Gross vs60 billion. Is food safety the biggest obstacle to Weilong's listing?

Who had thought of , As a child 5 A packet of spicy strips with gross money can even get out of the market value 600 Billions of unicorns .

you 're right , This is Wei long .

Goes the ,“ Heroes come from troubled times ”, This sentence is not false at all .

1998 The catastrophic flood in seems to have been prepared for liuweiping, the founder of Weilong , At that time, liuweiping was still selling dried soy sauce in Pingjiang County, Hunan Province , But the raging flood , The price of soybeans used to make sauce has soared ,“ In desperation ” We can only consider using wheat instead of soybeans to reduce production costs .

But Pingjiang is not the main wheat producing area , The cost advantage is not obvious , So liuweiping decided to go far away to Henan , Settled in Luohe, which is rich in wheat , And find inspiration from the Central Plains snack beef tendon noodles , Success in 2001 The first spicy bar product was launched in , Register after two years “ Weilong ” trademark , After that, it gradually settled in Luohe Industrial Park , Start the large-scale production of spicy strip products .

On the other hand , Weilong has never stopped in the capital market .

2021 year 3 month , Wei long got it 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 35.6 One hundred million yuan , Total shareholding 5.86%, 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 submits the form to the Hong Kong stock exchange , To be listed for fund-raising 10 Billion dollars , But six months later “ invalid ”.“ invalid ” Wei long did not give up ,2021 year 11 month 12 The second sprint to the market , And in the same year 11 month 14 The prospectus after the hearing was disclosed on the th .

But because of failure to 6 Open the offering within months , Wei Long's prospectus once again “ invalid ”. But in 2022 year 6 month 27 Japan , After updating the financial information, Weilong once again disclosed the post hearing data set , The third sprint to be listed on the Hong Kong stock exchange , Morgan Stanley 、 CICC and UBS remain their co sponsors .

source ： Weilong prospectus .

According to the prospectus , Weilong plans to use the raised funds for ： Expand and upgrade production facilities and supply chain system 、 Invest in and acquire enterprises that have a synergistic effect on the company's business 、 Expand sales and marketing network 、 brand building 、 Product development 、 Business intelligence construction and supplementary working capital .

From a little-known Workshop , Well known “ Spicy first brother ”, Spicy strips have never been criticized “ Junk food ” Gorgeous turn to become “ People love ”, What is the magic of Wei long led by liuweiping ？ On the eve of listing, it was frequently exposed that the product quality 、 Marketing rollover and other issues , Did Wei long forget that food safety is the foundation of long-term development ？ Three degrees of presentation , Why is the road to listing so complicated ？

One 、“ Spicy first brother ” fully deserve , But the market share is only 6.2%

Who is the leader in the spicy snack food industry in China , Wei long said the second , No one dares to say first .

Spicy snack food is becoming more and more popular among Chinese consumers . With the development of spicy snack food industry in recent years , Many food manufacturers continue to develop new spicy snack foods to adapt to changing consumer preferences , Promote the growth of spicy snack food industry .

According to the frost Sullivan report , 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 . In terms of retail sales , The share of Chinese spicy snack food in the overall snack food industry is from 2016 Year of 18.6% Growth to 2021 Year of 21%.

source ： Frost Sullivan report .

We all know that Weilong plays an important role in the spicy strip industry , But what is the occupancy rate ？

According to the frost Sullivan report , China's snack food market is relatively fragmented , In terms of retail sales ,2021 The market share of the participants in the 15th National Congress of the Communist Party of China was 21.5%, Weilong ranks sixth among all local companies , Accounting for the overall market share 1.3%.

source ： Frost Sullivan report .

Again , The market share of Chinese spicy snack food is also relatively scattered . In terms of retail sales ,2021 The market share of the top five participants was 11.5%, Weilong is the largest participant in spicy snack food in China , The market share is 6.2%, Is the second largest participant 3.9 times , More than 2 To 5 The sum of the market shares of the participants .

source ： Frost Sullivan report .

Besides , Weilong also ranks first in the market share of China's seasoned flour products and spicy leisure vegetable products , In terms of brand awareness , Wei long is also 25 The first brand of snack food in the minds of young people aged and below .

Such proud performance is naturally inseparable from Weilong's nationwide sales and distribution network .

According to the prospectus , By 2021 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 .

meanwhile , Weilong also laid out major e-commerce platforms , Actively expand online business , Form strong complementarity with offline channels . since 2019 - 2021 year , The compound annual growth rate of Weilong online business reached 48.6%,2019 In, the revenue from online channels accounted for% of the total revenue 7.4%,2021 Annual growth to 11.5%.

2019 - 2021 year , Weilong's operating income is 33.85 One hundred million yuan 、41.2 Million dollars 48 One hundred million yuan , Although the income continues to grow, the growth rate declines year by year . Among them, seasoned flour products have always been its main source of income , In recent years, the contribution rate to revenue has continued to 60% above .

source ： Weilong prospectus .

Look at profitability , The profits realized by Weilong in the same period were 6.58 One hundred million yuan 、8.19 Million dollars 8.27 One hundred million yuan , Year by year . But in terms of growth , Weilong's profit growth rate has increased by 2019 Year of 39%, Fall to respectively 2020 Year of 24.4% as well as 2021 Year of 1%.

source ： Weilong prospectus .

It's just 2021 In the first half of , 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%.

Two 、 Marketing rollover , Frequency trap “ Quality gate ”

Have to say , Weilong is well versed in marketing , Behind the gradual expansion of the brand , Are inseparable from superb marketing methods .

Disclosure of information , Wei long was founded in 1999 year , Although in the traditional food processing industry , But the marketing strategy has been implemented for a long time . As early as 2010 year , Wei long began to invite the top stars at that time to do endorsements , With Zhao Wei 、 Yang Mi 、 Articles, etc , Quickly establish brand influence , Success has been ahead of almost all spicy bar brands .

But if we talk about Weilong's marketing path “ The pinnacle ”, Nothing is more amazing than that “ Black marketing ”.

To give “618” Activities increase popularity ,2016 In, Weilong did not hesitate to cooperate with the tmall brand store to create a self directed and self performed “ Self hacking incident ”. Weilong first played on the front page of the store “ Why don't you deliver it to me ” Blood red words , Very conspicuous , And then “ That the ” The store was hacked due to customer information , There was a lot of “ Kind customers ” Still worrying about Wei long , But until the officer declared “ It's just marketing ”, It dawned on everyone that “ cheat ” 了 .

But under the ferment of this matter , Weilong “ Be black ” The number of store visits on that day was as high as 68 ten thousand people , Everyday is 20 times , The flow into the store is as high as 365.9 Ten thousand times , Become the number one in the industry . Beyond all doubt , The marketing effect of Weilong is obvious , With new topics and heated discussions , The brand also breaks the circle quickly .

Besides , Wei long, who uses hot spot marketing, has also tried repeatedly .

2016 year 9 month , At that time, apple mobile phones were popular in China , Plus a positive value iPhone7 go online , Weilong took advantage of the marketing to earn enough eyeballs . According to related media reports ,iPhone7 The day before the release , Weilong aims at Apple's high-end image , Modeled on the extremely simple and elegant style, it is launched with the trend “Hotstrip 7.0”, Personalized big picture with Shanghai message case , this “ The setup ” It can be said that the impact brought huge amount of traffic to Weilong .

Another example ,2019 Nian Guoman 《 The devil child of Nezha came into the world 》 After the show , The box office is as high as 50 One hundred million yuan , It can be said to be a fire . Look at the timing , Wei long soon joined hands with Nezha IP, Launched a joint konjak cool and wind eating kelp .

Of course , This is a microcosm of Weilong's whole marketing strategy . Weilong also cooperates with Anta , Introduction “ Smelly shoes ”; Cooperate with HEMA , Introduction “ Steamed buns with pink and spicy strips ”; Please come and say “ Futukang quality inspection little prince ” Zhang quandan has been broadcasting live for a month in a row , The daily audience is up to 20 ten thousand .

It can be said that , It is with the help of superb marketing means that Weilong , With today's glory .

But marketing is, after all “ Dangerous work ”, If you can't master “ Duration of fire ”, be prone to “ Set fire to oneself ”.

Wei long though “ be a veteran in battle ”, But I often walk by the river , There are no wet shoes .

As early as this year 3 month , Wei long once impressed on the product packaging “ Do you want to have an appointment? ”“ Big thief ” and “ tough ” Wait for sensitive words , Be accused of beating “ Edge ball ”, Later, under the strong offensive of netizens, I had to apologize publicly , And decided to stop the production of controversial packaging .

Besides marketing rollovers , Weilong also has frequent food safety and quality problems , Fall repeatedly “ Quality gate ”.

According to “ Sina ” reports , This year, 1 month , Guangdong consumers ate one of the Weilong spicy sticks “ Plastic rings ”, And therefore boarded the hot search . In the face of the media , Wei long said “ It is not certain that it is the factory's fault , Troubleshooting has been arranged ”.

Similarly, , And then 4 month 20 On the th, Ms. Chen in Jingzhou, Hubei, disclosed that 4 month 4 The sun is at Weilong “ Kiss and burn ” Hard things come from eating , A transparent crystal similar to glass plastic , I chewed it twice , I quickly vomited out when I found something really hard , Fortunately, I didn't eat it , However, the customer service personnel have not received a satisfactory reply .

The author also searched in the black cat complaint platform “ Weilong ” key word , By 6 month 23 Day to retrieve 408 Complaints , Most of them reflect that insects are eaten in the products 、 plastic 、 hair 、 Even nail plate and other foreign matters , And the products have quality problems but refuse to pay .

source ： Black cat complaint platform .

According to a man named “ Stay up late on ice ” Of consumer complaints show ,“5.25 In the afternoon, I ate my hair from spicy strips , So she asked 12315 The above complaint , It's today 6.16 Number , Weilong food factory called me to say that it refused to pay compensation , Ask me for photos , At that time 12315 There are photos on it , Now I want some photos , It's over 20 How many days to deal with , What have you been doing , The customer service is there , I can't say anything clearly , He also said that he refused to pay compensation .”

Now it has passed the listing hearing of the Hong Kong stock exchange again , Weilong IPO Will the road be put on hold because of food safety problems ？ I will continue to track .