New tea is still losing money, and manufacturers who supply milk, syrup, fruit juice, and cups have piled up IPO

Source | Tech Planet

Wen | Wang Lin

In the past year, young people have drank more than 500 million cups of Rui Xing, 170 million cups of Naixue, and cups may be around the earth. At that time, when the light people's raw coconut coconut latte, Nai Xue's domineering bayberry, and the snow -top coffee of Mi Xuebing City were crazy, they contained huge business opportunities behind them.

On July 6, Zhejiang Dexin Food Technology Co., Ltd. (hereinafter referred to as "Dexin Food") disclosed the prospectus and intends to be listed on the main board of the Shenzhen Stock Exchange. This company focuses on the research and development, production and sales of current beverage ingredients, providing fruit -flavored syrup for downstream coffee, current tea, catering and other companies, biscuits, cold sky crystal balls, jelly and other series of drinks. Its upstream companies include Ruixing Coffee, Starbucks, Naixue's tea, Honey Xue Bingcheng, 7 points of sweetness and so on.

This is not the first list of beverage suppliers. Poly Food, which provides seasonings for KFC and McDonald's, has passed on the Shanghai Stock Exchange, selling fruit juice to Naixue's field shares to hand in the Northern Stock Exchange, and provides the triple biological IPO of the vitality forest to knock on the bell ..... Then, then, then

Unlike the founders of Internet companies like to tell stories, suppliers of new beverages like to make money. The things to do are very simple, providing raw materials for Ruixing, Starbucks, and Naixue.

This is a business that is proud of the Internet that people don't look at — they ca n’t get a big platform, they ca n’t fight for subsidy war, and they ca n’t market traffic. However, when Internet companies are shrinking, they ushered in the harvest season.

They have achieved profitability earlier than upstream beverage companies, but they also face greater challenges.

New drinks support large sales

The two founders of Dexin Food are alumni of Jiangnan University. They both graduated from Jiangnan University's ace majors: food majors, and they are graduate degree. Such an education cannot be described as a post -70s.

The two post -70s Shanghai people have been in business for more than 10 years. At the beginning of their establishment, they boldly launched the domestic model of BIB juice (concentrated fruit juice) and beverages.

In the past 12 years, Dexin Food has witnessed the rise of the Chinese beverage industry, and young people have also requested the freshness of drinks. Dexin Food subsequently developed solid beverages, NFC tea, new dairy, and so on.

In 2021, Ruixing Coffee, one of Dexin's most important customers, came out of the shadow of financial fraud. In 2021, Ruixing's net revenue reached 7.965 billion yuan, an increase of 97.5%year -on -year from 2020, and the loss of losses was narrowed. At the same time, Ruixing Coffee replaced Starbucks as the largest upstream customers in Dexin Food. It contributed to Dexin Food almost twice the revenue of Starbucks.

At the same time, Dexin Food seized the east wind of the new tea. In 2019, Ruixing, Naixue, and Books also burned Xiancao. The sales of these three major customers accounted for 17.43%. In 2021, Ruixing, Nai Xue, Book also burned fairy grass, 7 points of sweet contributions reached the reached reach 40.99%.

The company continues to recruit people to meet the needs of upstream companies. From 2020 to 2021, the size of the company's personnel expanded from 367 to 593. At the same time, its operating income technology achieved the same proportion growth, from 357 million yuan to 529 million yuan, and its net profit ranged from 67.4886 million yuan to 9580.51 10,000 yuan.

Dexin Food has also completed its first foreign financing since its establishment. In May 2021, Jinlun Investment, Shengyuan Partnership, Gazeliness No. 3 and Shanghai Yueyue invested 250 million, 26 million, 10 million, and 10 million yuan at the price of 51.31 yuan per share.

In April 2021, the company was changed to a joint -stock company as a whole after reorganization and reorganization, and was renamed Dexin Food. In July of the same year, Dexin Food and Anxin Securities signed a listing counseling agreement and submitted counseling filing information at the Zhejiang Securities Regulatory Bureau Essence

In this regard, Dexin Food began to go public.

The supplier wins hemp, but the customer is still losing money

In the past 5 years, the shops of Mixue Ice City, Ruixing Coffee, Naixue's tea, and Lele Tea have occupied the streets and alleys of the city, and also pleaded with the taste buds of young people.

Young people in the city like to use Ruixing Coffee to bring themselves refreshing. They use Naixue's domineering bayberry to adjust the boring working hours in the afternoon, and use the ice cream in Honey Xuebing City to confront the hot summer.

They created one after another beverage brand. The number of stores in Ruixing Coffee even exceeded Starbucks. Naixue's tea launched a domineering oil citrus, which allowed Yunnan's oil mandarin to sell out stock.

Capital rush into the new beverage track. They believe that under the tide of consumption upgrade, the Chinese market should have its own local drinks. When the billions of or even tens of billions of funds were smashed, the new consumption also moved from hot to calm. Nai Xue's tea is still losing money to this day, and Ruixing Coffee has just achieved the annual profit of the store level.

After Naixue's tea landed in the Hong Kong Stock Exchange last year, Chinese coffee and new drinks and new drinks and had no corporate IPO for a long time. In sharp contrast, the popularity of Chinese coffee and new tea market has driven the "listing of listing" in the supply chain company.

Selling fruit juice to Nai Xue's field shares, just handed over the Beibei Stock Exchange a month ago, providing the ternary creatures of the vitality forest, and the COCO, the aunt Shanghai, Gu Hutang, Honey Xue Bingcheng and other Jiahe foods that provide milk essence have knocked on the bell, and even the life of Hengxin, who sells cups for Rui Xing and Xisha, is preparing an IPO ...

Unlike the Internet companies that are good at telling stories, these companies are extremely low -key. Some of them also continue the experience of running companies in the last century. For example, Jiahe Food and Hengxin Life are jointly operated by husband and wife. They rarely raise funds from the first -level market. VCs with faces and faces may not be able to see this business. There is no scale effect, no platform for building platforms, and no sexy business story. However, most of these companies are profitable. Jiahe Food has achieved 256 million profits in 2019. The prospectus of the improvement of field shares and Dexin Foods shows that the company has good profits from 2019 to 2021.

The purpose of raising funds to go to the secondary market is highly unified: expand production capacity. This is the effort in advance for the end of the outbreak of Chinese coffee and new beverages.

How long can we eat bonus?

The suppliers seem to have enjoyed the dividend in advance, but compared to coffee and tea brands, their challenges are even greater.

Drink suppliers are a highly decentralized industry. Raw material manufacturers such as NFC juice, plant powder, and coffee are all over the country. According to the "Food Industry Development Report" and Wind financial terminal data based on the "China Food Industry Yearbook" and the Consumer Products Industry Department of the Ministry of Industry and Information Technology. Increase to 1766.

Ruixing's supplier may be a quasi -listed company such as Dexin Food, or some small companies. There are more than 300 suppliers in Naixue's tea, and Ruixing Coffee also has nearly 200 suppliers.

This is a highly dependent industry. A startup company has leveraged upstream customers' orders faster because of an executive who has been immersed in the beverage industry for many years.

The downstream suppliers are highly dependent on big customers. The top five customers of Dexin Food account for more than 50%of their sales for 3 years, and the sales revenue of the largest customer in Tianye in 2021 accounted for 20%of the tea sales revenue, and the proportion of the top five customers' income reached the revenue. 68%. This means that once the big customers have a change of movement, the revenue of downstream suppliers is bound to be affected.

The development of current beverage ingredients enterprises directly depends on the market demand scale of currently -made drinks such as coffee industry. Its development prospects mainly depend on factors such as the overall technology research and development level and product added value of enterprises in the industry.

Reality is a serious lack of high -end talents. The prospectus submitted by Dexin Food shows that its master's degree is only 19, accounting for only 3.2%. This limits the research and development capabilities of new products and the speed of research and development. Among them, the largest proportion is the front -line production personnel, with 62.73%of the interviaday, high school and below personnel.

The talent structure directly affects product research and development capabilities, which has led to suppliers' revenue products. In 2021, the total biological revenue of chimotol alcohols was as high as 93.54%, and the last sales of Jiahe Foods accounted for 81%of the total revenue; Quickly soaring to 90.52%.

In the future, the price increase of any raw material will lead to a decline in profits.

"B2B ingredients represented by Dexin Food, you can try to break through the market breakthrough with the help of product portfolio innovation, customer structure diversity, technical service change, etc." Qin Liuwei, executive director of Dexin Food Investor CITIC Capital It was said that it is optimistic about natural health products such as oats, coconut milk, thick milk, etc., with a comprehensive combination strategy of re -completion of innovation points and customized development as a service model.

However, for drinking raw materials with insufficient talent reserves and over -decentralized markets, more effort is needed to get greater market share in the industry.

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