Another catering company submitted a prospectus, this time it was"Small vegetable garden".
On January 16, Xiaocaiyuan International Holdings submitted a prospectus to the Hong Kong Stock Exchange and officially began to sprint to the capital market.
According to the data, Xiaocaiyuan is a "new Hui cuisine" brand, with an overall 40-45 dishes, and currently has more than 500 stores nationwide. In the terminal market, the small vegetable garden gives the impression of "delicious and inexpensive"; In the catering industry, the news that Xiaocaiyuan has raised more than 500 million yuan in a year is shocking, and it also gives a "booster" to peers.
Photo source: small vegetable garden official website).
The store went from 0 to 500+, earning 400 million a year, rushing from Anhui to the Hong Kong Stock Exchange, all kinds of data prove that the ambition of the small vegetable garden is not small, and the submission of the prospectus may be just the beginning, and the good show is still to come.
It's delicious and not expensive, but it earns 400 million a year
Small vegetable garden, big business, real money.
The prospectus information shows thatIn 2021, 2022 and the first nine months of 2023, the revenue of small vegetable gardens was 264.6 billion yuan, 321.3 billion and 34$2.9 billion; Net profit was 22.7 billion yuan, 23.8 billion and 43 billion yuan.
It is worth noting that the per capita consumption of Xiaocaiyuan is not high, and compared with the Chinese food brands that often cost hundreds, the unit price of dine-in customers in the store is between 50-70 yuan, so it is also praised by many consumers"Delicious and inexpensive", "the king of cost performance".Wait. However, the average annual revenue in the past three years has been continuous, and the net profit in 2023 will exceed 400 million, which really brings a "100 million" shock to peers.
Source: Small vegetable garden prospectus).
While the ability to absorb gold is super strong, capital is also favored by small vegetable gardens.
In March 2023, Xiaocaiyuan announced the completion of tens of millions of dollars in financing, and the investor was Jiahua Capital, a leading institution in China's consumer industry; On December 19, Xiaocaiyuan announced the completion of a new round of financing, and the investor is still Jiahua Capital.
Financing twice a year, with an amount of up to 500 million yuan, it is enough to see that capital is particularly optimistic about small vegetable gardens.
Although my own failures are worrying, the success of my peers is even more enviable. Therefore, the secret of the success of the small vegetable garden has become a matter of special concern to many people in the industry.
The secret to a profitable small vegetable garden
After studying the development of the small vegetable garden, we found that there are three secrets to its profitability:Extreme value for money, a steadily growing number of outlets, and a "chef partner" model.
Let's start with the ultimate cost performance, at the moment of consumption downgrade, many catering brands have begun to invest in their preferences and launch low-cost products. At this point, the small vegetable garden can be said to be far aheadChairman Wang Shugao once said that "to open a restaurant, delicious and inexpensive is the most important, the small vegetable garden is not enough, the next step, the company must not only pursue the ultimate cost performance but also ensure the quality of ingredients".
The pricing is considered, and the "play" is also worth learning.
The first step is to attract more customers to the store with dishes with high public acceptance and relatively low prices, such as bone broth and shredded potatoes; The second step is to make a profit with stinky mandarin fish, pot chicken and other profitable signature dishes; The third step is to launch a service that will give away dishes after the timeout to improve user favorability.
There are meat and vegetarian services, and the per capita is only sixty or seventy yuan after a meal, and the traffic, word of mouth, and profit are three wins in the small vegetable garden.
Behind this,It is cost management, but also the strength of the chain
According to Li Daoqing, general manager of the small vegetable garden, "the first chain of the small vegetable garden is built according to the number of surrounding stores, and there are currently 12 sub-warehouses in the country, taking the standardized route of the industrial chain, and the principle of stir-frying dishes will not change, and a sub-warehouse will radiate 40 60 stores around it." ”
Before 2020, Xiaocaiyuan had a total of about 250 stores, but now this figure has almost doubled, and the number of stores is directly proportional to the three-year gradual increase in operating income and net profit. At the same time,The payback period is also constantly shortening, from 15February turned into 7. in the first three quarters of 2023March, which is far better than its peers.
To a certain extent, the number of stores determines the operating income, and the small vegetable garden is a more intuitive example. Perhaps affected by this, Xiaocaiyuan revealed in the prospectus that it is expected to open about 160, 190 and 230 new "small vegetable gardens" in 2024, 2025 and 2026 respectively, and if the listing is successful and nothing else, the number of stores will exceed 1,100 at that time.
Finally, there is the "chef partner" model, Wang Shugao, chairman of the small vegetable garden, is a chef himself, and he also attaches great importance to chefs after starting a business"I hope to improve the status of chefs and waiters, change their fate, and make them bosses".
It is reported thatThe manager is often selected from among the head chefs, and even gives the manager 05%-0.7% stake, as well as the opportunity to be promoted to Regional General Manager；If the old chef brings out a qualified "apprentice", he can take part of the shares to open a new store and continue to enjoy the dividends of the original store.
The partnership model of "one prosperity and one loss" not only firmly connects the store and the head chef, but also greatly improves the enthusiasm of employees.
Chinese food on the market, the general trend?
If you don't make a sound, it's a blockbuster.
After submitting the prospectus, Xiao Cai Yuan became the "star" of the Chinese food track, and before it, this name briefly belonged to brands such as Lao Xiang Chicken and Green Tea Restaurant, and interestingly, they have a lot of fate with Xiao Cai Yuan.
The hometown chicken, which is also from Anhui, also used to focus on cost performance, and was the favorite of many workers, and also relied on countless fans in the marketing circle who would live, but everything changed after submitting the prospectus.
After three sprint IPO failures, the hometown chicken missed the capital market. During the period, the price increase of some products caused dissatisfaction among many consumers.
Source: Lao Xiang Chicken official website).
From a brand with super good popularity to an image of nothing now, the hometown chicken has lost not only capital but also people's hearts. This inevitably makes people speculate, will the small vegetable garden follow in his footsteps?
Green Tea Restaurant and Small Vegetable Garden have always been "old rivals", although it has been hitting the capital market for several years, but it has been defeated repeatedly, and it cares very much about Small Vegetable Garden.
In the prospectus submitted in March 2021, it was clearly stated that Xiaocai Garden was a competitor; In the prospectus updated in April 2022, the small vegetable garden appeared again, which is quite a-for-tat.
In addition, the Chinese fast food brand Lao Niang Uncle has also submitted an IPO, and plans to add 300 stores in the next three years ......
It is not difficult to find that more and more Chinese food companies have begun to aim at "going public" and have begun to expand their strength with the help of capital. Jia Guolong, the founder of Xibei Catering, once said: "My own strength is limited, and if the company wants to have greater development, it is still necessary to enter the capital market and mobilize the energy of the capital market." ”
Capital is a double-edged sword.
Take the small vegetable garden as an example, the prospectus shows,If Xiaocaiyuan fails to complete the filing with the China Securities Regulatory Commission or pass the hearing within the specified time, it needs to repurchase the shares held by Jiahua Capital. This is regarded by the outside world as a "gambling agreement", and if it is successfully listed, both parties will be profitable, and if it fails, it will be a heavy blow to the small vegetable garden.
Enterprises must make "sacrifices" in order to go public, which will also expose more problems, but the small vegetable garden on the bow may have no way out.
Information**. 1] China Net Finance on December 30 "500 million yuan in financing a year, Xinhui cuisine "small vegetable garden" low-key "hurricane".