It is intended to raise 832 million yuan, and the old mother will compete for "the first Chinese fast food first share"

It seemed that it was really "hot" in the fascinating rice that was disappeared in the bustling capital market.

The two major brands of the rural base and the pheasant of the villagers have no conclusion on the competition for the "first stock of Chinese fast food". In the Yangtze River Delta region, there are certain stores with a certain store scale in the Yangtze River Delta, and they also joined the battlefield.

The old mother submitted an IPO application, 388 stores exceeded 1.5 billion yuan annually!

On July 5th, Lao Niang's submissions to the Shanghai Stock Exchange submitted the prospectus to apply for the main board for listing. The planned funds to be raised were 832 million yuan.

According to the Red Mealing Network (ID: hongcan18), the old lady, founded in May 2000, is headquartered in Huzhou, Zhejiang.

According to the public prospectus, as of the end of 2021, there were 388 stores in the business state, including 364 straight stores and 24 stores, mainly distributed in four provinces and cities in Zhejiang, Shanghai, Jiangsu, and Anhui.

In terms of revenue, from 2019 to 2021, the old mother-in-law achieved revenue of 1.222 billion yuan, 1.207 billion yuan, and 1.525 billion yuan, respectively. The net profit attributable to the mother was 65.1746 million yuan, 20.707 million yuan, and 62.922 million yuan, respectively. Among them, the revenue of the Zhejiang area of ​​the base camp accounted for the highest proportion, with a proportion of more than 50%, up to 57.13%.

△ Picture Source: Lao Niang Guan Wei

Judging from the performance disclosed by the prospectus, the development of the old lady in recent years is not dazzling. From 2019 to 2021, the comprehensive gross profit margin of Lao Niang was 17.76%, 14.58%, and 16.4%, while the average gross profit margin of peers was 41.34%, 22.31%, and 21.48%. There was a certain gap in comparison.

At the same time, whether it is the number of stores, coverage areas, or revenue, and profits, the two other brands of the two other brands in the IPO process of the old lady and Chinese rice fast food have a certain gap in rural bases and villagers chickens.

In this regard, some people in the industry said that the old mother -in -law chose to go public at this time. I am afraid that it is still a better window period now. I hope to use listing to consolidate their regional advantages and win greater opportunities for the future development.

The Yangtze River Delta region, or the battlefield where the three major brands are confronted

Why is it a better window period for Lao Niang?

On the one hand, the overall economic development and expectations of society have the impact on catering capital activities. Social and economic downlinks and rising unemployment rates have made the movement of capital more cautious in the catering industry this year.

According to the big data of red meals, in the first half of this year (as of May 30), there were only 49 financing in the catering industry, compared with 120 cases in the same period last year, and the number of times fell sharply. Such a major environment also tests the success of participating in the company, and this is the other aspect we want to say next.

It can be said that at the moment, the development of Chinese rice fast food tracks and patterns, "forcing" the old lady to have greater development, they must come up with greater actions to win the confidence and support of the market.

At present, although the market size of Chinese rice fast food is large, the overall industry is relatively scattered, and the number of fast food companies above designated size accounts for a relatively low number, and there are only a few popularity across the country. Among them, the former "first Chinese fast food" rural foundation, and the fellow chickens with constantly moving in the past two years, have all submitted the prospectus sprint this year.

In terms of business models and product forms, the old lady is basically similar to the chickens and villagers in the villagers, but in terms of the number of stores and revenue, it is slightly inferior than the chicken and rural foundation in the villagers.

The prospectus submitted by the Rural Foundation on the Hong Kong Stock Exchange in January shows that as of the end of September 2021, there were 1,145 rural bases and Mr. Rice, which owned the country, and Mr. Rice. In the first three quarters of 2021, the revenue was 3.424 billion yuan. In May this year, the prospectus submitted by the fellow chicken in the Shanghai Stock Exchange showed that as of the end of last year, a total of 991 direct stores and 82 franchise stores had revenue of 4.393 billion yuan in 2021.

However, it is worth mentioning that although the scale and revenue of the two companies, the two companies of the rural foundation and the villagers, are more considerable than the old lady, one thing is the same: the past development has not been able to escape the curse of regional development. Essence

△ Picture Source: Mr. Mi Guan Wei

From the rural foundation in Chongqing, of the 602 stores of its rural base brands, more than 93%of the stores in Chongqing and Sichuan, and then the new brand of rice created by 34%of the stores are located in Sichuan and Chongqing, and 53%of the 53% The store is located in Hunan and Hubei provinces near Sichuan and Chongqing.

In 2021, it was announced that there were 673 stores that broke through the size of thousands of stores. At that time, there were 673 stores in the 1073 stores in Anhui, and Jiangsu and Hubei were surrounded by 158 and 130. From 2019 to 2021, the revenue of the native chicken Anhui market accounted for 82.01%, 79.97%, and 70.65%, respectively. The regional distribution characteristics are also obvious.

As the "representative" of the Yangtze River Delta region, 388 stores have been turning in the "free shipping area".

However, such a pattern may be broken. In the past two years, the chickens and rural foundations of the villagers have sounded the horn of expanding nationwide.

In the Yangtze River Delta region, there was a certain force in the Yangtze River Delta. The villagers were planning to spend 600 million yuan to set up East China Headquarters in Shanghai. The next step may be to make a breakthrough in the old campaign of Lao Niang. The rural foundation also focuses on the strategic market in the Yangtze River Delta. It is planned to use the brand -sized Mr. Rice brand to further expand in the region. △ Picture Source: Fellow Chicken

The prospectus shows that the old mother -in -law raised about 421 million yuan of 830 million yuan this time, and will also be used for the expansion of chain stores. In its future expansion plan, the main cities in the Yangtze River Delta will open 260 stores. And upgrade 25 stores.

In other words, in the near future, the Yangtze River Delta region may become a major battlefield in the three major brands of Chinese rice fast food. However, based on Chinese -style rice fast food cross -regional operations, there are not too successful cases. This battle is likely to evolve into a tug -of -war.

In addition to "inner rolls", the rice fast food brand urgently needs new stimulus points

In addition to "inner rolls", Chinese rice fast food brands are also facing greater market challenges.

The first is that the profit continues to decline, and the income income is not increased.

According to the rural base prospectus, although its revenue in the first three quarters of 2021 reached 3.424 billion yuan, the annual expectations exceeded 4 billion yuan, but the net profit of the mother shareholders after deduction was only 81.414 million yuan, -50.594 million yuan, and 129.539 million Yuan, the net profit margin was only 4.75%, which was more than half lower than the net interest rate of 10.38%of the 10.38%sales of China.

From 2019 to 2021, the revenue of the fellow chicken was 2.859 billion yuan, 3.454 billion yuan, and 4.393 billion yuan, and the net profit attributable to the mother was 159 million yuan, 105 million yuan, and 135 million yuan, respectively. The comprehensive gross profit margin of Lao Niang's three years was 17.76%, 14.58%, and 16.4%.

△ Picture Source: Rural Base Photo Construction

There must be factors such as labor, ingredients, and logistics. According to the current economic situation, these factors have become more and more trend in the short term. More, lower profit "negative effects.

Secondly, there are more and more market competitors.

The rise of Chinese -style rice fast food chains is a large part of the upgrading and transformation of small fried restaurants and fast food restaurants on the street. After the formation of scale, good coins are expelled from bad coins and obtained a huge market space. However, with the fast food of snacks and fast food, consumers with traditional Chinese fast food are being diverted by multiple.

Ziyan Baiwei Chicken and Zhou Heiya chain began to sell rice sets and other products to cross the fast -food track; some traditional dining companies also continuously expanded packages and takeaway products because of the epidemic, and gradually practiced the ability of fast food.

It is worth mentioning that the three major brands mentioned above, as well as the real kung fu in the Guangdong and Guangxi regions, the king of Yonghe, who focuses on braised pork rice, etc., everyone seems to have realized these issues. In recent years Innovate, to cover consumers.

The rural base launched Mr. Mi Rice, which focuses on the concept of speculation, used a new brand to play the new market, trying to attract consumers with new concepts, while avoiding the problem of brand aging. Age.

But in the face of more and more competitors who come from the border, these efforts seem to be far from enough, and listing is not a long -term plan to solve problems. point.

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