Original title: A shares on the tip of the tongue: Guangzhou Restaurant, Xi'an Restaurant, Quanjude These centuries-old brands have been good?
It is currently the annual report disclosure season, are these long-established catering brand companies in A-shares okay? Today, Hei Chi Jun will take you to see the performance of Xi'an Restaurant, Quanjude and Guangzhou Restaurant in the past ten years.
The people take food as the sky, and Chinese is quite particular about eating.
Although the epidemic struck this year, the catering industry was miserable, but according to the 2019 catering revenue data released by the China Hotel Association, in 2019, the national catering revenue was 4,672.1 billion yuan, an increase of 9.4% over the previous year, higher than 7.7% in 2018.
Haidilao caused an uproar in public opinion because of the price increase, because it hurt the feelings of diners, and finally Haidilao had to apologize for the price reduction. After the Spring Festival, Jia Guolong, chairman of Xibei, said that "Xibei does not live for three months", which attracted many banks to help.
Someone wrote "Haidilao You Can't Learn", and then someone wrote "Why Xibei's waiters always love to laugh", and Haidilao and Xibei have become representatives of China's catering industry.
But do you know where ordinary Chinese people went to eat a hundred years ago? For Guangzhou people, they can go to a Guangzhou restaurant to eat an early breakfast; for Xi'an people, they can go to Xi'an Restaurant to eat a bowl of lamb steamed buns; Beijing people can go to Quanjude to eat roast duck, which is a matter of face.
Xi'an Restaurant was listed as early as 1997, but now it has been renamed Xi'an Food; ten years later, Quanjude successfully landed on the capital market; in 2017, Guangzhou Restaurant was successfully listed on the Shanghai Stock Exchange after several years of travel.
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Xi'an catering industry is an old tree, and its performance is under pressure and needs to be transformed
Lamb steamed bun is a flavorful dish of Shaanxi, especially Xi'an is the most famous. If you go to Xi'an to play, you are embarrassed not to say that you have been there without a bowl of lamb steamed buns.
Tongshengxiang, a subsidiary of Xi'an Food, is a long-established brand selling lamb steamed buns, and its production skills have also been included in the list of national intangible cultural heritage.
In addition to Tongshengxiang, the most famous restaurant brand under Xi'an Catering is Xi'an Restaurant. Xi'an Restaurant was built in 1929 by Feng Kechang and some celebrities in Xi'an at that time, and is known as "Authentic Shaanxi Cuisine" and "Shaanxi Flavor Encyclopedia".
As early as 1936, during the "Xi'an Incident", in order to promote a peaceful settlement plan, Zhou Enlai set up a "peace banquet" at the Xi'an Restaurant, and entertained the patriotic generals Zhang Xueliang, Yang Hucheng and anti-Japanese democrats of the Northeast Army and the Northwest Army with specialties and Huang Gui thick wine, and finally reached a peaceful settlement of the Xi'an Incident.
In 1938, after a long journey through the Indian medical team to aid China, they broke through many obstacles to come to Xi'an, and Zhou Enlai once again set up a banquet at the Xi'an Restaurant, entertaining international friends such as Dr. Ke Dihua and anti-Japanese democrats who aided China to resist Japan.
It can be said that Xi'an Restaurant is not only a landmark building in the hearts of the people of Xi'an, but also made outstanding contributions to the Chinese revolution.
Xi'an Catering, which was born from Xi'an Restaurant, was established in 1992, and in 1997, Xi'an Catering was listed on the Shenzhen Stock Exchange, becoming the earliest listed enterprise in the catering industry.
Although it has a number of long-established brands, Xi'an Food and Beverage has continued to swing up and down the profit and loss line in recent years. In order to activate the brand, Xi'an Diet has made great efforts in innovating long-established specialty products and expanding takeaway channels, but the effect is not obvious.
From the perspective of operation, Xi'an catering operating income has begun to decline year by year since it exceeded the mark of 600 million yuan in 2011. From 2011 to 2014, the company achieved operating income of 672 million yuan, 659 million yuan, 586 million yuan and 546 million yuan respectively; in the same period, the net profit was 0.36 billion yuan, 0.16 billion yuan, 0.15 billion yuan and 0.11 billion yuan, all of which remained profitable.
From 2015 to 2019, the revenue of Xi'an Catering was basically maintained at about 500 million yuan. However, in 2015, Xi'an Diet suffered a loss, and since then, the company's performance has opened a one-loss-one-profit model. In 2016, if it were not for the demolition of one of its restaurants and receiving more than 40 million yuan in compensation, Xi'an Diet would have worn a star and hat in 2017. In 2018, it once again relied on demolition compensation to turn losses into profits, achieving a net profit of 0.09 billion yuan.
(Source: Flush Draft: Blackpool Finance)
It is worth mentioning that since 2013, Xi'an Catering has continued to lose money on non-net profits. From 2013 to 2019, the non-net profit deducted by Xi'an Catering was -7.3619 million yuan, -27.1278 million yuan, -39.2092 million yuan, -22.9481 million yuan, -12.9803 million yuan, -12.2006 million yuan and -49.3892 million yuan, respectively.
A long-established restaurant company with unique brand advantages is now deeply involved in the "aging crisis". Moreover, in recent years, affected by the downturn in the consumer market, the development space of Xi'an Catering's own main business has encountered bottlenecks, and it is difficult to have strong performance support in the short term.
In this context, Xi'an Diet is also trying to transform. In December 2019, Xi'an Catering issued two consecutive announcements saying that according to the needs of business development, the company will jointly invest 3 million yuan with Deli to set up a brand operation company.
For the establishment of brand operation subsidiaries, Xi'an Catering explained that it actively implemented the development strategy of "coordinated development of brand operation and capital expansion", polished the historical responsibility of the golden signboard, revitalized the old brand, introduced social capital, and leveraged the professional team to further rejuvenate the vitality of the old brand" by virtue of the professional team.
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The century-old brand Quanjude Roast duck is difficult to sell The performance has shrunk frequently
No food can represent Beijing more than Peking duck, and no roast duck restaurant can represent roast duck more than Quanjude.
The founder of Quanjude is Yang Quanren. In the third year of Tongzhi (1864), he was trading raw chicken and duck in MeatShi Street outside Qianmen, Beijing. Seeing that the dried fruit shop business named "Dejuquan" is declining day by day, it is on the verge of closure. The shrewd Yang Quanren seized this opportunity and took out his years of savings to buy the "Dejuquan" store. With its own shop, what should I start?
Yang Quanren invited a feng shui gentleman to discuss. The feng shui gentleman said, "Ah, this is really a treasure of feng shui!" However, in the past, this shop was very unlucky and obscure. Unless the old name of 'De Ju Quan' is reversed, that is, called "Quan Ju De", it can be washed away at its bad luck and embarked on a smooth road. ”
Mr. Feng Shui said a word, and Yang Quanren frowned and smiled. The name "Quanjude" is exactly in line with his wishes, first, his name has a "Quan" word, and second, "Jude" is to gather virtue, and can flaunt his own business and talk about virtue. So he set the name of the store as "Quanjude".
Under the meticulous management of Yang Quanren, Quanjude's business is booming. In the following hundreds of years, after several generations of painstaking management, Quanjude cuisine has been continuously innovated and developed, forming a Quanjude cuisine with the unique Quanjude roast duck as the leader, integrating "whole duck seat" and more than 400 special dishes, which is loved by heads of state, government officials, people from all walks of life and domestic and foreign tourists.
In 1993, Beijing Quanjude Group was established; in 1994, Beijing Quanjude Roast Duck Co., Ltd. was established by 6 companies including Quanjude Group; in 2003 and 2004, after two reorganizations, China Quanjude Co., Ltd. was established; in 2007, "Quanjude" was listed on the Shenzhen Stock Exchange.
With the help of the track of the capital market, Quanjude continues to develop rapidly. From 2007 to 2012, the company's revenue has increased from 917 million yuan in the year of listing to 1.944 billion yuan, and the net profit has climbed from 64.32 million yuan to 152 million yuan in the same period.
From 2013 to 2016, in the case of continuous fluctuations in revenue, Quanjude's net profit continued to rise. However, in 2017, the beautiful performance development trend was broken, and the company's net profit fell from 140 million yuan in 2016 to 136 million yuan. In 2018 and 2019, Quanjude continued to decline in revenue and net profit.
With the decline in operating performance, the departure of Quanjude executives occurred frequently. Since the second half of 2019, the new board of directors has undergone a major change of blood. First, director Ye Fei submitted his resignation report; then in November, general manager Zhang Li submitted his resignation report; and in March this year, director Han Xuesong also submitted a resignation report.
On December 4, 2019, Quanjude hired Zhou Yanlong as the general manager of the company and added him as a director of the eighth board of directors of the company, and Zhou Yanlong previously served as the party secretary, director and general manager of Beijing Donglaishun Group Co., Ltd.
However, on April 8, 2020, Bao Min, who has been chairman for a year, submitted his resignation report. Because Bao Min has reached the statutory retirement age, hereby applies to the board of directors to resign as a director and chairman of the board of directors of the company, and will no longer hold any position in the company after resignation. Director Lu Changcai performs the duties of the chairman of the board on behalf of the board of directors and presides over the work of the board of directors.
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Cantonese cuisine long-established Guangzhou restaurant Catering and food fly together
"Food is the first in Guangzhou", Guangzhou restaurant this phrase has been popular for decades, almost every Guangzhou local knows, as the leading boss of the local catering industry, Guangzhou restaurant has created a series of well-known Cantonese cuisine brands.
Guangzhou Restaurant was founded in 1935 by businessman Chen Xinghai and Yu Hanmou, who was once the commander-in-chief of the Kuomintang army. There are many famous chefs in the restaurant, including Liang Xian, the "World Chef King", Zhong Quan, and Liang Rui, Luo Quan, Liang Di, Chen Lu, Hu Pei, Li Long and other famous chefs in the south. Dim sum chefs, known as the "Four Heavenly Kings" of the province, Hong Kong and Macao, once possessed three of them.
"Guangzhou Wenchang Chicken" and "Paris Duck" are the "finale dishes" of the restaurant, in addition, "Crab Yellow Big Wings", "Hundred Flowers Fried Duck Palm", "Glass Shrimp" and other famous dishes are also quite appealing.
Guangzhou Restaurant was established as an enterprise group in the early 1990s, restructured into Guangzhou Restaurant Group Co., Ltd. in 2009, and listed on the Shanghai Stock Exchange on June 27, 2017, becoming the first catering group in Guangdong Province to be listed.
Guangzhou Restaurant focuses on the "food + catering" dual main business model. The company's food business sector is mainly based on mooncake series products, quick-frozen food and spicy products; the catering business sector is mainly self-operated Cantonese-style Chinese food "Guangzhou Restaurant", "Tianjia", and other catering brands such as "Xixidi", "Good Shape", "Xingyucheng" and so on.
Blackpool Finance statistics found that the revenue of the two main businesses of Guangzhou's restaurant food business sector and catering business sector has continued to rise in recent years. From 2014 to 2018, food business revenue has increased from $569 million to $1,892 million, while food and beverage business has also increased from $155 million to $601 million in the same period. Since the annual report of Guangzhou Restaurant has not yet been disclosed, the specific revenue of the two main businesses in 2019 is not yet known.
(Source: Company Annual Report Draft: Blackpool Finance)
Although Guangzhou Restaurant is named "Restaurant", comparing the revenue of the two main businesses, it can be seen that the company is not a simple catering enterprise. In the eyes of many people, Guangzhou Restaurant is more like a food manufacturing enterprise.
Looking back at the operation of Guangzhou Restaurant in recent years, both operating income and net profit are increasing year by year. Financial data shows that in 2011, the company's revenue was only 1.166 billion yuan, but by 2019, the company's operating income has exceeded the 3 billion mark. At the same time, from 2011 to 2019, net profit also climbed from 148 million yuan to 396 million yuan.
Zhao Liping, deputy general manager of Guangzhou Restaurant, once said, "The old brand cannot rely on the old to sell the old, but should keep pace with the times in order to maintain vitality, and Guangzhou Restaurant is still constantly exploring new development models." ”
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The "broken" and "standing" of long-established catering brands
After combing through the performance profile of A-share listed restaurant companies, you may find that restaurant companies like Quanjude and Xi'an Diet, which hold long-established brands, have gradually entered a bottleneck period of development, and their operating performance has continued to be sluggish. The only Guangzhou restaurant that maintained steady growth, its performance was more driven by the food sector.
Now Black Pool Jun may wish to compare the operation of the three companies in the past ten years, and may be able to more intuitively help readers see who is the "dark horse" of the industry. (Note: Guangzhou Restaurant's operation in 2010 was not disclosed)
From the perspective of revenue, from 2010 to 2019, Xi'an Catering has maintained an operating income scale of 400-700 million yuan; Quanjude has basically maintained a revenue range of 1.3-2 billion yuan, which has continued to decline in the past four years; Guangzhou restaurant revenue has climbed year by year, surpassing quanjude revenue scale in 2016 and becoming the highest revenue company among the three.
In terms of net profit, comparing the financial data of the three companies over the years, it can be seen at a glance that Xi'an Catering and Quanjude are facing the bottleneck of performance growth, while Guangzhou Restaurant has maintained a rapid growth trend.
Entering 2020, the catering industry suffered a "black swan". On February 12, the China Cuisine Association released the "2020 New Crown Pneumonia Epidemic Impact Report on China's Catering Industry", showing that during the Spring Festival this year, the catering industry suffered serious losses, compared with last year's Spring Festival, during the epidemic period, 78% of catering enterprises lost more than 100% of operating income; 9% of enterprises lost more than 90%, 7% of enterprise revenue losses were between 70% and 90%, and revenue losses below 70% were only 5%.
Taking Quanjude as an example, affected by the epidemic, the number of meals Chinese New Year's Eve meals in Quanjude's directly operated stores has reached 4,000 tables, and more than two-thirds of the stores in the country are closed. The first quarter performance data shows that from January to March this year, quanjude's net profit is expected to lose 90 million yuan - 100 million yuan, a year-on-year decline of 945.75% to 1039.72%.
The long-established restaurant represents not only the craftsmanship of food, but also the inheritance and development of traditional Chinese culture. In the face of the complex and changeable market environment and fierce competition, how listed catering enterprises should revitalize their old brands and walk out of the road of transformation is worthy of deep consideration in the industry.
Disclaimer: The article does not constitute investment advice, please indicate the source when reprinting.
Source: Blackpool Finance
Author: Tang Guoguo