For 9 years in a row, the 250 million prepaid card redeeming the mystery, how long can this "first share" be supported

Wang Zhuolin, the world's Internet merchant

Edit Li Danchao

"When will the bread be done well?" Recently, Aunt Zhou ran two or three trips to Krusten every day, watching the only three garlic sticks left in the showcase, and asked the clerk in doubt. She is not the iron powder of this shop. She just wants to consume the prepaid card on her hand as soon as possible.

On September 17th, at 33 Jinshajiang Road, Shanghai, "The World Business" came to the Klissin General Store: Only "sweet lovers" in the door of the store, and the other signboards were demolished; publicity was posted at the door. "From September 10th, all stores in Shanghai were opened until 18:00." Various appearances made customers such as Aunt Zhou panic, and they bought it many times a day.

Crisine's crisis of trust has long been closer. In 2012, the brand was successfully listed on the Hong Kong Stock Exchange and took off China's "baking first share", with revenue of 1.388 billion in the same year. But the listing was the peak, and the next year, Christine fell into a loss and lost 9 years (2013-2021).

According to the recent release of the mid -year performance report, as of the end of June 2022, Krissin's revenue was 46.5 million, a decrease of about 71.3%at the same time, and a net loss of about 72.51 million. In the financial report, the company attributed the bad performance of income to the epidemic. In July, Christine fell into a closure storm, causing consumers to question.

The baking track is now in a period of rapid development, and more and more people enter the bureau. While the competition of new and old brands has entered the heat, the differentiation is becoming more and more obvious.

The prepaid card has become a "hot potato"

At noon on September 17th, in the large space of Klissin's head store, a few shooting lights were shining on the glass cabinet, and the biscuit cake counter has been covered with light gray, and the coffee area on the second floor was suspended.

The only waiter baked area, three older customers, hesitated around the annual wheel cake, fascination and moon cakes. Aunt Zhou had been to the morning, and held a 400 yuan prepaid cartridge at noon. "I can't choose it, I can't eat too sweetly, too hard."

Krisine was founded in 1992 and was a generation of childhood memories. At that time, Chinese cake shops were mainly small workshops, and their styles and categories were lacking. Krusine's fashion western bread, snacks and cakes captured a large number of consumers. There were netizens on Xiahongshu. Ice egg tarts, sweet quadruples, coffee coffee crispy small recipes, Waltz bread, etc. Some people said, "I ate the taste of my grandmother." In the visit, "World Online Merchants" saw that some of the closed stores had restarted, but these explosive products could not be found on the shelves.

Because Christine adopts the production model of the central kitchen factory, the products are produced and packaged in the factory, and they are distributed to store sales. Relying on this model, Christine has quickly opened the market and has made a popularity, entering many units of employee benefits in the form of a prepaid card.

According to media reports, in the first half of the year, 45.2%of Cletein's sales came from gift vouchers and prepaid cards. After the Cleith's stop in the business in July, the issue of prepaid card refunds also attracted attention.

The founder Luo Tianan revealed in July that "At present, the size of the prepaid consumer coupon to be paid by Krissin is about 250 million yuan. With the factory, equipment and some stores real estate, theoretically pays the prepaid card in the hands of consumers and continues Management. "

The reply from Krusten customer service is that the card coupons held by consumers cannot be refunded directly, but they can still be used in stores. This also caused a scene similar to Aunt Zhou's "holding a prepaid card every day and other bread."

"Baking the first share" loses for 9 years in a row

Crisstin, which was listed in 2012, is called "the first baking share".

However, this Zeng ambitious company has been in a 9 -year -old performance loss since the second year of listing.

In the latest financial report, Christine said that the decrease in income in the first half of the year was affected by the Shanghai epidemic; on the other hand, the company implemented a strategy of closing the loss of losses, and the number of stores decreased, which led to a decline in income to a certain extent.

Aside from the objective factors, Christine's slide is not accidental.

First, the demand for baking products by young consumers has changed, but Kristein does not follow enough. Consumers are pursuing more fresh ingredients and helped Kristein to open the "central kitchen" production method in the foreign market, but now it has become a disadvantage. Krustein's products are mostly packed by plastic transparent bags. In consumers, although it is labeled as short -guaranteed food, freshness is not as good as it has just been released.

Second, excessive expansion. Public information shows that after listing, Krissin used 41%of the raised funds on the store. It not only opened a online store in first -tier cities, but also won the street corner and subway prosperity at high prices. It also expanded in third- and fourth -tier cities. There were at least 1,052 stores in the store. Now only 246 are left, mainly distributed in Jiangsu, Zhejiang and Shanghai.

Third, frequent personnel changes and internal consumption have accelerated Christine's management imbalance. According to media reports, in 2017, Luo Tianan, the founder of Krustein, was removed by shareholders. The newly appointed Lin Mingtian "picks up" for two months; Listed as a debt loss person; in 2020, Luo Tian'an submitted a real -name report to the Hong Kong Stock Exchange, saying that Zhu Yongning obtained equity and voting rights through illegal means.

According to the financial report, as of the first half of the year, Krusine's asset -liability ratio has reached 163.4%. As of press time, Christine's stock price was only HK $ 0.068/share, with a total market value of 82.43 million Hong Kong dollars. It has already become a "immortal stock" (stocks in the Hong Kong stock market less than HK $ 1). According to public information calculations, Christine has been listed for 9 and a half years, with a cumulative loss of 1.4 billion.

The predicament and break of the old -fashioned baking

Old baked brands like Christine have also been a pioneer representative of "innovation" and have highlights.

Yizhi Duo, a baking brand in Shanghai for 22 years, has been popular with the product "Hokkaido Xiangnong toast". Asset -owned enterprise; Uncle Chezi, founded in 2013, rose rapidly by a fluffy and soft cheese cake.

In the past 20 years, these brands have rely on explosive products or marketing to dig the first bucket of gold in the baking market, and have also cultivated consumers' consumption habits for categories. But in the face of new consumer demand and market opportunities, the old bakers have embarked on two very different paths.

It is represented by buoyancy forests. In the past two years, the buoyancy forest has repeatedly closed the factory and closed stores, reasons for adjustment of operating strategies, impact impact, fake recharge cards, etc. The last closure was in July last year. Its publicity said that 3 months returned, but it was postponed until May this year. In addition to the lack of innovation in the product side, the buoyancy forest has encountered a crisis of integrity. According to the narrow door -eye data, the buoyantic forest is currently only 23 stores in the business.

It is represented by goodness. After several times of closure, Holly came to the road of flushing. In 2014, after the two sons of the founder Luo Hong took over the company, they established a new connection with young people from the aspects of store design, new explosive products and marketing channels: the new semi -mature cheese in 2015, with the face value and mouth consumption of consumption consumption. I like it, the product in Tmall's flagship store sells nearly 100,000 yuan a month; the second videos of the second son of Holi Lai, Luo Cheng, posted and circled fans on social media, becoming a new tentacle to talk to young consumers. (For details, please refer to the "World Commerce" and previously reported "My Dad sent me to me", the post -95s young handsome as an Internet celebrity, over 2 million people watch ")

The second half of the baking track

Bakery was originally a kind of imported product. Bread, cakes, pizza, pie and other products made by baking procedures were originally daily food for consumers in Europe and the United States. With the diversification of consumption choices, baking goods developed a track in China, and more and more people entered, and the battle of baking tracks has already been upgraded.

At present, there are three main types of players in the baking market.

The first category is an old -fashioned baking brand such as Krisetin. It has been operating for many years of reputation and brand influence, but it is the urge to break the inherent impression of "brand aging".

The second category is the "new Chinese -style pastry" brand, and it is also the current baking player in the Chinese market. Typical representatives include Tiger's Standard Chartered Cake, Mo Mo Small, Master Bao, and Luxi River.

Tmall snacks Chinese pastry industry Primary two -long nine introduced, these brands are made in the west, changing the characteristics of the high sugar of traditional cakes, making Chinese snacks more younger, and at the same time layout dual channels online and offline to adapt to public consumption habits. "The most important thing is to communicate with the things that young people understand, so that the pastry can really enter the young people."

However, since this year, the financing news of the "new Chinese -style pastry" brand has cooled down, and there are not a few imitators in the market on the market.

The third category is some innovative small chain brands that are "killed" from the regional market. According to the internal report of the owner of the restaurant company, some investors said that they are still optimistic about the baking track, but from the perspective of gaining benefits, in the "has become a popular baking brand on the entire network" and "new, niche baking backbranges", " In between, the return rate of the latter may be higher.

The market has been "rolled up." According to Euromonitor data, the Chinese baking market will reach 358.9 billion yuan in 2025, but the current Chinese baking industry CR5 (the top five companies in business scale accounts for the market share) less than 11%. The market concentration is low. Essence This allows baking brands to see opportunities, and the market taste changes quickly. Whoever can support it in the end is unknown.

On that day, Aunt Zhou, who had waited for a period of time in the General Store of Klissine, raised two fascinated sticks, 35 yuan 6. After paying the money, he murmured, "Even if it is not delicious, I don’t want to try it anymore. waited."

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