Text | Professional catering network Yan Zhen
"The first share of brine flavor with food" is about to be born!
Recently, Ziyan Baiwei Chicken disclosed the prospectus, planning to open the subscription the day after tomorrow (September 15), and intends to be listed on the Shanghai Stock Exchange!
It started from a vegetable market brine cold vegetable shop, spent 33 years to open 5300+ chain stores nationwide, with an annual revenue of 3.092 billion! Among them, only a couple lung tablet can sell 900 million a year!
Nowadays, Ziyan Baiwei Chicken is about to become the fourth listed brine food enterprise after Zhou Black Duck, Huang Shanghuang and Absolute Taste Food!
Unlike these casual brine giants, Ziyan Baiwei Chicken aims at the catering retail business of "family kitchen", and uses "food brine" to cut into a wider market!
How exactly does it create a "brine" new retail model? Can its listing stir up today's "brine" jianghu?
Annual revenue of 3.092 billion yuan,
"The first share of brine flavor with food" is about to be born!
The marinade is mainly divided into meal marinade and casual brine.
According to Meituan data, in 2021, the scale of the accompanying meal and leisure halogen products industry is 179.2 billion yuan and 150.4 billion yuan respectively, and the current scale of the accompanying meal market is greater than that of leisure brine, and the market share of the two is about 6:4.
The listed delicious food, Huang Shanghuang and Zhou Black Duck are all casual brine, and Ziyan Baiwei Chicken is mainly in the field of accompanying meals, if it successfully lands on the A-share market, it will become the "first share of A-share brine".
1, known as the "husband and wife lung tablet king", a dish will sell 900 million
The main products of Ziyan Baiwei Chicken are husband and wife lung slices, Baiwei chicken, rattan pepper chicken and other livestock products such as chicken, duck, cattle, pigs and vegetables, aquatic products and soy products as raw materials for halogenated food.
The prospectus shows that Ziyan Food has a revenue of 3.092 billion yuan in 2021, of which the husband and wife lung tablets are its signature, and the revenue of this dish alone last year was 933 million yuan, accounting for 30.6% of the total revenue.
From 2018 to 2021, the revenue of husband and wife lung tablets is 628 million yuan, 765 million yuan, 810 million yuan and 930 million yuan, and the proportion of revenue has been maintained at about 30%, which is very stable.
As of December 31, 2021, Ziyan Food has 5,100 stores, and on August 2 this year, the number of its terminal stores has exceeded 5,300, and its products cover more than 180 cities in more than 20 provinces, autonomous regions and municipalities directly under the Central Government.
2. The brine market will stage a "four-legged stand", and Ziyan will rank second
Earlier, Zhou Black Duck, Absolute Taste Food, and Huang Shanghuang were listed successively, and were known as the "Three Giants" of Brine Flavor.
Nowadays, the listing of Ziyan Food may break this pattern, and it will also come to the top, from the perspective of the number of stores and revenue, it is currently second only to the taste and leap to the second.
From the perspective of the number of stores, as of the first half of 2022, the number of stores of Absolute Taste Food, Zhou Black Duck and Huang Shanghuang was 14921 (the number of mainland stores), 3160 and 4024 respectively, while Ziyan Baiwei Chicken had 5300, second only to Absolute Taste Food.
In terms of revenue, the financial report data in 2021 shows that the total revenue of Absolute Taste Food, Zhou Black Duck and Huang Shanghuang is 6.549 billion yuan, 2.870 billion yuan and 2.339 billion yuan, the net profit is 981 million yuan, 342 million yuan and 69.2085 million yuan, and the revenue of Ziyan Baiwei Chicken is 3.092 billion yuan, second only to Absolute Taste; the net profit is 320 million yuan, lower than that of Absolute Taste, slightly inferior to Zhou Black Duck.
In addition, Ziyan Food has good growth potential.
In the first half of this year, its revenue rose 16.52% year-on-year to 1.637 billion yuan, and its net profit fell 27.57% year-on-year to 116 million yuan.
Although the net profit also fell, the overall situation of Ziyan Food is much better than that of the three giants of halogen products:
In the first half of the year, Absolute Taste Food achieved revenue of 3.336 billion yuan, up 6.11% year-on-year, and net profit was 98.5927 million yuan, down 80.36% year-on-year; Zhou Black Duck achieved revenue of 1.181 billion yuan, down 18.7% year-on-year, and net profit of 18.377 million yuan, down 92.0% year-on-year; Huangshanghuang achieved revenue of 1.182 billion yuan, down 15.98% year-on-year; Net profit was 79.9155 million yuan, down 46.70% year-on-year.
From the wet market to the capital market, it has opened 5300 stores in 33 years!
And to talk about the history of Ziyan Baiwei Chicken, it has to start from a cold vegetable shop in a vegetable market.
1, the husband and wife shop started, improve the brine duck for "oil hot duck", fire all over Xuzhou City!
Zhong Chunfa, the founder of Ziyan Baiwei Chicken, and his wife are from Leshan, Sichuan.
In 1989, the couple left Leshan with their bags on their backs and decided to start a business in Xuzhou. As soon as he arrived in Xuzhou, Zhong Chunfa found that "the old man with gray hair and the child who learned to speak with teeth and teeth" everyone especially loved to eat duck, which was the daily need of Xuzhou people!
However, the taste of the brine duck sold on the street is far from that of the Leshan sweet-skinned duck. The couple who once opened a restaurant in their hometown pondered that on the basis of maintaining the taste of Leshan sweet-skinned duck itself, they would slightly improve the Xuzhou brine duck, or it would be feasible! So I opened a "Bell Kee Oil Scalding Duck" in Xuzhou, but I didn't expect that it was this improvement that made the business a hit!
The couple is not only handy in the product, but also very business-minded! At that time, when the husband and wife shop occupied the mainstream of the market, Zhong Chunfa studied how to open a branch!
So he invited several brine masters from his hometown in Sichuan to help the shop, and within a few years, Zhong Ji oil scalding ducks bloomed everywhere in Xuzhou!
2, the main Sichuan brine products, do 10 flat stall stores, to create 3 billion "halogen empire"!
In the 7th year of Zhong Ji's hot duck, Zhong Chunfa's son Zhong Huaijun resigned from the "iron rice bowl" of the teacher, and as soon as he took over the family's business, Zhong Huaijun did a series of big things - changing his name and surname, enriching products, and winning East China!
(1) Nearly 1500 stores have been opened in the Yangtze River Delta, becoming the "King of East China's Brine Flavor"!
In order to expand, Zhong Huaijun first changed his name. Choosing the auspicious reunion meaning of "Purple Qi Coming East" and "Swallow Returning to the Nest", we created the "Purple Swallow" brand, and then made several major adjustments!
Although the name has been changed, if you want to make a name, you must first go to Nanjing, because if you can gain a firm foothold in Nanjing, which is "no ducks and no seats", it will officially start your name!
Soon, Ziyan's puff pastry duck, with its distinctive taste, killed a bloody road in the siege army of Nanjing brine duck!
In 2000, Ziyan entered Shanghai, doing all the stall stores of about 10 square meters, covering major communities and vegetable markets, opening nearly 1,500 stores in East China, especially in Shanghai, which even reached the popularity of "everyone knows everyone knows".
(2) Selling 15 million chickens a year, "Baiwei Chicken" has become a new main hit
At the same time of expansion, Ziyan has also done a lot of optimization in product structure.
First of all, in order to meet the needs of customers in different cities such as Shanghai and Hangzhou, Ziyan no longer sells oil hot duck, but increases Sichuan brine products such as Baiwei chicken and husband and wife lung slices, covering chicken, cattle, pigs and other meats, increasing the richness of products and standing out from other brine stalls!
Not only that, Ziyan is also developing 8 new ace products every year to replace it and keep it fresh!
For example, The annual sales of Flavor Chicken exceeds 15 million, and beating the puff pastry duck has become the first signature dish!
Do "family kitchen" annual revenue of 3 billion,
What does it teach caterers?
Haidilao, Xibei, Meizhou Dongpo, including very cross-border bigwigs are seeking to open up a world in new catering retail, such as prefabricated dishes, etc., all of which are aimed at the "family kitchen" of the catering retail business.
And Ziyan cut into the halogen track, polished for 33 years, opened 5300 stores, although it is the same plate of business, the model is relatively mature, what enlightenment can it bring us?
1, under the rice, under the wine dishes, with the meal cooked food cut into the family table!
When it comes to Ziyan Baiwei Chicken, you may think that it is a casual brine food similar to the absolute taste and Zhou Black Duck, but in fact, Ziyan Baiwei Chicken is aimed at the "family kitchen"!
Because it put forward the slogan of "bringing Ziyan home to eat", it further strengthened the product positioning of "cooked food with meals".
First, in terms of site selection. More than 5,000 stores in more than 100 cities are all located under the community and in the vegetable market, so that customers can go home from work, or buy vegetables at the market to make dinner, and bring them directly to the table!
Second, in terms of product selection. Mainly based on elements such as "cooking and drinking", such as meat dishes such as pork head meat, marinated chicken feet, rattan pepper chicken, etc., vegetarian dishes such as red oil shoot shreds, cold mix kelp and other products, a total of nearly 40 kinds of sku!
At the same time, Ziyan Baiwei chicken also opened a takeaway, the reporter observed the takeaway situation near the East Fifth Ring Road in Beijing, the monthly sales of a single store is more than 700 singles, less than 100 singles, which shows that Ziyan Baiwei chicken is not only a family table, even a working meal can be satisfied!
2, retain the last 20% of the process, "cut and mix" is its killer
Since Ziyan positions itself as a "dish" on the table rather than a snack, then "fresh, pyrotechnic gas" is a difficulty that must be overcome, which has to mention the "freshly cut and mixed" that each stall of Ziyan Baiwei Chicken retains!
Although the products are distributed centrally from the central kitchen, the last 20% of the process must be presented in the store!
For example, every staff member of Ziyan Baiwei Chicken has to go through 45 days of training to learn how to cut half a chicken with 45 knives, learn the seasoning ratio of husband and wife lung slices...
When the customer finishes selecting the product, the scene cuts the chicken, mixes the lung slices, and the scene of the stall is full of sense, so no matter in what time period the customer comes to buy the product, the freshness is "seeing is believing"!
This is similar to the Tsinghua Garden, which opened more than 100 retail stalls in Beijing, supporting various equipment in the stalls, even if it is also distributed from the central kitchen, it is also necessary to turn "cold ice" into "hot", and finally customers must see the picture of steamed buns out of the pan and fried chicken, extremely comfortable!
3, take out a main dish, support 30% of the revenue
Gui Jiuqiang, vice chairman of Ziyan Baiwei Chicken: "In 2019, the husband and wife lung tablets sold 7370 tons, with a revenue of 1.6 billion! ”
This is similar to the "focus" thinking that has always been popular, pulling out a retail product to do fine drainage, which supports 30% of the revenue!
The same is true for restaurants, which can not only make convenient bento boxes and self-heating hot pots in the retail sector, but also bring out a dish! We can also use the example of the Purple Light Garden.
ZiguangYuan has been on fire in Beijing for 40 years, and the product of hand-torn chicken has always been a must-have on the table! And its stall is to take this brine chicken as an ace product, focus on publicity and creation, do not need any additional research and development and investment, a stall sells at least hundreds of pieces a day!
"Halogen representative" Ziyan Baiwei chicken is aiming at the "family table", and major restaurants are also rushing into the "family kitchen" in the form of opening take-out stalls, and the new retail model of catering has become the trend of the times!
Summary of Professional Catering Network:
The underrated "brine taste" is becoming the first category to break out after the epidemic.
Ziyan Baiwei Chicken has spent decades seizing the "food" scene of "taking home for dinner", which can be said to have captured a key link in the whole scene!
In particular, under the epidemic situation, its sprint listing has given people a glimpse of the growth potential of the meal marinade in addition to the casual brine.
This means that restaurant companies are still in the ascendancy in retailing for home kitchens, and there is still a lot of room to play!