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