A bowl of good bird's nest nourishes the world. 
The first strand of bird's nest is about to come out.
On June 12, Yanzhiwu, a leading bird's nest company, officially submitted its IPO prospectus to the Hong Kong Stock Exchange, with CICC and GF Capital (Hong Kong) as joint sponsors. On November 19, Yanzhiwu passed the hearing. On November 30, Yanzhiwu announced that it planned to sell 32 million H shares globally, andIt will be listed on the Hong Kong Stock Exchange tomorrow (12 December).
Judging from the latest subscription news, Yanzhiwu is popular in the secondary market.
As of 12 o'clock on December 7, 2023, the subscription multiple of Yanzhiwu during the IPO period was as high as 8726 times.
Investors are optimistic about Yanzhiwu due to its excellent profitability, as well as its relatively healthy product and revenue structure. Behind all this, it also stems from consumers' preference for Yanzhiwu.
According to the Frost & Sullivan report, from 2020 to 2022, in terms of retail sales, Yanzhiwu was the world's largest bird's nest product company for three consecutive years, with a market share of 41%。At the same time, a question is also emerging in people's hearts: in the fiercely competitive health tonic market, bird's nest has already flown into the homes of ordinary people, why can the house of swallows become people's favorite?After obtaining the blessing of the capital market, what kind of new chapter will Yanzhiwu, a national brand with a history of more than 20 years of development, write?
Health consciousness awakening
Since ancient times, in the Asian market represented by China, bird's nest has always been a nourishing product, favored by royalty and dignitaries. However, with the improvement of living standards and social productivity, people's awareness of health preservation has been awakened, and bird's nest has gradually flown into the homes of ordinary people from the exclusive treasures of the upper strata of society, and the bird's nest market has also been able to maintain rapid development.
After three years of "black swan events" during the epidemic, people's demand for health has been further enhanced, and with the competitive pressure of social 996, young people's demand for health care is also stronger, and bird's nest consumption is also showing a trend of younger people. On short** and social ** platforms, the craze of "punk health" is rising.
In fact, the "crispy young man" love health has long been a mainstream phenomenon.
In May this year, the National Bureau of Statistics launched a survey called "A Better Life in China". The results show that the top three spenders of young people aged 18 to 35 are travel, digital products and health and wellness. Coupled with the aging trend, health care has become a popular investment track.
In addition, according to the "2022 Nutrition and Health Trends*** Buying Tonic Products" released by JD Health, it is one of the most common ways for people to cope with health problems, and 57% of respondents said that they are willing to buy tonics.
In the context of consumption grading, Chinese consumers are becoming more and more intelligent and rational. The value of bird's nest is more and more widely recognized, and it has become the first echelon of tonic products.
Scientific studies have shown that the precious ingredient in bird's nest, "sialic acid", has beneficial effects in promoting brain intellectual development, immune regulation, anti-aging and so on. In fact, in 2017, the former National Health and Family Planning Commission approved N-acetylneuraminic acid (i.e., sialic acid) as a new food raw material, so far, the application of sialic acid in China has a legal basis. According to modern pharmacological research, the content of sialic acid in dried bird's nest can reach 7% to 14%, which accounts for the highest proportion of all known foods, and bird's nest is also considered to be the only channel through which humans can obtain a large amount of sialic acid from food.
What is certain is that compared with a few years ago, the main consumers of bird's nest are no longer a single group of people, but have covered all age groups from "women to men" and "from old to young". From the perspective of consumption scenarios, bird's nest is not only for maternal and infant consumption or limited to beauty and health, but has long become a part of people's daily needs, clothing, food, housing and transportation. From this point of view, bird's nest consumption has been able to fully care for the whole process of life.
As a result, China's bird's nest market has been fully developed. Among them, the swallow house has an important role in promoting. Founded in Xiamen in 1997, Yanzhiwu has led a wave of bird's nest consumption trend more than 10 years ago with a new consumption model of bird's nest that is ordered, stewed, delivered and eaten. In 2012, Yanzhiwu pioneered the "Bowl Bird's Nest" product, opening a new era of bird's nest ready to eat.
According to Frost & Sullivan data, from 2017 to 2022, the compound growth rate of bird's nest production in the world has remained at 78%, of which Chinese mainland accounts for 70% of the bird's nest market. In 2022, the retail market size of pure bird's nest products in mainland China has reached 39.9 billion yuan, and it may grow to 92.1 billion yuan in 2027. It is foreseeable that China's bird's nest market may reach a scale of 100 billion yuan in the future. 
The House of Swallows has opened a new era of bird's nest ready to eat.
Diverse, convenient and traceable
With the acceleration of the pace of life, people's requirements for bird's nest are getting higher and higher, and there is no need to repeat the requirements for food safety. Bird's nest requires a considerable degree of experience and time from purchase identification, cleaning and picking to pot stewing, and traditional bird's nest consumption scenarios such as restaurants have high premiums and low transparency, which has also become the biggest shackle restricting the development of the industry.
But consumer demand for bird's nest is always thereAnd consumers are paying more and more attention to the quality of bird's nest. According to the survey, there are 521% of consumers will give priority to the quality of bird's nest when purchasing bird's nest products, which also means that it is inevitable that the bird's nest industry will enter the stage of refinement and standardization development.
In recent years, leading brands such as Yanzhiwu have led the formulation of a number of important industry standards. From 2018, when the National Health Commission commissioned Xiamen Customs Technology Center to take the lead in formulating the "National Food Safety Standard for Bird's Nest and Its Products", to the official launch of the "Classic Fresh Stewed Bird's Nest Products at Room Temperature" standard in 2023, it shows that the path of healthy development of the industry is gradually taking shape. At the production level, with the increasing perfection of the formulation of national standards, the problems that may arise in the raw material link have been basically solvedYanzhiwu advocates the construction of "transparent factories".
Taking the production of bowl swallow products as an example, from raw material screening to process control, a total of 49 standardized processes;In addition, each batch of ex-factory products needs to pass the inspection of CNAS laboratory testing engineers, and comprehensively evaluate 20 indicators such as solids, sialic acid, and soluble solids. Yanzhiwu has obtained the European quality double certification of "BRC Global Standard for Food Safety" and "IFS International Food Standard", and has become one of the few bird's nest franchise enterprises with CNAS accredited laboratories.
In terms of standardization, Yanzhiwu's approach may give some inspiration to the industry, and also allow consumers to better understand and understand "what is high-quality bird's nest". According to the Frost & Sullivan report, domestic traceable bird's nest products accounted for 26% of the overall market share in 20221% and is expected to rise to 43 in 20277%。
From the perspective of products, with the diversification of consumption scenarios, bird's nest consumption has also expanded from offline to online. Through e-commerce channels, Yanzhiwu's freshly stewed bird's nest products have reached the younger group who used to consume less bird's nest in the past, lowering the consumption threshold of pure bird's nest products. In 2022, Yanzhiwu's freshly stewed bird's nest was upgraded to an environmentally friendly model, which can be stored at room temperature, and in the same year, a brewed instant bird's nest was also launched.
According to reports, Yanzhiwu's four major product lines (bowl bird's nest, freshly stewed bird's nest, rock sugar official bird's nest, and dried bird's nest) in the pure bird's nest product category have 194 SKUs. With the further development of bird's nest production technology and technological process, as well as consumers' pursuit of new functions and new scenarios, the consumption of bird's nest has become more rich and diverse, and more food, beverages and skin care products that make use of the functions of bird's nest have emerged. As of 2022, Yanzhiwu has developed "Bird's Nest+" products such as "Ginseng Rock Candy Official Bird's Nest" and "Good Night Little Blue Bottle", with 22 SKUs, including bird's nest porridge, bird's nest essence water spray, and bird's nest skin care products, and 34 SKUs of "+ bird's nest" products in more diverse forms.
For the House of Swallows, whether it is pure bird's nest or "bird's nest + + bird's nest" products, they have the dual attributes of health and beauty, and also expand the scale of the demand side. 
Tsubame House advocates the construction of a "transparent factory". 
"Strong Future" and City ProtectionRiver
Strong product capability has become the key to the development of enterprises.
According to the prospectus, in the past two years, the growth rate of Yanzhiwu's R&D expenses has increased by 734% quickly increased to 2812%, significantly exceeding the growth rate of advertising costs. In addition, as of November 20, 2023, Yanzhiwu has obtained a total of 133 patents, and according to the Frost & Sullivan report, Yanzhiwu ranks first in the industry in terms of the number of patents.
In terms of channel layout, whether online or offline, Yanzhiwu also attaches great importance to "direct to consumers".
As of May 31, 2023, Yanzhiwu has a nationwide offline sales network with more than 700 stores, consisting of 91 self-operated stores and 214 offline dealers, covering 614 dealer stores in China. For Yanzhiwu, offline stores are the best channel to show consumers their product power and enhance their brand power, and consumers can also get the most direct service experience of Yanzhiwu through the store.
In addition, Yanzhiwu is also expanding the online business of major e-commerce companies such as Tmall, JD.com, Douyin and Xiaohongshu, and has reversed product innovation and R&D for online channels, which has quickly been favored by young consumer groups. According to the prospectus, Yanzhiwu has developed more than 1.8 million members of various levels through online mini programs and the "Golden Swallow" membership program, of which about a quarter are paid members with strong purchasing power.
From 2020 to 2022, paid members brought 61.6 billion yuan, 80.7 billion and 10With sales of 5.7 billion yuan, the average annual consumption of each registered paid member is in the range of 4,000 yuan to 5,000 yuan, and in the first five months of 2023 before the submission of the prospectus, the sales of paid members of Yanzhiwu have reached about 500 million yuan. The membership system with high loyalty, high repurchase rate and high consumption power is undoubtedly the most powerful moat of Yanzhiwu.
The healthy development model of the enterprise also makes the financial report data of Yanzhiwu considerable.
From 2020 to 2022, Yanzhiwu achieved revenue of 130.1 billion yuan, 150.7 billion yuan, 173 billion yuan, with a compound annual growth rate of 153%。During the period, the overall gross profit margin of Yanzhiwu increased from 427% to 50 in 20225%。In the first five months of 2023, this indicator further improved to 519%。In terms of net profit, from 2020 to 2022, Yanzhiwu achieved a net profit of 12.3 billion yuan, 17.2 billion yuan, 20.6 billion yuan, net profit margin showed a steady growth trend.
In addition, it is worth mentioning that as a listed company and a leading enterprise in the industry, Yanzhiwu has also invested real human efficiency and financial resources in practicing social responsibility, environmental protection, and sustainable development. It is believed that these future-oriented measures will also lead the development of the industry like the "traceability" of the production end.
In July 2022, the ESG Committee of Yanzhiwu was established. In the production process, Bird's Nest House has been able to manage energy, water and waste responsibly, and source bird's nest raw materials in a "cruelty-free" and sustainable way. For a long time, the controversy over the consumption of bird's nest also includes the process of collecting bird's nest. The bird's nest house uses scientific and reasonable collection methods to not harm the ecology, life and natural environment of "swiftlets", which saves the international image of bird's nest enterprises to the greatest extent, and also cuts into the sustainable and nature-protecting consumption concept of young people.
For a company that is about to go public, the social responsibility practiced by Yanzhiwu can bring continuous benefits to the enterprise and the industry, and after Yanzhiwu receives the blessing of capital, it can also bring sustainable returns to investors. Bird's nest has always symbolized a beautiful and healthy lifestyle, and when the business model of Bird's Nest is verified, we believe that this ancient nourishing product can continue to write a new story in the future, and can also bring more value and consumption experience to people.