Yuyuan Culture and Catering Group accelerated the expansion of Songhe Lou Noodle Restaurant, with nearly 50 signed stores in the first half of the year.
Food Capital Authority (ID: FoodBud)
Wen | Xizi
On the evening of August 23, Yuyuan Co., Ltd. released the first half of 2021 performance announcement: the company achieved operating income of 22.724 billion yuan, an increase of 12.68% year-on-year; net profit attributable to shareholders of listed companies was 1.409 billion yuan, an increase of 31.10% year-on-year.
Among them, in the first half of the year, the company's main revenue of catering management and service business was 410 million yuan, while the business cost was only 140 million yuan.
During this year's "May 5th Shopping Festival", in conjunction with the "515 Fosun Family Season", Cultural Catering Group relied on products, channels, marketing, promotion and other aspects of the force, its catering, food and beverage brands in the omni-channel sales exceeded 150 million yuan, an increase of about 150% year-on-year.
Songhe Tower will sprint to 100 stores within the year
The cultural catering and food and beverage business is one of the key industries of the company's new round of development. The company's cultural catering business ranks among the top 100 enterprises in the national catering industry, mainly engaged in formal dining, leisure catering, food court and trend entertainment and other formats, it has a number of Shanghai famous trademarks, century-old Chinese time-honored brands, intangible cultural heritage projects, including Green Wave Corridor, Shanghai Old Hotel, Songhe Tower, Dexing Pavilion, Songhe Tower Su-style Noodle Restaurant, Nanxiang Mantou Shop, Chunfeng Songyue Lou, Ningbo Tangtuan Shop, Old City God Temple Snack Plaza, etc.
In the first half of 2021, The Culture & Catering Group continued to adhere to the chain development strategy and accelerated the expansion of Songhe Lou Noodle Restaurant, with nearly 50 signed stores in the first half of the year.
It is understood that the Songhe lou noodle restaurant business has successively entered the core business circles of Beijing, Shanghai, Suzhou, Nanjing, Ningbo, Hangzhou, Wuxi and Shenzhen, as of June 30, the total number of stores has increased to 32, and 37 stores have been signed and not opened, and it is expected to sprint to 100 stores within the year. In the first half of the year, the sales revenue of Songhe Tower was nearly 200 million yuan, of which nearly 50% of the revenue came from the chain noodle restaurant business.
According to the China Europe Business Review, the noodle restaurant under Songhe Tower currently has an average daily turnover rate of 6 to 8, and the highest store turnover rate reaches more than 10, that is, more than 10 waves of guests have dined at the same table in one day, compared with the turnover rate of catering brands in the same industry may only be 5 to 6.
In terms of "two buns", nanxiang steamed buns and songyuelou's vegetarian buns continue to polish single stores and constantly explore future extensions. In terms of single stores, in the post-epidemic era in the first half of 2021, a total of 11 stores such as Green Wave Corridor, Songhe Tower, and Songyue Tower created a record of new sales in a single day during the holiday period. At the same time, new stores such as Songyue Building, Old Restaurant, and Dexing Restaurant have also been upgraded and upgraded. In the first half of the year, the catering business of Cultural Catering Group improved its ranking in the industry by 15 places and entered the top 60 of China's catering industry.
The company's food and beverage business has been integrated and upgraded, and gradually formed a traditional Chinese food culture product matrix with the "Old City God Temple" brand as the core, and traditional brand products such as spiced beans and pear paste candy have accelerated innovation, while actively laying out leisure food, catering food, herbal drinks, specialty wines and other categories, opening up the food industry pattern from field to table. In addition, the company holds 55.50% of the equity of Ruyiqing Biotechnology Co., Ltd. (hereinafter referred to as Ruyiqing), which is an enterprise mainly engaged in the research and development, factory cultivation and sales of fresh edible mushrooms, with annual sales volume in the top three in the industry, and the sales network covers 25 provinces, municipalities and autonomous regions across the country.
Newly established Desheng Catering, holding 20% of the shares of Suzhou KFC
In 2018, Yuyuan Co., Ltd. acquired 100% of the equity of Songhelou Food Culture and 100% of the equity of Songhelou Catering for a total price of 1.638 billion yuan. Among them, Songhelou Food Culture holds 20% of the equity of Suzhou KFC Co., Ltd., participates in the development of fast food chain business, and operates a number of suzhou long-established brands such as Suzhou Wufangzhai and Xinjufeng.
In February of this year, Yuyuan Co., Ltd.) added a new foreign investment enterprise, named Suzhou Desheng Catering Management Co., Ltd. (Desheng Catering), through Desheng Catering to hold 20% of the equity of Suzhou KFC.
Image source: Qi Cha Cha
In August last year, Yum China acquired a 25% stake in Suzhou KFC for US$149 million, increasing its shareholding ratio to 72%, so Suzhou KFC's performance has begun to be combined with Yum China's performance.
According to the semi-annual report of Yuyuan Shares, the net assets of Desheng Catering at the end of the period were 117 million yuan and the net profit was 38.455 million yuan. The ending balance of Suzhou KFC was 710 million yuan, and the investment income was 14.028 million yuan
Suzhou KFC's recognized lease income to Yuyuan Shares in the current period was 600,000 yuan, compared with 450,000 yuan in the same period last year.