The third sprint of Wei long La Tiao: the growth rate of performance declined, and Liu Weiping and Liu Fuping cashed out in advance

6 month 28 Japan , Weilong delicious global Holding Co., Ltd （ Hereinafter referred to as “ Weilong ” or “ Wei long spicy strips ”） Re submit the prospectus on the Hong Kong stock exchange , And disclosed the post hearing data set （ The prospectus ）. According to BeiDuo finance and Economics , This is the third time that Weilong has been listed on the Hong Kong stock exchange . Before that , Wei long has 2021 year 5 month 12 Japan 、11 month 12 Daily delivery table , All have “ invalid ”.

According to the latest prospectus , Wei long added that as of 2021 year 12 month 31 Daily financial data and other information . By contrast , Weilong's revenue has been growing for many years , But the growth of revenue has slowed down significantly . meanwhile , The growth rate of Weilong's net profit fell to insufficient 1%.

The decline in performance growth is obvious , Low capacity utilization

2019 year 、2020 Years and 2021 year , Weilong realized operating revenue respectively 33.85 One hundred million yuan 、41.20 Million dollars 48.00 One hundred million yuan , Net profit is 6.58 One hundred million yuan 、8.19 Million dollars 8.27 One hundred million yuan . among , The growth rate of net profit was from 2019 Year of 39%, Fall to respectively 2020 Year of 24.4% as well as 2021 Year of 1%.

Instead of 《 International Financial Reporting Standards 》 metering , Weilong 2019 year 、2020 Years and 2021 Adjusted net profit for （ Without audit ） Respectively 6.59 One hundred million yuan 、8.21 Million dollars 8.08 One hundred million yuan , The adjusted net profit margin is 19.5%、19.9% and 18.9%.

Alone 2021 For the first half of the year , Weilong's net profit is 3.58 One hundred million yuan , a 2020 In the same period of 3.67 Billion yuan is reduced 2.53%. The corresponding is , Weilong's gross profit margin also fluctuates significantly . According to an earlier prospectus , Weilong 2018 - 2020 The annual gross profit rates are 34.7%、37.1% and 38.0%,2021 In, it fell again to 37.4%.

In terms of income , Weilong 2019 The annual revenue is lower than 2018 The annual growth is about 23%, And in the 2020 year 、2021 year , Weilong's revenue growth dropped to 21.7%、16.5%. Behind this , Is its main business —— The income growth rate of seasoned flour products has been declining for years , among 2019 - 2021 The annual revenue growth rates were respectively 14.5%、8.6% and 8.5%.

The so-called flavored flour products refer to spicy snack foods , Be commonly called “ Spicy strips ”. According to frost Sullivan data , Press 2020 Annual retail sales , Weilong is the largest spicy leisure company in China , The market share is 6.2%; It is the second largest company in terms of retail sales 3.9 times , among 2021 The market share of the top five enterprises before the year totaled 11.5%.

According to the same source ,2021 year , The spicy snack food market accounts for% of the total market share of China's snack food industry 21.0%, The market of China's snack food industry is also very fragmented .2021 year , We are the 10th largest snack food company in China , And ranked sixth among all local snack food companies ; In terms of retail sales , Accounting for the overall market share 1.3%.

Frost Sullivan reports that , The retail sales of China's spicy snack food industry are from 2016 Year of 1139 100 million yuan increase to 2021 Year of 1729 One hundred million yuan , Compound annual growth rate 8.7%, Higher than the compound annual growth rate of China's overall snack food industry in the same period , And expect 2021 - 2026 The year will be in accordance with 9.6% The annual compound growth rate of , to 2026 reach 2737 One hundred million yuan .

It is worth mentioning that , The capacity utilization rate of Weilong is low .2019 year 、2020 Years and 2021 year , The design capacity of Weilong's factories is 22.63 One hundred million yuan 、28.68 Million dollars 34.67 One hundred million yuan , The actual output is 19.59 One hundred million yuan 、21.18 Million dollars 24.49 One hundred million yuan , The capacity utilization rates are 86.6%、73.9% and 70.7%%.

According to the prospectus ,2021 year 12 month 31 Japan , Weilong has four factories in Henan Province , The capacity utilization rate of several plants has decreased . among , The capacity utilization rates of Luohe Weilai factory during the reporting period were respectively 85.3%、64.7% and 59.8%, The capacity utilization rates from luohewei to the factory are 74.8%、64.6% and 66.0%.

let me put it another way , Weilong has excess capacity . For all that , Wei long also said in the prospectus that , The net amount of funds to be raised will be used to expand and upgrade production facilities and supply chain system , To increase production capacity 、 Warehouse management and product quality . before , Once a company was questioned by the municipal Party committee because it was dissatisfied with its assets but still wanted to raise funds for expansion .

Liu Weiping 、 Liufuping was ahead of schedule “ Cash out ”

As a typical representative enterprise of the industry , Wei long and “ Spicy strips ” Two word deep binding . Start with a spicy stick , Weilong has gradually grown into a research and development center 、 production 、 A modern spicy snack food enterprise integrating processing and sales . At present , Weilong has become an enterprise that can sell 10 billion packets of spicy sticks a year .

According to the prospectus , By 2021 end of the year , Wei long and 1900 Cooperation with several offline distributors , Covering China about 69 10000 retail terminals , The products are sold to different countries or regions through distributors 140 A shopping mall 、 Supermarket and chain convenience store operators .

Wei long said in the prospectus , Food safety and quality are the top priorities of its business . Wei long thinks , The food safety and quality assurance system covers the whole process of product production , Including procurement 、 production 、 Store 、 From distribution to sales . Wei long emphasized , It tracks raw materials and products , In order to meet the requirements of customers and corresponding laws and regulations .

According to the prospectus , The nutritional components of Weilong products mainly include carbohydrates 、 protein 、 Fat and dietary fiber . among , The main source of fat is soybean oil . According to Weilong , The company The fat content of the main products ranges from less than 2%（ The wind eats kelp ） To about 50%（ Soft bean skin ） Unequal , Most major products contain less fat than 25%.

among , Soft bean skin is fried food , It belongs to bean products and other products , During the reporting period, the proportion in the total revenue does not exceed 10%. by comparison , Wind eating kelp belongs to vegetable products , Seasoned flour products mainly include large gluten 、 Little gluten 、 Spicy stick 、 Small spicy stick and kiss roast .

Set up more than 20 year , Wei long only 2021 A round of financing was started at the beginning of the year , That is to say 2021 year 3 In may CPE Source peak 、 Hillhouse Capital Investment Co., Ltd , Tianyi capital 、 Yunfeng Fund 、 Sequoia Fund 、 Haisong capital and Tencent investment follow Pre-IPO Round of funding , Financing scale 6.59 Billion dollars , The post investment valuation is as high as 93.96 Billion dollars , More than RMB 600 One hundred million yuan .

Two months later , Wei long submitted his statement to the Hong Kong stock exchange . Before the launch of this sprint ,CPE Yuanfeng shares 2.32%, Hillhouse capital shares 1.17%, tencent 、 Yunfeng funds hold shares respectively 0.64%, Sequoia Capital 、Duckling Fund, L.P.、 Housheng investment holds shares respectively 0.29%, Haisong Capital Holdings 0.21%.

meanwhile , And global capital holdings 92.17% Equity of , Weilong future development Co., Ltd. holds 1.98%. among , And global capital by Liu Weiping 、 Liufuping passed The Integrity Trust Indirect control 95% Equity of , adopt The He He Trust control 5% Equity of . according to the understanding of , Liu Weiping 、 Liu Fuping is the co controlling shareholder of Weilong .

It is worth mentioning that , Wei long also submitted IPO Before 5 month 4 Announced the distribution of dividends to its existing shareholders 5.6 One hundred million yuan . Wei long said in his earlier prospectus that , The dividend plan is made on 2021 year 5 Monthly payment . And the latest prospectus shows , In its 2021 Dividends will be distributed every year 5.96 One hundred million yuan , And in the 2019 year 、2020 Dividends were distributed separately in 3.08 One hundred million yuan 、140 Ten thousand yuan .

let me put it another way , Weilong's shareholders were in an emergency on the eve of listing “ Cash out ” 了 6 One hundred million yuan , Among them, liuweiping 、 Liufuping is the biggest beneficiary .