“Breakfast shop” Barbie food goes on the market: by selling steamed buns, its annual income is 1 billion, and nearly 90% of its revenue depends on franchise stores

A steamed bun shop with 2 yuan for a bun and 5 yuan for food is a “small business” in the eyes of many people. Open a small store along the street, the husband and wife can do it together. It’s very hard to get up early and late at night, with low customer price and meager profit. However, as the saying goes, “if you have 360 lines, you will get the number one scholar.”. Baozipu, a small business in everyone’s eyes, can become a listed company with a market value of several billion one day. < / P > < p > on October 12, China Beverage Barbie Food Co., Ltd. (hereinafter referred to as “Barbie food”, stock code “605338”) was officially listed on the Shanghai Stock Exchange, becoming the first catering brand mainly engaged in steamed stuffed bun landing on a shares. < / P > < p > according to the public data, Barbie food is a Chinese style pastry quick-frozen food manufacturing enterprise with “chain store sales as the main part and group meal sales as the auxiliary”. Its products include steamed buns, steamed bread, coarse grain snacks, stuffing and congee. Barbie food has many domestic Chinese style pastry brands such as “Barbie steamed bread”, “Zhongyin”. < / P > < p > according to the prospectus of Barbie food, the company will issue 62 million new shares (accounting for 25% of the total share capital after the issuance), and the total amount to be raised is 744 million yuan, the issuing price is 12.72 yuan / share, and the price earnings ratio is 22.99 times. < p > < p > on the first day (12th) of listing, Barbie food rose at the opening of trading. By the end of the day, its share price rose by 44% to 18.32 yuan, with a total market value of 4.54 billion yuan. < / P > < p > according to Barbie food’s prospectus, the company’s operating revenue from 2017 to 2019 was 867 million yuan, 990 million yuan and 1.06 billion yuan respectively, and the net profit was 112 million yuan, 143 million yuan and 154 million yuan respectively. < p > < p > according to the listing announcement of Barbie food, the company’s main business income is divided into food category, franchisee management, packaging materials and auxiliary materials by category. The company’s main business income mainly comes from food income, and the proportion of food income in main business income during the reporting period was 89.31%, 89.10% and 89.20%. In a report on breakfast consumption in China, Yingmin, an independent market research and consulting company, predicted that the total consumption of breakfast food by Chinese consumers will increase from 1.334 trillion yuan in 2015 to 1.948 trillion yuan in 2021. By 2021, the market sales of eating breakfast abroad are expected to exceed 840 billion yuan. < / P > < p > it is worth noting that as of the end of December 2019, Barbie food has 16 Direct stores and 2915 franchise stores. This marketing system based on franchise store sales determines that Barbie food’s main revenue comes from franchise stores. According to the listing announcement of Barbie food, during the reporting period, the company’s main business income was divided into franchise sales, direct store sales, group meal sales and others. The company mainly focuses on franchise sales, and the proportion of franchise sales in the main business income in 2017-2019 is 90.92%, 88.54% and 86.37% respectively. < / P > < p > in the aspect of CMB, the franchise mode is also listed as the risk factor of enterprises. According to the company, Zhongyin is mainly based on the franchise sales mode, and about 90% of its main business income comes from the product sales of the franchise mode. During the reporting period, the number of outlets joined by issuers increased rapidly. The franchisee has the ownership and profit right of the franchise store, carries out independent accounting and is responsible for its own profits and losses, but it must accept the company’s business guidance and supervision in the specific operation. If the franchisee does not strictly comply with the management requirements of the issuer in daily operation, it will have adverse effects on the operating efficiency and brand image of the issuer. With the expansion of the issuer’s production and operation scale and the continuous increase of franchisees, the issuer will face greater challenges in the aspects of system construction, operation management, capital management and internal control. At present, from the perspective of market distribution, Barbie food’s business areas are mainly concentrated in East China, South China and North China. According to the data, from 2017 to 2019, the revenue of Barbie food in East China reached 813 million yuan, 919 million yuan and 972 million yuan respectively, accounting for more than 90% of the total revenue. < / P > < p > with the continuous expansion of Barbie food, being counterfeited has become a problem Barbie food is facing. The company said that with the company’s increasing influence in the field of Chinese pastry, plagiarizing and forging “Barbie” products has become a means for some illegal manufacturers to participate in market competition. If the company’s products are counterfeited in a large number in the future, it will affect the company’s brand image and consumers’ willingness to consume the company’s products, which may have an adverse impact on the normal production and operation of the company. Besides novel coronavirus pneumonia,

has achieved sales income of 1-6 in 2020, 350 million lower than that in 2019, and 480 million yuan in 2019. In 2020, net profit of 39 million 618 thousand yuan was deducted from 1-6 months after non recurring gains and losses, and the net profit decreased by 29.22% after deducting non recurring profit in 1-6 months of 2019. According to 21 financial circles, in March 1998, 21-year-old Liu Huiping went to Shanghai alone with borrowed 4000 yuan. Liu Huiping’s first steamed bread shop opened. However, due to his ignorance of Shanghai People’s eating habits, his business was not good. The daily turnover was only 200 yuan, while the monthly rent of the stall was 6000 yuan. Two weeks later, Liu Huiping lost all his money and closed the shop. At the beginning of 1999, with the support of her sister, Liu Huiping’s second steamed bun shop opened on Fujian Road in Shanghai. This time, the business is much better than last time. But Liu Huiping’s business failed because the taste of steamed buns from the shop next door was more suitable for the taste of Shanghai people. < p > < p > has suffered two failures. Liu Huiping always thinks that baozi shop is a profitable business. There are more than 25 million people in Shanghai. If only 20% of the people eat breakfast outside, the business of 10000 people will be increased. Even if each person spends 4 or 5 yuan for breakfast every day, the turnover will be more than 10000 yuan. < p > < p > Liu Huiping hopes to make his baozi shop live through differential management. He has repeatedly tasted and pondered the taste of Shanghai people, and opened a new shop in the prosperous area of Huangpu District, named “Master Liu’s big bag”. He set the price of steamed buns as the low-end line of 70 cents per piece, which overcame the mess of small shops. However, the taste of steamed buns was better than that of big stores, and the price was low, which was very popular with customers. After that, Liu Huiping decided to open a shop on Nanjing Road, the busiest and most expensive rent in Shanghai. Due to the large flow of people on Nanjing Road, Liu Huiping successfully sold a few dimes of steamed buns into Nanjing Road. In that year, he made a net profit of more than 500000 yuan. < p > < p > < p > “Master Liu’s big bag” is loved by consumers. The more business is done, the more stores are opened. In 2003, “Master Liu’s big bag” was officially renamed “Barbie steamed bread”, and it became the earliest “online Red bun” with the help of media publicity. < p > < p > with the brand name of “Barbie”, Liu Huiping began to learn from McDonnell Lloyd KFC in 2004. He invested 800000 yuan to establish a central kitchen, which processed stuffing uniformly and delivered it to the store. < p > < p > due to the cost reduction after centralized production, Barbie steamed bread began to expand rapidly with the mode of franchise. Since 2005, it started the brand chain franchise business, and has maintained the opening speed of about 200 stores every year until now. < p > < p > after the listing of the company, the wealth of Liu Huiping and Ding Shimei has also increased. As of October 9, Liu Huiping and Ding Shimei, the founders and actual controllers of the company, held 60.65% of the shares of the company. According to the closing price on the 12th, the wealth held by Liu Huiping and Ding Shimei has reached 2.75 billion yuan. < / P > < p > Disclaimer: the purpose of this article reprinted by china.com finance and economics is to convey more information and does not represent the views and positions of the website. The content of this paper is for reference only and does not constitute investment advice. Investors operate accordingly and bear their own risks. < p > < p > Chinanet is a national key news website under the leadership of the Information Office of the State Council and managed by China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website releases information 24 hours a day, which is an important window for China to carry out international communication and information exchange.