The couple sells cups to Xicha Rui Xing, now I want the IPO

Huancha has not been listed yet, but its supplier has to be an IPO.

The investment industry-Tiantian IPO was informed that not long ago, the paper system and plastic catering manufacturer, Hengxin Life Technology Co., Ltd. ("Hengxin Life"), the GEM IPO was accepted by the Shenzhen Stock Exchange, and the sponsor was Hua'an Securities. This humble cup business easily supported an IPO.

The founder of Hengxin Life is a pair of Hefei couples -Fan Yiru and Yan Deping. After the establishment of 1997, Hengxin Life experienced two transformations, and finally moved towards degradable plastic and paper cups under the inspiration of plastic restrictions. With the outbreak of the new catering, Hengxin's life has made a lot of money. Customers include Ruixing, Xisha, Starbucks, etc. The prospectus shows that the company sells up to 2.1 billion paper cups and plastic cups in 2021, and 700 million yuan a year.

I don't know if the new consumer brand makes money or not, but the supplier must have made a big hair -not long ago, the Poly Food that provided seasoning for KFC McDonald's was passed on the Shanghai Stock Exchange, selling fruit juice to Naixue's field stocks to hand in the Northern Stock Exchange, The ternary creature that provides the vitality forest with moss glycol has knocked on the bell .... As we see, new consumer suppliers are queuing the IPO to knock on the bell. Those who get the supply chain get the world, this year's new consumption VC/PE has begun to switch to the supply chain project.

The couple starts a business and sells 2 billion cups a year

Rui Xing and Xicha are the top three customers

Xixue, Naixue, Ruixing Coffee, Starbucks, Yixutang, McDonald's, Deks, Mi Xue Bingcheng and other new catering supported by young people. They all have a common supplier -Hengxin Life, contracting Drinks and cups.

Hengxin's life was first printed. In 1997, Fan Yiru and Yan Deping founded Hengxin Printing in Hefei, opening their career. At that time, this was a company making and printing business. It mainly provided printed albums and materials.

As the business became bigger and bigger, Hengxin Printing was renamed Hengxin Life. At that time, the paper cups were gradually popular at the dining table and family life, which was a larger track. In 2001, the couple fancy the prospects of paper catering and decided to transform. Immediately, the company introduced the paper cup production line, and gradually transitioned from the printing service industry to the paper -made catering tool business, becoming the earliest domestic enterprise that applied soft printing to paper catering utensils.

It didn't take long before the turning point appeared again. In 2008, the state launched a "plastic limit order". For a while, various types of shopping bags replaced by plastic rose. Fan Yiru and Yan Deping keenly smelled the development prospects of degradable plastic. In the production of PLA gonorrhea cup.

PLA is called polystumin. It is a new type of biological degradable material with corn, cassava and other renewable plants. At the same time, new tea drinks and coffee have also ushered in a big outbreak in China. Rui Xing, Xixi Tea, McDonald's and other hot -handed catering companies quickly became customers of Hengxin Life, and the sales volume of products has increased year by year.

In May 2022, Hengxin Life submitted a publicity draft to the Shenzhen Stock Exchange to apply for listing on the GEM. It plans to openly issue new shares of no more than 25.5 million shares, and plans to raise 828 million yuan. Based on this calculation, Hengxin's life has a valuation of 3.3 billion yuan. Earlier, Yue Shi Jinglang, Yue Shi Jinghui and Wuxi Fosun Venture Capital, who had previously rated the shares, will receive about 1.8 times the income.

The prospectus shows that Hengxin Life uses raw materials such as raw paper, PLA particles, traditional plastic particles and other raw materials, research and development, production and sales of paper and plastic catering utensils. Essence In 2021, the company sold paper tableware 2.01 billion and 1.95 billion plastic tableware, of which the number of paper cups and plastic cups was as high as 2.1 billion.

How big a small cup can you do? Today, Hengxin Life has become Ruixing Coffee, Stepbo, Amazon, Xixi Tea, Starbucks, Yihe Hall, McDonald's, Deks, Manner Coffee, Burger King, COCO, Guli, DQ, etc. Enterprise paper and plastic catering provider. Among them, in 2020 and 2021, Ruixing Coffee is the largest customer of Hengxin's life, with sales revenue accounting for 6.24 % and 11.57 %, respectively.

Relying on selling cups, from 2019 to 2021, Hengxin Life achieved operating income of 544 million yuan, 424 million yuan, and 719 million yuan, corresponding to net profit of 70.2656 million yuan, 24.876 million yuan, and 812.361 million yuan. Among them, the main business revenue reached 531 million yuan, 415 million yuan, and 696 million yuan, and the gross profit margin was 41.85%, 40.65%, and 36.17%, respectively.

The couple joined forces to start a business, Hengxin Life is a typical family business. The prospectus shows that before the issuance, Fan Yiru and Yan Deping held 47.06%and 23.53%of the shares, and her daughter Yan Shujing held 7.84%of the shares, and the three -person shares were close to 80%. Three sisters of the company's chairman and general manager Yan Deping, as well as Fan Yiru's nephew and niece, directly or indirectly holding the company's shares.

At present, Big Customer Ruixing has more than 6,000 domestic stores and more than 800 Huancha. These online celebrity brand stores across the country are about to support a 3 billion market value IPO.

Consumer suppliers are queuing ipo

Hengxin's life is just a microcosm, consumer suppliers are lining up an IPO. The earliest consumer suppliers were Jiahe Food. Listed in A shares in April 2021. This company focuses on the development of raw materials such as plant -planting and coffee. Customers include well -known new tea brands such as Honey Snow Ice City, Tea Baidao and Shanghai Auntie. At that time, the new consumer track was in full swing. On the eve of the listing, Jiahe Food made three large -handed dividends. According to the shareholding ratio, the company's couple's actual controllers have scored more than 700 million yuan.

In February this year, Shandong Sanyuan Biotechnology Co., Ltd. was listed on the Shenzhen Stock Exchange, raising 3.686 billion yuan. This company has focused on industrialized production of chrysterol products since 2007, and moss is a type of sugar, which is used as a fill -type sweetener in food and beverages.

The prospectus mentioned that in 2021, the vitality forest is the number one customer of the ternary creature, and the beverage brands such as Nongfu Spring, Xicha, Coca -Cola and other beverage brands also purchased chimotols from ternary biology. According to the research data of Shalvin, last year, the output of ternary biosaccharotol accounted for 32.94%of the global total products, and was the largest company in the world's largest production output. The prices of moss glycol rose year by year. In January to June 2021, the average unit price of red moss was 18659.39 yuan/ton. The profits of ternary creatures are evident.

The water rises. In addition to the benefit of the company that provides sugar generation, fruit juice suppliers also make a lot of money under the hotness of new tea. On June 15 this year, Tianye shares handed the table to the Bei Stock Exchange, and planned to raise about 476 million yuan for new factories and other projects. The products established in 2007 include raw fruit juice, frozen fruits and fresh fruits.

In 2015, field shares were listed on the New Third Board. However, at that time, Tianye shares have not yet taken the new consumption Dongfeng. On the eve of the new consumption blowout -in 2019, the four largest customers in Tianye Shares are the Guangdong Nanfengxing Agricultural Investment Co., Ltd., Nongfu Spring, Fresh fruit juice and Coca -Cola. 4.20%.

But the situation soon changed. In 2020, Nai Xue jumped into the second largest customer of field shares. Since this year, the customer list of new tea customers poured into the field shares and contributed 24.44%of revenue. In 2021, four of the top five customers in the company were new tea drinks, including Naixue and Tea, a little bit of Shanghai Auntie, these four brands contributed 56.49%of operating income. That year, field shares achieved a revenue of 459 million yuan, an increase of 72.57%year -on -year.

One week after the Tianye Co., Ltd. was delivered, Shanghai Baoli Food Technology Co., Ltd. IPO was approved by the Securities Regulatory Commission, and it was planned to raise 460 million yuan. On July 6, Baoli Food opened the purchase.

Established in 2001, Baoli Food has been cultivating in the food composite seasoning industry for many years, and now it has a place on the exchange. Although it has been hidden behind the brand for a long time, Pao Li Food customers are famous catering giants. The prospectus shows that Pao Li Food customers include KFC, Pizza Hut, McDonald's, Deks, Hamburg King, Damile and so on. According to Ai Media Consultation data, in 2012, the market size of my country's condiment industry was 2012 billion yuan. In 2020, this number had reached 395 billion yuan, with an annual growth rate of 8.80%. As a supplier, Baoli Food firmly grasped the rapidly growing B -end market.

In March 2021, Baoli Food spent 0.42 million yuan to acquire 75%of Hangzhou Kitchen Affin Technology Co., Ltd., and the kitchen Affen has a popular Internet celebrity brand "empty carving". This is regarded by the outside world as a manifestation of the development of the C -side consumer market. In Q1 2022, the comprehensive gross profit margin of Baoli Food increased by 4.99%compared with the same period in 2021 to 33.04%. Baoli Food has increased gross profit margin because of the gross profit margin of light cooking food.

One after another consumer supplier is seeking listing. In the past, they were hidden behind the brand and now collectively surfaced.

2022, VC starts to see the consumer supply chain

In the past year, the crazy vivid calendar of new consumption investment. Since the epidemic occurred in 2020, the consumer track has been on fire with the naked eye. Almost all investment institutions are looking for delicious, delicious, and easy to use. And barbecue fried skewers, as well as new costumes, skin care and makeup, etc., everywhere, the investors are busy for new consumption. This year is also known as the "prosperous carnival" of consumer investment.

However, the good times are not long. The performance of consumer companies in the secondary market is unsatisfactory. At the same time, traffic dividends have disappeared, the GMV of consumer companies in the first -level market fails, and the market expansion has failed. This has led to many funds that look at consumption to become cautious, and the valuation requirements of the project have also become higher.

Recently, a header of RMB Fund revealed that recently, colleagues in the internal consumer group collectively transferred to the consumer+technology track, and the new consumer brand basically did not invest. VCs who used to consume in the past began to focus on a new direction -supply chain.

In January of this year, Baiwei, a beauty agency Barwei, received a Series B financing of over 100 million yuan. Boston Investment B Captial Group led, and Qiao Qiao Capital followed up, veteran shareholders Yun Qi Capital, GGV Jiyuan Capital, Bai Bu (Zhijing Technology) continued to increase; Investors are Jiuhe Venture Capital; and in the coffee track, the coffee supply service provider "Le drink Innovation" has also received nearly 50 million yuan in financing, led by Shengjing Jiacheng. In June of this year, Xixi Tea invested in another roasted coffee service provider -a minority coffee, holding about 12%of the shares. Enterprises with strong supply chain will also be favored by VC. For example, Miracle Miles, a technology shoe brand focusing on digital supply chain, announced in March this year that it has completed the 100 million yuan US dollar A round of financing, led by IDG Capital and Sequoia China. Another example is the little muscle prince, as the only chicken breast brand in China with a self -operated supply chain, in May, it officially announced tens of millions of yuan in Series A financing and was exclusively invested by well -known US dollar funds.

Wen's Investment completed the first round of the consumer funds in the second phase of the Consumption Fund in June. Earlier, Huang Haiping, the general manager of Wen's Investment Executive and the head of the consumer industry group, shared that "in the past few years, the investment logic of the consumer track is based on the Internet. The data growth model is made to judge, but the establishment of the company's core competition barriers that cannot be ignored is the supply chain capacity. "In June this year, the tomato capital of the catering consumer track introduced the public account to" deep industry that is delicious related to deliciousness related Fund, including catering, food and beverage, supply chain, food technology and agricultural technology, etc., which means that tomato capital is trying to move from consumer catering to deep water.

A partner of a consumer investment institution in Beijing once said, "Consumption investment has reached this stage that is no longer simply differentiated, and it has entered a new stage in essence: from the differentiated of the front end to the latter brand growth, all of which are supplying. The problem of chain. "

The C -position on the supplier collective station, this is an unprecedented scene in the new consumer field.

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