Reporter/Cheng Junhao Editor/Xia Chong
On August 18, Zhengzhou Qianwei Yang Kitchen Food Co., Ltd. (hereinafter referred to as "Qianwei Wei Kitchen") issued a prospectus for listing on the Shenzhen Stock Exchange.
Founded in 2012, Qianwei Central Kitchen's main business is the research and development, production and sales of quick-frozen noodle rice products. Its business segments include catering channels and circulation channels, and the market objects are mainly business channels for direct consumption of non-commercial supermarket retail.
According to the prospectus, from 2018 to 2020, the revenue of Qianwei Central Kitchen was 700 million yuan, 890 million yuan and 940 million yuan, respectively; the net profit was 58.67 million yuan, 74.12 million yuan and 76.59 million yuan.
I miss food
Qianwei Yang Kitchen started in Zhengzhou, and there is another well-known frozen brand in the local area: Miss Food. Qianwei Central Kitchen is incubated by Li Wei, the founder of Miss, incubated inside Miss Food.
In May 1998, Li Wei, the founder of Sinian Group, published a "Notice of Looking for People" in Dahe Newspaper: "Who is the person who can make tangyuan the most, we give him 500,000 yuan!" The job advertisement allowed him to find professionals and make the company famous.
In the same year, Li Wei invited Mao Amin, who became popular for singing "Miss", to spend more than 4 million yuan to produce an advertising film and broadcast it on CCTV, and the popularity of the Miss brand rose again.
In 2000, Li Wei advanced to Shanghai, and in October of that year, he cooperated with Chen Zemin, a fellow villager in Henan and the founder of Sanquan Foods, to change the large packaging routines of brands such as Longfeng and Haibawang and sell bulk food. Two brand-name products are sold together in supermarkets, the price is still cheap, reaching the effect of 1+1 greater than 2, and half a year later, they have conquered Longfeng and Haibawang.
In August 2006, Sinian Foods was listed on the Singapore Stock Exchange on the Singapore Stock Exchange, two years before Sanquan Foods landed on the Shenzhen Stock Exchange. However, the performance of Miss Food in the capital market is not satisfactory. In 2012, Li Wei and others spent more than 500 million yuan to complete the privatization and delisting of Miss Food.
Since then, Li Wei has no longer held a company position, but his enthusiasm for the food industry has not diminished.
In the year of delisting, he established Qianwei Central Kitchen internally, and in early 2016, he became independent from Miss Food, and Li Wei's 100% shareholding in Gongqingcheng Chengzhi was the controlling shareholder. The scale of Qianwei Central Kitchen's catering supply chain has been expanding, and it has rapidly grown into a new industry leader.
Directly supplied to a number of big names
Compared with the well-known miss, 2B's Qianwei Central Kitchen may not be well-known enough, but mentioning KFC fritters, Subway's square flat bread, Burger King's flowing cheese, and real kung fu buns are definitely the favorites of many consumers.
Qianwei Central Kitchen is the supplier behind these "star" products.
There are many suppliers in various categories of catering enterprises, the scale, strength and credibility of suppliers are uneven, and there are not many "regular troops" in scale, and Qianwei Central Kitchen is just one of them. Positioned as "only for catering, chef's choice", Qianwei Central Kitchen is committed to providing customized and standardized quick-frozen food and related catering kitchen solutions for catering enterprises.
According to the prospectus, the main products of Qianwei Central Kitchen include fritters, fried dim sum, baking, dishes and other series, and the number of single products has reached more than 300.
Taking the fritter series as an example, Qianwei Central Kitchen has subdivided six scenes of hot pot, fast food, buffet, banquet, breakfast and takeaway, and targeted the launch of fennel small fritters, spicy hot fritters, hot pot shabu-shabu fritters, takeaway special fritters and other product lines.
In the field of quick-frozen noodle products 2B for many years, Qianwei Central Kitchen has reached an annual output of nearly 10,000 tons, and has become a supplier of quick-frozen rice noodle products for well-known catering brands such as KFC, Pizza Hut, Wallace, Haidilao, Zhen Kung Fu, Jiumaojiu, And Sophora.
Among them, Qianwei Central Kitchen was the first to provide egg tart skins to KFC, and the current supply products have covered many categories such as anxin fritters, waffles, frozen dough, flapjacks, croissants, shortbreads and so on. In 2018, Qianwei Central Kitchen launched more than 40 new products on the market, of which 7 were developed and listed for KFC.
From 2018 to 2020, the sales revenue of this category accounted for half of the country, with sales of 400 million yuan, 490 million yuan and 520 million yuan respectively; baking and cooking are secondary sources of income, and sales revenue accounts for about 20%.
In recent years, the revenue of Qianwei Central Kitchen has continued to grow, from 593 million yuan in 2017 to 890 million yuan in 2019, with a compound growth rate of 22.43%; the net profit of its main business has increased from 46.1169 million yuan in 2017 to 73.1531 million yuan in 2019, with a compound growth rate of 25.95%.
According to data from the National Bureau of Statistics, the size of China's catering market will be nearly 5 trillion yuan in 2020, and according to the average cost of raw materials of catering 30%-40%, the market size of the catering food supply chain is at least 1.5 trillion yuan.
However, at present, the annual turnover of domestic leaders in related fields is only about 400 million, accounting for only 0.03% of the total market share. In 2018 and 2019, the market share of Qianwei Central Kitchen in the domestic quick-frozen noodle rice products industry was about 0.95% and 1.15%, respectively.
Miss Food was once the first listed frozen food company in China, and now that Qianwei Central Kitchen is sprinting A shares, Li Wei may also usher in the second degree of departure in the capital market.