"The first strand of milk tea" (603711) of "cups can circle the earth 40 times together" has adjusted the high-level personnel.
Recently, Xiang Piaopiao announced that the company's board of directors recently received a written resignation report from Jiang Jianqi, chairman and general manager of the company. In order to further optimize the corporate governance structure, improve the level of corporate governance, and comprehensively consider the company's long-term development plan, Jiang Jianqi, chairman and general manager of the company, applied for resignation from the position of general manager of the company. After resigning as general manager, Jiang Jianqi continued to serve as chairman of the board of directors in Xiangpiaopiao.
At the same time, Xiang Piaopiao also announced that it agreed to appoint Yang Dongyun as the general manager (president) of the company, effective from the date of deliberation and approval of the board of directors, and the term of office will be from the date of deliberation and approval of the board of directors to the date of expiration of the term of the fourth board of directors of the company.
Founder Jiang Jianqi's "decentralization" was regarded as a positive signal by the market, and the stock price of Xiangpiaopiao on December 22 closed at 1507 yuan.
In this regard, the relevant person in charge of the affairs department of Xiangpiaopiao said in response to the interview that the change of general manager is the company's arrangement. "For the next step, the company's main business and business strategy will be adjusted, and no relevant information has been received for the time being. ”
On December 26th, the fragrance fluttered with **126% closed at 1492 yuan.
"De-familyization" is gradually accelerating
Before joining Xiang Piaopiao, Yang Dongyun's two resumes were the executive president of Baixiang Food Group and the president of Jianxingyuan Pharmaceutical Group. This "airborne soldier" has also worked for companies such as Procter & Gamble, Triumph, Yida Group and Super 8 Hotel.
Analysts believe that Yang Dongyun's "airborne" Xiang Piaopiao is a positive signal for the family business Xiang Piaopiao, and his identity as a professional manager will promote Xiang Piaopiao to be more standardized and professional, and it also shows that Xiang Piaopiao's "de-family" strategy is gradually accelerating.
In 2005, Jiang Jianqi founded Xiangpiaopiao, which was finally listed on the Shanghai Stock Exchange on November 30, 2017. However, listing does not mean that the modern management of the enterprise has been improved, and since the listing of Xiangpiaopiao, the position of general manager has been held by Jiang Jianqi.
As of September 30, 2023, Jiang Jianqi, Jiang Jianbin, Lu Jiahua and Jiang Xiaoying held a total of 7559% of the shares, Jiang Jianqi and Lu Jiahua also hold 608% of the shares. Among them, Jiang Jianqi and Lu Jiahua are husband and wife, Jiang Jianqi and Jiang Jianbin are brothers, and Jiang Xiaoying is the daughter of Jiang Jianqi and Lu Jiahua.
It can be seen that Xiangpiaopiao is a typical family business.
Since its listing, Xiangpiaopiao's performance has shown a downward trend in recent years.
Wind data shows that from 2017 to 2022, Xiangpiaopiao's operating income is 264 billion yuan, 325.1 billion yuan, 397.8 billion yuan, 376.1 billion yuan, 346.6 billion and 312.8 billion yuan;The net profit attributable to the parent company was 26.8 billion yuan, 31.4 billion yuan, 34.7 billion yuan, 35.8 billion yuan, 22.3 billion and 2$1.4 billion.
In the first three quarters of 2023, Xiangpiaopiao achieved an operating income of 197.9 billion yuan, a year-on-year increase of 2931%；Net profit attributable to the parent company was 348390,000 yuan, a year-on-year increase of 10464%。Among them, in the third quarter, the company achieved operating income of 80.8 billion yuan, a year-on-year increase of 2041%；Net profit attributable to the parent company is 04.8 billion yuan, down 1229%。
Zheshang ** believes that Xiangpiaopiao achieved a turnaround in the third quarter, the performance was in line with expectations, the ready-to-drink sector accelerated the volume, the second growth curve was established, the brewing sector was steadily repaired, and it is expected that Q4 will continue to perform well.
The "run-in" of professional managers is still unknown
Before finding Yang Dongyun, Jiang Jianqi actually intended to let his eldest daughter Jiang Xiaoying reform Xiangpiaopiao's products.
Under the leadership of Jiang Xiaoying, Xiangpiaopiao launched its sub-brands MECO Honey Valley and Lan Fang Yuan in 2017, entered the liquid milk tea market with Honey Valley Milk Tea and Lan Fang Yuan** Milk Tea, and moved towards the mid-to-high-end, and launched juice tea in 2018.
However, with the large-scale development of new tea shops such as Hey Tea, Nai Xue's Tea, and Chayan Yuese, there is no chance for new products that rely on retail channels to explode quickly.
At present, the product direction of Xiangpiaopiao is mainly "brewing business + ready-to-drink business".
Brewed and ready-to-drink products are in different life cycles and business characteristics, so there are some differences in channel structure. From the perspective of city level, the brewing product channels are concentrated in the lower-tier market, of which the proportion of cities below the third tier is relatively high, and ready-to-drink products.
First- and second-tier cities account for a relatively large proportion of sales;From the perspective of channel structure, brewing products are mainly wholesale channels and grocery stores, while ready-to-drink products are mainly based on origin channels such as campuses and campus surroundings and CVS convenience systems. On December 20, when interviewed by the agency, Xiang Piaopiao described the company's products in detail.
For the company's recent sales, Xiang Piaopiao related people pointed out in an investor survey on December 14 that in the fourth quarter, brewing products gradually entered the sales season, and the company went all out to do a good job in all aspects of the peak season and the implementation of the strategy, hoping to achieve better performance in the next final sprint stage.
Huafu** believes that Xiangpiaopiao's brewing business has basically recovered to the pre-epidemic level, and the price increase strategy for brewing products has been basically completed, and the company is also closely following the consumption trend of "health upgrading" to launch new healthy products of non-dairy creamer, and it is expected that under the company's strategy of raising prices and pushing new ones, the brewing business is expected to achieve sustained growth in the future. "Since 2017, the company's ready-to-drink business has developed rapidly, and despite the impact of the epidemic on the business, the company has actively adjusted, and the revenue of the ready-to-drink business in the first three quarters of 2023 has increased by 16% compared with the whole year of 202241%, the development trend is good. ”
Therefore, Huafu ** expects that the net profit attributable to the parent company of Xiangpiaopiao from 2023 to 2025 will be 26.6 billion yuan, 35.6 billion and 44.4 billion yuan, "target price of 1996 yuan shares, the first coverage is given a ** rating. ”
However, the underlying logic of these ** is that the team of professional managers and family managers can cooperate with each other.
Before Yang Dongyun joined, Xiang Piaopiao also absorbed a large number of market-oriented executives, but its senior management personnel changed frequently.
For example, Lu Yifu, the former marketing director of JDB Group Branch, and Xia Nan, general manager of the human resources and administrative management center, have joined Xiangpiaopiao one after another, serving as the general manager and deputy general manager of the marketing center respectively. However, in less than a year, Lu Yifu and Xia Nan left one after another.
In 2020, Feng Yongye, the employee representative supervisor of Xiangpiaopiao, Yu Qimi, the shareholder representative supervisor, Gou Zhenhai, the secretary of the board of directors, and Cai Jianfeng, the deputy general manager, resigned for personal reasons, and the above-mentioned resigned employees have worked in Xiangpiaopiao for many years.
In January 2023, Shang Gangming, chairman of the board of supervisors of Xiangpiaopiao, resigned.
Therefore, the first problem faced by Yang Dongyun "airborne" Xiang Piaopiao is how to run in with the family managers, which tests both Yang Dongyun and Jiang Jianqi.
I hope that the new general manager will be able to surprise investors after taking office", an investor left a good expectation in the fragrant stock bar.
After experiencing a price limit, Xiang Piaopiao fell for two consecutive days, and finally ended up with **1 on December 2626% closed at 1492 yuan.