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5300 fruit shops, supporting an IPO

2022-05-07 17:12:4936kr

Two fruit retailers and distributors coincide , Sprint to the HKEx in May 1st IPO.

4 month 29 Japan , Chongqing Hongjiu Fruit Co., Ltd ( abbreviation “ Hongjiu fruit ”) Second submission of prospectus to HKEx , To be listed on the main board , China international capital corporation Acting as sole sponsor . Three days later ,5 month 2 Japan , Shenzhen A hundred orchards industry ( The group ) limited company ( abbreviation “ A hundred orchards ”) Also submitted a listing application , Morgan Stanley is the sole sponsor .

Hongjiu fruit is the second largest fresh fruit distributor in China , China's largest durian distributor . The founder was Chongqing Chaotianmen dock Of “ Stick ”( Porter ), Make a living by carrying goods with a shoulder pole , Later, I started a wholesale business , Will China 、 Thailand 、 Durian in Vietnam and other places 、 pitaya 、 Mangosteen 、 Cherry 、 Longan and other special fruits are distributed to new retail Fresh e-commerce 、 National chain of medium and large supermarkets 、 A fruit shop 、 Fruit dealers , Such as China Resources Vanguard 、 Wing fai 、 Suning Carrefour 、 Box horse 、 etc. .

Baiguoyuan is the country's largest fruit retailer , Have super 5300 stores , At the same time, it has the largest distribution network in China , as well as 200 Multiple plantations , It can be said that it covers the whole industrial chain from origin to retail , CICC 、 Sky map 、 Source code 、 Shenzhen Venture Capital and many other stars VC/PE Continuous capital injection , Constantly refreshing the financing record of the fruit industry ,IPO The previous valuation exceeded 10 billion .

Distributors and retailers rush to the HKEx IPO, Who will become the first listed company in the trillion fruit market ?

income 102 The net interest rate is only 2%, Retailers and distributors can't tell autumn

The current pattern of China's fruit market is “ Nanbaiguo 、 Beixianfeng 、 Xi Hongjiu ” A situation of tripartite confrontation .

They correspond to , Baiguoyuan from Shenzhen , From Hangzhou Fresh fruit And Hongjiu fruit from Chongqing , Fruit chain brands with a history of more than 20 years , But the business model is slightly different .

Baiguoyuan and Xianfeng fruit are offline fruit retailers of chain franchise route . Baiguoyuan super 80% Revenue comes from franchise stores . The prospectus shows ,2019 year -2021 year , The income of Baiguoyuan is 89.76 One hundred million yuan 、88.53 One hundred million yuan 、102.89 One hundred million yuan . among ,2021 In, the income of Baiguoyuan franchise stores accounted for 81.3%, Regional agents account for 9.3%, Proportion of direct sales 5.7%, Proportion of online channels 3.2%, Self operated stores account for only 0.4%.

Hongjiu fruit is more inclined to fruit distributors in the middle of the industrial chain , Connect the upstream fruit planting areas , The processed and packaged fresh fruit , Distribution to downstream retailers or direct sales to consumers . therefore , Hongjiu fruit is super 50% Revenue comes from fruit wholesalers . The prospectus shows ,2019 year -2021 year , The revenue of Hongjiu fruit products is 20.77 One hundred million yuan 、57.71 One hundred million yuan 、102.8 One hundred million yuan . among ,2021 The revenue of Hongjiu fruit in 53.3% From terminal wholesalers ,20.7% From fresh e-commerce 、 Emerging retailers such as community group buying , Proportion of business supermarket customers 14.2%, Proportion of direct sales 11.8%.

Profitability , The net profit of the two is equal .2019 year -2020 year , The net profits of Baiguoyuan are 2.48 One hundred million yuan 、0.46 Billion yuan and 2.26 One hundred million yuan , The net profit of Hongjiu fruit is 1.63 One hundred million yuan 、0.28 One hundred million yuan 、2.92 One hundred million yuan . The net interest rates of both remain at 2%-3%.

The gross profit rate varies slightly . The gross profit margin of Hongjiu fruit generally exceeds 15%, The orchard is slightly lower , Keep at 10% about . The reason is to stimulate regional sales , Baiguoyuan will give part of the profits to the regional manager , As a result, the gross profit margin of Baiguoyuan regional agent is insufficient 1%. In addition, in order to develop online channels , The gross profit of products sold online by Baiguoyuan is not high , Also bear additional logistics and packaging costs , The gross profit margin of online channels is negative , More or less “ Lose money and make money ”.

In terms of cash flow , Downstream fruit retailer Baiguoyuan has sufficient cash flow , The operating cash flow of Hongjiu fruit, a midstream distributor, has been in a net outflow state for many years .2019 year -2021 year , The operating cash flow of Hongjiu fruit is -4.5 Billion 、-8.04 Billion 、-9.82 Billion , The reason is that the credit period of upstream suppliers is generally short, while that of downstream customers is long , Coupled with the rapid expansion of Hongjiu fruit business , The net operating cash outflow is expanding .

It is reported that ,2017 In, Hongjiu fruit was short of funds , adopt P2P To loan , Even overdue , The defendant went to court . From Hong Jiuguo this time IPO The purpose of the raised funds can also be seen , Hongjiu fruit is very delicious “ To be straitened for money ”, In addition to some funds used to improve the supply chain 、 Brand promotion 、 Beyond digital upgrades , Another part of the money will be used to repay bank loans .

From Mom and pop to unicorn , Alibaba Shunfeng source code Tiantu and other luxury capital help

The capital chain of Hongjiu fruit starts from 2018 received 1.8 One hundred million yuan A The round of financing began to ease slightly , After that, there continued to be star capital injection , Include Alibaba 、 Tianyi capital 、CMC capital 、 Sunshine Insurance 、 Shenzhen Venture Capital 、 Investment capital 、 China reclamation Fund 、 Shun Fung Holdings 、 Citic built for Capital, etc. .

The prospectus shows , Before Hongjiu fruit goes on the market , The cumulative financing 20.98 One hundred million yuan . among , Alibaba is in 2020 year 9 month 23 Participated in the last round of financing , With 5.91 Million yuan subscribed for Hongjiu fruit 8.0% Shares of , Become the largest external investment shareholder of Hongjiu fruit . According to the IPO The last round of equity trading before is calculated , The post investment valuation of Hongjiu fruit is about 75.92 RMB 100 million .

IPO front ,51 Deng Hongjiu, the - year-old founder and chairman of Hongjiu fruit, holds a stake in 27.79%, His wife, Jiang Zongying, holds shares in 9.43%, Son Deng Haoji 、 Deng Haoyu, his daughter, holds shares respectively 3%. Employee incentive platform Chongqing Heli 、 Chongqing Hezhong , Respectively holding about 1.90%、0.94%. The above shareholders collectively own 46.06% The right to vote , As controlling shareholder .

obviously , Hongjiu fruit is a typical family business , This is common in the fruit industry .

The orchard is also from “ Husband and wife shop ” Make a fortune .1991 Graduated from Jiangxi Agricultural University in , Yu Huiyong, who once engaged in bacteria research in Jiangxi Academy of Agricultural Sciences , Caught up with the tide of entrepreneurship , Resolutely quit “ Iron rice bowl ”, From my hometown in Jiangxi to Shenzhen “ Fruit sales ”, And take out all your possessions , Xu Yanlin, wife of a junior high school English teacher in her hometown , The couple joined hands in 2002 The first Baiguoyuan store opened in Shenzhen in .

The fruit market is highly fragmented , Xu is interested in the business opportunity of large-scale chain operation , Yu Huiyong began to join and merge , Expand business territory .

2015 year , A hundred orchards “ Go up north ” Enter the Beijing market . To inject capital 、 By means of stock exchange, M & A and reorganization of guoduomei, the largest fruit chain supermarket in Beijing . Guo Duomei has nearly... In Beijing 50 A chain store , Positioned in the mass consumption fruit market , It forms complementary advantages with Baiguoyuan, which is positioned in the medium and high-end boutique fruit market . The outside world thought there would be a “ The two fruit giants in the north and the south are fighting ”, Who thought it had not started yet , Just shake hands and make peace , Yu Huiyong said “ Why consume each other ”.

2016 year , Hundred orchards enter Ningbo , Acquired Ningbo Baiguoyuan fruit and vegetable Co., Ltd ( abbreviation “ Ningbo Baiguoyuan ”), take “ Ningbo Baiguoyuan ”10 Many stores join Baiguoyuan .

Same year , Baiguoyuan also successively acquired Nanjing xianshidai 、 Fresh e-commerce one meter fresh .2017 year 6 month , Baiguoyuan and Chongqing fruit industry leading enterprise Chaoqi strategic cooperation , Chaoqi terminal sales business was incorporated into Chongqing Regional Business Department of Baiguoyuan .2020 year , Strategic cooperation between Baiguoyuan and friends of leading fruits in Hunan fruit industry , Friends of fruit 100 Many stores have upgraded their brands to become Baiguoyuan brand stores .

Up to now , Hundred orchards in the country super 130 Cities , Sitting and holding 5300 stores , The cumulative total number of members exceeds 6700 ten thousand , It is the largest fruit retail enterprise in China . Yu Huiyong said , The goal is to build Baiguoyuan into an aircraft carrier for Chinese fruit enterprises , Entering the international market .

Of course , There are stars behind the expansion VC/PE Continuous blood transfusion .

2015 year , The orchard won 4 One hundred million yuan A Round of funding , Led by Tiantu investment , Guangfa Xinde 、 The former sea master fund and others follow the investment , Valuation of 50 One hundred million yuan , It became the largest investment in China's fruit chain retail industry at that time .

2018 year , The orchard is finished 15 One hundred million yuan B Round of funding , You Zhong Jin Zhide 、 Zhongzhi capital 、 CICC Huirong 、 Cornerstone capital 、 Source capital 、 Yuexiu industry 、 Shenzhen Venture Capital and other institutions invest , Valuation of 90 One hundred million yuan , Once again refresh the financing record of the fruit retail industry .

The prospectus shows ,IPO front ,53 Founder Yu Huiyong and his wife Xu Yanlin hold more than 35%, It is the largest shareholder of Baiguoyuan , The above-mentioned investors have a cumulative shareholding of about 43.5%. According to the last equity transaction ,2021 year 10 month , The valuation of Baiguoyuan is 120 One hundred million yuan , It seems to have become a horse in the fruit market “ The unicorn ”.

super 2 Trillion fruit market , Urgent need for the first listed company

China's fresh fruit market has exceeded trillion .

According to the information of burning knowledge consultation , In terms of retail sales , China's fresh fruit retail market has grown from 2017 Year of 9,390 Billion yuan to 2021 Year of 1.34 Trillion yuan , Compound annual growth rate of about 9.2%. China's per capita annual consumption of fresh fruit is from 2017 About 46 Kilogram to 2021 Year of 57 kg , Still far below 《 Dietary guidelines for Chinese residents 》 Recommended daily average 200-350 g ( That is, every year 73 to 128 kg ) Your fruit intake . therefore , expect 2026 The scale of China's fresh fruit retail market will further grow to 2.07 Trillion yuan .

China's fresh fruit value chain consists of upstream fresh fruit growers 、 Composition of midstream distributors and downstream retailers .

There are many participants in each link of the value chain , There is information asymmetry , Compared with developed countries , China's traditional fruit value chain generally has low efficiency 、 Multi level distribution , Problems such as high loss rate .

According to frost Sullivan , The industry loss rate is as high as 35%-45%, After adding multi-level distribution costs , The profit margin of the industry is low . With the development of warehousing and cold chain logistics technology , The loss rate is gradually decreasing , At the same time, due to large-scale centralized procurement , Cut procurement costs , The profit margin will have greater room for improvement in the future .

From the strategic positioning of Baiguoyuan and Hongjiu fruits, we can also see , Both are trying to integrate the industrial chain .

Hongjiu fruit prospectus shows , The company owns “ End to end ” Supply chain , Relying on a huge distribution network, China 、 Thailand 、 Fruits in Vietnamese orchards are delivered directly to retail terminals . According to the information of burning knowledge consultation , Press 2021 The annual sales revenue is calculated as , Hongjiu fruit is the largest durian distributor in China , The second largest fresh fruit distributor in China , occupy 1.0% Market share .

Baiguoyuan is not only the largest fruit retailer in China , It also has the largest distribution network in China's fruit industry , At the same time, it is also laying out the whole fruit value chain . By 2021 year 8 month , The layout of hundred orchards in the country is more than 200 A fruit planting base 、17 A fresh food distribution center , And a large number of transport fleet resources .

at present , There are only a few head fruit enterprises in China , Capable of constructing the whole industrial chain ecosystem of the fruit industry . In the process , It also needs continuous capital investment . The founder of Baiguoyuan also said , Listing allows capital to enter , Let the industry do better .

In recent years , Increase in fruit sales channels , The competitiveness of hundred orchards is gradually disappearing . Online traditional e-commerce 、 Fresh electricity 、 Community group purchase 、 Shang Chao 、 Husband and wife shop 、 food market , Are squeezing the market share of Baiguoyuan .

Baiguoyuan has also tried diversified development .2018 year , Baiguoyuan set foot in the unpopular market field of no shelf at that time , In Beijing, 、 Shanghai and other first tier cities have launched 200 Multiple unmanned containers “ Fruit box ”;2019 year 4 month , Online independent fresh food platform " Enjoy the fruits ", And test the water in Guangshen area in the second half of the same year " Selling vegetables ", Expand the sales category from fruit to fresh ;2020 year 10 month , Fali community group purchase launched “ Panda fresh ”, The supply chain operation experience accumulated in the fruit category is copied to other categories .

But these attempts did not seem to bring significant performance growth to Baiguoyuan . in fact , The complexity and early investment ratio of fresh e-commerce and community group purchase “ Fruit sales ” Much higher , Looks like a good business , But the actual profit situation is not optimistic .

It can also be seen from the performance of the two listed star enterprises ,“ Community group buying the first share ” The daily optimal fresh ,2019 - 2021 year , The revenues are 60.01 One hundred million yuan 、61.30 One hundred million yuan 、21.22 One hundred million yuan , Net profit is -34.74 One hundred million yuan 、-21.64 One hundred million yuan 、-9.74 One hundred million yuan . And almost simultaneously listed Ding Dong buys vegetables , Although the revenue has doubled 5 times , Respectively 38.80 One hundred million yuan 、113.36 One hundred million yuan 、201.21 One hundred million yuan , But the net profit is -19.94 Billion 、-34.97 One hundred million yuan 、-67.17 One hundred million yuan .

Maybe , Focus on fruit , Be stronger and bigger , It can be regarded as a way out . After all, the trillion fruit market , I haven't run out of a listed company yet .

This article is from WeChat official account. “ Dongsi shitiao capital ”(ID:DsstCapital), author : Zhang Junwen , edit : Cao Weiyu ,36 Krypton authorized release .

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