The first stock of "braised dishes" is coming.
Chinese food retailer Ziyan Food (Chinese: 紫燕食品，SH: 603057) started to apply for purchase to land on Shanghai Stock Exchange on September 15, with sponsor GF Securities.
Ziyan Food was issued at CNY 15.15 (USD 2.17) per share, with a P/E ratio of 22.99x. The proposed public offering reached 42 million shares, accounting for 10.19% of the total share capital after the issue.
From 2019 to 2021, Ziyan Food achieved operating revenues of CNY 2.435 billion, CNY 2.613 billion and CNY 3.092 billion, respectively, and net profits attributable to shareholders of the parent company after deducting non-recurring gains and losses of CNY 234 million, CNY 310 million and CNY 272 million, respectively, which showed some fluctuations.
Specifically, Ziyan Food's revenue mainly comes from fresh products, including sliced beef and ox tongue in chili sauce, whole poultry products, spicy snacks, etc. Among them, sliced beef and ox tongue in chili sauce is a pop-up, of which the revenue accounted for a relatively stable share.
During the reporting period, the company's comprehensive gross margin (excluding the impact of freight) was 25.46%, 30.45% and 26.06% respectively, which was lower than that of its competitors. In addition to the negative impact of the epidemic on offline food consumption, raw material price fluctuations, market competition, sales model and other factors can not be ignored.
Ziyan Food expects to achieve operating revenue of CNY 2.71 billion to CNY 2.82 billion from January to September 2022, an increase of 14.14% to 18.77% compared with the same period of the previous year; net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses of CNY 181 million to CNY 197 million, a decrease of 22.24% to 28.56% compared with the same period of the previous year. As of August 2, 2022, the number of the company's physical stores in the country has exceeded 5,300.
Public data show that the size of China's braised dishes industry will reach CNY 369.1 billion in 2022 and is expected to reach CNY 405.1 billion in 2023. With the diversification of consumer demand, the consumption scenes have emerged in varied forms. More and more brands are joining this track which is full of fierce competition.