current position：Home>The "first share" of dystocia: the difficulty of Chinese fast food
The "first share" of dystocia: the difficulty of Chinese fast food
2022-08-06 18:08:52【All-weather technology】
钛媒体注：本文来源于微信公众号全天候科技（ID:iawtmt）,作者 | 胡描,编辑 | 罗丽娟,钛媒体经授权发布.
Is listed on Hong Kong base village fast-food chain holding co., LTD（以下简称“乡村基”）,Ushered in the prospectus for the first time the failure.
7月25日,港交所官网显示,由于6个月内未通过聆讯,Rural baseIPO申请状态已转为“失效”.在7月30日这天,Country filed plans again.
As the first of the Chinese fast food companies to submit a prospectus enterprise,The failure of rural base prospectus,Perhaps is currently impactIPOThe other two Chinese fast food companies have poured cold water——老乡鸡、Old uncle also respectively in this year5月、7月递交了招股书.
The Chinese fast food market for,It is just begun.
在过去两年中,Many of the powder surface、Meal fast food brand in the primary market got the favour of capital,遇见小面、和府捞面、五爷拌面、煲仔皇、Fun little face, such as fast food brand valuation higher.Behind them,Also on the country throws the、Tencent venture、Longfor Capital、鼎晖VGC等投资机构.
After the tuyere the past,Busy away,In the next two to three years,As the fund at the end of,VC/PESeek out the urgency of will also be worse,Perhaps there will be more fast food brand impact listed.
If a country、老乡鸡、Old uncle can succeed“上岸”,For the whole industry will be a exciting news.Just judging from the current,客单价低、Low rate of turn table、Chain ability is poor、The big competition in the industry, etc,Still can't solve the problem of the Chinese fast food industry.
A股也好,Hong Kong or,Exactly when to birth“中式快餐第一股”？对此,Whether it is impactIPO的企业,Still in the primary brands on the market's ups and downs,都在拭目以待.
Rural base hit Hong Kong“受挫”
This prospectus failure,Defeat is not the first time that country base on the listed.
2010年,Country has driven by capital going public,Become the nyse Chinese fast food the first.但在6年之后,Due to the loss of business continued to slump wait for a reason,Rural base dim and delisting.
While the impact of the Hong Kong,How many some rally mean.
Review the country started,With the last century90年代的“Western fast food hot”息息相关.彼时,肯德基、McDonald's to enter mainland China soon,引发了“洋快餐”创业热,大街小巷中,随处可见“山寨”The version of Ken、麦.
Hong chapter capital founder WengYiNuo tell all-weather technology：“Chinese fast food is a process of constant evolution and try.The first phase is completecopy式的竞争,Model school them,Prices are lower than they are.但从结果来看,No special successful companies ran out.”
“大家（To Ken、麦）The experience one of the most important is——It must be to go to a more standardized system management,This idea has affected the generation of catering.”WengYiNuo say.
Li hong is the first time contact catering work,是在1992Joined California beef noodle king as the lobby manager in.很快,Keen business acumen to let her see the chance of a fast food chain industry.1996年,Li hong decided to starting my own business,Together with the husband xing-qiang zhang,In rural chongqing opened its first a chicken（Country formerly）.Dishes are aligning with western fast food,Mainly sell hamburgers、炸鸡、薯条等.
But just follow,Not better than, Ken、麦,Business is not very desirable.In the subsequent adjustment,Li hong decisively cut off western food,To attack Chinese food.此时,Many restaurant founder also began to Chinese innovation in category,Each region in the fast food brand to the standardization of Chinese exploration.
例如,Rural base established in sichuan as the center of gravity of strategy of Chinese fast food;The same impactIPO的老娘舅,Is the main jiangnan homely taste,Hot item such as braised lion、梅干菜烧肉;The person of hometown chicken changes from core big item——肥西老母鸡汤,Chinese style gradually to more products extension.
事实上,直到2007In rural base stores only7家.Only after the listed into the development of the fast lane,在2010-2012年3年中,Its new stores reached：51家、72家、68家.But the management of the enterprise has not keep up with the pace of the capital expansion,在2011There is a performance losses of.
But losses not reassure rural base expansion plan,在2012年,Rural base even launch deputy brand“大米先生”,In chongqing for center of gravity to hubei、Hunan provinces surrounding expansion,At a good price,快速扩张门店.
2019-2021年,Rural base number of a restaurant chain growth rate80.1%,Growth in China's five major marketing Chinese fast food group ranked the first.
截至2022年5月31日,Mr Rice has opened582家门店,超过了“乡村基”（品牌门店）的564家.Two brands combined stores1146家, Rural base became China's biggest retail Chinese fast food group.
招股书显示,2019-2021的三年中,Rural base revenue respectively32.57亿元、31.61亿元、46.18亿元,And profit respectively8270万、-242万、1.09亿元.在今年前5月,Rural base loss again,金额达2224.4万元.
2021Years although rural base net profit1.09亿元,But the net rate of2.37%,Lower than the same period of hometown chicken、The old uncle3.07%、4.13%.
Operating efficiency problem or key reasons behind.
在2019年、2020年、2021年全年及2022Five months ago,Rural base stores turned Taiwan rate for2.8、2.2、2.7、2.5,整体呈现下滑趋势.
Mr Rice store turned Taiwan rate slightly higher,同期分别为3.3、3.4、4.3、4.1.But the contrast of hometown chicken2019-2021Three years of machine rate——4.85、4.24、4.29,Still in lower level.
此外,As one of the major cost,Rural base delivery service is also very high.在2019-2021年中,The takeaway service charge respectively1.95亿元、2.92亿元、3.82亿元,Delivery business income accounted for23.02%、25.67%、24.81%.这样意味着,About a quarter of the country take-out income by Meituan take-out platform to make.
According to media reports,2021年,Overall Meituan take-out smoke commission rate13.7％.Rural base in this spending is much higher than the average level of the food industry,See its on sale、Promotion on the strength of the higher than the industry average.
But expensive takeaway promotion and for no apparent growth.在同期,Rural base take-away business income respectively8.45亿元、11.37亿元、15.39亿元,占总营收的25.95％、35.98％、33.33％.在2021年,The proportion fell even.
一般而言,招股书失效,Does not mean that the listed failure.根据港交所规定,The issuer after failure3个月内补充最新财务资料,便可以继续上市流程.
Just in a new round of additional information,Country may also need to make more instructions and adjust to the doubt.
Market has just rolled up
In addition to the same inIPOLine up in the person of hometown chicken and old uncle two Chinese fast food brand,在今年,There are more catering enterprises sprintIPO,如捞王、绿茶餐厅、杨国福麻辣烫、五芳斋、ZiYan subway chicken, etc10More than catering enterprises,Have also boosted the float.
From the point of catering enterprises itself,在过去很长一段时间中,China's catering industry supply chain、管理、Chain comprehensive operation ability is not perfect,Many enterprises do not conform to the listing standards.
但近年来,随着供应链、物流、To improve the management system of basic abilities,Catering to present development situation of chaining,Part of the head brand has reached the threshold of the listed.
Combined with epidemic the impact on the industry,关店、Traffic dropped sharply after,Many companies face huge pressure of cash flow,急需被“输血”,Listed became one important path.
Not only the enterprise itself,Many investment institutions currently invest in catering enterprises is faced with fund liquidated due pressure,而企业IPO,Is a important way of its implementation exit.Compared with the enterprise founder,In fact investment institutions to enterpriseIPOThere are more pressing needs.
In the old uncle, for example,Old uncle controls people Yang Guomin、Yang Junhui parent-child and external shareholders signed an agreement of bet：As the company failed to in2022Submitted by the end ofIPOFiling materials, or fails to2025年底完成IPO上市,The investors shall have the right to require the repo.
The food and beverage market maybe is just the beginning.
在过去两年中,The history of food and beverage industry ushered in the investment and financing peak.According to the narrow gate meal eye comprehensive statistics：2021年,Food industry events for observation of the investment and financing to nearly400起,披露的融资总金额超过500亿元人民币,Another hundred investment and financing incidents were not open financing amount.
Investments in food and beverage interested,Chinese fast food first,Brand not only with,投资金额大,估值也水涨船高.尤其体现在“粉面类”On the fast food brand of.
在2021年,粉、Surface category ushered in the unprecedented enthusiasm.“霸蛮”、 “遇见小面”、“陈香贵”、“马记永”、“张拉拉”、“五爷拌面”Are all completed several round.
同时,陆正耀创办的“趣小面”After a new round of funding valuation10亿元;Scoop surface impact and fuIPO之前,估值也达到了70亿元……
A seen lanzhou ramen project investor told all-weather technology：“The pasta itself a high degree of product standardization,,But there are category no brand,Get listed companies less,Not an enterprise has the advantage of scale.”And this also means that the market space is very big,Investment opportunities and a lot of.This tends to conservative investments in recent yearsVC和PE来说,Is an attractive track.
但到了今年,As the catering enterprises in the secondary market stock performance,And listed the break rate rose,In the past was called high catering project valuation is shrinking,Enthusiasm of venture capital institutions presents a precipice type fall.
To engage in a long-term asset m&a analyst told all-weather technology：“In the next two to three years,There will be a wave of venture capital institutions seeking to exit the peak.This wave is exit project will focus on the new consumption and catering project.”
彼时,Once in the primary market is high lift brand catering,Maybe will try to to the secondary market“跑”一圈.
Just from the open data,在1997年至2020年的23年中,中国仅有17Food and beverage companies listed.Even in the hottest2021年,Implement public catering enterprises also are numbered.
And also listed on the line for fast food brands,最后能否成功,The answer seems to be not clear.
Why don't run out of China, Ken、麦？
In modern Chinese catering business management,肯德基、McDonald's has been benchmarking effect,They are in the development of China's market,Also promote the establishment and perfection of the local western-style fast food industry chain upstream.受益于此,As Wallace、Dicos native western fast food brands such as,Has a rapid growth of the soil.
相比之下,Chinese food supply chain is more complicated,Not only involves different cuisines、Dishes of raw materials,还有几十、Hundreds of sauces,In the cooking is also more complicated.This may make it harder for Chinese fast food to like Fried chicken、Hamburg generally use“大单品”Play fast copy、扩张.
At a certain stage in the past,Chinese fast food industry also tried to highly standardized,The central kitchen centered,Make all dishes,Input to the stores for consumers to eat again.
WengYiNuo revealed：“This result is not good to try,After standardization for too consumers sensitive,The guest number down、流量下降、Business model, there are many key problem.”
The wave of trying to verify a thing：The absolute standardization of Chinese fast food is not a problem solving thinking.Therefore many catering enterprises reflect,How to let the consumer experience stores consumption warm scene,Try to pull people to come back.
“Fireworks and standardization of the supply chain need to find a balance between,Everyone in the last few years trying to do it.”WengYiNuo say.
Not only is excessive standardization is not suitable for Chinese food,The tastes of different parts of China population,Also determines the regional differences of fast food.
In the case of jiangnan cuisine old uncle,Judging from its prospectus,公司96%More revenue from retail stores catering,Operating income distribution in the Yangtze river delta;Person of hometown chicken's stronghold is in anhui.
从过往经验来看,事实上只有“辣”This kind of taste can run across the country through.
But WengYiNuo think this is not a bad thing：“The most afraid of be no forming region advantage,Start of the so-called national,It is dead faster one more important reason.”
实际上,For Chinese fast food chain,Perhaps a more need to solve problem——利润微薄.
According to the China hotel association data,2020In the fast food industry in our country the average guest unit price for24.43元,整体偏低,Many fast food brand go is“薄利多销”The management way.
While rural base、Person of hometown chicken head brands such as rate of double stage performance is not good,It also makes the profit margins of Chinese fast food in a lower position in the whole food industry.The positioning and style,Make the enterprise the management on Monday,More conducive to make brand upgrade Chinese fast food.
But a new phenomenon is that,“Now been the price with upgrade,”WengYiNuo say：“Like ramen the wave,Combined with all kinds of snacks,Guest unit price may to35元,This is significantly higher than the original fast food pricing.”
This combination collocation,Also give the Chinese fast food business more ideas：With many dishes、小吃、The collocation of tea,To push the guest unit price rising,以获得更多的利润空间.
Chinese fast food can run out of“肯、麦”,Can run out of several“千店规模”Fast food enterprise,WengYiNuo think for really engaged in the catering industry is not important.毕竟,When capital boom to fade,Food is still a need to use a long time to precipitate、经营、Pragmatic business.
author[All-weather technology],Please bring the original link to reprint, thank you.
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