Ganyuan Food, Jiangxi’s “number one bean snack brand” endorsed by Huang Xiaoming and famous for its crab roe-flavored melon seeds, is about to go on the market, and subscriptions will officially open on July 22. In addition to Qiaqia Food, Yanjin Store, Three Squirrels, and Bestore, A-share snack food listed companies will add a new member.
The prospectus shows that Ganyuan Food plans to issue no more than 23.304 million shares this time, and plans to raise a total of 953.941 million yuan, which will be invested in the Henan production line construction project of snack food with an annual output of 36,000 tons, Marketing network upgrade and brand promotion projects, e-commerce platform construction projects, information construction projects, R&D center construction projects and automated production technology transformation projects.
Compared with younger generations such as Internet celebrity companies Three Squirrels and Bestore, Ganyuan Foods, which has been established for 14 years, can be considered an old-timer. Opening the Ganyuan Food website, the company's slogan is to inherit Chinese grain snacks and become a trend vane for bean snacks. The company was established in Pingxiang, Jiangxi in 2006. He started by selling beans, and has gradually reached the position of being the “big brother” in today’s bean snack industry.
The company’s main products are divided into three categories, namely roasted seeds, nuts and kernels, and cereal crisps. Among them: roasted seeds include melon seeds, broad beans, green peas and peanuts; nuts and kernels include Walnuts, almonds, pistachios, macadamia nuts, pine nuts, etc.; cereal crisps include rice crisps, crispy rice crisps, twists, glutinous rice sticks, etc.
As of December 31, 2019, the company has a stable and efficient dealer team of more than 1,000, and the company’s terminal stores cover hypermarkets, warehouse membership stores, supermarkets, chain stores, schools, transportation stations, etc. Multiple scenarios achieve multi-level coverage from core business districts to distribution stores. In terms of online channels, the company already has dozens of e-commerce platforms including Tmall and JD.com.
The company has made various improvements and innovations in terms of varieties and flavors. In the field of seed snack foods, it took the lead in introducing new flavors such as crab roe flavor, mustard flavor, and Taiwanese braised pork flavor, and later launched sauce-flavored gravy. There are more than ten flavors such as garlic flavor, spicy flavor, etc., which have been improved in taste and product richness. It is reported that Ganyuan Food has obtained an invention patent for crab roe-flavored melon seeds and its preparation method. Ganyuan Food's most famous product is "crab roe flavored melon seeds" that can be found everywhere in supermarkets. Its three series of products, melon seeds, broad beans and green peas, contribute nearly 80% of its revenue.
In 2016, the company's brand "Ganyuan" was awarded the "Top Ten Innovation Brands in China's Food Industry in 2016" by the China Non-staple Food Circulation Association; in 2017, the company's crab roe flavored melon seeds and crab roe flavored broad beans won the China Foods Industrial Association Classic Product Award; in 2018, the company's "Ganyuan" crab roe flavored melon seed kernels won the Gold Award for Agricultural Products Exhibited at the 16th China International Agricultural Products Fair. In the field of seed snacks, Ganyuan Food has grown into a leading brand.
During the reporting period, the company's operating conditions were good. The company's operating income in 2017, 2018 and 2019 were 787.5813 million yuan, 911.410 million yuan and 1.1091347 million yuan respectively; the net profits were respectively were 62.1277 million yuan, 119.8794 million yuan and 167.996 million yuan; the net profits attributable to shareholders of the parent company after deducting non-recurring gains and losses were 63.9847 million yuan, 105.8454 million yuan and 157.1632 million yuan respectively. Ten thousand yuan.
In the prospectus, the company also made performance forecasts.
According to the company's reviewed operating results from January to March 2020 and the current operating situation, if there are no major adverse changes in the company's operations and external environment in the future, the operating income from January to June 2020 is expected to be 464.5085 million yuan to 51340.41 yuan. Ten thousand yuan, a year-on-year increase of 3.48 to 14.37. The net profit attributable to the owners of the parent company is expected to be 66.4908 million yuan to 73.4898 million yuan, a year-on-year increase of 21.89 to 34.72. It is estimated that the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses is expected to be attributable to the owners of the parent company. The net profit was 60.494 million yuan to 66.8618 million yuan, a year-on-year increase of 19.56 to 32.15.
In the road show, the company mentioned that Ganyuan Food has established marketing channels in various regions across the country, and the geographical sources of operating income are relatively scattered. The company's products are mainly sold in East China, Central China, North China and Southwest China. During the reporting period, the company's total sales revenue in East China, Central China, North China and Southwest China accounted for 62.67, 63.92 and 65.92 of its main business revenue respectively.
The prospectus shows that Ganyuan Food has 7 shareholders. Judging from the shareholder composition, the company’s actual controller, Chairman Yan Binsheng, holds 74.99 shares, Vice Chairman Yan Haiyan holds 8.33 shares, as well as Mingzhi Investment and Mingwang The three platforms of Investment and Mingyi Investment hold a total of 2.48 shares.
According to the prospectus, Yan Binsheng, male, born in 1975, Chinese nationality, no permanent right of overseas residence, worked for Guangdong Qibao Yiding Food Co., Ltd., Foshan Gaoming Senheyuan Food Co., Ltd., Guangzhou Panyu District Shiji Ganyuan Food Factory, Shunde Huazhixin Food Co., Ltd., Foshan Nanhai Xinganyuan Food Co., Ltd. From February 2006 to November 2011, he served as the marketing director of Ganyuan Co., Ltd.; from November 2011 to August 2012, he served as the executive director of Ganyuan Co., Ltd.; from August 2012 to October 2015, he served as the chairman of Ganyuan Food; from October 2015 to present , serves as the chairman, general manager and legal representative of Ganyuan Food; from October 2017 to present, he serves as the executive director, general manager and legal representative of Anyang Ganyuan.
Yan Binsheng can be said to be a typical example of a passionate entrepreneur who started from scratch. In 1997, Yan Binsheng came to Qibao Yiding Food Company in Dongguan, Guangdong to work in sales. In 2000, he learned that a small food factory in Panyu was about to be sold due to poor management. Faced with this chance, he decisively scraped together 500,000 yuan to take over the small food factory. After a lot of hard work, the company was very successful. Things are about to pick up, and the Ganyuan brand has begun to enter the market. In 2006, he returned to Pingxiang to set up a factory and founded the first Pingxiang Ganyuan Food Factory in Lashi Town, Xiangdong District, Pingxiang City.