from the launch of the "Big Three Giants", another five years have been launched in the past. On September 26, Ziyan Food officially launched on the bell on the Shanghai Stock Exchange.

In this IPO, Ziyan Food Plan raised 565 million yuan, mainly used in related fields such as production capacity expansion, warehousing, logistics, informatization, and research and development to seek sinking third and fourth -tier markets and deploying the country.

In fact, compared to Juewei Foods, Zhou Heiya, and Huang Shanghuang, Ziyan Food was established earlier, and the scale is second only to Juewei Foods, occupying the list of the listing markets in the market. With the listing of Ziyan Foods, it is more under pressure from the flavor of Foods, Zhou Hei Duck, and Huang Shanghuang.

It is worth noting that the category of Ziyan food is relatively comprehensive. In addition to leisure attributes, it is more important to have a meal scenario and the market is wider. In terms of channels, in addition to joining the store, Ziyan Food also includes multiple channels for B -side, which has greater market space in the future.

565 million yuan in fundraising, IPO conspire the national market

It is understood that Ziyan Food issued 42 million shares this time, with a issuance price of 15.15 yuan/share, the issue price -earnings ratio of 22.99 times, and 412 million shares after the issuance. The Ziyan Food Plan raised 565 million yuan for the second phase of Ningguo Food Production Base, the second phase of Rongchang Food Production Base, Warehouse Construction Project, R & D Inspection Center Construction Project, Information Center Construction Project, Brand Construction and Marketing Project.

Regarding the expansion base and increased investment and R & D investment, Ziyan Food said that these investment is to meet the needs of business development, and it is also conducive to optimizing product structure, research and development of products with diversified, special flavors, and quality. Improving the storage capacity and improvement of raw material inventory management capabilities to strengthen cost control and accelerate the national layout.

At present, the halogen food market will be further developed towards the direction of chain, branding, scale, and standardization, and the company will begin or expand the sinking market. For the consumption characteristics of third- and fourth -tier cities, the halogen foods with rigid consumption characteristics have the characteristics of rigid consumption. It is expected to get faster growth.

The prospectus shows that the advantages of Ziyan Foods are mainly concentrated in East China, Central China and Southwest, and have not yet formed a nationwide social awareness.

In order to increase the investment capacity, Ziyan Food said that in the cost composition, Ziyan raw materials accounted for more than 80%of its main business costs, including chickens, beef, chicken feet, beef, trotters, pig ear, etc. It accounts for more than 50%of the total purchase of raw materials. Affected by factors such as animal epidemics or other natural disasters, breeding costs, inflation, and market supply and demand, the price of raw materials fluctuated to a certain amount. Therefore, the price fluctuation of the main raw materials will affect the gross profit margin and profitability of Ziyan food.

In the first half of 2022, the net profit of Ziyan food was 93.194 million yuan, a decline of 27.16%. In this regard, Ziyan Food is mainly a decline in net profit caused by the rising factors of epidemic and raw materials.

The prospectus shows that Ziyan Food will build a new 31,000 square meters of storage center. After the completion, the storage center's raw material inventory capacity will be greatly improved. According to the market change, Ziyan Foods can choose the right time to concentrate the raw materials that meet the storage requirements, and then absorb low -cost inventory at dars, thereby avoiding the impact of price adverse fluctuations and ensuring raw material supply.

At present, the main products of Ziyan food are halogen foods, with chickens, ducks, geese, pigs, etc., combined with the company's unique formula and standardized process, based on the taste of Sichuan halogen, combined with the flavor of Guangdong, Hunan, and Lu Zhongli to create to create the flavor Hundreds of selected foods mainly mainly based on husband and wife lung sliced ​​products, whole poultry products, spicy leisure series products, etc., covering the ten major characteristics of halogen.

Ziyan Food currently has a total of 5 production bases, forming a comprehensive supply chain system with the optimal cold chain distribution as a radiation radius, fast supply, and maximizing fresh -keeping. The requirements for delivery to the store.

The market structure has changed, and Ziyan occupies a number

Ziyan food has been inherited to the third generation, and the new generation will break the original market pattern.

The prospectus shows that the actual controller of Ziyan food is Zhong Huaijun, Deng Huiling couple, son, son, and daughter -in -law. He holds a total of 85.98%of the company and controls the company's voting rights of 88.58%. Among them, the couples of Zhong Huaijun and Deng Huiling held 20.77%and 15.9%of Ziyan Foods. His son Zhong Qinchuan and daughter Zhong Qinqin held a total of 43.08%of the equity, and the son -in -law Ge Wu Chao held 6.23%of the equity.

At present, Zhong Huaijun is the chairman of Ziyan Food, Ge Wuchao is the general manager of the company, Zhong Qinchuan is the company's brand director, and Zhong Qinqin is the financial center manager. The five are Chinese nationality and have no permanent residency abroad.

It is understood that Zhong Huaijun is the second generation of the head. In 1989, Zhong Chunfa, the first generation of Ziyan Food, opened the predecessor of Ziyan Food "Zhong Ji Oil Boiling Duck" in Xuzhou. This was obviously in 1994, which was established in 1993, 1994 and Justai Foods, which was established in Huanghuang, and 2005.

In 1996, the Zhong family founded the Ziyan brand in Nanjing. In 2001, the store broke through 500, and began to implement the development strategy of Shanghai as the center and radiating towards East China.

From the perspective of the current industry pattern, Human Higherman Human Human Human Human Human Human Human Human Human Human Humanity, which is consulted with Jun, believes that compared with Juewei Food, Chow Heiya, and Huang Shanghuang, Ziyan Food still has some differentiation, but the Ziyan Food Camp The scale, the number of stores, the number of stores is larger than Zhou Heiya, and Huang Shanghuang. In the first half of 2022, Ziyan Food achieved revenue of 1.637 billion yuan, an increase of 16.52%over the same period last year. In 2021, the income was 3.092 billion yuan, and the net profit attributable to shareholders of the parent company was 272 million yuan. It has opened more than 5,300 brand chain stores in 20 provinces and municipalities across the country.

From the perspective of income and the number of stores, although Ziyan Food is listed late and the scale is smaller than that of flavor foods, it is already higher than Zhou Heiya and Huanghuang.

In the first half of 2022, the revenue of uniform food was 3.336 billion yuan, an increase of 6.11%year -on -year, and the net profit of the deduction of non -returnees was 151 million yuan, a decrease of 68.57%year -on -year, of which the total number of stores in mainland China was 14,921.

The number of uniform food stores rides the dust, but Zhou Heiya and Huang Shanghuang are slightly inferior to Ziyan food. In the first half of 2022, the total revenue of Zhou Black Duck was 1.181 billion yuan, a decrease of 18.7%from the same period last year; net profit of home mother was 18.377 million yuan, a 92%year -on -year decrease. There are 3,160 stores next to Zhouhei Yajian stores, of which the franchise stores have increased to 1818.

In the first half of 2022, Huang Shanghuang's operating income was 1.182 billion yuan, a year -on -year decrease of 15.98%; net profit at home was 79.915 million yuan, a year -on -year decrease of 46.7%, and the number of Huanghuang stores was 4,024.

The income scale and net profit of Zhou Heiya and Huang Shanghuang are less than Purple Swallow Food.

Regarding the decline in the performance of Zhou Heiya and Huang Shanghuang, Wen Zhihong believes that it is mainly affected by the epidemic and decreased by passenger flow. "Leisure and lohousness does not belong to just -needed food, and it needs to be largely dependent on the traffic. In addition, the market competition is more intense, more and more regional brands are, and they are also expanding and developing. Some markets have also been diverted in some way."

However, the prospectus shows that from 2019 to 2021, the comprehensive gross profit margin of Ziyan Food was 25.46%, 30.45%, and 26.06%, respectively, lower than the three companies of the three companies, 42.69%, 43.21%, and 41.92%of the three companies, Zhou Hei Duck and Huanghuanghuang. Comprehensive average gross profit margin.

In this regard, Ziyan Food said that the company and Huang Shanghuang, Juewei Foods, and Zhou Heiya are all halogen food industries. The overall comparability is comparable. There are differences between the company's gross profit level and changes and changes in the same industry.

Model top board, the dispute between the scene is broken

From the three giants to the fourth hegemony, the competition in the four market will be even more exciting.

According to Zhu Danpeng, the vice president of the Guangdong Food Safety Promotion Association, the consumption scenario of Ziyan food is more wider and richer than Zhou Heiya, Juewei Food, etc. "Its consumption scenario is a meal, not only casual food, but consumers are more demanding. In the future, the development prospects of Ziyan food will be wider."

The prospectus shows that the application scenario of Ziyan food is mainly consumer, supplemented by leisure consumption. In addition to fresh food, pre -packaged food is also an important product form.

This is the combination of uniform food and Zhou Heiya.

In 2021, the revenue of uniform food reached 6.549 billion yuan, and the revenue of fresh goods products reached 5.607 billion yuan, but packaging products were only 136 million yuan, and packaging products accounted for only 2%, which can be ignored. All products of Zhou Heiya are pre -packaged products.

The pre -packaging and other products of Ziyan Food revenue for 2021, accounting for 7.93%.

Based on pre -packaged products, Ziyan Foods can expand wider channels. Pre -packaging products have a relatively long shelf life. The company uses fresh -locking technology and vacuum packaging technology to gradually copy fresh products to packaging products, improve the portability of products, and expand product applications to leisure enjoyment and gift gift fields.

In addition to the sales model of Ziyan Food, the terminal sales of the product are achieved by the "company-dealer-terminal franchise store-consumer" model. And outside the company's direct camp stores, it is also mainly through packaging products. The main sales channels include commercial overhaul channels, e -commerce channels, and group purchase channels. Including Ding Dong buying vegetables, Hema Xiansheng "To B" Lianyungang Xiangwanjia's peanut rice product sales, Ning Guo Huiyan's nut products sales, the company and Zhengzhou Nisi Food Co., Ltd., Wal -Mart (China) Investment Co., Ltd. and other large B -end customers Cooperation.

The Blue Whale Finance reporter saw in the first store in Hema in Beijing that the halogen brands placed in the cooked food area were only Ziyan and Zhou Hei duck.

Wen Zhihong believes that Juewei Foods and Zhou Hei Duck represents casual loquat foods. The entire market has a high maturity, and there is still room for growth in the future. However, the meals represented by Ziyan Foods are similar to prefabricated dishes, and the market maturity has not yet reached such a high leisure. So relatively speaking, the latter's growth space will be larger.

Data show that the market size of China's halogen food industry in 2020 is between 250 billion yuan and 310 billion yuan. Among them, the market size of the halogen food industry is expected to reach 279.932 billion yuan in 2025, and the compound growth rate from 2020 to 2025 is 11.4 to 11.4 %.

The three giants have appeared fatigue.

The diagnosis of fellow flowers on the finances of Food Food shows that compared with the second quarter report of last year, the capacity of unique food has deteriorated significantly, the main profitability of the main business has weakened, the business benefits of corporate operations have fallen sharply, the total asset income capacity has decreased significantly, and the main owner has declined, and the main owner is the main assets.The contribution of business profits has declined significantly.Huang Shanghuang's main profitability has weakened greatly, the business benefits of corporate operations have fallen sharply, the total asset income capacity has decreased significantly, and the main business profit contribution has declined significantly.

As a listed company in Hong Kong stocks, Zhou Heiya did not diagnose him, but the net profit of revenue has fallen sharply, which has explained some problems.

In this regard, Wen Zhihong said that Juewei Foods, Black Duck, and Huang Shanghuang are also exploring new growth methods. Juewei Food is establishing the so -called "ecology". This model may not be the best choice.Resources are placed on the brand and format of the main business.Product prefabrication or a breakthrough direction can be achieved online and offline, and it may also bring breakthroughs in channels and consumption scenarios, which may bring income and scale growth.

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