Another old -fashioned A -share exam!In terms of revenue, one -nineths of duck necks. Can Texas picking chickens tell new stories?

Fengkou Finance reporter Wang Xue

A paper prospectus allows the long -established Chinese old -fashioned Texas chopped chicken to return to investors' sight again.

On July 5th, Shandong Texas Chicken Co., Ltd. (hereinafter referred to as "Texas Chicken Chicken") pre -disclosed the prospectus on the official website of the Securities and Futures Commission, and plans to go public on the main board of the Shanghai Stock Exchange. This means that the Texas chopped chicken with a history of more than 300 years has officially opened the road of the Shanghai City IPO.

In recent years, the old -fashioned companies have rushed to grab the capital market, setting off a wave of listing. On September 6, 2021, Zhang Xiaoquan (301055.SZ) successfully landed on the capital market and became the "first share of scissors"; in January 2022, the century -old Zongzi brand Wufangzhai successfully met. The same flower Shunian data shows that as of now, there are 61 old -fashioned concept stocks that have been listed on A shares.

Similar to the problems faced by many old -fashioned lists, Texas picking chickens also need to break through the new tide and brand cognition of the old name, and it is expected to rejuvenate the new vitality of the old name with the help of the capital market.

A -share rushing for a century -old enterprise is looking forward to "Second Spring"

The Texas chopped chicken was founded in 1953. It is a main food manufacturer with the production and operation of Texas picking chicken. It is also an old Chinese company. In 1999, it was restructured to Shandong Texas Chicken Group Co., Ltd.; on January 10, 2020, Shandong Texas Cashi Chicken Co., Ltd. held the IPO listing launch and signing ceremony.

On July 5th, the Texas chicks pre -disclosed the prospectus on the official website of the Securities and Futures Commission. The target landed on the main board of the Shanghai Stock Exchange, attracting the market's attention.

The prospectus shows that from 2019 to 2021, the revenue of Texas Chicken Chicken was 687 million yuan, 682 million yuan, and 720 million yuan, respectively, and net profit attributable to the mother was 122 million yuan, 94.559 million yuan, and 120 million yuan, respectively. Among them, in 2020, the revenue and net profit of the Texas chopped chicken fell, and the net profit fell 23%.

Prospectus financial data

In the early years, all passengers passing by Texas who passed by a green leather train were used to taking a chicken to take home to share or give gifts to relatives and friends. The Texas picking chicken along the railway line has become popular all over the country. However, with the rapid development of high -speed rail in recent years, Texas picking chicken seems incompatible. In this context, the Texas chopped chicken chose to lay out offline stores.

According to the prospectus, as of the end of 2021, there were 553 Texas Chicken Stores (mainly franchise). From the perspective of regional distribution, Texas ’s stores in East China are mainly in the southern market.

In contrast, the same -taste food (603517.SH) of the same poultry cooked food business already owns 13,714 stores (mainly franchise), with revenue of 6.549 billion yuan; Home (mainly directly operated), revenue of 2.181 billion yuan; Huangshanghuang's stores reached 4,281, with revenue of 2.339 billion yuan; and Texas ’s chicken revenue was only 720 million yuan, which was less than that of Niwei Duck Neck Camp One -nine -fourths.

Screenshot of the business overview of the issuer and major competitors

In order to expand more channels and consumer scenarios, Texas Chicken Chicken is intending to disclose no more than 30 million shares to the public this time, and the total amount of funds raised is about 758 million yuan. Projects, quick -frozen chicken production line construction projects, marketing networks and brand upgrade construction projects.

Screenshot of the prospectus

From the perspective of the equity structure, before the issuance, Cui Guihai, Cui Yan, and Chen Xiaojing directly held 22.554 million shares, 20 million shares, and 2 million shares of the company, respectively. Among them, Cui Guihai and Chen Xiaojing are husband and wife relationship, Cui Guihai and Cui Yan are the relationship between father and son, Chen Xiaojing and Cui Yan are maternal relationships. The above three controlled 60.06%of the voting rights shares of the company, which is the actual controller of the company.

Can the Capital Platform Texas picking chickens catch up with Zhou Heiya?

Looking back at the development of Texas Chicken Chicken Shares, capital financing can be regarded as an extremely important step in its innovative development.

Fengkou Finance found that among the top ten shareholders in Texas, Tianjin Tiantu holds 4.75%of the company's sixth largest shareholder. Tianjin Tiantu is a subsidiary of Tiantu Investment, and Tiantu Investment is one of the earliest professional institutions in China to engage in equity investment. It has repeatedly ranked the top 20 domestic best equity investment institutions, China's best consumer investment institution, Feihe, Zhou Heiya duck , Baiguoyuan, Xiaohongshu, Naixue's tea, tea Yanyue color, etc. are all star projects invested.

Screenshot of the Prospectus of Equity Structure Charts

In 2012, the Texas chopped chicken completed a strategic cooperation with Tiantu Capital, becoming a cooked food company that has completed the first round of capital financing earlier in China. At that time, Tianjin Tiantu became the second largest shareholder of Texas Chicken Chicken with nearly 100 million yuan.

In the case of Tiantu investment, Texas picking chickens is more similar to the situation of Zhou Hei duck. In 2010, Tiansu Investment was invested in Zhou Heiya, which was not large at the time of RMB 58 million, allowing Zhou Heiya to rely on capital financing to achieve leapfrog development. In 2016, Zhou Heiya (01458.HK) was listed on the Hong Kong Stock Exchange. The current market value is about 12.464 billion yuan, and the store has more than 2,000 stores.

However, compared to Zhou Heiya, which is positioned with Lochi light food, the products of Texas picking chicken are more traditional and the categories are relatively single. At present, Zhou Heiya's products cover a variety of categories such as duck neck, duck rack, dried beans, chili sauce and crayfish, and Texas picking chickens sell more chicken, which really tests the appetite. However, with the diversification of consumption, Texas picking chicken is also trying to get rid of the disadvantage of a single category and expand the product line.

In 2019, the Texas chopped chicken released the sub -brand "Lu Xiaosi", entered the field of leisure snacks that young consumers like, and use a small packaging design that is more in line with modern consumption preferences. Chicken feet, chicken wings snack bags, etc.

Screenshot of Texas Cake Chicken Taobao Official Banner

However, from the perspective of sales data, the effect of multi -category strategies is not obvious. In Tmall's Texas Flagship Store, Fengkou Finance found that the monthly sales of Lu Xiaosi related products are not high. Most products have sold between 10 to 200 copies and the highest sales volume. In the following, the monthly sales volume of Zhou Hei Duck Star Products exceeds 20,000 copies.

New and old disputes, old names, scramble to grab the capital market

While the Texas picking chicken rushing to the A -share listing, there were also a group of old names that were lining up to ring the door of the capital market.

In June 2021, the first batch of Chinese old -fashioned companies, who began in 1921, submitted a prospectus. The meeting was successful on January 13, 2022. The Ejiao Production Enterprise Fupai Ejiao and Minsheng Securities signed an IPO counseling agreement to pierce the capital market.

In the A -share market, there are many old -fashioned companies, such as 158 -year -old Quan Jude, 182 -year -old Hengshun Vinegar Industry, 353 -year -old Tongrentang, 502 -year -old Guang Yuyuan and many thousand -year -old liquor brand. According to the same flowers of the same flower, as of now, there are 61 old -fashioned companies in the A -share market, mostly distributed in traditional industries such as food and beverages, metal products, jewelry, and Chinese medicine.

Why is the "old -fashioned" enterprise so enthusiastic about the capital market in recent years?

Industry insiders said that old -fashioned companies usually have good brand awareness and reputation, but their historical burdens are relatively important and their innovative ability is relatively insufficient. Listing can effectively solve the problem of development funds, help resolve poor liquidity, weak innovation ability, and aging team, and promote innovation and upgrading of enterprise products and services, and keep up with the times.

Will the old name go on the market? The answer seems not that simple.

Some old -fashioned samples are not good at business because they are "dissatisfied with the soil and water", and they eventually return. For example, the dogs listed on the New Third Board in 2015 were ignored. Due to the difficulty of actual business conditions, it was delisted in 2020. In 2007, the A -share listing of Quanjude once exceeded 100 billion yuan, and now it is also facing the problem of a substantial loss of net profit. Annual report data shows that in the first quarter of 2020, 2021, and 2022, Quan Jude's net loss was 262 million yuan, 150 million yuan, and 47 million yuan.

For the old name, capital is just helpful. It is only the beginning of the successful listing. If you cannot continue to maintain innovation and profitability, it may be eliminated by the market at any time.

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