The fully cape is up again, and Ziyan Food is listed on the exposure of the "partial science" short board

Radar finance produced | Meng Shuai editor | Shenhai

Following the Huang Shanghuang, Zhou Black Duck, and Food Food, many "food" sent a company to the market. On September 26, Shanghai Ziyan Food Co., Ltd. (hereinafter referred to as "Ziyan Food") sounded the bells of listing on the Shanghai Stock Exchange.

The prospectus shows that Ziyan Foods, which disrupts the "three -pointer world" situation of the Payon Empire, received a total of 1.637 billion yuan in revenue in the first half of the year, an increase of 16.52%year -on -year. However, Ziyan Foods failed to usher in a good harvest situation of revenue and profit. The net profit of Ziyan Food was 116 million yuan at the same time, a year -on -year decrease of 27.57%.

At the same time, the gross profit margin of Ziyan Foods also declined last year, and its gross profit level was at a lower level in the industry. It was not as good as Zhou Heiya, Huang Shanghuang, and Juewei Food.

In addition, Ziyan Food also has a "partial discipline" in terms of revenue channels and sales areas. The income from the distribution model and the proportion of revenue in East China accounted for more than 90%and 70%of the total revenue.

It is worth mentioning that the development of Ziyan food has a strong family color. At present, Zhong Huaijun, the helm of Ziyan Food, is the son of Zhong Chunfa, the first generation of the brand's first generation of the brand, and the equity structure of Ziyan Food can see Zhong Huaijun, Deng Huiling couple, and relatives of the two, Zhong Qinqin, Zhong Qinchuan and others The figure.

Ziyan Foods Cheng Ladian Circuit Fourth Player

On September 26, Ziyan Foods, known for their husbands and wives, and Baiwei Chicken, finally realized the listing dream on the Shanghai Stock Exchange and successfully won the title of "Saitana Lifei First Share".

It is worth noting that Ziyan Food is the fourth domestic company in China to land in the capital market. Prior to this, Huang Shanghuang and Zhou Hei duck were listed in September 2012 and November 2016, respectively, and the actions that were one step later were listed on the main board of the Shanghai Stock Exchange in March 2017. The listing of Ziyan Food this time is the news that the player is listed again after 5 years.

On the first day of listing, Ziyan's food rose more than 44%after the opening, which was temporarily suspended during the trigger. As of the close of September 27, Ziyan Food closed at 24 yuan/share, and the latest market value was 9.888 billion yuan.

In contrast, the latest market value of Juewei Foods is 32.324 billion yuan, which is far ahead of Lifei enterprises; Zhou Heiya's latest market value is HK $ 10.248 billion (about 9.3 billion yuan), which lags a slightly behind Ziyan Food; Huang Shangshang The latest market value of Huang was 5.687 billion yuan. Due to the entry of Ziyan Food, Huang Shanghuang fell out of the top three.

Before the listing, Ziyan Food was favored by capital. Tianyancha shows that Ziyan Food has previously received a total of 3 rounds of financing, and three financing disclosed in March 2016, March 2018, and September 2019. Investors include Zhilian Capital, Longbai Capital, Jiayu, and Jiayu. Capital, Kangyu Investment, and Hongzhang Capital, but the specific financing amount of these financing has not been disclosed.

After more than 30 years of development, Ziyan Food has a certain scale. As of the end of last year, Ziyan Foods had more than 140 dealers across the country. They had 5,160 terminal stores across the country, and their products were covered with more than 150 cities in more than 20 provinces, autonomous regions, and municipalities in the country.

During the same period, the number of stores in the shops, Huangshanghuang, and Zhou Heiya were 13,714 (excluding Hong Kong, Macao and Taiwan and overseas markets), 4281, and 2781. But it is less than 38%of the taste food.

It is worth mentioning that although the net increase of 767 terminals joined the store last year, the number of Ziyan Food Terminal joined the store was as many as 673 last year, which was 1.8 times the exit of 372 in the same period last year. In this regard, Ziyan Food explained that it was mainly affected by the epidemic in the country.

Family enterprise behind the "Husband and Wife Pulmonary Tablets" store

The development of Ziyan food can be traced back to the late 1980s. At that time, Zhong Chunfa went to Xuzhou, Jiangsu with a full entrepreneurial blood, and opened a small shop called "Zhong Ji Oil Boed Duck". With a unique flavor, the shop attracted a lot of customers, and his reputation gradually played out.

Until 1996, Zhong Huaijun, the son of Zhong Chunfa, took over the mantle of the family business as the second generation of the head of the family. After being in charge of the "Zhong Ji", Zhong Huaijun was not satisfied with the local area, so he brought the brand to Nanjing with the brand. However, Nanjing, known as the "duck capital", is particularly fierce in cooked food business. "Zhong Ji" feels pressure and has also fallen into the bottleneck period of brand development.

In the predicament, Zhong Huaijun decided to rebuild the brand again, and obtained the word "Ziyan" in the couplet with "Tao Zhuyan Bai Sheng Rui Qi, Ziyan and Huang Yan", which opened the new journey of the brand. Since then, the layout of Ziyan Food has gradually expanded to Shanghai and Central China, and eventually moved towards a broader national market.

The prospectus shows that in 2020, the share of Ziyan Food on the retail side of the domestic halogen food market is about 1.48%to 1.84%. Last year, the output of the main products of Ziyan Food reached 68,348 tons, with a sales volume of 67,104 tons. From this calculation, the production and sales rate of Ziyan food last year was 98.18%.

Radar Finance has noticed that among the many main business of Ziyan Food, the revenue contributed by husband and wife's lung slices ranks first, and its revenue accounts for more than 30 % of the total revenue. Last year, only one product of a husband and wife lungs won 933 million yuan in revenue for Ziyan Food, and contributed 30.6%of the total revenue. Just as the name of Ziyan Food's main food "husband and wife lung film" is average, the shareholder structure behind Ziyan Food before listing is composed of a family composed of Zhong Huaijun, his spouse Deng Huiling, and his family.

As of the date of signing the prospectus, Ziyan Food has no controlling shareholder. According to equity information, before the IPO, Zhong Huaijun directly held 18.5%of the company's shares, and held 2.28%of the company's shares of the company through Shanghai Huayan, Ningguo Nest Nest, Ningguo Ningni, and Ning Guojin. Based on this calculation, Zhong Huaijun holds a total of 20.77%of Ziyan Foods and has 23.37%of the voting rights of the company.

Zhong Huaijun's spouse Deng Huiling directly held 15.90%of the shares of Ziyan Food. The children of the two, Zhong Qinchuan, Zhong Qinqin, held 43.08%of the company's shares through Ning Guochuan Qin and Ning Guoqin. In addition, Zhong Qinqin's spouse Ge Wuchao also directly held 6.23%of Ziyan Foods.

Under the family binding, Zhong Huaijun, Deng Huiling, Zhong Qinqin, Ge Wuchao, and Zhong Qinchuan held a total of 85.98%of the shares of Ziyan Food, and controlled the company's voting rights of 88.58%. Controller.

Increasing income and increasing benefits, there is a phenomenon of "partial science" in the region

The prospectus shows that from 2019 to 2021, Ziyan Foods received revenue of 2.435 billion yuan, 2.613 billion yuan, and 3.092 billion yuan, respectively. In the first half of this year, the revenue of Ziyan Food reached 1.637 billion yuan, a 16.52%growth compared with the same period last year.

With the performance of the first half of this year, it was far ahead with revenue of 3.336 billion yuan, which was far ahead of 6.11%year -on -year. The revenue was 1.181 billion yuan, which was very close to Huang Shanghuang, but the decline of 18.71%year -on -year was greater than the former. In contrast, Ziyan Food's revenue of 1.637 billion yuan in the first half of the year was second only to Juewei Food.

However, at the time of successful winning the round -up of the revenue of the revenue of the company in the first half of the year, while the revenue scale increased, the profit declined. In 2019 and 2020, Ziyan Foods realized a net profit of 247 million yuan and 359 million yuan belonging to shareholders of the parent company.

By 2021, the profits of Ziyan Food began to decline. Last year, the net profit attributable to shareholders of the parent company was 328 million yuan, a year -on -year decrease of 8.67%. In the first half of this year, Ziyan Food still failed to change the trend of decline in profits. In the first half of the year, the net profit attributable to shareholders of the parent company was 116 million yuan, which fell more than 27%compared with the same period last year.

Regarding the shrinkage of profits in the first half of the year, Ziyan Food explained that on the one hand, the domestic epidemic continued to be distributed more, coupled with the implementation of epidemic prevention control measures, the sales business of offline end stores was affected, and then it was not good for the company's overall profit level. Influence; on the other hand, affected by factors such as overseas epidemics, the company's main raw material procurement price has risen rapidly since the second half of last year, which has further led to the increase in the cost of major product units and the decline in gross profit margin.

As far as the gross profit margin is concerned, the comprehensive gross profit margin of Ziyan Food in 2019 and 2020 was 25.46%and 30.45%, respectively. The comprehensive gross profit margin of Ziyan Foods fell to 26.06%in 2021 in 2020. A year -on -year decrease of 4.39 percentage points.

Ziyan food not only faces the problem of decline in comprehensive gross profit margin, but also does not have obvious advantages in peers. With the data of 2021, the comprehensive gross profit margin of Zhou Heiya, Huangshanghuang, and Musting Foods during the same period was 57.78%, 36.3%, and 31.68%, respectively, and 26.06%of Ziyan Foods were at the bottom. If the timeline is stretched, the comprehensive gross profit margin of Ziyan Food from 2019 to 2021 is lower than the average of the first three and three.

There are two main reasons for the comprehensive gross profit margin of Ziyan food to lag behind the opponent. First of all, Ziyan Food adopts a chain business model based on distribution, which means that the company needs to give up a certain profit space to the dealer. In contrast, Huangshanghuang and Juewei Foods adopt a flat model of flat franchise stores, while Zhou Heiya is sold directly to terminal consumers through direct camp stores.

However, the chain business model mainly focuses on distribution has also made the revenue channels of Ziyan Foods single. From 2019 to 2021, the revenue of the distribution model in Ziyan Food's main business revenue reached 2.32 billion yuan, 2.451 billion yuan, and 2.784 billion yuan, respectively, accounting for 95.72%, 94.41%, and 91.31%of its main business revenue, respectively.

Secondly, Ziyan Food is a bit different from the product positioning of the previous three. Zhou Heiya, Huang Shanghuang, and Miracana foods mainly sell casual foods, while the product positioning of Ziyan Foods tends to be more food. Different positioning leads to a difference in the selection of raw materials. Compared with the opponent, the opponent uses poultry and sideline products as the main raw materials. The raw materials of Ziyan food are greatly affected by the price fluctuations of animal raw materials such as beef and pork. In addition, Ziyan food still has the "partial discipline" of the region. The prospectus shows that from 2019 to 2021, the proportion of sales revenue obtained by Ziyan Food in East China accounted for 75.23%, 74.81%, and 73.51%of the main business income. The sales income of Yan Food relies heavily on the East China region.

In this regard, Ziyan Food explained that the cause of the "partial discipline" of its food region is mainly the economically developed economy in East China, dense population, and high per capita consumption power. Therefore East China.

Industry insiders pointed out that for Ziyan food, there are certain hidden dangers in the sales area. In this case, it is difficult for brands to make a popular popularity across the country and to a certain extent to a certain extent.

In order to reverse the situation of the "partial discipline" of the region, Ziyan Food has taken corresponding measures to list the market markets other than East China as the company's development strategy, and plans to reduce the competitive disadvantage of sales concentration through online sales and other methods. Essence

With the listing of Ziyan Food, the previous situation of the three kingdoms was broken. What kind of change will the market pattern of "Lifei F4" in the future? Radar Finance will continue to pay attention.

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