Text丨Guo Xiaoxing Editor丨Du Hai
*丨正經社 (ID: zhengjingshe).
This article is about 2500 words)
China's dairy industry may usher in another listed company.
On December 28, 2023, the Hebei Securities Regulatory Bureau** disclosed CICC's "Report on the Initial Public Offering and Listing Guidance of Junlebao Dairy Group", which means that the veteran dairy brand Junlebao has officially launched the A-share listing process.
On January 24, 2024, Zhengjingshe analysts received a complaint letter from Junlebao.
The letter of complaint, albeit crudely writtenHowever, as soon as it came up, the relevant **, including Zhengjingshe, was detained with "false content, false reports, and wanton smearing, suspected of obliterating the achievements of Hebei dairy revitalization, interfering with the listing process of enterprises, and hitting the market's confidence in the revitalization of domestic milk powder." ......slander Junlebao as Sanlu" and other big hats.
The analyst of the Zhengzheng Society who was shocked into a cold sweat,Immediately turned out the research report "Junlebao's Thousand Days Sprint and 670 Complaints from Consumers" (hereinafter referred to as the "Research Report"), in line with the consistent true, rational and professional professional ethics, the research report was comprehensively and repeatedly scrutinized, and it was concluded that the research report did not have the relevant problems forcibly detained by the other party.
One,The complaint letter declared: "The share reform will be completed on December 15, 2023, and the "Report on the Initial Public Offering and Listing Guidance and Filing of Junlebao Dairy Group Shares" will be passed on December 30, and the IPO project is progressing steadily. After the relevant news was announced, a large number of wanton smear and infringing articles appeared on the Internet such as false content and false reports. ”
However, the release time of the Zhengjing Social Research Report was more than 3 months ago on September 4, 2023.
The relevant people of Junlebao, is this Zhang Guan Li Dai, or is he working sloppily?
Second,The complaint letter declared: "The above article slanders Junlebao as Sanlu", "when the melamine incident occurred in 2008, all the products of our company were tested in many tests by the relevant departments of the state and Hebei Province, and in 2014, our company began to produce and sell milk powder, which has no connection with the melamine incident that year".
In fact, the research report of the Economic and Social Research Report combed the development history, public information and data of Junlebao and learned that Junlebao used to be a subsidiary of Sanlu Group, and used Sanlu's brand resources to operate to a certain extent, which is a public fact; In 2014, 6 years after the outbreak of Sanlu milk powder melamine incident, Junlebao returned to the infant milk powder track again, which immediately caused some controversy.
I don't know what kind of language knowledge Junlebao people use, and read the expression or meaning of "Junlebao has produced melamine-related products" in the research report?
Thirdly,The complaint letter declares that the main body of the catering sampling inspection in Luquan District, Shijiazhuang City in the first quarter of 2023 is the catering enterprise, which sampled the tableware and vegetables of the outsourcing canteen of Leshi Dairy, and after testing, the cowpeas in the canteen were unqualified. The canteen is contracted and operated by a third-party catering company, and Leshi Dairy has suspended its cooperation with the catering company.
In fact, the original text of the article is: On March 31, 2023, the Market Supervision Bureau of Luquan District, Shijiazhuang City, announced the catering sampling inspection information in the first quarter. Of the 109 batches of food sampled this time, 3 batches were unqualified and 106 batches were qualified. Among the sampling units of these 3 batches of unqualified products, Shijiazhuang Junle Baoleshi Dairy is among them.
This is a quote from China Quality News Network, and there is nothing inaccurate.
More importantly, it is also true that Junlebao has received many complaints from consumers on food safety issues. Food safety issues are no trivial matter, and like the above-mentioned Junlebao related people, avoidance, evasion and ridicule are not the solution, only to face the problem with a sincere attitude and finally solve the problem is a plus and must for the company's operation.
What's more, Junlebao is sprinting to go public, and it is the right way to demand itself with higher standards of public companies.
On the "Black Cat Complaints" platform, the latest data on the number of complaints related to Junlebao has reached 1,157, most of which are related to food safety-related issues; For example, diarrhea after drinking milk, milk smell, foreign bodies, etc.
*: Black Cat Complaints.
For example, on December 31, 2023, a consumer complained that "Junle Baole calcium yogurt has gone bad." Agglomeration. ”
On January 21, 2024, a consumer complained that he ate a foreign object in Junlebao Jane Mellow Milk. The consumer elaborated, "20241.On the 21st, I bought simple and mellow milk at the Convenience Bee physical store in Chaoyang District, Beijing, and one of the bags had foreign bodies!! And take the foreign body product to the physical store, and the physical store informs it, so that you can directly complain to Junlebao!! ”
It is commendable that both complaints have been quickly and satisfactorily dealt with by consumers, and have demonstrated a high level of after-sales service capabilities.
Compared with the above-mentioned behavior of pouring dirty water with a nail rake, the superiority is immediate.
Next, let's review the development of Junlebao in the past ten years:
In 2010, Mengniu acquired Junlebao and owned 51% of its shares. However, on June 39, 2019, Mengniu announced that it had agreed to a 51% stake in Junlebao for a transaction of 4 billion yuan, plus dividends for a total of 45700 million yuan.
Judging from Junlebao's operating conditions, its revenue exceeded 10 billion yuan as early as 2017, 13 billion yuan in 2018, and 20.3 billion yuan in 2021.
However, although the scale of revenue is outstanding, Junlebao's "money-making" ability is hardly outstanding.
According to the previous financial report disclosure data of Mengniu, compared with the revenue of tens of billions, the net profit of Junlebao from 2017 to 2018 was only 2300 million yuan, 3800 million yuan; The corresponding net profit margin is only 25% and 32%。
In comparison, Yili's net profit margin from 2017 to 2018 was as follows: 2%；Feihe's net profit margin during this period was even higher. 6%。
Junlebao's ability to make money is not strong, and Mengniu is not less "complaining". For example, Guo Weichang, the financial director of Mengniu, once declared: "Junlebao's gross profit margin is lower than Mengniu's level, and after Junlebao is removed, the financial statements will be significantly improved." ”
After breaking up with Junlebao, Mengniu also bluntly said that "the profit of the future acquisition target must be higher than that of Junlebao".
The ability to make money is not strong, mainly because of the low-price strategy. In Junlebao Tmall official *** according to the sales ranking, the products in the front are mainly small cans of milk powder below 50 yuan, and the unit price is indeed low.
After breaking away from Mengniu, Junlebao carried out mergers and acquisitions on a large scale, and at the same time wandered in the capital market to make long-term preparations for listing, but plunged into high debt.
According to the data, in 2020, Junlebao's assets totaled 134600 million yuan, but the total debt has reached 118700 million yuan, net assets of only 15900 million yuan, with a debt ratio of 88%.
As of the end of 2022, Junlebao's total assets were 2108.9 billion yuan, of which the net assets are 47$1.7 billion, net cash flow from operating activities was 13$5.1 billion (unaudited) and liabilities estimated at $1637.2 billion yuan, and the debt ratio is still as high as 78%.
In comparison, Yili's debt-to-asset ratio was 57% in 2022, Mengniu's debt-to-asset ratio was 53%, and Feihe's debt-to-asset ratio was only 32%.
In July 2022, Zhong Yan, vice president of Junlebao Group, declared in an interview with **: "In 2025, Junlebao will strive to achieve sales of 50 billion yuan, and at the same time launch the IPO listing project, and strive to complete the listing in 2025."
On December 15, 2023, Junlebao completed the shareholding reform, and the company was renamed Junlebao Dairy Group, and the registered capital of the company was also increased to 7200 million yuan, riveting for the listing.
However, at present, Junlebao's excessively high asset-liability ratio and low gross profit margin level indicate that the company's anti-risk ability and profitability need to be further improved, and it may be difficult for the capital market to give more confidence in valuation. [Produced by "Zhengjing Society"].
Editor-in-charge|Tang Weiping, editor|Du Hai Baijin Editorial |Proofreading by Ann Ann|Yes.
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