Naixue's tea is its big customer, talk about the business of the field shares

Source | Bohufn

Author | Lingling

According to the news, Tianye Innovation Co., Ltd. (hereinafter referred to as "Tianye Shares") officially submitted the declaration draft to the Bei Stock Exchange on June 15th, and plans to be listed on the Beijing Stock Exchange.

For many people, the name of field shares may be a bit strange, but it is believed that many people have heard of Naixue Tea Hundred Road. Judging from their cooperation, Tianye Co., Ltd. and Naixue's tea and tea Baidao brands have become symbiotic brands. They are both the relationship between suppliers and brands and the relationship between investors and investors.

So what kind of brand is Tianye Co., Ltd.?

The product is single, and the sales of raw material juice account for more than 90%

Tianye Shares was established in 2007 and listed on the New Third Board in 2015 (Securities Code: 832023). It is a large -scale agricultural industrialized group enterprise integrating fruit and vegetable planting, product processing, and sales. Guangxi Tianye Innovation Agricultural Technology Co., Ltd., Panzhihua Field Innovation Agricultural Technology Co., Ltd., and Hubei Tianyan Nonggu Biotechnology Co., Ltd. and other wholly -owned subsidiaries.

Tianye shares currently have more than 40 kinds of fruit and vegetable products such as mango, pineapple, lychee, etc., and the main products are raw fruit juice, frozen fruits, fresh fruits, etc. Among them, the raw fruit juice includes frozen mango plasma, frozen Xilian lotus plasma, frozen jackfruit original pulp, frozen peach peach parasites and so on.

Data show that from 2019 to 2021, the sales revenue and proportion of raw material juice in the field of fields continued to increase. The proportion of total revenue in three years was 44.13%, 56.11%, and 90.52%, respectively.

(Screenshot of the prospectus)

In contrast to the high -speed growth of raw fruit juice, the fructic fruits and vegetables, fresh fruits and other businesses have fallen sharply.

Tianye shares explained in the prospectus that the main reason is that the company develops durian import business. The imported durian part is used for processing, and part of the sale is affected by the new crown epidemic. Essence

(Screenshot of the prospectus)

According to the information, in 2019, Tianye's durian sales business revenue was 76.3099 million yuan, accounting for 26.28%of the operating income, and the revenue of durian sales business in 2020 fell, accounting for only 13.94%of operating income. In 2021, there is no durian sales. Business income.

The sales of raw fruit juice accounted for more than 90%, and behind this is actually the eye -catching identity of field shares.

Coexisting with the tea brand, why is Tianye Co., Ltd.?

In the past, the customers of field shares were mainly food and beverage companies. In 2019, the top three customers of Tianye shares are Nongfu Spring, fresh fruit juice, and Coca -Cola.

However, as the demand for pre -packaged juice beverages is weak and the rapid growth of fresh fruit tea and fruit tea demand in the new tea industry, the customer portraits of field shares have also changed.

(Screenshot of the prospectus)

In 2020, Naixue's tea jumped into the second largest customer of field shares. By 2021, the top five customers had been occupied by new tea drinks, including Nai Xue's tea, tea, a little bit, and Shanghai. The four chain tea brands of Auntie accounted for 20.04%, 14.38%, 11.58%, and 10.49%in total revenue.

(Screenshot of the prospectus)

The proportion of new tea drinks and food and beverage customers has been seen in these years, and the changes are also very intuitive. According to the prospectus, from 2019 to 2021, the revenue of the new tea customers in field shares accounted for 4.20%, 24.44%, and 61.82%, respectively, while the revenue of food beverages customers accounted for 57.66%, 50.34%, and 33.49%, respectively.

(Screenshot of the prospectus)

The prospectus mentioned that for the new tea industry, the field shares establishes the collaborative innovation process of rapid response to customer needs. After receiving customer needs or samples, quickly start sample analysis, process and formula design, raw materials investigation, trial production, mass production, etc. Shorten the commercialization cycle of new products, so as to cooperate with customers to successfully launch new products, tide products, and explosive models such as oil citrus juice, pear juice, yellow skin juice, longan juice.

It is not difficult to find that we may be unfamiliar with field shares, but we have either consumed or have been seen in the new tea shop shops one by one. From this point of view, field shares are the manufacturer of explosive tea.

Interestingly, the new tea brands are not only customers of field shares, but also their investors. At the end of 2021, Naixue's tea invested 38.64 million yuan to obtain 4.4%of the shares, and Shanghai aunt invested 3.22 million yuan in Tianye.

It is worth noting that field shares can get a share in the rapid development of new tea drinks, which is closely related to its strong supply chain capabilities.

In May 2017, Tianye Co., Ltd. established Hubei Tianyin Nongnun Valley Fruit and Vegetable Co., Ltd., specializing in fruit and vegetable planting, processing, trade, and providing self -sufficient one -stop service. At the same time, the two companies of Hubei fields (Nonggu) and Hubei Esman of Hubei used the group's raw materials to focus on the production of fermented fruit and vegetable juice, fruit juice beverages and plant protein beverages.

On the whole, field shares have optimized the upstream and downstream of the industrial chain, thereby driving the company's revenue.

On the one hand, it extends to the upper reaches of the industrial chain, increase investment in planting bases, introduce and cultivate excellent varieties, and expand base planting area. On the other hand, extend to the lower reaches of the industry chain, and improve the research and development and promotion of food and beverage formula through various methods such as business cooperation, mergers and acquisitions, and introduction teams; increase production equipment such as beverage filling and packaging, and carry out generations for downstream small and medium -sized customers. industry. It is understood that the current production capacity of field shares covers the main production areas of China's tropical fruits and vegetables. It has four modern factories in Beihai, Hainan, Panzhihua, Sichuan, and Jingmen, Hubei.

In 2021, the production capacity of the raw fruit juice of the field shares was 53,900 tons, the total output was 46,600 tons, the capacity utilization rate was 86.51%, and the production and sales rate was 85.45%. The utilization rate is 78.15%, and the production and sales rate is 59.12%.

Become a "behind -the -scenes manufacturer" of the head tea brand. There are always two brushes in field shares.

The "listing war" set off for the new tea drink

It is worth noting that field shares are not the first IPO companies to enter the public's vision as a new tea supplier. Before that, many companies have received widespread attention.

Not long ago, Hengxin Life Technology Co., Ltd. (hereinafter referred to as "Hengxin Life") disclosed the prospectus listed on the GEM. The company plans to raise funds of 828 million yuan, which will be used for 30,000 tons of PLA PLA to compost green environmental biological product projects, intelligent upgrade and transformation projects, R & D technology centers projects, and supplementary funds.

Ruixing Coffee and Hi Tea are the largest and third largest customers of Hengxin Life.

The prospectus shows that in 2020 and 2021, Ruixing Coffee's revenue in Hengxin's life accounted for 6.24%and 11.57%, respectively. In 2021, Shenzhen Gogo Technology Co., Ltd., a wholly -owned subsidiary of Xicha, became the third largest customer of Hengxin Life, and its contribution accounted for 3.8%.

For example, Baoli Food, which is planned to be listed on the Shanghai Stock Exchange, its main business is the research and development, production and technical services of food seasoning. The main products include composite seasoning, light cooking solutions and drink dessert ingredients. Pleasant tea, KFC, McDonald's, Starbucks, etc. are all customers of Baoli food.

Some people in the new tea drinking industry once said, "Indeed, we have promoted many upstream suppliers customers to take the road to listing."

However, although the big tree is so cold, the risk is not small. Suppliers, including Tianye Shares, Hengxin Life, and Bao Li Food, are facing common concerns: too dependence on single customers will bring greater risks.

From 2018 to 2020, the top five customers of Baoli Food Company accounted for between 40%-55%. Among them, Yum! China is the largest customer, and its sales contribution ratio between 2018 and 2020 is 32.81%, 30.53%, and 24.81%, respectively.

Bao Li Food uses the customized direct sales model in the sales model, that is, research and development and production according to the customer's customization requirements. This model can bring a stable source of revenue to Bao Li Food, but it also leads to the limitations of Baoli product category and the narrow distribution channels, so that it does not have the advantage of bargaining.

From 2018 to 2020, the traveler's margin in the past three years was 49.05%, 49.23%, and 45.8%in the three years. The gross profit margins of Baoli Foods are 32.51%, 33.45%, and 32.10%, respectively, far less than the former.

Tianye shares also have similar hidden dangers.

In 2021, the revenue of the top five customers in Tianye shares accounted for 68.17%, of which Naixue's tea accounted for 20.04%, which shows that Tianye shares rely on a few customers to depend on a small number of customers. And this is also the main reason for the current field of field stocks. The single product structure also means that the anti -risk capacity of field shares needs to be improved.

The prospectus mentioned that the 475 million yuan raised by the listing plan will be mainly used for the construction project of the Hainan Free Trade Port Intelligent Factory (Phase I) and Hainan Dachuan Tropical Featured Industry Expansion Project. After the project is completed, Tianye shares will add 8,000 tons of coconut products, 12,000 tons of flavored syrup, and 23,400 tons of fruit and vegetable products.

It can be seen that field shares are planning to improve product categories and production capacity, and then enhance competitiveness.

In the future, whether it can continue to enrich the product structure and expand the customer base will determine whether the field shares can go further. Otherwise, "Cheng Ye Xiao He is also a small and Xiao He" may also be the story of field shares.

Reference source:

1. Interface News: This company impacts the listing, and it may be more than half of the streets of tea.

2. IPO has long known: Tianye Shares sprint Bei Stock Exchange: The main raw material fruit juice products, deep binding with Naixue's tea and Shanghai aunt

3. Matsteber Finance: I also need an IPO for those who sell pepper bags: "work" for KFC, but the mind is not here

4. Fast consumer: Xixi tea supplier is one step in the morning marketing in the morning

5. Field Shares Prospectus

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