1February 16, Yi Ming Food officially opened for subscription. With the success of this listing, Yi Ming Food will become another listed baking and milk beverage company after Maiquer.
According to the announcement of Shanghai Stock Exchange, Yi Ming Food intends to issue no more than 6,654,380,000 shares at a price of 9.265,438+0 yuan/share. /kloc-On the evening of 0/6, the winning rate of food in Yi Ming was 0.042%. Earlier, Yi Ming Food said that it planned to invest 497 million yuan to build a direct milk bar, a food production base in Yi Ming, Changshu, Jiangsu, a new project with an annual output of 30,000 tons of baked goods, a research and development center and an information construction project. After the project is completed and put into production, it will achieve an annual production capacity of 9.49 tons of milk-containing beverages and vegetable protein beverages and 24 1 10,000 tons of baked goods.
Among them, the most interesting thing is the future market planning and product research and development trend of Yi Ming food. In the eyes of the industry, Yi Ming Food has moved from Jiangsu, Zhejiang and Shanghai to Fujian, and is trying to introduce modern and efficient sales channels, which has a good foundation. However, there are still problems such as weak comprehensive ability, especially weak product innovation ability. Once more well-known competitors begin to focus on the model of central factory+chain store, the differentiated positioning and iterative speed of Yi Ming food itself will face a great test.
Compared with the "predecessor" Maiquer who was suspended after landing for six years, what will be the fate of waiting for Yi Ming cuisine?
Slow expansion
The word "truly fresh" determines the focus of food management in Yi Ming.
In 2002, Yi Ming Food first launched its first food chain "Yimingzhen Fresh Milk Bar", which mainly sells dairy products and baked goods. It was not until 2006 that we started to operate "Yimingzhen Fresh Milk Bar" in Zhejiang Province and its surrounding areas, focusing on Wenzhou, Zhejiang Province.
Limited by the demand for fresh milk and short-term quality guarantee, real milk in Yi Ming is mainly concentrated in universities, subway stations and other places with relatively concentrated traffic. Many consumers in Shanghai and Nanjing told the Blue Whale Financial Reporter that the frequency of playing in Hangzhou is very high, but the exposure in Nanjing and Shanghai is not as high as expected, even worse than some local roadside chain dairy stores.
The same is true for quantitative and performance feedback. According to the prospectus of Yi Ming Food, from 20 16 to 20 19, the revenue of Yi Ming Food was12.54 million yuan,1516 million yuan,17.55 million yuan and/kloc respectively. Overall performance is good. Affected by the epidemic, from June 20438 to September 2020, Yi Ming's food revenue was13.66 million yuan, down 5.67% year-on-year; The net profit was 98.9255 million yuan, a year-on-year decrease of 20.05%.
Judging from the specific regional revenue, Yi Ming food still depends on the Zhejiang market. Up to now, among the 699 stores of Yimingzhen Fresh Milk Bar/KLOC-0, there are 1428 stores located in Zhejiang Province. From 20 17 to the first half of 2020, the proportion of Yi Ming's food revenue from Zhejiang market has decreased, but it has been considerable, accounting for 90.84%, 89.75%, 87.97% and 89.26% respectively.
According to the information of 20 16, it is always a small step for Yi Ming cuisine to finally leave the Yangtze River Delta and enter Fujian. The data shows that in the past three years, except for the above areas, there are no new provinces and cities in Yi Ming. Moreover, the number of franchise stores in Shanghai and Fujian only maintained a single-digit growth in two and a half years, with five and six in the first half of this year respectively.
The same step, because of the popular product changes in recent years, is still not big enough. Blue whale financial reporter noted that Yimingzhen Fresh Milk Bar is mainly divided into two commodity display areas: dairy products and baked products. In addition to mini yogurt bags and cup yogurt sold all the year round, in recent years, Yi Ming milk bar has also begun to add new milk tea products. In addition to regular seasonal restrictions, the renewal speed of baking is far less than that of baking workshops, and it is not as fast as that of new teas such as milk snow tea. The consumption scene is more from the geographical advantage. After a sprint, the layout of plant protein drinks can be called a breakthrough, but in fact it is also closely following the general direction of food and drinks, and it is destined to be a red sea in front.
"The brand awareness and recognition of Yi Ming food is still not high." A strategic analyst expressed concern to Blue Whale Financial reporter that it is also a regional brand, and the radiation area of 85 degrees C includes East China, but Li Tao's words now cover a wider range. Whether it is large-scale baking or milk drinking, the spread of fresh and direct positioning labels is far from enough.
Does the central factory+chain store model "hit"?
In fact, there are not a few companies that want to walk on two legs as Yi Ming did in his early years. Maiquer, who encountered ST before, was his "predecessor", because baking one of the important raw materials, namely dairy products, made many enterprises that originally focused on the dairy industry seek the second growth curve through baking. In recent years, Maiquer has rarely appeared, and Yi Ming food is often compared with baking brands in the market. The "central factory+wholesale distribution" represented by Li Tao bread and the "chain store+on-site production" represented by 85°C became the key to its gradual opening.
In recent years, Yi Ming is facing competition not only because of its popularity. At present, Li Tao bread has also been piloted in several cities. According to relevant sources, Li Tao Bread is basically a central factory plus a direct operation or franchise store. The above analysts said that in this case, the key is to see how Yi Ming finds a unique and differentiated position, which is the problem he needs to face.
More importantly, catering production is becoming more and more transparent. Now many restaurants even choose to open the kitchen to show the production process. Yi Ming fresh milk bar is a model of baking first and then transporting it to the store. Can it really get sustained recognition and generate better income?
China food industry analyst Zhu also told Blue Whale Finance reporter that the central factory is a direction and trend, and chain stores should belong to the food operation mode. However, this mode of operation does not have a moat that is too wide and too deep.
Yi Ming Food has also been looking for business outside the milk bar. In recent years, Yi Ming has also innovated its sales channels by introducing vending machines, traditional wholesale and retail channels and supermarkets. The actual effect is not very clear. From 20 16 to the first half of 20 19, the sales income of Yimingzhen fresh milk bar accounted for 72.76% of the main business income on average, and the income from non-store channels accounted for 27.24% on average.
Behind this, the old-fashioned food safety problem has already appeared. In the second half of 20 16, Yi Ming Food was complained that the milk sold by vending machines was of poor quality and moldy. Some feedback pointed out that there were bugs in toast bread, and the shelf life of similar baked products produced by the same manufacturer was different.
Although the market is quite optimistic about the replication ability of Yi Ming food, there are different voices. Zhu said: "On the whole, Yi Ming food should not be favored and sought after by the whole investors." But both voices mentioned that it still depends on the iteration speed of innovation and upgrading of Yi Ming's subsequent overall products.
This article comes from Blue Whale Finance