current position：Home>5300 fruit shops, supporting an IPO
5300 fruit shops, supporting an IPO
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 、 Meicai.com 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 .
author[36kr],Please bring the original link to reprint, thank you.
The sidebar is recommended
- New stills of Avatar 2: the way of water exposed
- "The last survivor" HBO series set video leakage resisters fight back Fedra
- Game peripheral manufacturer Turtle Beach is looking for potential acquisitions
- China has issued 120 million electronic driving licenses and 370 million electronic inspection marks
- Can't you hide the film viewing records of the open IP territory?
- Camping is popular. What are the hidden worries behind the trend?
- Nintendo mobile games has a total revenue of nearly $1.8 billion, and "flame Herald hero" contributes the most
- Dean of Peking University talks about Wei Shen's dimensionality reduction blow: it is very common for science and engineering disciplines to learn well, which depends on talent
- Famous venture capital partners: 23 practical experiences and lessons on company construction (I)
- Famous venture capital partners: 23 practical experiences and lessons on company construction (2)
guess what you like
Famous venture capital partners: 23 practical experiences and lessons on company construction (III)
Wechat supports mobile phone temperature monitoring and other functions, which leads roast to complain that it is useless except for occupying memory
As the machine turns and the service runs, Shanghai Songjiang accelerates the resumption of work and production
What is NFT? What is the magic of NFT digital art?
How to assemble computer accessories bought by a treasure? Xiaobian teaches you computer installation tutorial!
Paint industry Tiktok shooting production company which is good?
It is also the code name of 3A survival game developed by "Odyssey" Blizzard for nearly five years
Rouyu, the founder of folding screen, paid back the salary of employees. The source of funds is unclear
Jia Yueting's microblog IP territory shows that many netizens in Beijing follow the post and make fun of it
The rare apple-1 computer was auctioned: it was equipped with jobs's handwritten serial number and cost more than $250000
- Rookie appeared at the Asia Pacific Federation of Posts conference, and the experience of digital intelligence logistics has attracted the attention of many countries
- WSTS: in 2021, global chip design IP sales increased by 19.4% year-on-year to US $5.45 billion
- Tencent's application for multiple QQ yuan universe trademarks was rejected
- Researchers share a rare image of "high fin arowana"
- Middle aged men drinking Maotai began to buy blind boxes
- Musk set three fires on Twitter's "cigarette butt"
- Recruitment of agents, hengchi 5 offline, can Hengda turn over?
- With more downloads than tiktok and sheen, why is this social app so popular?
- 3 million Bentley new cars have been repaired in 17 places? The owner has been driving for 5 years without knowing it. 4S store: can't you give you a foot pad?
- Millet's Indian crisis
- Professor Yue Hua: only the elderly get osteoporosis? Young people, get out of the misunderstanding!
- Zhangboli: Integrated Traditional Chinese and Western medicine is a major feature of the prevention and control of the COVID-19
- I've been transferred and feel good!
- Onions are edible heart stents? Cancer prevention and hypoglycemic! Purple skin and white skin are very different!
- What's the difference between stone pot and ordinary non stick pot?
- 32 years, 32 pictures, review the cosmic beauty photographed by Hubble telescope!
- Teaching case of "space seed" planting activity in labor and technology education "
- The guaranteed 618, 2K price performance price ratio magic iqoo neo6 se is now fully pre sold
- Who is behind the sale of children's height anxiety? Who's the "money printer" again?
- The Shaanxi couple are going to ring the bell for the IPO
- Which company specializes in making Tiktok short video of sports
- Which is the major of government affairs Beijing Tiktok short video shooting and production company
- Which major is Wenzhou Tiktok short video operation company in the education industry
- EDA software monopolized by foreign capital has mastered the lifeblood of domestic chips, and Chinese enterprises have broken out of the siege
- Shi Jin: the secret of writing killer titles
- Not just off screen cameras! ZTE axon 40 ultra will bring five unique images in the industry
- IPhone 14 family photo exposure: no mini version, Pro version is more fragrant
- Oppo reno8 appeared on the sub website: the world's first Qualcomm snapdragon 7 GEN1
- Self salvation of traditional automobile enterprises
- Maserati (China) Trading Co., Ltd. recalled some imported MC20 vehicles
- Hyundai sold 308000 cars worldwide in April, and some markets improved, but the impact of chip shortage is still on
- The welfare of the disappeared Internet big factory: the monthly salary evaporates thousands of yuan and moves from small suites to shared houses
- Investors Miss Zhou Yahui
- "Subway begging" is actually new product marketing. How many volumes does the tea circle promote?
- Google cloud establishes Web3 team
- Speech eloquence training site, sharing interactive skills to move the audience
- Little red book nanny tutorial 2022 how to make brand marketing decisions
- "No sheep, no cattle" sheep milk powder: from "cognitive dimension upgrading" to "conceptual impact"?
- In the future, bytes will make music "shorter"?
- What is a good company for Changsha Tiktok short video operation company