"The first strand of milk tea" (603711) of "cups can circle the earth 40 times together" has adjusted the high-level personnel.
Recently, Xiang Piaopiao announced that the company's board of directors recently received a written resignation report from Jiang Jianqi, chairman and general manager of the company. In order to further optimize the corporate governance structure, improve the level of corporate governance, and comprehensively consider the company's long-term development plan, Jiang Jianqi, chairman and general manager of the company, applied for resignation from the position of general manager of the company. After resigning as general manager, Jiang Jianqi continued to serve as chairman of the board of directors in Xiangpiaopiao.
At the same time, Xiang Piaopiao also announced that it agreed to appoint Yang Dongyun as the general manager (president) of the company, effective from the date of deliberation and approval of the board of directors, and the term of office will be from the date of deliberation and approval of the board of directors to the date of expiration of the term of the fourth board of directors of the company.
Founder Jiang Jianqi's "decentralization" was regarded as a positive signal by the market, and Xiangpiaopiao's share price closed at 15.07 yuan on December 22.
In this regard, the relevant person in charge of the securities affairs department of Xiangpiaopiao said in response to an interview with the media that the change of general manager is the company's arrangement. "For the next step, the company's main business and business strategy will be adjusted, and no relevant information has been received for the time being. ”
On December 26, Xiang Piaopiao closed at 14.92 yuan, down 1.26%.
"De-familyization" is gradually accelerating
Before joining Xiang Piaopiao, Yang Dongyun's two resumes were the executive president of Baixiang Food Group and the president of Jiankang Yuan Pharmaceutical Group Co., Ltd. This "airborne soldier" has also worked for companies such as Procter & Gamble, Triumph, Yida Group and Super 8 Hotel.
Analysts believe that Yang Dongyun's "airborne" Xiang Piaopiao is a positive signal for the family business Xiang Piaopiao, and his identity as a professional manager will promote Xiang Piaopiao to be more standardized and professional, and it also shows that Xiang Piaopiao's "de-family" strategy is gradually accelerating.
In 2005, Jiang Jianqi founded Xiangpiaopiao, which was finally listed on the Shanghai Stock Exchange on November 30, 2017. However, listing does not mean that the modern management of the enterprise has been improved, and since the listing of Xiangpiaopiao, the position of general manager has been held by Jiang Jianqi.
As of September 30, 2023, Jiang Jianqi, Jiang Jianbin, Lu Jiahua and Jiang Xiaoying held a total of 75.59% of the shares of Xiangpiaopiao, and Jiang Jianqi and Lu Jiahua also held 6.08% of the shares through Hangzhou Zhizhou Hedao Enterprise Management Partnership (Limited Partnership). Among them, Jiang Jianqi and Lu Jiahua are husband and wife, Jiang Jianqi and Jiang Jianbin are brothers, and Jiang Xiaoying is the daughter of Jiang Jianqi and Lu Jiahua.
It can be seen that Xiangpiaopiao is a typical family business.
Since its listing, Xiangpiaopiao's performance has shown a downward trend in recent years.
Wind data shows that from 2017 to 2022, Xiangpiaopiao's operating income was 2.640 billion yuan, 3.251 billion yuan, 3.978 billion yuan, 3.761 billion yuan, 3.466 billion yuan and 3.128 billion yuan respectively, and the net profit attributable to the parent company was 268 million yuan, 314 million yuan, 347 million yuan, 358 million yuan, 223 million yuan and 214 million yuan respectively.
In the first three quarters of 2023, Xiangpiaopiao achieved operating income of 1.979 billion yuan, a year-on-year increase of 29.31%, and net profit attributable to the parent company of 3.4839 million yuan, a year-on-year increase of 104.64%. Among them, in the third quarter, the company achieved operating income of 808 million yuan, a year-on-year increase of 20.41%, and net profit attributable to the parent company of 48 million yuan, a year-on-year decrease of 12.29%.
Zheshang Securities believes that Xiangpiaopiao achieved a turnaround in the third quarter, the performance is in line with expectations, the ready-to-drink sector accelerates the volume, the second growth curve is expected to be established, and the brewing sector is steadily repaired, and it is expected that Q4 will continue to perform brilliantly.
The "run-in" of professional managers is still unknown
Before finding Yang Dongyun, Jiang Jianqi actually intended to let his eldest daughter Jiang Xiaoying reform Xiangpiaopiao's products.
Under the leadership of Jiang Xiaoying, Xiangpiaopiao launched its sub-brands Meco Honey Valley and Lan Fang Yuan in 2017, entered the liquid milk tea market with Honey Valley Milk Tea and Lan Fang Yuan Silk Stockings Milk Tea, and moved towards the mid-to-high-end, and launched fruit juice tea in 2018.
However, with the large-scale development of new tea shops such as Hey Tea, Nai Xue's Tea, and Chayan Yuese, there is no chance for new products that rely on retail channels to explode quickly.
At present, the product direction of Xiangpiaopiao is mainly "brewing business + ready-to-drink business".
"Brewed and ready-to-drink products are in different life cycles and business characteristics, so there are some differences in channel structure. From the perspective of city level, the brewing product channels are concentrated in the lower-tier market, among which the third-tier cities account for a relatively high proportion, while the sales volume of ready-to-drink products in the first- and second-tier cities account for a relatively large proportion. On December 20, when interviewed by the agency, Xiang Piaopiao described the company's products in detail.
For the company's recent sales, Xiang Piaopiao related people pointed out in an investor survey on December 14 that in the fourth quarter, brewing products gradually entered the sales season, and the company went all out to do a good job in all aspects of the peak season and the implementation of the strategy, hoping to achieve better performance in the next final sprint stage.
Huafu Securities believes that the brewing business of Xiangpiaopiao has basically recovered to the pre-epidemic level, and the price increase strategy for brewing products has been basically completed, and the company is also closely following the consumption trend of "health upgrading" to launch new healthy products of non-dairy creamer, and it is expected that under the company's strategy of raising prices and launching new ones, the brewing business is expected to achieve sustained growth in the future. "Since 2017, the company's ready-to-drink business has developed rapidly, and although the epidemic has impacted the business, the company has actively adjusted, and the revenue of the ready-to-drink business in the first three quarters of 2023 has increased by 16.41% compared with the whole year of 2022, with a good development trend. ”
Therefore, Huafu Securities expects Xiang Piaopiao's net profit attributable to the parent company from 2023 to 2025 to be 266 million yuan, 356 million yuan and 444 million yuan respectively, "with a target price of 19.96 yuan per share, and a buy rating is given for the first time." ”
However, the underlying logic of these predictions is that the team of professional managers and family managers can cooperate with each other.
Before Yang Dongyun joined, Xiang Piaopiao also absorbed a large number of market-oriented executives, but its senior management personnel changed frequently.
For example, Lu Yifu, the former marketing director of JDB Group Branch, and Xia Nan, general manager of the human resources and administrative management center, have joined Xiangpiaopiao one after another, serving as the general manager and deputy general manager of the marketing center respectively. However, in less than a year, Lu Yifu and Xia Nan left one after another.
In 2020, Feng Yongye, the employee representative supervisor of Xiangpiaopiao, Yu Qimi, the shareholder representative supervisor, Gou Zhenhai, the secretary of the board of directors, and Cai Jianfeng, the deputy general manager, resigned for personal reasons, and the above-mentioned resigned employees have worked in Xiangpiaopiao for many years.
In January 2023, Shang Gangming, chairman of the board of supervisors of Xiangpiaopiao, resigned.
Therefore, the first problem faced by Yang Dongyun "airborne" Xiang Piaopiao is how to run in with the family managers, which tests both Yang Dongyun and Jiang Jianqi.
"I hope that the new general manager will be able to surprise investors after taking office", an investor left good expectations in the fragrant stock bar.
After experiencing a price limit, Xiangpiaopiao fell for two consecutive days, and finally closed at 14.92 yuan on December 26, down 1.26%.
(Editor in charge: Gao Wenxun)
Source: Hexun Stock Gao Wenxun