In -depth analysis of the "First Stock Prefabricated Stock": Starting from selling vegetables, annual revenue has exceeded 700 million

It has been more than a year since the listing of Mizhixiang. As the first share of the prefabricated vegetable industry, how does Mizhixiang perform in the capital market? What enlightenment has the development of Zhi Xiang brought to the industry? It is worth exploring!

On April 27, 2021, Mizhixiang was officially listed on the Shanghai Stock Exchange, becoming the first semi -finished vegetable listed company in A shares. Since then, Mizhixiang has frequently developed on products and channels to continue to develop and expand.

However, in the face of the prefabricated market that is still relatively decentralized, the concentration is not high, and the competition is becoming more and more intense. How much energy can prefabricated dishes create in the capital market?

We tried to analyze from the perspective of the development of the development, status and competition pattern of Mizhixiang enterprises, and explore the core of the future development of China's prefabricated vegetable industry.

The first stock of prefabricated vegetables: From selling vegetables to focusing on prefabricated food, annual revenue has reached more than 700 million yuan

In December 2008, Xia Jing established Suzhou Weixiang Food Co., Ltd., before that, Xia Jing and his wife have been selling vegetables in the farmers' market.

An office worker who bought vegetables admits that after buying vegetables, it is necessary to continue a series of cleaning and cutting process. It is too troublesome. If you can go home, you can eat it and eat it. As a result, the inspiration of the Xia Jing couple's entrepreneurial inspiration, and the idea of ​​making prefabricated foods began to make it.

The production process of the prefabricated vegetables at the beginning of Zhizhi Xiang is very simple. After thawing the purchased meat, poultry, fish, shrimp, vegetables and other raw materials, it is thawed, cleaned, and picked up, and then marinated the ingredients for a period of time. The quantitative packaging is sold, and the above steps are completed in the factory of Zhixuan.

In 2010, Wei Zhixiang established the first specialty store in Shanghai.

Before 2012, Mizhixiang products were mainly supplied to B -side enterprises, selling semi -finished products by distribution.

Open the franchise model in 2012, expand sales channels, and transform offline sales channels, including franchise stores, distributors and wholesale stores.

In 2013, the number of Zhixiang franchise stores has reached nearly 200, and the brand advantages have begun to appear. At the same time, the company began to deploy circulation channels, using "Saitama" as the brand to penetrate the B -end.

Prior to 2016, the main categories of more than 200 semi -finished products for the development, production, and sales of more than 200 semi -finished products of meat poultry, aquatic products, and other categories of meat and poultry. There are many classic semi -finished dishes such as chicken, crystal shrimp, iron plate squid.

In 2017, the new production capacity of Weizhixiang was 7,000 tons, and the overall production capacity reached 15,000 tons. In recent years, dealers' revenue has decreased, and the revenue of franchisees has increased year by year. In 2016, the revenue of franchisees accounted for 13.7%, an increase of 45.99%in 2021.

2021 is a year when Mizhixiang has begun to invest in categories and channels.

On April 27, 2021, Mizhixiang was officially listed on the Shanghai Stock Exchange and became the first A -share semi -finished vegetable listed company. The company's main product category was cooking food.

Weizhi Xiang is mainly dealers and franchise stores. Saitama is mainly engaged in frozen food wholesale business, facing hotels, restaurants, canteens, etc. In addition, there are "taste love crazy" positioning of high -end hot pot ingredients, focusing on the "search forcerous and taste" of specialty foods in various places, and new brands such as "Zhixiang Workers" that provide hot pot bottoms and seasonings.

△ Information Source: Mi Zhixiang Public Information, Corresponding Institute of Red Meal Industry Research Institute

The financial report disclosed that the variety of dishes in 2021 also increased from more than 200 species of the previous prospectus to more than 300 species. In 2021, operating income was 765 million yuan, an increase of 22.84%year -on -year, and the net profit attributable to shareholders of listed companies was 133 million yuan, an increase of 6.06%year -on -year; the proportion of prefabricated dishes was 98.61%. Retail channels (distribution stores and franchisees) accounted for 62.39%, of which 347 million yuan in franchise stores and 130 million yuan in distribution stores. The revenue of the B -side wholesale channels was 243 million yuan, accounting for 31.78%. From the perspective of revenue growth, the year -on -year revenue from 2017 to 2021 increased by 23.41%, 29.87%, 16.41%, 14.80%and 22.84%.

△ Information Source: Nichuki Annual Report, Red Meal Industry Research Institute organized

Keep catching up the prefabricated vegetable air outlet, and Zhizhi Xiang has made great efforts from products, channels, and brands

Some people in the industry said that 80%of the raw ingredients of catering companies, agencies, enterprises, school cafeterias and families in the future come from prefabricated dishes. Prefabricated dishes will become an inevitable trend of new era and new consumption. In the future, market development space is huge. It is expected that in the next ten years, it will not find a more attractive industry in the consumer field than prefabricated dishes.

And Zhixiang entered the prefabricated track as early as 2008, and received strong support from the capital market, taking advantage of the first -mover advantage.

The cost of the prefabricated vegetable industry is mainly raw materials.

The annual annual report of Mizhixiang showed that the cost of raw materials accounted for 90.93%of the cost of the main business, of which the cost of meat and poultry accounted for 62.86%, and fish and shrimp accounted for 25.22%. There are many poultry subdivisions of poultry procurement. Among them, the larger chicken breast purchase price is basically lower than the market price of the white chicken wholesale prices released by the Ministry of Agriculture.

In terms of other categories of raw material procurement, Mizhi Xiang also obtains the minimum purchase price through different suppliers.

Mi Zhixiang's gross profit is not high, but the upstream industry is relatively scattered and has a certain bargaining ability. The prospectus shows that there are three procurement accounting periods including monthly settlement, payment to delivery, and payment according to the invoice. Mizhi Xiang has established a list of suppliers. Depending on the nature of the raw material, different procurement strategies are adopted to optimize procurement costs. △ Information Source: Nichuki Annual Report, Red Meal Industry Research Institute organized

In addition, Mizhi Xiang started from the farmer's market and radiates the C -end market through retail channels (dealers and franchise stores). However, the proportion of the income of dealers in recent years has decreased. The annual report shows that in 2016, the revenue of Weixiang Saica accounted for 72.49%. By 2021, the dealer realized revenue of 130 million yuan, accounting for 16.99 of the main business revenue throughout the year. %.

On the contrary, franchise stores can expand market share more, so the proportion of revenue has increased year by year. According to the 2021 annual report, Mizhixiang has 1,319 franchise stores and 572 cooperative distribution stores. It builds a chain franchise ecosystem mainly based on the farmers' market and reaches consumers up close. The proportion of revenue of Mizhixiang franchise stores also increased from 3.71%in 2016 to 45.99%in 2021 to 347 million, accounting for nearly half of the company's revenue.

In addition to the traditional offline channels, Mizhi Xiang also began to lay out the online market in 2021.

In 2021, the revenue of e -commerce channels realized revenue of 15.2159 million yuan, accounting for 1.99%of the main business revenue of the year. Before that, Zhizhi Xiang's business channels were concentrated in offline, and they were settled in the vegetable market as the key channels. Advantages, this is also one of the key factors that Mizhi Xiang can be self -sufficient and rising rapidly.

At the same time, Mizhi Xiang was in the fresh shop of the community in Suzhou in 2021.

Increasing the community layout is a decision made by Mizhixiang through market research and inspection. The initial access to community stores, in terms of scenes, pricing, customer acquisition and operation models, they need to be gradually explored. During the trial operation, they will focus on monitoring and operation. The situation will be opened after passing the test to promote it in the form of franchise stores. However, in May 2022, Zhizhi Xiang has been clear that the conditions for operating community stores are not yet mature, and they are going to abandon the layout of community stores.

△ Information Source: Mi Zhixiang 2021 Annual Report, Red Meal Industry Research Institute organized

In terms of products, Mi Zhixiang has been continuously improved the improvement of old products and continued to promote the development of new products. It has now developed to more than 300 products. The product system is mainly based on the two core brands of "Zhi Zhixiang" and "Saitama". It has also developed new brands such as "taste love crazy", "search for fragrance", and "Zhizhi Xiang Workshop".

The production capacity of Mi Zhi is also constantly being upgraded. From 2018 to 2020, the utilization rate of the production capacity of Mi Zhi was 81.49%, 85.89%, and 99.18%, respectively, and the production and sales rate was basically 100%. In order to compete for market opportunities, after receiving the funds raised by Zhizhi Xiang, the production capacity will be increased to 65,000 tons/year. As of the end of 2021, the main body of Fangzhixiang raised and invested 5,000 tons of food fermentation liquid and 50,000 tons of food fermentation plant factories has been completed.

In terms of brands, the 14 -year -old Zhixiang in the prefabricated vegetable industry has stronger power after the listing of A shares. Especially in the East China Yangtze River Delta region, it is also very well -known. It is also the basic guarantee for expansion to the country in the future. Through the image display of the store, it will give the sales outlets to promote the support of materials, hire spokespersons, and advertise to strengthen brand positioning.

There are still hidden concerns under high -speed development, and products and supply chains are still facing a lot of challenges.

Behind the development of the prefabricated vegetable industry, in the future, the company's product innovation capabilities and supply capabilities will be even more than that.

Although Mi Zhixiang first won the first stock of the prefabricated dishes (semi -finished dishes), whether it does not occupy the innate advantage in the external competitive environment, raw materials, product categories, and cold chain logistics, it still faces a lot of challenges.

The annual report of Mizhixiang 2021 shows that there are only 7 R & D personnel and only 4 before listing. The research and development costs have been less than 1 million for a long time, increased to 1.25 million in 2020, and doubled to 2.25 million in 2021. Compared with listed quick -freezing food companies, the number of R & D personnel in Aoi Food in 2021 was 341, accounting for 2.16%of the company's total; Haixin Foods had 119 R & D personnel in 2021, accounting for 5.98%; The number of R & D personnel was 166, accounting for 10.95%of the company's total. The R & D expense rate of Weizhi Xiangxiang is lower than that of nearby industry companies. From 2018 to 2021, the R & D expense rates are 0.19%, 0.17%, 0.20%, and 0.29%, respectively. 0.95%, 1.13%and 2.86%.

Some people in the industry pointed out that the core competitiveness of prefabricated dishes is the development of dishes, and whether it can find explosive products that hit the market pain. Not all dishes are suitable for prefabricated dishes recognized by consumers such as taste and price.

For example, during May 1st this year, sauerkraut fish, Dongpo elbow, pepper pork belly chicken, low temperature lunch meat, etc. during the May 1st period of this year belong to classic dishes. Prefabricated dishes do not rely on the research and development of diversity. Conquering markets need to create explosive capabilities, abandon the research and development ideas of closed -door cars, and truly polish product development capabilities for specific customer base needs.

Meng Jun, the general manager of Hunan Peng Jiefang Agricultural Technology Development Co., Ltd., also said that the prefabricated vegetable content facing the B -side vegetable technology is not high, and the processing of the back kitchen in the later period; however If the taste reduction is not enough, the repurchase rate will be very low. In addition, the pressure of all parties facing Zhixiang is not small.

Faced with the increasingly fierce competition in the industry, the catalysis of the epidemic and the arrival of a single economy and home economy, whether it is the capital market or upstream and downstream companies, has begun to get involved in the track of prefabricated dishes.

New hope, Shengnong Development and other companies, the control of raw materials and large -scale production capacity have advantages. Anjing Food and Sanquan Foods are involved in the B/C end, and the 2B end still accounts for a large proportion.

At the same time, the main category of Zhixiang is the cooking food, which has higher requirements for the cold chain. Although there is a self-built dedicated logistics distribution system, it is only used for product distribution only in the core sales area-East China area. In areas with a long distance and low concentration, Zhizhi Xiang can only use third-party logistics companies to distribute. The logistics cost undoubtedly increases a lot of cost expenses.

There is also the most important point. As a regional enterprise, Mi Zhixiang's performance is too dependent on the development of the East China region. In 2021, Zhixiang East China realized revenue of 724 million yuan, accounting for 96.02%of the main business revenue throughout the year. From 2018-2021, the proportion of sales in East China accounted for 97.41%, 96.81%, 96.80%, and 96.02%of the total sales. The risk of too dependence on the East China region is that once the Shanghai epidemic situation is similar to March-April, the Jiangsu, Zhejiang and Shanghai stores are sealed and controlled, which will greatly affect its 1-2 quarter performance.

△ Information Source: Nichuki Annual Report, Red Meal Industry Research Institute organized

The brand influence of the East China area of ​​the East China area is very great, and after A shares have built the momentum, it has accelerated its popularity in the country. However, the market in East China is close to saturation. To open up other markets, whether it is developing from channels or rich product categories, it is necessary to make relevant strategic planning. And whether the sales level can meet relevant needs.

At the same time, strong supply chain is the key to making strong prefabricated dishes, but Zhizhi Xiang does not have an advantage in the main raw materials and cold chain logistics. Whether Zhizhi Xiang can become a real prefabricated vegetable industry giant can only wait for time to test.

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