Can the feelings of Xi'an version of "Coca Cola" and Bingfeng beverage rush for IPO continue?

The epidemic in Xi'an a while ago made people sweat , Bingfeng Beverage Co., Ltd ( Hereinafter referred to as “ Ice peak ”) Three cars were dispatched in an emergency , Carry drinking water 1000 box , Send care to the front-line epidemic prevention personnel . Bingfeng said in the official blog ：“ The epidemic can be quarantined , Warmth will not be isolated ”.

now , witness 74 Years of history , The national brand Bingfeng is about to appear on the market .

2021 In, Bingfeng submitted the pre disclosure version of the prospectus to the main board of Shenzhen Stock Exchange .

74 Years on , It's not easy to be true .「 No two studies 」 Found in Bingfeng prospectus ： Bingfeng's business and net profit have shown an upward trend year by year in the past three years , However, the proportion of sales in Shaanxi to its main business income exceeds 80%, The cumulative increment of online sales in other regions is 7.21%; The old brand orange soda is still its main revenue source , And its sales account for 80% above .

The prospectus shows , Heavily dependent on region and other issues , The expansion of Bingfeng's domestic market scale is limited , Bingfeng hopes to pass IPO The listing is broken .

stay 「 No two studies 」 It seems ,IPO Listing can not only provide Bingfeng with raised capital and temporary brand exposure , It is difficult for Bingfeng to really open the domestic market , The layout of Bingfeng has yet to be tested .

Rough road to market

74 Years ago ,1948 A heavy snow day in , A businessman imported a set of soda manufacturing equipment from Tianjin to Xinjiang , Stay in Xi'an due to heavy snow , Finally established the predecessor of Bingfeng ： Northwest soda plant . later , The well windlass for producing steam and water was frozen , The snow is frozen like a small mountain ,“ Ice peak ” Established in the name of .

74 After year , Across time and space , After the double squeeze of international beverage giants Coca Cola and Pepsi Cola in the late 1970s , Ice peak in the new consumption era , To be general IPO list , On the new stage of the times .

As early as 2017 year 11 month , Zhang Jun, chairman of sugar and Wine Group , Once revealed the layout of Bingfeng's listing . stay “ Xi'an round table conference on promoting the listing of private enterprises ” On , Zhang Jun once said , Bingfeng will be 2020 Submit at the beginning of the year IPO Application materials .

Zhang Jun , Who is it? ？ Bingfeng prospectus shows , Zhang Jun is the actual shareholder of Bingfeng beverage .

「 No two studies 」 Find out , Zhang Jun actually holds , Entrusted holding , As well as the equity of the sugar and wine group held by the partners of the sugar and wine company , Up to 56.12%, The sugar and wine group directly holds Bingfeng 99% shares , As its controlling shareholder .

In terms of shareholder dividends , Bingfeng three-year dividend distribution 4 Time , Cumulative dividends 1.68 Billion ,2018 year 3 month 、2019 year 1 month 、2020 year 7 month 、2020 year 12 Monthly dividends 5060.32 ten thousand 、5545.73 ten thousand 、1200 ten thousand 、5000 ten thousand .

According to the prospectus ,2018-2020 year , as well as 2021 In the first half of the year , The net profits attributable to the shareholders of the parent company each year account for 24.3%、25.7%、19.6% and 28.1%; R & D investment accounts for only 3.25%、3.18%、3.03% and 2.37%.

Judging from the operation of the company , The prospectus shows ,2018-2020 year , as well as 2021 In the first half of the year , Bingfeng's operating income has increased year by year , Respectively 2.8 One hundred million yuan 、3.0 One hundred million yuan 、3.3 Million dollars 2.19 One hundred million yuan ; Net profit is 6969 Ten thousand yuan 、7767 Ten thousand yuan 、6525 Million and $ 6156 Ten thousand yuan . stay 2019 After the year, it showed a downward trend .

Compared with the huge soft drink market in China , Bingfeng doesn't get much cake . Forward looking industry researcher data shows , The sales volume of soft drinks in China has increased year by year ,2020 The annual sales volume has reached 884 Billion litres , Realized 5735.5 Billion sales .

stay 「 No two studies 」 It seems , Ice peak 3.3 The sales volume of billion yuan is less than one thousandth of the sales volume of the Chinese market . What's more remarkable , Prospective research institute 《 China soft drink industry production and marketing demand and investment forecast analysis report 》 Show , The market scale of soft drinks in China tends to be saturated , The growth rate began to slow down . This means that in the future, major soft drink brands are likely to seize market share with each other .

According to the prospectus , Bingfeng has a certain risk of sales area concentration , To a certain extent, this restricts its future outward expansion business . If the company cannot effectively develop new markets outside Shaanxi Province , Expand a broader product market area , Will have a certain impact on the future growth of the company .

In terms of expansion capacity , The prospectus shows , The human and financial resources developed by Bingfeng to markets outside the province are relatively insufficient , As a result, the ability to expand the market is limited ; And compared with domestic and foreign oligarchs and other competitors , Bingfeng is not competitive , The task of market expansion and product extension is arduous .

stay 「 No two studies 」 It seems , Whether from the proportion of R & D investment 、 Business scale and development trend , Or from the perspective of market competition environment and Bingfeng competitiveness , Bingfeng has no obvious advantage in the upcoming soft drink competition .

Regarding this , Bingfeng is in the prospectus , It shows that it hopes that the listing of the company will bring market exposure , So as to enhance brand awareness and reputation , Improve the efficiency of marketing promotion , Gradually enhance the comprehensive competitiveness of the company .

Chinese food industry analyst Zhu danpeng also pointed out , It is difficult for Bingfeng to get out of the regional market without the blessing of capital or the operation of excellent teams .

But listing does not mean that it will be favored by the market , Exposure cannot be directly translated into brand awareness and reputation , How Bingfeng will go public is still uncertain .

Time honored brands are old ？

74 Over the years ,“ It tastes very good ”“ Drink it since childhood ” Become the brand image of Bingfeng , Rely on Sanqin set meal “ liangpi 、 Chinese hamburger 、 Another bottle of ice peak ”, Bingfeng won the increasing business income year by year .

“ Ice peak ” He has also won “ Xi'an time-honored brand ”“ Shaanxi time honored brands ”“ The best popular brand in Shaanxi food industry ” Such as the honor , It is one of the national soda brands with a long history . Can the time-honored brand Bingfeng fight now ？

From the product composition of Bingfeng's main business income ,2018-2020 year , as well as 2021 In the first half of the year , Bingfeng orange soda （ Including glass bottles and cans ） The sales of are respectively 2.47 Billion 、2.5 Billion 、2.7 Eva 1.7 Billion , The proportion in its main business income is 86.38%、84.38%、81.48% and 79.24%, Stable at 80% about .

「 No two studies 」 Find out , Bingfeng still shows its interest in old brand products “ Orange soda ” Highly dependent on . Although Bingfeng has launched Apple 、 Peach and kumquat lemonade , syrup of plum 、 Fu tea and other kinds of drinks , But it still hasn't changed the situation .

The product with the second contribution value is sour plum soup （ Including glass bottles and cans ） stay 2020 A new high in , As a percentage of the main business income 14.78%, Less than 2020 The proportion of orange soda in 20%. The total contribution value of Poria tea and other flavors of soda is 2020 It reached the highest in , But also 3.74%.

stay 「 No two studies 」 It seems , Whether it's sour plum soup or other products of Bingfeng , The annual growth rate accepted by the market is not high . Bingfeng wants to launch other products , Get rid of the old brand “ Orange soda ” It is difficult to rely on single products in the short term .

Bingfeng also shows strong regional dependence on Shaanxi market .2018-2020 year , as well as 2021 In the first half of the year , Shaanxi's contribution to Bingfeng's main income is 87.44%、81.73%、80.23% and 77.79%.

However , Bingfeng's road to open domestic and online soft drink markets is not smooth . Although Bingfeng has been laying out its domestic market in recent years , At present, Shaanxi market has been established as the center , Covering the whole country 200 Distribution networks of issuers in many large and medium-sized cities , Online sales channels have also been opened , but 2018-2020 year , as well as 2021 The first half of the year, two and a half years , In other parts of the （ Including online ） The proportion of main revenue contribution increased only 9.65%.

list , It is one of the layouts of Bingfeng to open the domestic market . The prospectus shows , Bingfeng plans to 4.3 One hundred million yuan , namely 64.2% The raised funds are invested in marketing service network upgrading and brand building projects , It is used to expand Bingfeng's domestic sales channels and build domestic brand image .

Bingfeng's determination to open the domestic market . What needs further thinking is , Bingfeng took several years to establish a national distributor sales network , No good feedback from the domestic market , Spend huge funds to carry out marketing service network upgrading and brand building , It can help Bingfeng effectively improve the domestic popularity of the brand , Open the domestic market ？

4.3 Billion yuan of investment in marketing service network upgrading and brand building , It may help Bingfeng step onto the domestic market , But the age of traffic , Product is king . Traffic can only create a wonder , Want to gain a firm foothold in the market , Bingfeng also needs products to keep customers .

「 No two studies 」 Find out , Take Bingfeng's main products as an example , Its flagship store 75 Yuan can be purchased 24 pot 330ml Bingfeng orange soda , The unit price is 3.125 element . It's also canned 330ml Orange soda , Pepsi 、 Coca Cola 12/20 After the cans are packaged and sold, the price of a single can is 2.825 element 、2.9 element .

The prospectus shows , Coca Cola 、 Pepsi Cola occupies China's carbonated beverage market 80% Market share . stay 「 No two studies 」 It seems , Bingfeng's product price is similar to that of Coca Cola 、 Compared with similar products of Pepsi Cola , No obvious price advantage . For Bingfeng, the domestic popularity of the brand has not yet been opened , This price is for domestic consumers （ Except Shaanxi ） The attraction of Pepsi may be lower than that of Pepsi 、 Coca Cola and other brands .

Judging from the gross profit margin of Bingfeng's main products ,2018-2020 year ,“ Orange soda ” The gross profit margin is basically stable at 50% above , That is to say, the gross profit of selling a bottle of ice peak soda is at least half of its selling price .

Analyze from the raw material cost of Bingfeng beverage , The cost of the liquid that consumers actually drink is not high . The prospectus shows ,2020 Annual sugar cost 3019 Ten thousand yuan 、 Proportion 17.16%, Water costs ten thousand 120 ten thousand , Proportion 0.68%. Concentrated juice costs less than 1268 ten thousand , About 7.21%.

White granulated sugar 、 Concentrated juice 、 The actual total cost of drinking water is about 4407 Ten thousand yuan , and 2020 The actual annual output of Bingfeng soda water is about 1.67 A hundred million bottles , This means that the average cost of liquid per bottle of beverage is about 0.07 yuan , And a bottle of ice peak soda on the market is the cheapest 2 element , It can also be sold in restaurants 3-5 Yuan a bottle . In contrast , The price of each bottle of beverage is the cost of its liquid 13-33 times .

stay 「 No two studies 」 It seems , Bingfeng shows strong dependence on single products and regions , There is a dilemma in the construction of domestic brand awareness , Product positioning price does not have price advantage , Low cost of raw materials , Can you open the domestic market as you wish , Fear becomes a mystery ？

It is difficult for Bingfeng to seek new things ？

Forward looking Institute data statistics ,2019 In, the scale of China's soft drink market reached 9914 One hundred million yuan , from 2014-2019 The compound annual growth rate in is 5.9%. Sub categories , stay “ health ” Under the general trend of popular ideas , The retail sales of sugar free tea drinks in China continue to grow rapidly ,2014-2019 The compound annual growth rate in is as high as 32.6%,2019 The annual retail sales exceeded 41 One hundred million yuan .

Under this trend , Bingfeng catches “ Sugar free ”“ health ” Opportunity , Launch sugar free orange soda 、 Low sugar sour plum soup and original flavor 、 Grapefruit, jasmine, rose, litchi and other new products of Fu tea .

At the sugar free soda track , China Development Report Network pointed out , The vitality forest is opening “0 Bubble sugar in water ” Behind the air outlet ,2020 The annual performance increased by about 270%, Among them, the sales volume of bubble water exceeds 21 Billion . In terms of sales , Vitality forest has been accepted by the market , On this basis , Bingfeng sugar free orange flavored soda is more difficult to compete with .

Sour plum soup track , Bingfeng also has many rivals . Its prospectus states that , Although the sour plum soup market is in a growth period , Industry concentration is small , The competition pattern is relatively scattered , But the market has Master Kang 、 Wang Laoji 、 Xinyuanzhai 、 Jiulong Zhai and many other brands .

Fucha is still a relatively new track , The domestic Fu tea market has yet to be opened . But the prospectus reveals , Bingfeng's sales revenue mainly comes from Shaanxi , There is a certain risk of concentration in the sales area . Shaanxi is also a big province of Fu tea , Bingfeng Fu tea has the foundation for promotion , However, whether Bingfeng Fu tea can be loved by the domestic overall market remains to be tested by the market .

Although Bingfeng is expected to invest 4.3 Billion yuan for marketing service network upgrading and brand building , But it is not easy for Bingfeng to open the domestic market .

Brand marketing expert LU Shengzhen pointed out ,“ If you don't set up factories in other places , Rely solely on Logistics ”, Bingfeng will be held back by excessive channel and logistics costs , There is no profit at all , At present, Bingfeng can't afford to build factories in other regions and lay a market for expanding production .”

On the new consumption channel Taobao platform , Before the deadline , Bingfeng only 2.8 Million followers , With the net red soft drink vitality forest 876.1 ten thousand , Pepsi Cola 、 Coca Cola 90 More than , Jianlibao 11.7 ten thousand 、 The arctic ocean 5.8 Compared with the attention of 10000 fans , That is to highlight Bingfeng's low popularity in the domestic soft drink new consumer market .

The slogan of Bingfeng Taobao flagship store is “ Taste the ancient city , See Xi'an National Games , Read the culture of Han and Tang Dynasties ”, The official Tiktok label is also set to “ It tastes very Xi'an ”, still 2019 year 12 Star Zhang Jiayi is invited to translate this month , stay 2020 year 7 Invite anchor Weiya to participate in the interaction in August , Recorded Tiktok video .

As of today , Bingfeng accumulates on Tiktok 127 Video works were praised by 64.1 ten thousand , Compared with Pepsi 151 Tiktok , The harvest 582.8 In terms of ten thousand praise , Are nearly 10 times .

Bingfeng started online marketing late 、 Little experience , Offline expansion costs are high , Despite the launch of a series of new products , Try to expand the domestic market , But whether it can be accepted by the domestic market remains to be tested .

The battle for redemption of old brand soda

74 Old brand Bingfeng , Try to pass IPO Listing and fund raising , To improve brand awareness .

In the face of strong regional dependence , Strong dependence on single products and other obstacles to expanding domestic business , Bingfeng chooses to raise funds 64.2% For marketing and brand stories , Can this really help Bingfeng open the domestic market ？

Bingfeng products do not have obvious price advantages , Recently, there was news of price increase , Tiktok 、 Weibo users “ Prices , I won't drink ” State of mind , How will Bingfeng choose ？

Just grab “ health ” label , Introduction “ Sugar free ”“ Low sugar ” Series of new products , But each track has rivals , The competitive situation of Bingfeng is not optimistic .

Domestic brand awareness is not high , The risk of offline marketing expansion is high , The slow start of online marketing is the next step for time-honored brands 74 The future of the year is hard to see ？

Some references in this article ：

1.《 Bingfeng beverage rushes into the capital market Insufficient capacity utilization still needs to increase capacity 》, Hydrogen Finance

2.《 Revenue is too dependent on single products Bingfeng beverage began to force the tying of popular products 》, China Science and technology investment finance number

3.《 Annual revenue only 3 Billion , A bottle “ Bingfeng soda ” Can you hold up a IPO？》, Titanium media

author | Summer and summer Xiuyi

Typesetting | Yixin

Supervise the manufacture of | Yoda

Produce | No two studies