Picture Source: Tuwa Creative
Blue Whale Finance Reporter Zhang Jinglun
On the evening of February 23, the old lady announced that it signed a listing counseling agreement with CITIC Securities on February 6, and had been submitted to counseling filing materials.Just a few days ago, the old lady was just listed on the New Third Board. This move was once interpreted as an intentional curve to turn to the Beijing Stock Exchange. Then the announcement of the old lady confirmed this.
On February 21, according to the announcement of the national SME stock transfer system, the listing application of Lao Niangyu Catering Co., Ltd. (hereinafter referred to as "Lao Niangyu") was approved, and 2From the 22nd, it is listed on the basis of the level.
It is reported that the total amount of Lao Niangyu this time was 340 million shares.Huayong Dao Zhongtian Accounting Firm (special common partnership).
and the reason why the old lady is so attached to the IPO is inseparable from the oppression of the gambling agreement except for its own business needs.
"Food and Food, Fun, Food and House" Industry IPO tightened gambling protocol
Public information shows that the old lady was establishedIn May 2000, the main business of operating new Chinese chain fast food was operated. It has the brand "Lao Niangyu". The main products include package, main dishes, soup drinks, rice noodle staple foods, snacks and side dishes.
Previously, the old lady had sprinted the main board of the Shanghai Stock Exchange.However, in November 2023, due to the cancellation of the sponsor for the application of CITIC Securities of the sponsor, the Shanghai Stock Exchange terminated the first public offering of the shares and listed on the motherboard.
The old mother transferred to submit a new three board listing application through the "green channel", and told the media that the companys declaration of the new third board listing department is based on the companys development status, overall development strategy and overall development strategy and overall development strategy.The results of comprehensive consideration of the market environment.
It is generally guessing that the old lady hopes to sprint the Bei Stock Exchange after listing on the New Third Board.Jiang Han, a senior researcher at Pangu Think Tank, told the Blue Whale Finance reporter that for some companies that have not yet reached the A -share listing standard, the New Third Board is a more suitable springboard.Through listing on the New Third Board, enterprises can gradually standardize operations, accumulate a certain market recognition and investor foundation, and prepare for the future listing of higher -level capital markets.
and the release of the "Announcement on Applied for Publicly Publishing Stocks and the Council of the Counseling of the Bei Stock Exchange" with Lao Niangyu, this guess was confirmed.The announcement showed that on February 6, 2024, Lao Niang signed a counseling agreement on publicly issuing shares to unspecified investors and listed on the Beijing Stock Exchange.On the same day, the company submitted the application materials for the China Securities Regulatory Commission Zhejiang Supervision Bureau to openly issue stocks to unspecified investors and apply for filing of counseling in the Beibei Stock Exchange. The counseling agency is CITIC Securities.
It is reported that the old lady is currently listed as the basic layer. After entering the innovation level, it must be declared public issuance shares and listed on the Beijing Stock Exchange.In addition, the Beijing Stock Exchange has not yet opened a mechanism for direct listing applications. Therefore, enterprises need to enter the New Third Board for one year in accordance with the original rules in order to apply for the Bei Stock Exchange.
From the recent dynamics of the Bei Stock Exchange, on the one hand, with the opening of the simulation test of the 920 code new segment, many people in the industry expectThe transition guidance of the board, science and technology board or motherboard has made substantial progress.In addition, although the North Stock Exchanges direct IPO system arrangements have not yet been implemented, in the "listing for 12 months" on the NEEQ and Bei Stock Exchange, the declaration enterprise that complies with the direct review mechanism has entered the closer to the issuance of the Shanghai Conference to issue densely issued densely issuance.Expect.
However, even if the old mother -in -law moves to the New Third Board, it still exists on the listing of the North Stock Exchange.In the announcement, Lao Niang said that the company has not disclosed the annual report in the last one, and the financial data in the past two years may not meet the risk of public offering of stocks and listing conditions on the Beijing Stock Exchange.
"The North Stock Exchanges requirements for enterprises are relatively high, including the companys profitability, business model, market prospects and other aspects. Therefore, Actively improve their own strength, standardize operations, and make full preparations for the future of listing. "Jiang Han said.
In fact, after the IPO is tightened, it is regarded as a "red light industry" "eating and wearing" industry company and began to withdraw orders.In addition to the old mother -in -law, there are many food companies such as Longjiang and Cattle, Texas Chicken Chicken, Fresh, Volon Foods, and Village Chicken withdrawing from IPO applications.After the old mother -in -law terminated the IPO project, the CSI A -share IPO queuing companies have no catering companies.
It is worth mentioning that from September to October 2020, the old lady twice passed the capital increase and expanded, introduced institutional investors, and raised about 200 million yuan of funds., Yang Guomin, the founder of Lao Niang, signed an agreement to increase the capital increase of gambling clauses with various investors. If Lao Niangyu failed to complete the IPO listing by the end of 2025, the investor had the right to request the gambling obligor to repurchase its equity.
In this regard, the old lady said that the above clauses are limited to shareholders. Although it does not involve the companys interests, if the share repurchase clause of the investment institution is triggered, the actual controller will be the actual controller willThe shares held by these investment institutions need to be repurchased, which has led to the changes in the companys current shareholders shareholding ratio.
Continuous profit during the reporting period
From the prospectus, the business of the old mother is generally strongerStability.From 2021 to the first half of 2023, Lao Niangyu achieved revenue of 1.525 billion, 1.424 billion, and 800 billion yuan, respectively, and achieved net profit of 64 million, 36 million, and 45 million.
However, from the perspective of the scale of revenue, there is still a large gap between the old maiden and the rural base of the same track and the villagers.
The annual revenue of rural foundation and fellow chickens has been around 4 billion yuan in nearly two years, which is 20-3 billion yuan higher than the old lady.From 2020 to the end of June 2023, the operating income of the chicken of the villagers was 3.454 billion yuan, 4.393 billion yuan, 4.5 billion yuan and 2.6 billion yuan.The prospectus of rural bases was updated only by 2022. From 2021 to 2022, the rural foundation realized revenue of 4.618 billion yuan and 4.7 billion yuan, respectively.
The old lady pointed out that in the first half of 2021 and 2022, in the first half of 2022, affected by the epidemic situation in Shanghai, Zhejiang and Jiangsu, the companys operating income, operating profit, net profit and Mao MaoInterest rates are affected to some extent.
The net profit of the old mother is significantly affected by the epidemic situation, or it is also related to the decline in its gross profit level.According to the prospectus, from 2019 to the first half of 2022, the operating cost of Lao Niang only accounted for more than 80%of its total income, which also caused the companys gross profit margin to not have high gross profit margins., 16.4%, 12.32%.A year -on -year -on -year well -known head catering brands such as chickens, Guangzhou restaurants, and Xian diet. The gross profit margin performance of the old maiden has low, and it is even lower than the average gross profit margin of the offline catering industry.
In this regard, the old lady explained that "the companys main business is Chinese fast food, and the product pricing is relatively close. At the same timeIn other companies in the same industry. "
But in the short term, the resistance of the old ladys compression of gross profit is also great.Whether it is raw material costs, labor costs, or rent costs, if you want to find a space to compress the "three big mountains", you still need to worry about it.Reinforcement relying on a single area
The old lady was born in the Yangtze River Delta, which is longer than the Yangtze River Delta. UnfortunateLong triangle.
As of the mid -2023, Lao Niangyu has established a total of 402 "Lao Niang" brand chain stores, including 379 straight stores and 23 franchise stores, mainly distributed in Zhejiang Province,Jiangsu, Shanghai and Anhui Province have obvious geographical nature.
And the 832 million yuan raised by the old mother -in -law IPO will also build a new store with nearly half of the funds.
The old mother also stated in the prospectus that more than 96%of the companys income from directly operating stores in directly operating stores in Jiangsu, Zhejiang and Shanghai, of whichThere are more than half of the operating income of the Discover Store.
But the development strategy of Lao Niangyu is that in the future, it will form a long triangle and facing the nations business pattern.However, the company also admits that there is still a certain distance from the companys development strategy at present, and further investment in various resources such as funds and manpower needs to support the companys further external expansion.Ability, to be further verified.
In addition, because the regional characteristics of the old lady are too obvious, the outbreak of the regional epidemic has a great impact on the companys operations.Since March 2022, due to the development of the epidemic in Shanghai, Lao Niangyu admitted in the prospectus that "the epidemic caused the companys normal operation in Shanghai and Zhejiang, JiangsuThe large -scale outbreak will have a great adverse effect on the companys operating performance. Under extreme circumstances, the risk of declining operating performance by more than 50%or losses may occur in extreme circumstances. "
The famous economist Song Qinghui said that it is clear that the old lady store is too concentrated in the Yangtze River Delta area, which may bring many risks to its future development.For example, it may bring problems in insufficient anti -risk capabilities.After all, changes in the overall market environment of a region, disposable income, consumption habits, and urban planning will have a greater impact on it to a certain extent.
It is worth noting that the old mother only targets the market in the long triangle region or the inevitable choice of the company.Industry insiders said that the practice of the old lady still aimed at the new stores in the long triangle area, which should also be considered by the companys own situation, such as dishes and store styles are more suitable for the Yangtze River Delta region, and regional management talent reserves, but if the Yangtze River Delta, the Yangtze River DeltaThe outbreak of a regional epidemic will inevitably affect the companys performance. "
"The old lady can also learn from the successful experience of listed companies in the same industry to strengthen its own brand construction, marketing promotion and capital operation capabilities. At the same time, pay attention to industry development trends and keep up with market changes.Continuously adjust and optimize their own development strategies and business models. "Jiang Han believes that as long as the old lady can give full play to her own advantages and actively respond to market challenges, its future development prospects are still worth looking forward to.
After going around for many years, the competition for "Chinese -style catering first shares" continues.The rural foundation is still lined up in Hong Kong stocks, and it is reported that the old lady is still working hard in the goal of "completing the listing in 2025".This is not a relaxed "battle". Chinese fast food needs to spend more effort to prove themselves in order to gain the favor of the capital market.
