2 Who says that new consumer brands have collapsed ？ Someone behind me won

source ： I leaned （ID：deep_insights） author ： Li Xindi

The real beneficiaries of tuyere .

financing 、 growth 、 list , Popular projects replicate the Internet growth curve , Investors reap excess returns . This narrative once attracted many people , Especially the IPO Highlight time .

But it didn't work out , When new consumption moves from overheating to calmness , New brand IPO The prosperous times did not last , On the contrary, it is the supplier behind them , It really reaped dividends .

Last year to date , Including field shares 、 Hengxin life 、 Jiahe food 、 Baoli food 、 Sanyuan biology and many other new consumer brand suppliers impact the listing , among , Sanyuan biology and Jiahe food have entered the secondary market . The clients of these companies are all famous ： Like tea 、 Naixue's tea 、 Aunt Shanghai 、 Rui xing 、 A little bit 、 Energetic Forest .

In the prospectus , The development of these suppliers has been presented in three dimensions ： They make profits earlier than new consumer brands . however , Due to the dependence on key customers 、 Single business product 、 Performance fluctuates significantly due to raw materials and demand , Suppliers also have their own problems .

01 A wave of “ A long time ago ” The listing of

Compared with young new consumer brands , The above suppliers were born earlier , Most of them serve international brands and traditional brands , Little known to consumers .

According to public information , Several suppliers that hit the market were founded in 2010 Years ago , The company mainly provides customers with raw juice 、 Quick frozen fruit block 、 Fresh fruits and other fruit and vegetable products ; The core product of ternary biology is erythritol ; Hengxin life provides biodegradable PLA Paper cups 、 Straws, etc ; Baoli food provides compound seasoning 、 Beverages, dessert ingredients, etc ; Jiahe food provides customers with vegetable fat powder .

among , Early customers of Sanyuan biology include Japanese healthy snack enterprises Saraya, Ice cream in the United States 、 Table sugar enterprise HFMH;2019 year , The field shares that produce fruit and vegetable products , The main customer is Nongfu mountain spring 、 Old brand enterprises or international brands in the field of food and beverage such as fresh fruit juice and Coca Cola . Baoli food, a supplier of compound seasonings, was founded in earlier 2001 year , Its major customer is Yum China , The two sides have cooperated 20 year .

“ Unknown to the public ” many years , When the new air outlet appears , Suppliers have no reason to miss .

2020 year , The second largest customer of Tianye shares has become Naixue's tea ;2021 In the first half of the year , Yuanqi forest has become the largest customer of Sanyuan biology . Baoli food has expanded its beverage and dessert ingredients business , Attracted tea 、 Starbucks and other tea and coffee brands ;2020 year , Ruixing has become the largest customer of Hengxin life ,2021 year , Hengxin life has added the third largest customer, Xi Cha .

Behind the rapid growth of new brands , The supplier's contribution is indispensable . In the early , Many new brands are born with a younger brand image 、 And to little red book 、 Utilization of traffic on new platforms such as Tiktok . The explosion of popularity has brought rapid growth in scale , If you want to maintain the momentum , New brands must have high quality 、 Stable supply link .

The value of suppliers is concentrated here . Take Naixue's tea as an example , According to the latest news , By the end of this year 6 month , Its domestic stores have reached 900 home . Make sure that the tastes of these stores are consistent 、 Stable quality 、 Food safety, etc. , Naixue's tea must pay attention to the construction of supply chain and supplier system .

According to Everbright Securities , By 2020 First three quarters of the year , Naixue's tea and tea 300 Establish partnership with suppliers , The cooperation relationship with the top ten suppliers averages more than two years .2020 First three quarters , Its top five Suppliers account for 24.2%. Suppliers provide special supply chain resources , Ensure that the main raw materials are customized according to the company's standards .

the child is father of the man , When new consumer brands develop to a certain size , The importance of suppliers and supply chains will be further highlighted . And those suppliers who have deep accumulation in the industry , It will naturally become the first choice for new consumer brands .

Picture source ：unsplash

02 It makes profits earlier than the new brand, but it also faces difficulties

The business model of suppliers is mainly to provide stable raw materials or packaging supply for brands , This requires high quality products from suppliers 、 And the production capacity is relatively stable . however , The value of some suppliers to new consumer enterprises is not just “ Provide raw materials ”, also “ Assist in research and development ”.

For example, Tianye shares not only has a wide distribution of upstream raw materials , Moreover, it has accumulated in processing and R & D . When the field shares receive the customer demand or samples , It can quickly start the collaborative R & D process , Cooperate with customers to launch new products ; The biggest customers of Baoli food are catering chain brands such as Yum China , Therefore, it will provide customized condiment research and development services for key customers .

In terms of revenue scale , Several suppliers are far inferior to their new consumer customers , Where is Naixue's tea 2021 The total revenue in is 42.97 One hundred million yuan , The total revenue of Ruixing coffee in the same period is close to 80 One hundred million yuan , And field shares 、 Hengxin life 、 The total revenue of Baoli food has not reached 10 One hundred million yuan , Ternary organisms 2021 The total revenue in is 16.75 One hundred million yuan , The total revenue of Jiahe food in the same period is close to 23 One hundred million yuan .

meanwhile , Consumer oriented brands have more say in pricing , Naixue's tea gross profit margin is as high as 60% above , The gross profit margin of suppliers is generally 30%-40% about , Even lower .

But suppliers have made profits earlier than new consumer brands .

Losses are not uncommon in new consumption , However, the net profit margin of suppliers has remained at a high level —— Ternary organisms 2021 The annual net interest rate is as high as 31%, Field shares 、 Baoli food and Hengxin live in 2021 The net interest rates attributable to the parent company in are 14%、12.4%、11.15%; Although the net interest rate of the listed Jiahe food has declined in the past three years , But it is still profitable .

Compared to suppliers , New consumer brands spend more , We should not only invest more in marketing , Brands with offline stores also need to invest more in expansion .

Although the profit is stable , But suppliers have their own troubles . First , Suppliers are prone to rely on key customers , Therefore, the business risk is increased . The most typical is the field shares ,2021 In, the tea sales revenue of Naixue, the company's largest customer, accounted for 20%、 The proportion of the top five customers' revenue 68%.

secondly , New consumer supplier products 、 The business is relatively single , It is easy to lay hidden dangers for long-term development .

2021 year , The revenue of ternary organisms from erythritol accounts for as much as 93.54%, The revenue contribution of the other two products, compound sugar and yeast powder, is only single digits ; Jiahe food's sales of vegetable fat powder accounted for 81%; In the revenue of Tianye shares , The proportion of raw fruit juice ranges from 2019 Year of 44.13% Rapidly soared to 90.52%.

A single business and product , Make suppliers more vulnerable to fluctuations in raw material prices 、 The influence of market demand trends and other factors . for example , The comprehensive gross profit margin of Hengxin life is from 2019 Year of 43.12% Down to 2021 Year of 27.21%; In the first quarter of this year, the net profit of Sanyuan biology decreased by nearly 30%, Analysts believe that it is related to the reduction of market demand and the fluctuation of raw material prices ; Jiahe food from 2019 - 22 year Q1 Many indicators of have declined .

Underperformance , Cast a shadow on the stock price of listed suppliers . Compared with the heyday , The share prices of Sanyuan biology and Jiahe food have been halved .

03 The rise of supply chain is the general trend

More and more suppliers are seeking to go public , It not only means that their volume has developed to a certain stage , At the same time, it also reflects that they hope to use external capital , Set up higher barriers , Expand the scope of business , Not just big customers “ subsidiary ”.

In the prospectus of several companies , The purpose of their listing can be summarized as expanding production capacity 、 Improve R & D technology . For example, the fieldwork shares are planned to be raised this time 4.75 One hundred million yuan , It is mainly used in the intelligent factory of Hainan free trade port （ The first phase of ） Construction project and Hainan Dachuan tropical characteristic industry expansion project . Hengxin life company plans to raise funds 8.28 One hundred million yuan , Will be used for annual production 3 Ten thousand tons of PLA Compostable green biological products project 、 Intelligent upgrading and transformation project 、 R & D technology center project and supplementary working capital .

In addition to seeking to establish their own barriers through listing , Many supply chain enterprises also raise funds in the primary market to improve their competitiveness .

Only in the first half of this year , Enterprises related to the supply chain frequently get investment , For example, beauty agency Bawei Co., Ltd 、 Coffee supply chain enterprises enjoy innovation 、 Plant meat suppliers are looking forward to . There are four supply chain enterprises invested in the garment industry , Clothing supply chain SaaS Collar cat SCM、 Clothing in the middle of the fashion 、 Digital printing clothing supply chain service provider youbu 、 be based on AI Zhiyi technology, a solution provider of clothing flexible supply chain . among , Zhiyi technology was reported to have been completed continuously in April this year 3 Round 1 US $100 million financing .

Supply chain and capital are closer , This is the performance of the development of the consumer industry to a certain extent . Marketing and category dividends can make the brand gain a moment , But the brand wants “ Changhong ” Still rely on stability and efficiency 、 And a supply chain system that can achieve R & D breakthroughs .

Picture source ：unsplash

Strong supply chain enterprises may also extend to the upper reaches —— Just as fieldwork not only provides raw materials for customers , It will also extend its business to processing and R & D , Mature cosmetics manufacturers will also provide production and product R & D services for beauty and skin care brands . Adidas 、 uniqlo 、 Shenzhou International, the OEM behind puma, has patented technology and supply chain capability , So we can “ encircle ” Big brands , It has a market value of 100 billion yuan .

The importance of supply chain is being valued by more and more enterprises . Some are well funded 、 Or develop new consumer brands of a certain scale , They will even invest in self built supply chains .

Short term dividends will disappear , But the long-term development trend of the consumer industry will not change . On the basis of completing the transition by taking advantage of the wind , Supply chain enterprises at the upstream of the industry also have “ Harder bones ” Need to chew . Only establish technical barriers 、 Expand your business , Get more say , To continue “ win ” down .