"The first Chinese fast food" old mother -in -law, can't go out of the free shipping area

Wen | Xu Yuanxuan

"Eat rice, just eat the old lady." This Chinese fast -food brand in Jiangsu, Zhejiang and Shanghai is about to usher in the IPO test.

Lao Niang's listing sprint once again pushed the competition of "the first Chinese fast food" to the fierceness. Earlier, rural foundation and fellow chickens have also launched an impact on Hong Kong and Shanghai.

The old lady who is rooted in Jiangsu, Zhejiang and Shanghai, has its advantages and disadvantages, and can it be successful in the impact of this listing?

"Free Shipping District" Chinese fast food overlord

Click on the men's men's menu menu. In the set of meals, you can see the "Jiangnan red roasted fish", "Shaoxing Meatan vegetables", "fish lion head", "fish fragrant eggplant" and other dishes.

This is also one of the characteristics of long -term Chinese fast -food brand status in the region since its establishment in 2000: it is in line with the taste of local consumers, the taste has remained unchanged for a long time, and it is popular with consumers.

Back to the beginning of the 21st century at the beginning of the birth of the old mother, after the founder Yang Guomin operated for more than a year, he decided to enter the track of Chinese fast food to accumulate the "central kitchen+unified distribution" for more than a year. Model, I hope to create a new era of Chinese fast food.

In the early days of entrepreneurship, Yang Guomin did not choose to "start soon", but chose a relatively "thick accumulation" that was relatively "Zhejiang", which fully demonstrated the caution and meticulousness of a Huzhou people.

Until 2007, the old lady only had 6 stores. At this time, Yang Guomin believed that Lao Niangyu was only in the "starting stage of starting" and needed steadily.

As a Chinese fast -food brand pursuing high standardization, Yang Guomin attaches great importance to the supply of ingredients. It adopts the local uncle's uncle's nursing lady to ensure the reliability of the ingredients. Yang Guomin spent 30 million yuan to upgrade the central kitchen system.

The improvement of standardization has brought an important milestone in business and brand -supplied Chinese fast food for the 2010 Shanghai World Expo.

The appearance of this Expo this time is not only affirming the standardized Chinese fast food, but also a debut of Chinese fast food.

The success of the World Expo has strengthened Yang Guomin's determination to take root in Jiangsu, Zhejiang and Shanghai from a certain level. According to the first publicly issued stock prospectus (declaration draft) (hereinafter referred to as "prospectus"), the old lady showed that as of the end of 2021, the old lady had 388 stores in 16 cities in three provinces in Jiangsu, Zhejiang and Shanghai 24.

Lao Niang's direct competitors, the chicken and rural base of the villagers and rural areas in Jiangsu, Zhejiang and Shanghai are 287 and 121, respectively. Although the total number of stores is at the same level as the above two opponents (the total number of chickens in the villagers and 1,145 rural base stores), only from the regional market, the old lady has a "home advantage."

In the view of Lao Niangyu, the strategy of supporting the development of the "Free Shipping District" can give full play to the brand's unique advantages. First of all, the Yangtze River Delta region is one of the most developed areas of my country's economy. According to the seventh population census bulletin data, as of the end of 2020, the total number of resident population in the Yangtze River Delta has reached 235 million, and the market capacity of the development of catering is broad.

Secondly, the old lady who is "home" can avoid the risks of developing a new market to the country. For this Chinese fast -food brand mainly based on Jiangsu and Zhejiang cuisine, it is still unknown whether their dishes can be accepted by consumers in other regions. Essence

Regarding the development strategy of the old lady's "self -cuteness", as the sponsor of the old lady's IPO, CITIC Securities gave "the issuer's current situation is good, the company's positioning is clear, the consumer group has a broad market, the store layout is broadcasted Reasonable, the business performance is showing a growth trend, and the planning project planning is reasonable ".

Go forward steadily, and then do not move in place

So what is the performance of the old lady in Zhejiang and Shanghai?

According to the prospectus, in the past three years, the revenue of Lao Niangyu was 1.222 billion yuan, 1.207 billion yuan, and 1.525 billion yuan, respectively, and the net profit attributable to mothers was 65.1746 million yuan, 20.707 million yuan and 62.922 million yuan, respectively.

In 2020, due to the influence of the epidemic, the revenue and profit scale of Lao Niang declined sharply.

Back to the IPO plan of Lao Niang, the prospectus shows that the listing will raise about 830 million yuan, of which more than half of them will be used for the construction project of Jiangsu, Zhejiang and Shanghai New Store.

In the past three years, Lao Niangyu opened 42, 62, and 69 new stores, and the average single -store revenue of the same period was 4.3141 million yuan, 3.8618 million yuan, and 4.167 million yuan.

According to the plan, the average annual operating income of the project was 1.3 billion yuan, the project investment financial internal yield (after tax) was 34.58%, and the project investment recovery period was 4.39 years.

At that time, the old lady will have a total of 690 stores, and the location of the store development will still be launched in Jiangsu, Zhejiang and Shanghai. Although in terms of the total number of stores, Lao Niang will continue to fall behind directly competitors, but from the consideration of regional stores, the determination to continue to consolidate her core regional status is very obvious.

However, Lao Niangyu herself generously acknowledged that there was a "concentrated risk of sales areas" in the future: "During the reporting period, more than 96%of the company's income came from the catering operating income from direct camp stores. Zhejiang, Shanghai, Jiangsu, and Anhui four provinces/municipalities, of which Zhejiang regional revenue accounted for 54.08%, 56.88%, and 57.13%of the operating income of dining stores in various periods, accounting for the highest proportion. The risks of concentrated sales areas. If the business environment in the long triangle area has major adverse changes, it will have a major adverse effect on the company's business. "The old mother -in -law of the direct -operated model chooses a large -scale operation is the only way for chain catering companies, straightforward The construction, management, and artificial needs of camp stores are very abundant in cash flow. At the same time, this is also one of the reasons that are prone to high debt ratios.

According to the prospectus, in the past three years, the asset -liability ratio of Lao Niangyu was 60.40%, 43.23%, and 61.12%, respectively, which is generally higher than the level of the same company listed company. In this regard, the response given by Lao Niang's sister -in -law is that "the company's asset -liability ratio is generally higher than the average level of listed companies in the same industry, mainly due to the company that the company has not been listed and the financing capabilities of equity is relatively weak."

In addition to the needs of the old lady's own development, the Finance and Economics also found the requirements for the company's listing of the company's listing: from September to October 2020, the company's actual controller and investment institutions Yuanyu Investment, City City, city city Lin Investment Chengzhuo Investment, Chengjin Investment, Jinhui Investment, Heqinxing, and Cornerstone Investment signed a capital increase agreement on the terms of gambling. Below, the actual controller should repurchase investors' equity issues.

According to the provisions of the gambling agreement, the old lady needs to submit the listing materials and complete the IPO within the agreed period. Otherwise, the old mother -in -law will need to repurchase the shares of such investment institutions.

Therefore, it is also a key measure to complete the gambling agreement as soon as possible.

If you want to get out of Jiangsu, Zhejiang and Shanghai, the old lady is reunited and far away

We can clearly feel the development ideas of this Huzhou enterprise from the development process of Lao Niangyu and this prospectus: take root in the core area, and repeatedly consolidate its original advantages, and use the high of Jiangsu, Zhejiang and Shanghai, The level of economic development, high population, high consumption capacity, and a good regional Chinese fast -food brand.

And this IPO is just another move to the development of the enterprise, and the planning after listing is basically in line with the previous development rate of the old lady.

In fact, we can discover from the prospectus that although the revenue of 96%of Lao Niang's sister -in -law comes from store sales, the 96%of the income is split. During the reporting period, the income of the old maiden dining store was 493 million yuan, respectively. , 574 million yuan and 700 billion yuan, an average increase of nearly 20%year by year. The proportion of takeaways also increased from 41.38%in 2019 to 47.30%in 2021.

Although the epidemic in recent years has caused a lot of impact on store revenue, but by improving the online operation system, the online turnover of Lao Niang's online operation is gradually becoming an important part of its revenue system.

According to data from the National Information Center, my country's online takeaway turnover has continued to rise, accounting for a higher and higher proportion of the national catering industry. In 2021, online takeaway accounted for more than 20%of the income ratio.

In the listing plan of Lao Niangyu, 44 million yuan will be used for optimization and construction of information systems in the future.

In terms of the standardization of the standardization of Catering that Yang Guomin attaches great importance to, from the information disclosed by the prospectus, the future will still be the top priority of the old mother: the construction cost of the supply chain comprehensive base project is about 306 million yuan, accounting for the overall listing 36.9%of the funds raised.

According to the report of the Guilian Securities Research Institute, the chain rate of Chinese fast food in 2020 was 25.9%. Under the leadership of head catering companies, the standardization of Chinese fast food store operations, raw material procurement, and cooking production processes is gradually increasing. With the improvement of the central kitchen and supply chain, it will continue to promote the standardized operation of the old lady, which is also an important measure to improve the comprehensive capabilities of the store.

Compared with direct Chinese fast -food competitors such as chicken chicken, rural foundation, and real kung fu, the strategy of launching after listing seems too "stable" for the capital market. In addition to the above -mentioned enterprises' own positioning and uncertain factors to expand the external market, it is more important to take the consideration based on the historical and large environmental background of Chinese fast food.

The rural foundation born in Chongqing was officially listed on the US New York Stock Exchange in September 2010, but with the significant decline in the later operating performance, it was delisted in April 2016 after the listing; The real kung fu that opened to 1,000 also failed to go public because of the company's internal equity dispute.

From the innovation of product and the level of enterprise research and development, the old lady seems to do not do enough. The prospectus disclosed that from 2019 to 2021, the R & D fee of Lao Niangyu was 3.270 million yuan, 2.728 million yuan, and 3.3202 million yuan. 0.49%, 0.59%, 0.57%.

As of December 31, 2021, Lao Niangyu had 3,419 employees. Among them, 43 research and development marketing staff, accounting for 1.26%, and 3 core technical personnel; in terms of academic qualifications, 2,307 people (including technical secondary schools and technical schools) below, accounting for 67.48%. Although as a fast -food company, R & D personnel do not play a key role in the development of the enterprise, but the innovation of products and the breakthrough of technology still requires corresponding talent reserves. In this regard, the old lady obviously still has a lot of room for improvement.

According to the data provided by the "China Chain Catering Industry Report in 2021", in 2021, the market size of the Chinese fast food industry in China reached 774.4 billion yuan, an increase of 115.4 billion yuan from 2020, an increase of 17.51%year -on -year. The vast growth space is huge in the trillion -dollar market.

Facing the huge Chinese fast -food market, the steady business philosophy supports the old mother -in -law step by step, and the complete standardized operations make its catering and services have a good regional market reputation.

However, for a restaurant that aims to impact the capital market and rapidly expand the size of the store, the mentality of the old lady's too stable seems to be not conducive to the gain of their capital.

Whether you can get innovation in the short term, how to support the revenue of online operations half of the sky, and when the ambition to expand outward is a question that the old lady urgently needs to think, and it is also an important level for the capital market to set up for the listing of the old lady.

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