IPO observation | Multi-to-eight tea industry is rispling, competing for \”A shares, the first share of the tea,\” Is there a victory?
A stock market does not like \”drinking tea\”.
June 30, 2021, the \”2021 Chinese Tea Market Report\” released by Lis Strategic Positioning Consultation, 19020 China tea, tea bag, and tea powder market have reached 177.1 billion yuan, and it is expected that the next 5 years is expected. Market capacity will exceed 300 billion yuan.
Under the market prospects, June 2, the certificate supervision released supplementary announcement, originally planned to have an ancient tea on June 3, has applied for withdrawal materials.
沧 古 临 退 退\”Eight Ma Tea Industry\”) IPO has brought a variable.
If you look from the consumer’s consumption experience, the Eight Ma Tea Industry is more \”common\” than Chinese tea. The present invention shows that the number of online shops in the Ba Ma tea industry has many years and has exceeded 2,000.
But for the eight-horse tea industry, the large-scale laying on the online line is actually a double-edged sword.
A tea bowl
Put it into \”Quanzhou 100 billion capital circle\”
Some people say that the eight-horse tea industry \”Tea is selected, it is better to marry the daughter\”.
Disclosure, 2018 – 2020, the eight-horse tea industry revenue is 1.019 billion yuan, 1.023 billion yuan and 1.16 billion yuan, 0.91 billion yuan, and 116 million, respectively. Yuan.
But in the population of Baga Tea, the most eye-catching is not the company’s performance, but the company’s real-controlled people’s three patriarids.
The Eight Ma Tea Industry is a family business, the three brothers of the Wang’s three brothers and two of them, with 62.80% of the company, is the company’s real-control person.
Among them, Wang Wenbin, Chen Yajing couple holds 32.84% of the stocks, two people have two women, and their marriages of each of them have the color of the \”big family marriage\”.
Wang Wenbin’s son Wang Yunheng, married Anta Sports (02020.HK) real-controlled people Ding Shizhong daughter Dupan.
Wang Wenbin’s daughter Wang Jialin, married the seven wolves (002029.sz) Holdings shareholders Zhou Yongwei’s son Qi Shiyuan. In addition to seven wolves, Zhou Yongwei is also a holding shareholder of Huixin Sub-depositary (01577.HK) and Baotian Holdings (08525.HK).
Wang Wenbin’s another daughter Wang Jiajia, married the highlighters of high-spirited group. The Gao Ri Group was established in Jiangsu in 1995, covering energy, commercial, real estate, and investing four strategic business units.
According to Hu Runfeng List data, these three patriarchal materials add more than 100 billion yuan. The \”tea bowl\” in the eight-horse tea industry is almost installed in Quanzhou’s \”rich capital.\”\”
Four-way Octopus affinity network may be convenient for business, but it is also easy to let the company caught relevant transactions.
From the data disclosed by the statement, the eight-horse tea industry There is not much related transaction between the three relatives. From 2018 to 2020, the accumulated sales of the Eight Ma Tea Industry and Seven Wolves and its related enterprises are 144,600 yuan, and the accumulated sales of Anta Sports and its related enterprises. It is 1.083 million yuan.
Other affiliates in the Ba Ma tea industry are very frequent, of which 2018-2019, related companies Fujian Wuji Tea Co., Ltd. has always been the largest supplier of eight horse tea, until In February 2021, the relevant equity was transferred to the non-commissioned part. In 2018 to 2020, the proportion of the eight-horse tea industry to the related party and the transaction volume of labor is 11.81%, 15.32%, 8.56, respectively. %.
In addition to procurement, it also involves selling goods, providing labor, rental housing, etc. In addition, 2018-2020, the Zhima Tea Association guarantee credit is $ 220 million.
[123 ] If the company has unnecessary, even unbained associated transactions, there is a risk of associated part using the associated transaction damage to the interests of the company.
single store revenue profitability Poor
From 2014, many tea companies went to the new three boards, and the eight-horse tea industry was one of them. It is in 2015, the new three boards listed in 2018. The reason is that the long-term strategic planning is adjusted. Need. This IPO, the eight-horse tea industry chose the GEM.
This IPO, the eight-horse tea industry plans to open no more than 25.8 million shares, accounting for not less than 25% of the total share capital of the issuance, Raising is 683 million yuan, used in the eight horse tea marketing network construction project, Fujian Ba \u200b\u200bMa logistics distribution center construction project, eight horse tea industry information construction project, and supplementary liquidity, etc.
Prospective disclosure The main materials purchased by the company are the net, tea semi-finished products, custom-made tea, tea sets, tea foods, and packaging accessories. Among them, it is the highest, 51.9% in 2019, 2020 is 47.4%. Explain eight horses The production model of the tea industry is based on \”light assets\”. The active product is relatively high.
The advantage of the eight horse tea industry is not in product processing, while in the brand and channel.
[123 During the reporting period, the eight-horse tea industry integrated optimized supply chain resources, through \”direct + joining\”, \”online + line\” full-channel sales system is unified to sell products. One of them is divided into line direct And online sales, offline direct guides mainly guide customers through direct stores, including independent stores and associated stores; network sales mainly include online self-employment retail and e-commerce platforms. Join mode is Refers to the company authorized franchiseeIn the specified location or region, the franchise store is opened in accordance with the unified business and management system. Franchisees have ownership and income rights of franchise stores, independent accounting, self-loss.
The rapid expansion of the Baxi tea industry is inseparable from the layout of the franchise store. As of the end of 2020, the company store has more than 2,000, including 366 direct stores, and more than 1700 franchise stores. Prosperity disclosure, according to the market status letter issued by Euromonitor International, as of October 30, 2020, the company is \”China Tea Chain Store\” and \”China Tea Chain Store First Brand \”.
2018 – 2020, the revenue brought by the company’s direct mode is 419 million yuan, 530 million yuan, 639 million yuan, accounting for 58.68%, 52.33%, 51.69% of the main business income. The franchise model sales revenue is 293 million yuan, 480 million yuan, 595 million yuan, accounting for 41.12%, 47.44%, 48.07%, respectively, of the main business income.
In addition, in 2020, China’s top five major customers in the Ba Ma tea accounted for 3, and sales revenue accounted for more than 7% of the main business income.
It can be seen that although the franchise model contributes nearly half of the main income, the proportion has increased year by year, but the price / performance ratio is not high. If the number of stores in the end of 2020 is simple, then the revenue of the straight-storement store is about 1.08 million, and the income of a online franchise store is approximately 340,000, the difference is 3 times!
Moreover, although the franchise model is conducive to the company to seize the market, it has also squeezed the company’s gross profit.
In 2020, the company’s offline franchise model cost is 354 million yuan, accounting for 62.63% of total cost; the direct operating model cost is only 210 million, accounting for 37.19% of total cost. Offline franchise cost is high, but the gross profit is low, only 35.8%, far below 63.89% of the direct mode. From the gross profit margin, the gross profit margin (40.44%) of the offline is also lower than the line direct (73.47%) and network sales (56.56%).
On the other hand, the sales model of the franchise products and the franchise store is very difficult in product quality control and store management.
In May 2015, the CCTV \”Weekly Quality Report\” column has been tested for multiple tea brands. The eight-horse tea industry has not met the scope of the scope of the measured level, and is detected as unqualified products.
If the important franchisee in the Eight-Ma Tea industry has changed, or the franchisee violates the contract, it will adversely affect the company’s business performance and brand image.
Inventory accounting year by year
The sales cost is much higher than the peer
In addition to the physical store, the eight-horse tea industry attaches great importance to online sales.
In recent years, the Eight Malaysia Tea Industry has continuously strengthened network sales channels and actively cooperates with e-commerce platforms. In 2018 to 2020, the proportion of online sales income accounted for 17.77%, 16.08%, 19.45%, respectively. The company also enhances the effect of demand conversion through social media, live platform, traffic private domain.
On, online, off-off direct camp and rapid expansion of the channels of the channel increased the company’s inventory risk. In 2018 to 2020, the book value of Eight Malaysia tea inventory is 150 million yuan, 21 billion yuan and 320 million yuan, accounting for 25.69%, 27.81% and 35.48%, respectively.
The company’s inventory turnover rate is also much higher than that of China’s tea and other industries. If the inventory of the eight horse tea industry has declined, slow sales, the company needs to prepare for inventory counting, will financial financial Status and business results have adverse effects.
Furthermore, the focus of sales, also let the eight-horse tea industry present \”light research and development, heavy sales\”. As of the end of 2020, the salesperson of the Eight Ma Te Teach employee structure was 77.21%, and the sales cost rate is much higher than the company.
In contrast, 2018 – 2020, eight-horse tea R \u0026 D expenses accounted for 0.23%, 0.56% and 0.26%, respectively, and the R \u0026 D cost is much lower than that of China Tea. company.
What is the result of the Eight Malaysian Tea Industry IPO, and the Red Star Capital Bureau will continue to pay attention.
Red Star Journalist Yu Yao internship reporter Tao Yuyang
Editor-123] (Download Red Star News, Report Award!)