"Financial God of War" really wants you to invest in Mixue Bingcheng, how long can the growth under the loss last?

Source: Visual China

On January 7th, "the first share of red dates" missed you (002582. SZ) revealed on the investor interactive platform that the company indirectly participated in the investment in Mixue Bingcheng Co., Ltd. by holding the fund shares of Shenzhen Longzhu Equity Investment Fund Partnership (Limited Partnership).

Despite this announcement, it is good to think that your stock price is still falling after two consecutive days of decline. As of the close of trading on January 8, the price per share was 7.44 yuan, a decrease of 2.11%.

Since selling Baicaowei at a high premium, the "overnight rich" good idea that you have not yet found a new profit growth point, and have suffered losses one after another, and then shifted the main force to financial investment. However, Titanium Media App saw from the financial report that the investment income still could not resist the decline of the main business financially.

If you are addicted to financial management, can you find new points of interest through investment?

The main business of jujube has hit a wall

I really think that your road to "financial war" starts with selling Baicaowei.

In 2020, after the divestment of Baicaowei, I really think that although you have a lot of funds, the focus of the jujube business has low technology content, it is difficult to have premium ability and space in the market, and there is no high-quality sector to support the entire capital market. As a result, performance development gradually fell into a downturn. In the future, I think you may need to do some integration and M&A. Therefore, at the end of last year, the company's management said in the institutional survey that "we are actively looking for high-quality targets that are consistent with the company's strategic development, focusing on enterprises that are compatible with the company's products, channels, brands, supply chains, etc., and can empower each other." ”

Behind the continuous investment, I want you to lose a total of 230 million yuan since last year.

From this year's point of view, the improvement of your loss situation is not obvious, and after a brief recovery in the first quarter, the net profit of the second and third quarters continued to lose.

According to the data of the interim report, the operating income of Haoxiangyou was 701 million yuan, an increase of 13.79% year-on-year, the loss was 18.2329 million yuan, a year-on-year decrease of 880.11%, and the non-net profit was -51.5636 million yuan, a year-on-year decrease of 78.05%.

In the second quarter, the company's single-quarter main revenue was 286 million yuan, an increase of 17.46% year-on-year, a single-quarter loss of 30.5036 million yuan, a year-on-year decrease of 389.59%, a non-net profit of -42.4134 million yuan, a year-on-year decrease of 21.58%, investment income of 9.718 million yuan, financial expenses of -15.3236 million yuan, and a gross profit margin of 23.89%.

In the third quarter, the company continued to lose money, but the loss narrowed. According to the data, in the first three quarters, the operating income was 1.091 billion yuan, a year-on-year increase of 11.89%, and the loss was 40.8361 million yuan, an increase of 23.59% year-on-year, and the loss in the third quarter narrowed to 22.6033 million yuan, an increase of 59.48% year-on-year.

After the loss of Baicaowei, I think you have been working on the sales channel, but the effect is not good. Starting from the 2021 annual report after the divestment of Baicaowei, the sales expenses of Haoxiangyou have risen all the way, with 242 million yuan, 316 million yuan and 254 million yuan in the third quarter of 2021, 2022 and 2023, accounting for 18.9%, 22.5% and 23.28% of operating income.

And in 2022, I wish you had made efforts to expand dealers. Prior to this, there were about 100 new dealers added every year, but there were about 100 dealers who quit every year, with an average annual growth of dozens of dealers;In 2022, there were 392 new dealers, 261 dealers withdrew, and a net increase of 131 dealers per year. In the first half of this year, there was a net decrease of 118 dealers, which was also the first time that the company had a net decrease in dealers after the company's main business of jujubes.

It is understood that in order to boost its own performance, I think you are developing the second growth curve in recent years, and a growth committee has been set up to implement a large single product strategy. For example, we will take Red Pie and Dou Feifei as key incremental business products, create a strategic single product based on Red Pie, and also plan to promote Red Pie and Dou Feifei to overseas business markets.

Starting from the 2021 annual report after the divestment of Baicaowei, I think your sales expenses have risen all the way, with 242 million yuan, 316 million yuan and 254 million yuan in the third quarter of 2021, 2022 and 2023, accounting for 18.9%, 22.5% and 23.28% of operating income.

However, in the case of weak main business and single jujube products, if you want to seek performance increments, you still need to find a new way.

In terms of future planning, I would like you to indicate in the record of investor relations activities that according to the 2023 restricted stock incentive plan, the company's business goal for next year is to increase the operating income in 2024 by 30% compared with 2022 or the net profit in 2024 will not be less than RMB 30 million. With the in-depth promotion of the company's hyperbolic strategy, the first curve business has developed steadily, and the second curve business has continued to contribute new increments, and the sales performance will continue to improve together.

The "God of Money" indirectly invests in Mixue Bingcheng

According to public information, in October 2021, I think you said on the investor platform that in January 2021, Mixue Bingcheng completed the first round of financing, led by Meituan Longzhu and Hillhouse, followed by CPE Yuanfeng and other institutions.

Titanium Media App saw on Tianyancha that the above-mentioned financing amount exceeded 2 billion yuan, of which Meituan Longzhu and Hillhouse both invested 1 billion yuan in a single transaction. As a shareholder of Shenzhen Longzhu Equity Investment Fund Partnership (Limited Partnership), Haoxiangyou Health Food Co., Ltd. holds 0.5983% of the shares and subscribes for 30 million yuan.

Since the sale of Baicaowei, I really want you to have the title of "God of Financial War". In addition to Mixue Bingcheng, Titanium Media App checked Tianyan and found that I want you to invest directly in 38 companies, and a total of 293 companies have been invested in all foreign investments that have been penetrated by equity.

The largest investment was at the end of last year, and I want you to announce that it would invest a total of 700 million yuan with its wholly-owned subsidiaries to increase the capital of Hunan Snack Busy Commercial Chain Co., Ltd. After the completion of the capital increase, I want you and its wholly-owned subsidiaries to hold a total of 6.64% of the shares of Snack Busy.

Founded in 2019, Snack is a snack company focusing on offline channels, positioned as a "snack brand that is not expensive and delicious, and the people's is the people", and its snacks include snack food, candy and chocolate, beverage preparation, roasted nuts, dried fruit preserves, pastries and biscuits and more than 1,600 categories.

On January 8, I would like you to say in the latest investor relations activity record disclosed that the company hopes to quickly collect market research information and consumer feedback by using the help of snacks and strong offline channels and customer base, which can effectively promote the company's product iteration and innovation and development, and accelerate the development of the company's second curve business. In the future, the company will always adhere to the strategy of steady investment for industrial investment, focus on the three major segments of new consumption, new channels and big health, and will still actively look for high-quality targets that are consistent with the company's strategic development, so as to realize the mutual empowerment of target enterprises and companies in products, channels, brands, supply chains, etc., win-win cooperation, and help the development of the company's main business.

(This article was first published on the Titanium Media APP, by Guo Mengyi)