The second IPO of the second Mazi failed Juewei Food s capital dream of 180 million shares

Mondo Gastronomy Updated on 2024-02-01

List of high-quality authors

Reporter丨Ning Xiaomin, Trainee丨Tu Ling

Produced by丨Aotou Finance (thesankei).

On December 30, 2023, according to the official website of the Shenzhen Stock Exchange, the listing process of the company was terminated. The Company and its sponsor, CICC, chose to withdraw their listing application on 27 December. After queuing for 9 months, the IPO of Mi Mazi failed.

And in December 2021, Mi Mazi tried to break through the IPO for the first time.

Judging from the current situation of the company, the product structure is relatively simple, highly dependent on the Sichuan-Chongqing region, and the net profit attributable to the shareholders of the parent company (hereinafter referred to as the "net profit") has also declined continuously.

It should be mentioned that the A-share well-known duck neck company Juewei Food (603517SH) has invested 1800 million yuan was invested in advance, but with the death of the two IPOs of Mi Mazi, Juewei Food's dream of achieving wealth appreciation through investment was also shattered.

The core management is family members

Mi Mazi is a typical family business, and the most common risk of family business is the lack of internal control and the encroachment of the company's interests, and Mi Mazi is no exception.

Mi Mazi has a legendary origin.

In 1992, Zhao Yuejun, a native of Sichuan, invested in and operated a restaurant featuring rattan pepper-flavored dishes. In 2002, Zhao Yuejun and his wife set up a warehouse and built their own workshop-style processing factory, specializing in the production of rattan pepper oil, named Hongya County Mazi Organic Food Factory. In 2008, in order to expand the scale of production and sales of rattan pepper oil, Zhao Yuejun and his wife established the company to officially open the commercialization and industrialization of rattan pepper oil products.

The rattan pepper oil industry developed by the real mom-and-pop shop has made the Zhao Yuejun family have the power to "say nine things" within the Mazi.

According to the prospectus, Zhao Yuejun, Gong Wanfen, Zhao Qi and Zhao Lin are the actual controllers of Mi Mazi, and Zhao Qi and Zhao Lin are the sons of Zhao Yuejun and Gong Wanfen. Currently, Zhao Yuejun holds 3092% of the shares, Gong Wanfen holds 10% of the shares, and the eldest son Zhao Qi holds 1213% of the shares, and the second son Zhao Lin holds 1516% of the shares, 4 people in total directly hold 68 of the shares21% of the shares, which are the joint actual controllers. If indirect shareholding is included, Zhao Yuejun's family of 4 people controls a total of 72 Mazi2228 shares.

From the perspective of directors, supervisors and senior executives, Zhao Yuejun serves as the chairman of Mi Mazi, Zhao Qi and Zhao Lin are both directors, and Mi Mazi has 6 non-independent director seats, and Zhao Yuejun's family accounts for 3. At the senior level, Zhao Yuejun served as the general manager and Zhao Lin served as the deputy general manager.

Among the shareholders of Mi Mazi, Hong Yaju is the employee shareholding platform, and Gong Wanfen has a capital contribution ratio of 5262%。In March 2019, Gong Wanfen transferred his 10 million yuan capital contribution to Hong Ya Jucai at a ** parity price of 10 million yuan. During the same period, Wangju Investment invested in the shares, and the stake was 7$2 shares.

However, not all of Hong Ya Jucai's shareholders are employees of the company, such as Liu Jungui and Jin Yuansheng, who both received 100,000 shares of equity incentives, and the former is a consultant of Mi Mazi, who serves as the secretary general of the Sichuan Cuisine Seasoning Chamber of Commerce. The latter is also a consultant of Mazi and serves as the executive chef of Deyuan Building, and neither of them is an internal employee.

The move has been questioned by the market. The latest version of the prospectus shows that Jin Yuansheng has withdrawn from the list of shareholders of Hong Ya Jucai, and Liu Jungui is still a shareholder.

It is difficult to solve the dependence on a single area of large single products

Relying on rattan pepper oil, the company is highly dependent on rattan pepper oil, and it is also highly dependent on the southwest region.

The inconspicuous small variety of rattan pepper oil, Zhao Yuejun and his wife made it into a big industry, with sales of hundreds of millions of yuan a year, but Zhao Yuejun and his wife were not satisfied with this, and wholeheartedly wanted to make this industry bigger.

IPO listing and financing, out of Sichuan, is Zhao Yuejun's dream. Tianyancha shows that in December 2021, Mi Mazi broke through the A-share IPO for the first time, hit the GEM of the Shenzhen Stock Exchange, and there was no result after queuing for more than 4 months. In March 2023, the GEM hit the GEM again and failed.

The failure of the two IPOs means that the layout and development of the hemp seed industry may have to change.

According to the prospectus, in this IPO, Mi Mazi plans to raise about 56.6 billion yuan. Of these, 32.4 billion yuan for the construction of an annual output of 20,000 tons of rattan pepper oil and 1,800 tons of rattan pepper compound sauce and snack food project, 16.2 billion yuan for the construction of marketing network and information projects, 4013960,000 yuan will be used for the construction of the R&D center project, and 40 million yuan will be used to supplement working capital.

The failure of this IPO means that the construction of the above-mentioned projects needs to be refinanced.

Among the above projects, the annual output of 20,000 tons of rattan pepper oil and 1,800 tons of rattan pepper compound sauce and snack food project belong to the expansion of leading products and rich product lines, and the marketing network and information project belong to the expansion of sales network.

On the other hand, from a regional point of view, the hemp is highly dependent on large single products, and the sales area is highly dependent on the Sichuan and Chongqing regions.

From 2019 to 2022 (hereinafter referred to as the "reporting period"), the company's seasoning oil (mainly rattan pepper oil and related hemp seasoning oil) revenue accounted for the proportion of operating income. 07%。

According to the data, rattan pepper oil belongs to the subdivision of pepper oil, and the main use scenario is Sichuan cuisine, and the southwest market has always occupied half of the hemp seeds. Compared with soy sauce, vinegar, hot sauce and other condiments, rattan pepper oil is a niche product, in order to expand the market space, Mi Mazi efforts to open up areas outside Sichuan and Chongqing.

From the end of 2020 to the end of 2022, the number of dealers of the company is 401, 490 and 539 respectively, and the dealers are mainly concentrated in Sichuan and Chongqing, and in 2020 and 2022, the distribution revenue in the southwest region accounts for more than 50% of the company's distribution revenue.

It can be seen that the company is highly dependent on large-scale single condiments, and is more dependent on the southwest region.

The price increase of the product is not matched by the decline in net profit

Sustained profitability may also be a major factor in the collapse of the company.

Business performance data shows that in 2018, the operating income and net profit of Mi Mazi were 31 billion yuan, 05.4 billion yuan, from 2019 to 2022, the operating income was 41 billion yuan, 35.6 billion yuan, 46.2 billion yuan, 45 billion yuan, basically stagnant. During the same period, the net profit was 09.6 billion yuan, 10.2 billion yuan, 09.8 billion yuan, 08.1 billion yuan, a year-on-year change. 31%、-4.07%、-17.10%。

The gross profit margin and net profit margin related to operating income and net profit also continued to decline. In 2020, the comprehensive gross profit margin and net profit margin of the company were. 63%。In 2021 and 2022, the comprehensive gross profit margin will be respectively. 34% with a net profit margin. 02%。

In 2022, the sales of the main products of the company will be relatively large, mainly due to the fact that the company has raised the seasoning oil products in the current period, and the products such as Qingshui Yazhu have not participated in the ** activity in the current period.

After the price increase, the company's operating income fell slightly, while net profit fell sharply.

As a downstream customer of Mi Mazi, the well-known duck neck company Juewei Food has been incubated in advance.

In April 2019, the company increased its capital and shares, and Shenzhen Wangju Investment Co., Ltd. (hereinafter referred to as "Wangju Investment") invested 13 billion yuan to subscribe to 180555.56 million yuan of registered capital.

Five months later, Hunan Yiwu and Zhongjin Qichen respectively increased their capital by 50 million yuan.

Wangju Investment is a wholly-owned subsidiary of Juewei Food, an A-share company, and is also a foreign investment platform, and the proportion of Wangju Investment's investment in Hunan Yiwu is 653465, Juewei Food increased its capital by 1 in total8 billion yuan, becoming the second largest shareholder of Mi Mazi.

The IPO application of Mi Mazi was withdrawn, and the delicious food that tried to get a piece of the pie was afraid to be disappointed.

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