"The first share of hot pot" ends with sipping, sipping and internal fighting. What will you rely on to turn over and rush to the market in the future?

Bullet Finance 2021-08-08 22:09:49 阅读数:746

本文一共[544]字,预计阅读时长:1分钟~
share hot pot ends sipping
Compared with “ Blind cross-border ”, It is more important to make the main business to the extreme .

author | Walker 、 Zhou Yue

edit | The egg always

Produce | Bullet economy

Sip, sip, sip, sip, sip, sip, sip, sip, sip, sip, sip, sip, sip, sip, sip, sip, sip, sip, sip, sip, sip, sip, sip, sip ?

This question has been asked by the outside world for more than a year , Some people even predict that this brand may be replaced by other emerging hot pot brands within a year .

And the fact of continuous losses , Let investment bank analysts also gradually lower their expectations of this “ The first share of hot pot ” My evaluation and expectation . Since this year, 2 Month begins , Sipping sipping's share price began to decline all the way . thereafter , Including highland capital 、 Major shareholders, including Morgan Stanley, have successively reduced their holdings in the form of clearing positions .

at present , Sipu Sipu's share price has fallen by more than 70% from its highest point .

It rains and rains when the house leaks , This once favorite hot pot brand of young people , It has been in high-level turmoil recently 、 In the whirlpool of civil strife .

7 month 28 Japan , Xiabu Xiabu announced that , The extraordinary general meeting of shareholders is held by 100% The resolution to dismiss Zhao Yi was passed by the affirmative votes of .

From this year 5 Of the month “ High speed rail toilet meeting ” Start , This big fight drama is out of control , I have been performing my duties in Xiabu for nearly ten years 、 Gao Ju Zeng CEO A veteran of the position , Zhao Yi was finally dismissed twice 、 The ending of tearing face with the old owner leaves sadly .

This year, 5 month 20 Japan , Xiabu Xiabu CEO Zhao Yi learned on the high-speed railway that she had been dismissed by the board of Directors . But the problem is , All the procedures are not finished , Zhao Yi decided that the procedure was illegal and did not accept this “ Be removed from office ” Decision .

And then ,6 month 14 Xiabu Xiabu announced that , It is decided to convene an extraordinary general meeting of shareholders to remove Zhao Yi from the post of executive director . According to the announcement at that time ,“ The reason why the group proposes to dismiss is , Zhao Yi's management style and philosophy are significantly different from other members of the board of Directors , Zhao Yi is allowed to continue to participate in the management of the company , Will not be in the best interests of the company and its shareholders as a whole .”

The attitude is different from that of other listed companies when there are senior changes , Xiabu Xiabu didn't recognize Zhao Yi's past performance in the announcement , No wish for its future , Severity of wording , I can't help thinking .

Next , The latest shareholders' meeting passed the decision , And Zhao Yi, the professional manager who was hired by all means , Finally left sipping sipping .

in fact , For the infighting and tug of war between the two sides , It is difficult for the outside world to pry into the truth and details . such as , Zhao Yi said in her open letter that , Xiabu Xiabu is not so much a listed enterprise , It's more like a family business , Because three of the board members are from the same family .

The board said , Zhao Yi's work in recent two years has not brought any improvement to the enterprise , This is an important reason for both parties to terminate the contract .

This situation has aroused the concern of the people who eat melons , Now the follow-up is that Zhao Yi has submitted to labor arbitration , Waiting for the final result . And on 8 month 2 Japan , Sipu Sipu also issued its first public statement after the storm , In terms of the dismissal process , since 2021 Since the first half of the year, he has had many formal talks with Zhao Yi , And report the relevant information to the board of directors , The whole process is completely implemented in accordance with the provisions of the listed company .

however , The day after Zhao Yi was dismissed ——7 month 29 Japan , Sipping sipping handed over 2021 Report card for the first half of the year . This unexpected report card , It seems to provide a footnote to the board's move to dismiss the President .

1、 Sipping for success in reducing losses

Xiabu Xiabu's profit warning announcement said , Compare with 2020 In the first half of the year, the income was about 19.2 One hundred million yuan , Its expectation is as of 2021 The revenue growth in the first half of the year is expected to be about 59%; Compared with the same period last year, the owners of the company recorded a net loss of about 2.55 One hundred million yuan , It is expected that a net loss of about... Will be recorded in the first half of this year 4000 Ten thousand yuan to 6000 Ten thousand yuan between .

Besides , Sipu Sipu also gives the official answer to the still unprofitable : The provision for asset impairment loss is about 1.2 One hundred million yuan , The company expects to close the loss making stores of Xiabu Xiabu brand for about 200 home ;2021 In the first half of the year, stores in some areas were still affected by the epidemic of New Coronavirus pneumonia , And can't fully operate .

Although the overall business situation is still not optimistic , But there was also a positive signal : The net loss has narrowed significantly compared with the same period last year .

actually , For a long time , Sipu Sipu is still the preferred hot pot brand for young people . Because of the monopolization of this market , It used to be “ The first share of hot pot ”, Incomparable scenery in the capital market .

Xiabu Xiabu was founded in 1998 year , He Guangqi, the founder of Taiwan, introduced the small bar hot pot popular in Southeast Asia at that time , such “ One person eats ” Small hot pot 30 The unit price per customer is about yuan , It has won the favor of young people with ultra-high cost performance .

And after SARS ,“ Divide the meal ” The consciousness of is more and more deeply rooted in the hearts of the people ,“ One person eats ” The dining mode of small hot pot is also C Out of the circle , Let Sipu Sipu once become a hot pot Market “ Fashionable guy ”, And in 2014 year 12 Listing on the Hong Kong Stock Exchange in May .

However , A flower without a hundred days .

One side ,“ One person eats ” The price rise of small hot pot , Xiabu lost some consumers , Plus the entry of fast food brands such as Yoshinoya , Let sipping no longer have a price advantage , So in these years , The business of sipping sipping has declined .

And to change the stereotype of low prices , Sipping, sipping began to walk “ High end hot pot ” Route ——2016 Hatched in “ Gather together ” Hot pot , It is the representative work of its impact on the high-end market .

as everyone knows , In the high-end hot pot Market , The popularity of Haidilao has been high , Its latest customer unit price is 110.1 element . And it is Haidilao that makes up the benchmark , And according to the annual report data , The customer unit price is as high as 126.6 element , Not inferior to bottom fishing , It also breaks the image of sipping sipping low price .

More than that , The hot pot also created “ Hot pot + Tea break ” This new model , Gradually gain a firm foothold in the Red Sea market of hot pot .2020 end of the year , Xiabu Xiabu's brand stores increased by 77 home , A total of 1201 home . among , Cou cou has opened 150 stores , Of the total number of stores 12.5%.

chart / Photo net , be based on VRF agreement

Objectively , The success of the hot pot , In addition to the expansion of stores , It is also reflected in the financial report data of listed companies .

data display ,2020 year , The revenue of Xiabu Xiabu brand of the group fell sharply year-on-year 25.9% to 35 One hundred million yuan , However, the brand revenue increased year-on-year 40% to 16.89 One hundred million yuan , Year on year growth of more than 40% .

In a serious epidemic 2020 It can grow against the trend in , Gua's success makes Xiabu Xiabu see the hope of transformation , Start remaking “ Hot pot + Milk tea ” This business model . Now , In many upgraded Xiabu Xiabu stores 2.0 In the version , Tea rice tea also appeared .

Maybe it's because of the impact on the high-end market, Xiabu tasted the dividends brought by the transformation , Since then, the original involving high-level unrest CEO Zhao Yi also announced the launch of a brand between Xiabu Xiabu and Cuocuo “in xiabuxiabu”, Its mode is “ Small hot pot + tea + snack + Oden + String ”.

But the transformation is not always smooth , Compared with the brilliance of cobbling together ,“in xiabuxiabu” It doesn't seem to stir up too much spray , Even in 2020 It has not been seen in the financial report of .

“ In fact, this means that it is in the field of hall food outside the track , There is no new way out . For investment banks , Cobbling together is just a small success , In fact, there is no way to challenge Haidilao's position in the field of high-end hot pot .” Lin Xi, a well-known investment bank analyst in Hong Kong, is right 「 Bullet economy 」 Express , At present, some new attempts have not produced results , It means that the company has not found a new breakthrough in the catering field .

In his opinion , Sipping sipping's trial and error in the catering field , This is an important factor in the decline of its share price in recent years .“ This year, 2 In June, many funds reduced their holdings , It's not just that I'm not optimistic about the content of the financial report , It is also an opposition to its previous expansion strategy of placing treasure in the catering field .”

“ Companies in traditional fields , Unicorns don't usually come out .” Lin Xi said .

2、 Take out sipping, sipping

The success of the hot pot , Let Sipu Sipu occupy a place in the field of high-end hot pot , But as a veteran of this industry , Sipping, sipping is not safe .

“ transboundary ” Be the company's choice .

stay 2020 Under the epidemic situation in , Hall food is inevitable “ Great damage to vitality ”, Therefore, takeout has become an inevitable attempt of many brands in difficult times .

in fact , Before the epidemic, there were many hot pot brands working on the takeout track , Like the bottom of the sea U Ding maocai , Xiaolongkan's “ Xiaolongkan mini Hot pot dishes ”, And sipping, sipping 2017 In the online “ Sipping, boiling and scalding ” etc. .

The appearance of sipping, boiling and scalding makes up for the lack of Hall Food , stay 2020 At the brand launch at the end of the year , Sipping sipping means that from the development model and data performance of sipping, boiling and scalding , Although it relies on Xiabu Xiabu store development , However, it does not occupy a high production capacity , At the same time, the profit margin is relatively high .

chart / Photo net , be based on VRF agreement

It can be seen that Sipu Sipu is satisfied with the cross-border effectiveness in the field of takeout , Therefore, it is also mentioned that “ Sipping, boiling and scalding ” Cultivate as a brand , In the future, seek greater market space in the sinking market .

But the problem is , Only by the stacking of raw materials and the combination of spices , Can this hot pot takeout stand the test of the market , Still an unknown number .

Besides, there are more and more competitors on this track , Ruhema is also launching hot pot packages , And sipping itself is not cheap , Whether its takeout products can occupy the market advantage is unknown .

Zhang Ran, a well-known analyst at another investment fund in Hong Kong, told 「 Bullet economy 」 Express , He is not optimistic about the hot pot takeout market ,“ This is actually a cost competitive business , The only thing that each family can personalize is the bottom of the pot and seasoning .”

3、 Already formed primer business

Results show that , Xiabu's favorite condiment is a market that can't be underestimated . There is data showing , The total scale of China's hot pot seasoning market is 2017 We have reached the goal of 170 One hundred million yuan , And showing an upward trend year after year .

With a scale of more than 10 billion “ The bestselling ”, Major hotpot brands naturally want to take a share , Therefore, including sipping, sipping , haidilao 、 Xiaolongkan and many other brands are laying out condiment tracks .

2016 year , Sipu Sipu began to get involved in the sales of condiments such as hot pot seasonings .2020 Annual financial report , The sales of condiments increased year-on-year 64.96%, the height is 1.48 One hundred million yuan , It became the fastest growing business in those years .

Even the highly praised high-end brands , In front of the condiment business, we should also be inferior , It can be seen that this market still has great development potential .

And sipping sipping in the process of transformation , Naturally, we continue to work on this track .

Qingdao richen is a long-term partner of Xiabu Xiabu , It has been its seasoning for years 、 Supplier of primer . This year, 5 month 8 Japan , Xiabu Xiabu announced the establishment of a joint venture with Qingdao richen , Both parties hold the new company 50% Shares of .

The newly established joint venture focuses on the compound seasoning market , In the early stage, sipping and scraping will be the main target customers of the new company .

According to media reports , Some analysts in the catering industry believe that , The cooperation between Xiabu Xiabu and Qingdao richen can reduce their own seasoning to a certain extent 、 Purchase cost of base material , This is also the direction that Xiabu Xiabu is working on in the past two years .

therefore , Zhang Ran thinks , Combine sipping, sipping 、 Haidilao and others made pot bottom seasoning a few years ago. From the development of the market , This hot pot takeout has no future ,“ In the past few years, sipping performance , The highlight is the separate production and sales of hot pot bottom materials , Now we have . Hot pot takeout , Looks a little dizzy .”

Besides , In addition to sipping, sipping store seasoning supply , It is said that the joint venture will also produce Xiabu Xiabu's existing compound seasoning 、 Retail business docking , This may mean that it is likely to undertake the production of Xiabu Xiabu composite seasoning retail products .

“ But this internal digestion , How much to supplement and promote the performance of Sipu Sipu is actually unknown .” Zhang Ran is right 「 Bullet economy 」 Express , He thinks a hot pot enterprise is good , The core is not whether the takeout and condiments are good , It depends on whether the key points of its competitiveness can continue .

chart / Photo net , be based on VRF agreement

“ The bottom of the sea 40% It's the product ,60% It's service. .” Zhang Ran said , He believes that sipping sipping is better than constantly subdividing each step into product sales , It's better to deeply research and develop how to optimize the hall food , How to improve the service .

“ Invite the young people back to the store , This is what the company should do in the future , Instead of trying to make young people eat hot pot at home .” Zhang Ran said .

Contrary to the opinion of investment banks , He Guangqi, the founder of Xiabu Xiabu, is interested in self heating hot pot again .

Because in “ Lazy economy ” In the context of popularity , In recent years, hot small hotpot has sprung up , For example, self hi pot 、 Cannibalism 、 Haidilao and other self heating hot pot are deeply sought after by young consumers , And in this respect , At present, sipping sipping is still vacant .

So in the media coverage , He Guangqi, the founder of Xiabu Xiabu, once revealed ,“ At present, Xiabu Xiabu retail product line does not have instant products such as self heating small hot pot , In the future, the new company does not rule out the possibility of launching such new products according to market demand .”

But in this case , Is it getting farther and farther away from the main business ? This has also become an issue that requires the attention of founders and management teams .

As a hotpot brand established for more than 20 years , Sipping sipping has indeed been in poor business in recent years , Lost some once loyal consumers .

But there are multiple reasons for the decline of a brand , Internal worries may be brand aging 、 High level turbulence , Foreign invasion is also inextricably related to the changes of the hot pot Market .

stay 《2020—2021 China hotpot industry development report 》 in , There are data to predict 2020 The total revenue of Chinese hotpot market will reach 8880 One hundred million yuan .

According to the data of prospective industry Research Institute ,2019 Haidilao, which has the highest market share in, has only 2.2%, Sipping, sipping, insufficient possession 1%, The top five only occupy the hot pot Market 5.5% Share .

obviously , The concentration of hot pot industry is really low , Even bottom fishing 、 Xiabu Xiabu such a head chain brand , It can only be divided into a small piece of cake in the whole market .

Exactly so , It shows that the hot pot market is still promising .

therefore , How to improve the brand image , Let the old brand radiate new vitality , It is the transformation and reform issues that need to be explored by such an old brand as Xiabu Xiabu .

Maybe for sipping sipping , Compared with “ Blind cross-border ”, It is more important to make the main business to the extreme .

* The picture is from : Photo net , be based on VRF agreement .

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